Automatic stop loss and take profit
Dynamic trading in the style of scalping , pipsing or grid trading requires maximum performance from the trader.
However, at such a huge pace, especially when it comes to pips, it is almost impossible to set the correct stop order or profit values in a timely and quick manner.
Naturally, such a situation leads to the fact that the trader suffers losses, because a huge number of unprofitable transactions have to be closed manually and not everyone can be kept track of.
Naturally, not everyone can withstand such conditions, so many simply refuse scalping and pipsing as such.
However, professionals have long found a solution to this problem, and special auxiliary advisors or Forex scripts help them with this.
Automatic stop loss and take profit is the simplest assistant advisor, the main task of which is to place stop order and profit values pre-set by the trader for orders opened manually, or for orders that were opened by other trading experts.
This advisor is not a robot that opens orders on its own, and its task is only to support already open transactions.
Therefore, the script can actually work on any time frame or currency pair without exception. Installing the Automatic stop loss and take profit advisor
The Automatic stop loss and take profit advisor, unlike a number of other similar free experts, is not located in the library, but is distributed completely free of charge through the market from the MT4 developers.
Therefore, you can install this utility in two ways: through the market, or according to the standard scheme through the data directory.
The first installation method is quite quick.
To do this, you will need to open the trading terminal and move to the “Market” tab, which is located in the panel called “Terminal”. This panel is where you get information about the status of your account.
Then be sure to switch to the "Utilities" view and make the list feed generated only by free products. Find Automatic Stop Loss and Take Profit and download. The terminal should create the “Markets” folder in the list of your advisors, in fact, where the robot will be located.
The second traditional installation method is to place the downloaded EA file in the Experts folder of your platform data directory.
This method will be useful if the advisor is removed from the market for some reason, and the link to download the file is at the very end of this article.
After installation using either of the two methods, be sure to restart the Meta Trader 4 trading terminal or update it, since the robot will not appear in the list of experts.
Application and Settings of Automatic Stop Loss and Take Profit
As we have already noted, the Automatic stop loss and take profit advisor was created only to help the trader, to facilitate the process of setting stop orders and profits during dynamic trading.
The robot's operating algorithm is very simple - it should be applied to any currency pair or time frame.
After application, the robot will set take profit and stop loss to all new open orders, regardless of what instrument the advisor is on, since it does not work with a chart, but with a window where the list of open transactions is located.
Therefore, it is enough to keep the robot constantly on one chart so that it sets stops and profits for all symbols.
In the advisor settings there is only the necessary minimum of variables, namely in the stop_loss line you can set the size of the stop order in points and in the take_profit line the profit size in points.
In conclusion, it is worth noting that Automatic stop loss and take profit is an extremely effective solution for all traders who simply do not have time to enter stop orders and profits manually, or who want to automate this routine process as much as possible.
Download Automatic Stop Loss and Take Profit
. Similar scripts:
Script calculating the optimal size - http://time-forex.com/skripty/skript-risk stop orders.
Trailing stop installation assistant - http://time-forex.com/skripty/trailing-stop