Limit Orders Pro Script: A Universal Grid Trader's Assistant for All Situations
The job of an analyst is to make beautiful predictions, and if they don't come true, to be able to competently explain why.
Traders rarely make long-term plans. Moreover, most trading strategies are focused not on forecasting but on managing the consequences of price action.
This is why, amid market unpredictability, grid trading strategies have become increasingly popular. Like fishermen, traders set traps along the price's path and profit from virtually any movement.
However, working with grids has its drawbacks, one of which is the enormous amount of routine work required with pending orders, which not all traders can handle.
The price of any mechanical error is huge losses. This is why most traders always use either expert advisors or auxiliary Forex scripts that can solve a range of problems. You will learn about one such tool in this article.
Script for transferring history to a chart
Investing in the forex market is extremely risky, and even the enormous potential returns are often dashed by the reality of the managers' efficiency and stability.
How can you tell if a manager can trade effectively?
What is their strategy, and most importantly, are their indicators inflated by the clever use of risky capital management that produce a beautiful profitability chart, but then suddenly and instantly lose money?
To answer this question, you need to thoroughly study the trader's trading principles, and additional programs for the trading platform – Forex scripts – can help.
The StrategyViewer chart history transfer script is an auxiliary program for your MT4 that allows you to extract history from an Excel report, which is often downloaded from various copy trading services and PAMM platforms.
It's worth noting that the script was developed specifically to extract trade histories from MetaTrader's signal copying service, which are still available directly on your platform.
Invisible Stops: An Expert Who Can Keep Your Confidentiality from a Dishonesty Broker
One of the problems when working with brokers is the lack of access to the real interbank market for transactions, when all operations are virtual and conducted within the company.
You might ask, why would a broker do this? What's the point of bringing traders to the real market if nine out of ten participants are going to lose?
It's easier for a broker to arrange virtual trades and take traders' deposits for themselves than to leave them at the mercy of the market. There's virtually no difference between trading internally or on the interbank market, as long as the broker withdraws profits.
However, this operating system presents a certain conflict of interest. A company will never be interested in efficient traders, so unscrupulous brokers often interfere with traders' trading.
The most important tool in the hands of a dishonest broker is the stop order and the trader's profit, which the company may not execute, postpone, or fix at its convenience.
Manipulating quotes in today's environment is impossible, as such incidents would be quickly identified and made public, but stop orders and profits remain the most vulnerable areas.
Drawdown Script: Stay informed about your account activity
Many traders focus on trading tools, from trading strategies to Forex expert advisors . However, in pursuit of the Holy Grail, foolish and absurd mistakes are often made, costing a significant portion of the trader's deposit.
For example, many don't even consider the importance of monitoring their account, believing that established profit and stop orders will always be triggered.
While such a careless attitude is forgivable if the account is solely used for manual trading, when using expert advisors and full automation, even the slightest glitch caused by a temporary connection interruption can have dire consequences.
However, not everyone can be constantly in front of their monitor to monitor account drawdowns.
Push notifications are provided in the trading terminal for this very purpose, and you can use them to monitor the situation using Forex expert advisor scripts.
Binary Option Open Trade Script. Instantly open binary options trades
When trading, it's crucial to promptly respond to emerging strategy signals and open a position promptly to avoid missing out on a potential profit.
Improving trade opening speed is especially important for scalpers and news traders, as the market moves incredibly fast when a certain economic indicator is released.
While numerous Forex scripts and expert advisors have been developed to significantly exploit this potential, the binary options market can only dream of such opportunities.
Unfortunately, most binary options brokers use imperfect trading platforms, so many use additional terminals, which undoubtedly impacts trade opening speed.
Some brokers do allow options trading via MT4, but their trade opening system is imperfect.
Infopanel. Forex information script for MT4
When trading, it is very important to have basic information right in front of you.
The asset price, the broker's spread , the balance, as well as the profit on open positions, the number of open positions, and even the simple time until the candle closes—all these small details are used in trading in one way or another.
However, in MT4's basic functionality, to find out the spread for a selected asset, you need to manually subtract the prices.
While this is fairly straightforward with four-digit quotes, it's more difficult with five-digit quotes, and it simply wastes time when you need to make decisions and actively trade.
Furthermore, the function of displaying the time until the candle closes is one of the most important for binary options traders, yet the platform doesn't offer it at all.
Stop-loss moving script for Forex
One of the biggest problems that both beginner and more experienced traders face is closing a position prematurely.
This approach to the market, in which traders close profitable positions at the slightest opportunity, results in a risk-to-reward ratio that's far from in the trader's favor.
A real way to combat this situation is to use a trailing stop.
