Hey fellow traders! If you're looking to streamline your trading process, the XP Forex Trade Manager Grid for MT4 might just be the tool you need. This Expert Advisor (EA) is designed to help you manage your orders effectively and hit your profit targets with less hassle.
To get started, all you need to do is place your first order with a Take Profit (TP) level, run the EA, and set your desired profit in pips. From there, the EA takes over, managing your positions and working towards your specified pip target. This strategy is particularly useful for managing trades that you've opened manually on the current pair.
The grid management strategy allows you to add positions to your existing trades at a specified distance in pips, managing up to 15 trades (or even fewer if you prefer). For the first three trades, you'll have individual take profits, but once you hit the fourth trade, the EA will close the entire grid at a common level—essentially breaking even. Plus, after closing a trade at TP, you can easily renew it. Just keep an eye on your risk; if your losses exceed the allowed percentage of your account balance, the cycle will close automatically.
Key Parameters:
Let's break down some of the important parameters:
- Additional Trade Params:
- AddNewTradeAfter: The distance in pips from the last trade after which new trades will be added to the grid.
- Take Profit:
- TakeProfit1Total: Total TP in pips required from the first position.
- TakeProfit1Partitive: Initial TP in pips for the first position in the cycle.
- TakeProfit1Offset: Minimum distance in pips from the last closed first position's TP required to renew this trade.
- TakeProfit 2/3: Individual TPs in pips for the second and third positions in the cycle.
- TakeProfit 4/5/6/…15Total: Total TP in pips for all positions in the cycle (when four or more trades are opened).
- Trade Params:
- MaxOrders: The maximum number of trades allowed in the grid.
- Risk Balance %: The maximum allowable loss as a percentage of your account balance, which will close all opened positions if exceeded.
- Lots: The lot size for trades opened by the EA.
- Slippage: The permitted slippage in points.
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Additional Info:
All parameters and functions are customizable within the EA settings. Additionally, the Forex Trade Manager Grid displays important information on your chart, including profit/loss for the current cycle in both pips and your account currency.
