Dear Forum Members,
As a token of my gratitude to this community, I present you a little tool I have written, which comes very handy in certain situations. This is my Stop Loss Manager, which does nothing more than managing the stop levels of other trades.
If you ever had a problem because of missing stop loss functionality in other EAs, this tool can help you.
Just to be clear: this EA DOES NOT TRADE! It does not open any trades, nor it has any strategy inside it. This is not even a real EA, consider it as a tool instead. Like a hammer. It can add stop losses to any order. It manages already opened orders as well as newly opened ones. It can also add and manage trailing stops, and it includes a basic Break Even functionality.
The settings are so simple, maybe it doesn't even need any further comments, but why not? There are a few things it's good for you to know about.
By default, this EA works only with orders which are opened on the same symbol as the expert. So for example, if you drag this expert to the EURUSD chart, it will only manage EURUSD orders.
You can override this by setting the "Work on EVERY order?" to true (in this case, it will manage every order in your current MT4 instance), or you can tell it to work only with orders with a predefined magic number.
(Small note: the EA will ALWAYS manage trades on the same symbol as the EA is on. (As with the default settings. Because I'm a lazy programmer, you cannot disable this. If you don't want this, just attach the EA to some exotic chart you'll never intend to trade.))
You can set the value of a starting stop loss, decide if you want trailing stop functionality, and set the values for it as well. EVERYTHING IS IN PIPS, not points.
Please note that these are hard stop losses, not virtual ones. These are visible to the broker, and you cannot set smaller values than your broker's allowed minimums.
The EA can detect if you intend to use smaller values than what your broker allows you to use, and it will override it, and of course notify you about this fact in the Experts tab.
The BreakEven is a very simple thing, do not expect much from this: if you decide to use it, the EA will set your stop loss to the order's open price as soon as it can, taking the broker's allowed minimum values into consideration. So it doesn't detect commissions, swaps, etc. Use this feature with these facts in mind.
This is a free program, it has got no expiry, you can use it on any and all types of accounts.
However, I'm not a pro at programming, so bugs may occur, use this tool at your own risk, I'm not taking responsibility for any faults or losses which occurs by the use of this program.
However it's so simple, there isn't much room for giant errors here.
Please take this EA as it is: if you find a serious bug, I'll try to fix that, but I'm not planning to add any new functionality or features into it.
I hope you'll like it.
If not, you can always delete it
Cheers,
KWP
As a token of my gratitude to this community, I present you a little tool I have written, which comes very handy in certain situations. This is my Stop Loss Manager, which does nothing more than managing the stop levels of other trades.
If you ever had a problem because of missing stop loss functionality in other EAs, this tool can help you.
Just to be clear: this EA DOES NOT TRADE! It does not open any trades, nor it has any strategy inside it. This is not even a real EA, consider it as a tool instead. Like a hammer. It can add stop losses to any order. It manages already opened orders as well as newly opened ones. It can also add and manage trailing stops, and it includes a basic Break Even functionality.
The settings are so simple, maybe it doesn't even need any further comments, but why not? There are a few things it's good for you to know about.
By default, this EA works only with orders which are opened on the same symbol as the expert. So for example, if you drag this expert to the EURUSD chart, it will only manage EURUSD orders.
You can override this by setting the "Work on EVERY order?" to true (in this case, it will manage every order in your current MT4 instance), or you can tell it to work only with orders with a predefined magic number.
(Small note: the EA will ALWAYS manage trades on the same symbol as the EA is on. (As with the default settings. Because I'm a lazy programmer, you cannot disable this. If you don't want this, just attach the EA to some exotic chart you'll never intend to trade.))
You can set the value of a starting stop loss, decide if you want trailing stop functionality, and set the values for it as well. EVERYTHING IS IN PIPS, not points.
Please note that these are hard stop losses, not virtual ones. These are visible to the broker, and you cannot set smaller values than your broker's allowed minimums.
The EA can detect if you intend to use smaller values than what your broker allows you to use, and it will override it, and of course notify you about this fact in the Experts tab.
The BreakEven is a very simple thing, do not expect much from this: if you decide to use it, the EA will set your stop loss to the order's open price as soon as it can, taking the broker's allowed minimum values into consideration. So it doesn't detect commissions, swaps, etc. Use this feature with these facts in mind.
This is a free program, it has got no expiry, you can use it on any and all types of accounts.
However, I'm not a pro at programming, so bugs may occur, use this tool at your own risk, I'm not taking responsibility for any faults or losses which occurs by the use of this program.
However it's so simple, there isn't much room for giant errors here.
Please take this EA as it is: if you find a serious bug, I'll try to fix that, but I'm not planning to add any new functionality or features into it.
I hope you'll like it.
If not, you can always delete it
Cheers,
KWP
