mrtools wrote: Thu Jul 02, 2020 3:00 am
This is a trade manager ea that will automatically place your stop loss, take profit, trailing stop, and or break even. Remember you need to manually place your trades and the EA should do the rest according to the EA settings. Also it should only work on the symbols it is placed on, but please only test on a demo account before risking real money.
Hi Mrtools,
loving your trade manager sofar, especially the dynamic trailing stoploss based on the range highs/lows! I do have three things that you might consider experimenting with:
A) Set the stoploss option to override the the trailing stop loss in case trailing stop loss > stop loss seems this is in place already and i was blind
B) Dynamic take profit. Now this is more complicated but arguably also more intriguing. The way I can imagine is, that there are two basic ways to do it:
Ba) A dynamic Takeprofit based on a certain value, the best I can think of is a multiplier of a lookback period range (so it would take the whole period range and set the take profit as range * multiplier, example on 1H - period 24 multiplier 0.3 would take the 30% of range in the last 24 hours as tp value).
Now this can also be done two ways - first to have it set only once when you open the position and second, have it completely dynamic just as dynamic stoploss based on range.
What would happen if the ea would modify the TP value too? If the price starts trending it would widen the takeprofit (until hit) and if the price contracts and stays in range long enough to lower the stoploss, it would lower the takeprofit too. The idea is here, that if price stalls and stays in a small enough range long enough for stoploss to move closer, there is a good chance that price will actually reverse, but not before it (usually) tries the other side first (spring pattern). This option would require a minimum incremental amount of pips to change the takeprofit value in order to avoid spamming when the range widens.
Bb) The other way of doing dynamic takeprofit is to make it as a multiplier of dynamic stoploss value (until stoploss turns into takeprofit). So it would modify the takeprofit everytime it would modify the stoploss to keep the multiplier (ratio) to a certain value, with 1 being a 1:1 RRR.
C) The third, and most experimental optional setting for the EA would be stop & reverse function, so anytime price would hit stoploss set by the EA, it would reverse (setting dynamic or fixed sl/tp) and would keep reversing until the trade reaches TP.
I hope you'll continue updating this tool as I think especially for forex traders who have to trade many charts at once, it makes the life so much easier.