here is an EA I made a few yrs ago, I'm sharing it for 2 reasons:
1. it might help somebody trade better, by speeding up their trading process a little bit.
2. I need help converting this to ACSIL, so that I could have more or less the same functionalities within SierraChart.
it has the following functionality:
1. it can place stop, limit or market orders, depending upon the last price.
for example, suppose that you want to buy at 1.0000. if last price is below that, then a buystop order is placed, otherwise a buylimit order is placed. if last price happens to be at 1.0000, then a market order is sent.
2. it automatically calculates the number of lots to be bought or sold for you.
there is a Max Risk parameter in the EA, you can set it to the exact dollar amount you'd like to risk for every trade. once it's set, the EA will calculate the maximum number of lots that can be sent for every order, based upon pip value and stoploss size.
for example, let's say you are risking no more tha $100 for a trade. the pip value for the instrument is $1 and the stoploss is 10 pips away from your entry price. the EA will set the number of lots to 10 and send the order for you.
3. it has visuals on the chat showing you all the relevant infos about your current open position, including entry price, lot size, dollar risk, running profit/loss, etc.
how it works:
1. place a Fib Retracement tool on the chart. it needs to be customised so that it has only 3 levels, 0, 50 and 100.
2. the 100 level is where you want you stop loss to be at, the 0 level is where you want your entry price to be at. the 50 level is used to display additional info.
3. manually edit the description of the fib to "AS", case insensitive, without the quotation marks. this is to prevent accidently placing orders.
4. it's more convenient if you go to the Tools->options->objects, and enable Show Properties after Creation.
5. the EA will take care of the rest.
thank's for share the trade management ea. these could be usefull for my news straddle entry trade. one think I concern related to fibo draw, how we define the swing high-low before getting into the line, in short which time frame do you prefer, at what amount chart (candlestick) fibo should coverage.
the Fibonacci levels are not part of the EA at all. I only used the Fibs for visual purposes, it clearly shows my intended entry price and stoploss on the chart, that's also why you have to type "AS" into the description field as soon as the fib is created, so that the EA can recognize it for the purpose of entry and exit, instead of just normal fibonacci levels people use for trading.
Do you have, or know of an EA or indicator which places an automatic stop loss and t/p at set levels..?..
I regularly scalp, and would be able to do much better if these were set at an emergency level as soon as the trade is placed. I find it too time consuming to set up orders and adjust in Mt4, when the market is moving fast..