Hey traders! Today, I want to share a nifty tool that can help you manage your trades more effectively: the hidden Stop Loss and Take Profit feature in MetaTrader 4.
How It Works
This Expert Advisor (EA) allows you to implement a hidden Stop Loss and Take Profit system. Here’s a quick rundown on how to set it up:
- First, open the buy and/or sell orders for your chosen chart symbol.
- Next, load the EA onto the chart with the same symbol. Make sure to specify the size of your hidden Stop Loss and Take Profit in points.
- By default, these levels are calculated based on the open price of your trade, but you can also set them to be relative to the current mid price of the symbol.
The EA will display your hidden Stop Loss and Take Profit levels in the Experts tab, keeping your strategy nice and tidy.
Visual Aids
If you select the right input option, it will even draw horizontal lines on your chart for a clearer visual representation. This can really help you keep track of your levels at a glance!
Final Thoughts
Once all your trades are closed, a message will pop up in the comments section and the Experts tab. Just a heads up: I haven’t tested this extensively on a live system, so tread carefully when using it.
Happy trading, and may the pips be with you!
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