However, trailing, as it is commonly used in the MT4 trading platform, is far from ideal, as when the price begins to correct, the position is closed early, resulting in lost profits.
This is why many traders use two-way trailing, which involves moving the stop order to follow the price at a certain distance. If desired, the process can be automated using Forex scripts.
For example, one of such tools is the StopLossMove stop loss
Strategy Evaluation Script
Any trading strategy is sooner or later subject to more thorough testing using various indicators by the trader.
Profit factor, expected value, winning and losing streaks, maximum and average drawdown, profit-to-loss ratio, and average winning and losing trades—all these indicators characterize a strategy and allow traders and investors to understand its potential.
In this article, you'll learn about a special script that will evaluate your trading strategy in seconds based on your trade history and give it a qualitative assessment.
Tradingsystemrating is a custom script developed for the MT4 trading terminal, the main purpose of which is to evaluate your trading strategy applied to your account.
The script evaluates the selected strategy using two methods. The first strategy evaluation method was described by Van Tharp in his book "Super Trader.".
Trade Predator Advisor Script
The speed of opening a position plays a crucial role for traders who prefer news trading or scalping on sharp market fluctuations.
However, while the "One Click" extension for the MT4 trading platform allows you to quickly open a position, setting stop orders and profits takes a considerable amount of time.
For a trader whose profit is measured in a few points, such a delay is comparable to losses.
And if traders using a static lot can somehow mitigate this situation by quickly opening a trade with one click, what should a trader using a dynamic lot do, risking a certain percentage of risk per position?
The only way to solve the problem is to use auxiliary assistant programs, and in this article we will discuss one of them.
Trading statistics with the Iprofit Custom script
Each trader has their own goals: some stop trading when they reach a certain profit, others when they reach a certain percentage of their deposit, and some stop trading after they reach a certain percentage of their losses.
Regardless of the strategy a trader uses, the key is to have clear objectives and constraints that prevent them from giving in to animal instincts and the desire to win back losses or conquer the Forex market.
However, in practice, maintaining such statistics is not easy, as it requires ongoing additional calculations or registration with special monitoring services.
That's why special informational indicator assistants were created to allow you to see all your trading statistics on your account without resorting to third-party services.
Volatility Script
Volatility of a financial asset is the most underestimated market characteristic, which is the reason why many traders fail.
The thing is that volatility Displays the range of price movement in points over a given unit of time.
This indicator allows every trader to set specific goals for themselves that a particular currency pair can achieve within a day or even a couple of hours.
The VolScript volatility script is a dedicated application for MT4 trading that allows you to track current and average market volatility.
It's worth noting that, unlike many similar scripts and indicators that determine volatility, VolScript displays its hourly change and also provides daily statistics.
Range Bars Script: Removing Market Noise
The difficulty of conducting technical analysis, as well as using various technical indicators, is that the chart is simply oversaturated with market noise, which makes it quite difficult to assess the current market situation.
This is caused by the fact that the chart construction we are accustomed to, be it candles or bars, is trivially tied to a time interval.
Yes, each new candle appears not because the price has covered a certain distance, but because five or fifteen minutes have passed and even the smallest price shift is recorded on the chart.
This is why, when the price is in a very narrow range, we can see a series of horizontal candles, which confuse every trader.
Due to the specifics of chart construction, price-following indicators can give a lot of false signals, since the instrument simply doesn't understand what's going on in the market flat.
Script that reverses positions
During trading, every trader encounters deceptive market maneuvers, when a seemingly clear trend changes direction in a matter of seconds.
Many traders accept their defeat and wait to exit the forex market via a stop order.
But it is also possible to reverse the position, which will provide the opportunity to profit from the new trend, and the size of the profit directly depends on how quickly the reversal is made.
The Revers script is an excellent solution for traders who practice position reversals. Unlike many similar scripts, the script automatically remembers the volume and number of previously opened orders and performs the reversal with exactly the same lot size.
It's worth noting that this script is a universal tool and performs a one-time action, which does not overload your trading platform.
Forex Trade Screenshot Indicator
When studying trading books, almost every author advises their readers to keep their own journal. You've probably wondered why this is necessary, since the entire transaction history is stored directly in the trading terminal and can be retrieved at any time as a report.
However, it's important to understand that a diary isn't meant to preserve history, but to analyze it. We doubt any of you, a month from now, will be able to say why you opened a trade, what your reasoning was, or, simply, what mood you were in.
However, it is precisely working on oneself and one's mistakes that allows a trader to improve, refine their strategy and market entry methods, identify patterns, and also identify their own vulnerabilities.
However, despite the fact that many agree to take this step and start keeping a diary, they often do it incorrectly.
