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Orders Guardian EA
MetaTrader provieds the functions to set a fixed TP, SL or trailing stop to an order. More often, we hope to use some other closing strategy, such as resistance, support lines, channels, etc. But this need users to keep staring at the chart and modifying the TP and SL times to time, which will be a hard working. OrdersGuardian is such an EA that will partly free you from the computer screen after opening orders. It has some simple closing strategy, including MA, envelopes, trendline, channels, parabolic SAR. It will close the order as the price reach to this curve or line you set.
OrderGuardian(1).mq4 11.29 kb, 40 downloads since 2014-10-15
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About Orders Guardian EA
https://mt4talk.com/viewtopic.php?pid=2217#p2217
OrderGuardian monitors your open positions and automatically adjusts stop loss (SL) and take profit (TP) levels. It's great for traders who want to optimize their trade exits without constantly watching the market. Plus, it adds a layer of risk management by preventing losses from spiraling.
How this EA works:
OrderGuardian kicks into action once you have open trades.
It sets SL and TP levels based on the method you choose (like using moving averages or SAR indicators).
The EA updates these levels in real-time, adapting to market movements.
It can display these levels on your chart, so you're always in the loop.
If the market hits these levels, OrderGuardian swiftly closes the positions, securing profits or cutting losses.
It works with any currency pair, adapting to different market conditions.
The EA doesn't open new trades; it's all about managing the ones you have.
You have control over the parameters, tailoring the EA to your trading style.
Setting it up:
Download the .mq4 file and install it in your MT4.
Attach it to the chart of the currency pair you're trading.
Adjust the parameters to fit your strategy.
Adjustable Parameters:
Orders: Define which trades to manage.
TP_Method and SL_Method: Choose the calculation method for TP and SL.
ShowLines: Toggle the display of TP and SL lines on the chart.
TP_LineColor, SL_LineColor: Pick colors for the lines.
TP_TimeFrame, SL_TimeFrame: Set the time frame for calculations.
TP_MA_Period, SL_MA_Period: Define the periods for moving averages.
TP_MA_Method, SL_MA_Method: Choose the type of moving average.
TP_MA_Price, SL_MA_Price: Select the price type for the moving average.
TP_Env_Dev, SL_Env_Dev: Set the deviation for the Envelope method.
TP_Shift, SL_Shift: Adjust the shift values.
SL_SARStep, SL_SARMax: Define SAR parameters (for SAR method).
Optimal Settings (Example):
Currency Pair: EUR/USD
Minimal Balance: $1000
Time Frame: 1H
TP_Method: 2 (Moving Average)
SL_Method: 3 (SAR)
For EUR/USD on a 1H time frame, using a moving average for TP and SAR for SL is effective. It balances the need for profit-taking with risk management, adapting to market trends and volatility.
OrderGuardian EA is a dynamic tool for managing existing trades in MT4. It's not about opening new positions but about optimizing the ones you have. It's a trading EA that offers flexibility, control, and an added layer of smart decision-making to your trading strategy.
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