This set of scripts has been designed to scale-in your trades as price action runs in your favor. This will maximize profits due to proper pyramiding, decrease the impact of unprofitable trading decisions and make your life much easier. There are four different tasks you can perform with these scripts:
- Buy at market price and place 3 further pending orders
- Sell at market price and place 3 further pending orders
- Place a buy stop order at the high of the previous bar and 3 further pending orders
- Place a sell stop order at the low of the previous bar and 3 further pending orders
Some other facts you should know:
- The first trade has a risk allocation of 2%.
- All further pending orders decrease in lot size to avoid overbetting.
- All orders have an ATR-based stop-loss. Default is ATR(30)*2 from the opening price.
- All pending orders have an ATR-based distance between them. Default is ATR (30)/2.
Additionally, a fifth script is provided to delete all pending orders if desired. Use with caution since it affects all pending orders.
MT4 Forex Script Characteristics
Platform: Metatrader 4
Time frames: any.
How to install Screenshot Script in MetaTrader 4 / MT4:
Copy and paste the PZ Progressive Trading script for MetaTrader 4.zip 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…