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https://www.mql5.com/en/market/product/91553
TradeStops Manager is a simple, dynamic, volatility-adaptable stops-management tool that will help you to manage your open order’s stops effectively according to your way. Most traders are aware that trading the forex market is inherently risky and brings with it the possibility of losing money anytime you enter a trade, however, some traders still seem to ignore money management by taking advantage of different stops. The fact that most traders lose money in the markets is not really surprising if you consider that most traders do not know how to set up the right, dynamic, adaptable stops in the face of current volatility in the market. Do you want to close a specific order after a specified
- number of candles,
- StopLoss Level is reached,
- TakeProfit Level is reached,
- percentage of equity is reached,
- amount of profit is reached,
- amount of loss is reached,
- TrailingStop level is reached,
- time on every Friday is reached, or
- duration of any open orders (in minutes)?
TradeStops Manager EA is the ample answer to all these questions or headaches! According to your specifications or inputs, effectively and efficiently, this EA will help you to manage each order that has the EA attached to it.
WARNING!
1. Do always attach the TradeStops Manager EA to each instrument or currency pair that you want to trade!
2. Do not use TradeStops Manager EA with the same Magic number to manage two orders of the same currency pair simultaneously on the same chart rather change its Magic Number and attach it to a different chart!
FEATURES OF TRADESTOPS MANAGER
1. Resistance-Support (R-S) Inputs: This R-S depends on the selected Timeframe. It is used to vary the pip-distance of the Resistance and Support Levels. These R-S can be hidden in. The Resistance-Support (R-S) Levels can be used to select the TakeProfit (TP) and StopLoss (SL) for any order. Below: each numeric value of M1, M2, …, M10 can be changed to any desired number so as to increase or decrease the Pip-distance, TrailingLevels distances or Risk-to-Reward ratio.
- M1: 1.25
- M2: 2.50
- M3: 3.75
- M4: 5.00
- M5: 6.25
- M6: 7.50
- M7: 8.75
- M8: 10.00
- M9: 11.25
- M10: 12.00
The Resistance-Support (R-S) Levels and TrailingStops Levels are dependent on or sensitive to the selected Timeframe!
2. TakeProfit and StopLoss: The R-S can be selected to configure the desired TP and/or SL.
- Buy-TakeProfit: R10
- Buy-StopLoss: S3
- Sell-TakeProfit: S10
- Sell-StopLoss: R3
The BreakEven, TakeProfit and StopLoss are dependent on or sensitive to the selected Timeframe!
3. BreakEven: Each order, with the EA attached to it, has its BreakEven activated by the dynamic TrailingLevels.
4. Use-CloseTrade: Here, trades are exited after specifications concur. For example:
- CloseTrade After X Minutes: 60; the open order is closed after 60 minutes (1 hour).
- CloseTrade After N bars: 24; the open order is closed after 24 complete bars.
The CloseTrade After X Minutes and CloseTrade After N Bars are dependent on or sensitive to the selected Timeframe!
5. Equity-Trailing Stops: This feature closes an order whenever the Equity reaches a specified level
- Equity-Trailing Start (%): 7%; the EA starts trailing when the Equity-Percent of an open order reaches 7% of the Balance.
- Equity-Trailing Step (%): 1%; the Equity-Percent trails at every 1% of the Balance.
6. Use-AutoClose Profit/Loss: This feature closes an order whenever the Profit or Loss reaches a selected level. For example:
- AutoCloseProfit (money): +200 USD; Each open order, with the EA attached to it, will be closed after its Profit reaches +200 USD.
- AutoCloseLoss (money): -200 USD; Each open order, with the EA attached to it, will be closed after its Loss reaches -200 USD.
7. UseFridayClose: Each open order, with the EA attached to it, is closed on Friday at a specified hour and time.
8. Magic Number: 12345
9. Show Window: If set to “True”, then this displays significant Inputs on chart’s left-hand side.
10. Prefix and Suffix: The EA works with standard symbols & non-standard symbols like USDJPYm, USDJPYcc
11. Timeframe: Any timeframe can be selected from the menu <Current, M1, M5, M15, M30, H1, H4, D1, W1, MN1>
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Image and article originally from www.mql5.com. Read the original article here.