Description
This trading tool offers a range of features designed to simplify risk management, order management, and position control within the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Here’s a breakdown of the key functions and how they enhance the trading experience:
Expert: Trade Assistant MT4_10.16_fix.ex4 (Unlocked MT4 Build 1420+)
Key Features
- Risk Management:
- Risk Per Trade Calculation: This tool calculates the risk per trade, allowing you to set any Stop Loss (SL) size while ensuring that the risk remains within predefined limits.
- Lot Calculation: The built-in risk calculation tool helps determine the lot size based on the chosen risk percentage and SL size. You can set risk in percent of balance, equity, free margin, or deposit currency.
- Custom Risk Fields: Options include risk based on currency, balance, equity, free margin, or average balance (AB) from the previous day, week, or month.
- Take Profit to Stop Loss Ratio (R/TP and R/SL): Allows setting the ratio between Take Profit (TP) and SL. For instance, a 1:1 ratio means TP equals SL, while a 2:1 ratio means TP is twice the size of SL.
- Order Management:
- Line Function: Shows the opening price, SL, and TP lines on the chart, helping you visualize your trade’s parameters before placing it.
- Market and Pending Orders: Supports placing and managing both market and pending orders.
- Partial Closing: Automatically closes a specified portion of an open trade, which helps secure profits while keeping part of the trade open.
- Trailing Stop: Offers 7 types of trailing stops, including:
- In Pips: Fixed distance trailing.
- Fractals: Trailing based on fractals.
- Moving Average (MA): Follows the moving average line.
- Parabolic SAR: Uses the Parabolic Stop and Reverse indicator.
- ATR: Trailing stop based on Average True Range.
- Partial Close: Trailing stop that closes part of a position.
- High/Low Bar: Trails according to the highest or lowest bar of the chart.
- Breakeven: Automatically moves the SL to breakeven (no-loss) after reaching a specific profit level.
- Limit Order Trailing: Moves a Limit Order following the market price, maintaining a specific distance.
- OCO Order (One-Cancels-the-Other): If one pending order is triggered, the other pending orders are automatically canceled.
- Virtual Orders: Supports virtual Stop Loss and Take Profit, meaning they are hidden from the broker until the set levels are reached, helping avoid manipulation by market makers.
- Additional Functions:
- Symbol Switch: Allows easy switching between different currency pairs or symbols on the chart.
- Hotkeys: You can set up hotkeys to perform various trading functions and chart management actions quickly.
- Notification on Support and Resistance Break: Alerts you when important support or resistance levels are broken, helping you stay on top of market changes.
- Chart Screenshot: Takes screenshots of your chart manually or automatically, useful for recording trade setups or keeping a history of your trades.
- Trade Time Management:
- Allows setting specific time windows for opening or closing trades, helping automate trades based on time.
- Closing Orders:
- Close positions based on order type (e.g., market, pending).
- Option to automatically close positions when a specified profit level is reached.
Conclusion
This tool provides comprehensive risk and order management functionality, suitable for traders who want detailed control over their trading process. From dynamic risk calculation and partial closures to advanced trailing stop options and virtual SL/TP settings, this solution enhances precision in trading decisions while helping manage risk effectively.
