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TradeOpen Script Manual

TradeOpen Script Manual

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lucnes
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164 views

TradeOpen Script Manual

TradeOpen Script Manual

Uploaded by

lucnes
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 5

Copyright 2012 www.ea-coder.

com
What is TradeOpen Script
Did you even wonder what it would be like to open a trade on Metatrader 4 with your stop loss
and take profit set automatically in just a few clicks? It takes lot of time to calculate the right
stop loss and take profit price. And if it is 5 digit broker the things get complicated even more.
We have developed a special MT4 script that will open trade with your desired settings. You can
set lot size, take profit in pips, stop loss in pips, have magic number added to your trades and
you can even set the script to open multiple trades at the same time. Many trading systems
require to open 2 or 3 trades with the same stop loss but different take profit. This way you get
the most of the trades and earn bigger profits when market moves in the right direction.
Imagine if you win 1 trade with 300 pips take profit. Now if you had open 3 trades instead of 1
and set take profit levels to 100, 200 and 300 pips your trades would earn 100+200+300=600
pips profit.

How to Install TradeOpen Script


1) Copy TradeOpen Script EX4 file to your Metatrader 4 folder under \experts\scripts\
2) Restart MT4 if it was running during this short installation process
3) Locate TradeOpen Script under "Scripts" in the "Navigator" (Ctrl+N) window
4) Click and drag the script with your mouse left button to the desired chart or just double-
click it to run
5) In the EA settings window "Common" tab you should enable "Allow live trading"
6) Open "Inputs" tab of the script settings window for the settings
7) Set any desired settings and click OK to run the script
8) You should see how script open the trade(s) immediatelly
9) If you do not see any trades executed, please check "Experts" tab at the bottom of MT4
platform for any error messages

How to use TradeOpen Script


1) Double-click the script to execute or attach it to the desired chart
2) A window will show up with the settings. Make sure you have Allow live trading enabled
in the Common tab
3) Select Inputs tab and set your desired settings
4) Click OK and watch the script opening the trade(s) according to your settings

Copyright 2012 www.ea-coder.com


TradeOpen Script settings
TradeType - this is where you set the type of the trade. Set this value=0 to open BUY trade(s),
or set this value=1 to open SELL trade(s). You can also set the script to open pending orders.
Here is the complete list of values:
0 = BUY
1= SELL
2= BUY LIMIT
3= SELL LIMIT
4= BUY STOP
5 = SELL STOP

Entry price - this is where you set entry price for the pending orders. If you choose BUY or SELL
trade this value is ignored.

HowManyTrades - tell the script how many trades you want it to open

FixedLotSize - this is where you set lot size for the trades. If this value is set to 0 (zero) the
script will use minimum lot size available

StopLossPips - this is where you set stop loss for the trades. All trades will have the same stop
loss if you choose to open more than 1 trade

TakeProfitPips - this is where you set take profit for the trades. All trades will have different
take profit if you choose to open more than 1 trade. Example: if you set to open 3 trades and
choose take profit of 50 pips, the script will use 50, 100 and 150 pips take profit

LastTradeNoTakeProfit - if this value is set to true the script will not add take profit to the last
trade so you could close it by your own exit rules. If you set this to false the script will add take
profit to all trades

MagicNumber - this is where you choose what magic number must be set for the trades

Copyright 2012 www.ea-coder.com


DashboardDisplay - this setting control how you want EA to display the dashboard (Blue Box).
If this value is set to 0 (zero), EA will not display the dashboard. If you set this value to 1, EA will
display the dashboard without background. If you set this value to 2, EA will display the
dashboard with the background set by DashboardColor and our company logo at the bottom-
right corner. To display dashboard on top of the chart you may need to uncheck "Chart on
foreground" box in the chart properties window (F8) "Common" tab.
Dashboard and logo position on screen were chosen wisely.
Notice that the dashboard is aligned to the left but there are space left. This space is
reserved for your trade ticket numbers. Notice when you open trade and MT4 platform
display trade type (buy/sell) and ticket number at the left of the chart. This is why
dashboard is moved a bit to the right to not cover that information.
Vertical alignment of the dashboard is set to the top but there is some space left and that
is where EA will display critical errors in red bold text. This is very helpful to not miss any
critical errors.
Company logo is displayed in the bottom-right corner. If you enable "Chart Shift" your
chart will be moved away from the right border and logo will not cover your chart price.
With "Chart Shift" enabled it is easier to read the chart and indicators. Also many other
3rd party indicators and EAs use that space to display various info in the top-right corner.

What is slippage?
The short answer is that slippage is what happens between the time you close/place an order to
buy or sell a currency and the time that your oder is filled, i.e., the time that the transaction is
completed. In most cases, in a fast-moving volatile market such as EUR/USD (Euros and US
Dollars), from the time you place an order until the time it is filled the exchange rate will often
change anywhere from $.0002 to $.0003 from the price you saw and wanted to get when you
placed your order, even with the fastest automatic electronic ordering software. If you are
trading by hand, i.e., sending your order to your broker via a non-automatic signal generating
platform, then you can expect slippage to be as much as $.0010 to $.0015! The same is applied
when you are closing the trade or deleting pending order.

Copyright 2012 www.ea-coder.com


Trading foreign exchange on margin carries a high level of risk, and may not be
suitable for all investors. The high degree of leverage can work against you as well
as for you. Before deciding to invest in foreign exchange you should carefully
consider your investment objectives, level of experience, and risk appetite. The
possibility exists that you could sustain a loss of some or all of your initial
investment and therefore you should not invest money that you cannot afford to lose. You
should be aware of all the risks associated with foreign exchange trading, and seek advice from
an independent financial advisor if you have any doubts.

Disclaimer of Use
To the maximum extent permitted by applicable law, in no event shall Ea-Coder.com Software,
or its suppliers be liable for any special, incidental, indirect, or consequential damages
whatsoever (including, without limitation, damages for loss of business time, business profits,
business information, or any other kind of loss) arising out of the use of, or inability to use the
Software, or the failure to provide support services, even if Ea-Coder.com Software, or one of its
supplies has been advised of the possibility of such damages. Ea-Coder.com Softwares entire
liability shall not exceed the price paid for the software. Ea-Coder.com will not be liable for any
claims of loss, financial or otherwise, resulting from the use of software.

Ea-Coder.com does not sell or provide any Forex trading advise - Ea-Coder.com sells Forex
trading tools. Ea-Coder.com never gives false promises that certain software will make huge
profits on autopilot 24/7 specially without human intervention.

Copyright 2012 www.ea-coder.com

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