The vast majority of traders, especially older ones, keep a diary in a regular notebook or workbook, neglecting the most important element of analysis—the trading chart at the moment of trade execution. While it's possible to take a screenshot in a trading terminal, this takes time and effort, leading traders to forget.
The best place to take profits is EasyTakeProfit
Many traders focus excessively on their strategy's entry system rather than exit points. As strange as it may sound, the number of traders who change their trading tactics over and over again is simply thousands, while those who actually consider the reason for their deposit loss are few and far between.
Often, two trivial parameters such as profit level and stop level can radically change the statistics Forex strategies.
Thus, giving in to emotion, many beginners set excessively large stop orders or abandon them altogether. In the first case, a large stop order disrupts the balance, which subsequently leads to the strategy's failure.
In the second case, the absence of a stop order leads to the accumulation of a huge loss, which sooner or later will have to be closed.
With the increasing popularity of scalping, many traders have begun to set stop orders that are too small due to a reluctance to lose too much in a single trade.
Price Movement Speed Script
When analyzing the currency market, it is necessary to pay attention not only to characteristics such as trend, flat, and price movement direction, but also to its speed on Forex.
This is primarily due to the speed of price movement at a given moment. So, if you are trading on the news, the speed of reaching the stop order and profit will be significantly different than when a transaction is opened with the same goals and risks, but during a calm time.
The price movement speed factor can directly influence the efficiency of your open trades, because even experienced traders They say that a deal is considered successful if it goes into the black in the first few seconds and doesn't stay the same.
How to write a script for Forex trading
Modern trading is already quite difficult to imagine without automation. Moreover, with today's level of computer technology development, not just simple programs, but even artificial intelligence capable of self-learning are entering the exchange.
However, while complex programs are affordable only for large hedge funds, banks, and other financial institutions, simple software solutions like scripts are affordable even for students, and in most cases, you can find a script tailored to your needs completely free.
A script is a program designed to perform a one-time action. For example, if you've used trading advisors, you probably know that these programs perform specific tasks as long as they're on the chart.
A script, on the other hand, differs from an advisor in that it executes a command only once when it's applied to the chart. Therefore, a script can perform a task that an advisor can't.
For example, if you want to close only profitable trades from a series of open orders, applying a script to the chart will only close profitable trades once, while the advisor would do this continuously.
GrailMeter Script – Measuring Your Robot's Grailness
Almost every trader who is actively interested in automated trading and various Forex advisors has encountered the so-called Grails.
Among stock market players, the Grail is a term used to describe experts who demonstrate phenomenal results historically, but deliver completely opposite results in real trading conditions.
Typically, naive beginners, prone to the temptation to make a quick buck, fall into the Grail trap.
A fairly common scenario is when someone sees phenomenal results in the tester and then installs the expert advisor on a real account, but due to increased trust and hope, quickly loses their deposit.
To avoid such situations, professional traders always recommend testing the expert advisor on a demo account before installing it on a real account.
GUI-Robot – automated trading without programming knowledge
The modern realities of stock trading are such that programmed algorithms have almost completely displaced traders from manual trading.
Typically, in today's world, traders are tasked with monitoring and confirming signals, as well as acting as a master who will promptly make adjustments to their pre-programmed algorithm.
However, creating an autonomous algorithm that can replicate you and your strategy is quite expensive, not to mention the difficulty of communicating your wishes to a programmer, who writes programs and has no connection to exchange trading.
Frustrated nerves and wasted money are just a few of the challenges you face if you don't know a programming language. While you can certainly spend years learning code, there's another approach.
Pattern Graphix – an advisor for graphical analysis
Today, it is quite difficult to discuss the importance of graphical analysis, since even the most inveterate critic
knows that this tool has proven its effectiveness over time.
However, graphical analysis is a rather complex approach, despite the principle of constructing figures being clear at first glance.
Would you agree that the head and shoulders in the book look so realistic that you can't tell them apart from a real person? And if you come across something like that at the market once a year, that's no small feat.
ArgoGuardian Assistant Advisor
The most common trader affliction, which causes dozens or even hundreds of accounts to be wiped out, is a lack of
discipline in capital management.
It should be noted that, regardless of whether a trader uses an advisor or trades personally, the error of taking profits and losses in a timely manner is common to everyone.
I would like to separately touch upon advisors , which in most cases use highly risky capital management models such as martingale or averaging, which lead to the immediate loss of all funds.
Traders who have ever encountered such robots know that in the event of a significant drawdown, they must make a tough decision and lock in the loss to avoid losing all their money. However, the simple hope that opening the next order with an inflated lot will lead to the expected resolution of the force majeure situation actually ends up worsening it.
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