The script will open limit pending orders according to named horizontal lines in the chart you have to draw before. When finished drawing you drag and drop the script onto the chart. Before the orders get executed you can change the aspired risk. Right before the execution you will get an info dialog with the calculated risk where you get asked if you really want to execute the order.
The following two horizontal lines are required to let the script execute a trade:
- Entry price line, name it like “entry_#” example: entry_1
- Stoploss line, name it like “sl_#”, example: sl_1
- Takeprofit line, name it like “tp_#”, example: tp_1
You can define lines for up to 4 orders.
Always start with 1 and for following orders increase the number. If you have created lines for more then one order then keep in mind that the entry price or the stoploss will be taken over from the first order if it is not set in the current order. So for example you are able to set the takeprofit only for order 2 because entry and stoploss will be taken over from order 1.
In the example we will let the script execute two sell limit orders with same entry and sloploss but different takeprofit. In the following screenshot you can see the created horizontal line for the entry, named entry_1. To not getting confused with the lines I gave them different colors for the screenshots.
MT4 Forex Script Characteristics
Platform: Metatrader 4
Time frames: any.
How to install Screenshot Script in MetaTrader 4 / MT4:
Copy and paste the PlannedPendingOrders.mql4 files into the MQL4 Scripts folder of the Metatrader 4 trading platform.
Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Script (paste here)
On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Scripts” section
Locate the indicator which you have just downloaded into the folder stated in Step 1
Drag (Click and drag) the Script onto the chart (when you want the task to be performed)
your task should now be executed…