SCRIPTS:
Scrips are like indicators but they only run once when you drag and drop them on a chart. These are order scripts to place orders with certain characteristics. The goal is to place one or two orders with a take profit and a stoploss. Some brokers require you to place these separately, and these scripts are not known to work. Your broker must allow the old style order with associated take profit and stoploss.
Some Brokers have gotten around the NFA regulations by modifing their server software. FXDD, for example, modified their software to take the old style orders and make the books show only the NFA orders. I don't understand the details, but it was explained that they have one order on their books even if you place two or more orders. As you close orders, it just takes partial lots away from the single composite order, so you can close them in any order. They don't allow hedging, but they allow the old style order with associated stop loss and take profit. These scripts assume the broker allows that old order or it's equivalent.
The unique thing here is that the stoploss is calculated from the low or high of the last 6 or so bars and the stop is placed beyond that high or low. This is the best kind of stoploss although it can be bigger than you expected. You can place maximum and minimum values on the stoploss.
For example, inside the mq4 file (the source code for the script) you will see
int MinimumStopLoss=15;
int MaximumStopLoss=75;
int StopLossOffset=5;
You can change the numbers, recompile it and make permanent changes to the script.
The numbers are pips(4 digit brokers - I think adding a zero makes it work on 5 digit brokers).
Test these things on demo before you use them on a real account. Always know how something works on your system/broker/ . As with everything on this site, you are responsible for testing these scripts before you use them with real money. I've done a lot of testing and using them, but that is no guarantee. If you find problems, tell me and I'll try to fix them. That is the only guarantee.
There are several types of scrips, but all are for opening and closing orders. Only buy scrips are described below but the sell scripts are the same except for the type of trade.
- Buy_1_Order_LHL_SL : Buy one order of 0.1 lots and place a stoploss just below the low extreme in the last 8 bars. Limit the stoploss to a maximum and a minimum.
- Buy_1_Order_LHL_SL_30TP1 : Buy one order of 0.1 lots and place a stoploss behind the last high or low extreme and place a take profit order at 30 pips from the entry price.
- Buy_2_Orders_LHL_SL_30TP1_60TP2 : Buy two orders of 0.1 lots each and place stoploss below the last low in the previous 8 bars. Also place a 30 pip take profit on the first order and a 60 pip take profit on the second.
- Close_all : Attempts to find and close all pending or open orders on all pairs.
- BuyStop_2_Orders_LHL_SL : Place two Pending BUYSTOP orders at the left corner of the triangle on the chart with the name "BuyStop".
- Close_all : Attempts to find and close all pending or open orders on this one pair.
- CreateBUYSTOPTriangle : Create a blue triangle on the chart to be used for placing buy stop orders.
- CreateSELLSTOPTriangle : Create a green triangle on the chart to be used for placing sell stop orders.
- Sell_1_Order_LHL_SL : Sell one order of 0.1 lots and place a stop loss just above the high extreme of the last 8 bars. Limit the stoploss to a maximum and a minimum.
All the stoploss are set at the high or low in the last 8 bars. All take profits are set in pips ( 4 digits brokers). If you have a five digit broker, you need to edit the files to add another digit. 30 pips would change into 300 pips to handle a 5 digit broker. Both stoploss and takeprofits are affected by this change. The mq4 files can be edited easily by anyone (see the pdf on this site of how to do this even if you are not a programmer ) to make permanent changes. Most of the important things to change are listed at the top of file and you just change the number and push the "compile" button to change anything. Just be carefull not to screw with anything else or you can break the file (failure to compile). If that happens just get the original mq4 file out of the zip you downloaded and start over.
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