Welcome, fellow traders! Today, we’re diving into a handy tool that can take your trading game to the next level: CheckTrades, an Expert Advisor (EA) designed for MetaTrader 5.
This EA operates on a simple yet crucial principle: it helps you manage risk by closing open positions once they hit a predefined profit or loss threshold, calculated as a percentage of your account balance. It’s all about protecting your hard-earned capital!
How CheckTrades Works
Now, let’s break down how this EA functions. Keep in mind that it doesn’t provide entry signals or market timing—its main goal is to manage your existing positions. Here are the external variables you’ll use:
- RiskPercentage: This represents the maximum loss you’re willing to take on a single trade, expressed as a percentage of your account balance. If the loss on an open position hits this percentage, the EA will automatically close the position to limit your risk.
- ProfitPercentage: This variable sets your target profit per trade, also as a percentage of your account balance. Once your open position reaches this profit percentage, the EA will close it, ensuring you lock in those gains!
Since CheckTrades is focused on risk management, it’s versatile and can be applied to any trading symbol or timeframe. However, it’s crucial to pair it with a solid trading strategy that includes entry signals and additional trade management rules to create a comprehensive trading system.
If you're thinking about using this code as an include file, just drop it in your MQL5\Include folder. Its primary function will be to assist in managing risk by closing positions based on your defined profit and loss limits.
You can easily combine it with other include files that handle different tasks, such as calculating position sizes based on your account risk or implementing trailing stop-loss strategies. Just use the #include directive in your main EA file to integrate CheckTrades, and call the CheckTrades() function whenever you need to manage your open positions.
Happy trading, and may your profits soar!
Related Posts
- Harnessing MQL5 Wizard for Trading Signals: 3 Black Crows & 3 White Soldiers with MFI
- Creating a Stochastic-Based EA for Hammer and Hanging Man Patterns in MetaTrader 5
- Creating an Expert Advisor for Dark Cloud Cover and Piercing Line Patterns with CCI Confirmation
- Mastering the Moving Average EA for MetaTrader 5: A Trader's Guide
- Leveraging MQL5 Wizard: Crafting Trade Signals with Meeting Lines and Stochastic