Superior Forex Desk – expanding the capabilities of MT4.
As you develop your own strategy and actively trade, you begin to encounter
insufficient functionality of the MT4 trading platform.
No, of course, in terms of market analysis, MT4 is one of the best platforms, but when it comes to routine automatic actions, such as closing all profitable trades or making a reversal or locking a position, then the platform is less self-sufficient, since everything has to be done manually yourself.
Many traders start using “Scripts” to make their life easier, but when there are more than five such additional tasks, you also begin to get confused with scripts and make stupid mistakes.
Superior Forex Desk is an assistant advisor from the InstaForex company , which contains all the additional functions for managing open positions, as well as a number of useful features that significantly speed up working with orders.
Installation of Superior Forex Desk
Installation of Superior Forex Desk occurs according to the principle of installing the program, and not by manually copying and pasting a file into the terminal data directory. To install, click on the downloaded file and indicate in the destination line the clear address of the data directory of your terminal.
After you specify the destination path, the installer will automatically replace and install all files in the terminal data directory, and Superior Forex Desk will appear in the list of advisors after rebooting the trading terminal.
To get started, drag Superior Forex Desk onto the chart of any currency pair . You will see this type of application:
Main window functionality
When you first launch the advisor, you get the feeling that this is nothing more than a one-click trading application. In fact, the first thing you see are two buy and sell buttons, as well as fields where you can set stop loss , take profit, volume and instrument name.
However, by clicking on the lower “Detailed opening” button, you immediately get additional options on how to open mutually canceling stop and limit orders, as well as OCO orders.
The essence of the OCO order is that you set a certain condition, upon reaching which some pending orders are automatically deleted, and some, on the contrary, are triggered. In practice, it sounds like this: if the price has risen by 20 points and a pending buy stop order is triggered, then other pending orders should be automatically deleted.
Functionality of the “Actions on open orders” window
To launch this additional window, you need to click on the red rectangle on the main window itself near the symbol name. Actually, you will receive this additional menu:
In the menu, next to each row, the name of the symbol on which we applied the advisor and opened our trades is automatically assigned. So, by clicking “Delete all pending orders”, the expert will automatically delete all orders with the assigned currency pair.
You can also close all trades for a certain instrument, close only profitable or unprofitable trades, set a trailing stop for all trades for a certain symbol, set a stop loss for all trades, or only for purchases or sales.
By clicking on the “Reverse total position” line, the advisor will automatically close all open orders and open a position in the opposite direction, but with the total volume of closed orders.
It is also possible to block the total position. To assign a specific task for a specific order, and not for all open ones, you need to go to the “Actions on a specific order” menu.
When you open this additional menu, a list of open orders is displayed on the left, where you can select the deal you are interested in and perform the following actions with it:
1) Lock the order
2) Close the deal
3) Make a reversal of the deal
4) Set profit and stop in points.
5) Specify trailing stop.
6) Transfer the position to breakeven after the price passes a certain number of points.
In conclusion, I would like to note that the developers of InstaForex, by creating Superior Forex Desk, have greatly simplified the life of traders who actively use grid trading strategies, as well as techniques such as locking positions and reversals.
In addition, Superior Forex Desk is simply an indispensable assistant for traders who work with a large number of simultaneously open orders.