PlannedPendingOrders (MQL4 Script)

Create limit orders depending on horziontal lines you have set in the chart and based on an aspired risk you can change. For an introduction with screenshots go here: https://www.mql5.com/en/code/21804

Installation

Copy the script file into the Scripts folder inside your Metatrader folder.

Example:

• Assuming your Metatrader is installed into the folder C:\Program Files\Metatrader
• Copy the script into C:\Program Files\Metatrader\MQL4\Scripts

Open the script in the Metaeditor and compile it.

In Metatrader you will see the script then inside the Navigator window under the node Scripts.

Use

Creating lines

For using the script you need to create horizontal lines in the chart and give them special names. Following are the names you need to use (number at the end must be between 1 and 4):

• entry_1 (entry price for the first order and all orders where entry not set)
• sl_1 (stoploss for the first order and all order where stoploss not set)
• tp_1 (optional, if set only applies to order 1, the takeprofits of all other orders need to be set manually)

For example to enter two orders (one order with no takeprofit set) it is enough to define the following lines:

• entry_1
• sl_1
• tp_2

Execute

Drag and drop the script on the chart where you have created the lines.

For the example (lines entry_1, sl_1 and tp_2 are set) the required parameters are given and leading to order 1 has an entry and a stoploss level (no takeprofit). For order 2 only the takeprofit is set by the user, here the entry and the stoploss is taken over from order 1. Based on this automatic completion the risk estimation and required margin calculation is made.

Check data

A message box is opening with information about the order to be entered:

• Estimated risk in account currency and percentage of account balance
• Risk-Reward-Ratio
• Required margin

The estimation of risk may vary during the orders are open if the account currency and the derivate's base currency are not same. Swap is not included in the calculation. Also margin calculation can differ to reality if your broker will adjust the margin requirements while orders already open.

If you are fine with the information about the trade press OK and the orders will be opened. Press Cancel and the orders will not be opened.

Optional

Set alerts on the takeprofit levels as a reminder to pull the stoploss tighter. But for this to work properly the Metatrader where you set the alert levels needs to run 24/7. Also if you do not want to spend all the time home waiting on the alert rings, you should connect your mobile to the running Metatrader and create message sending alerts.