This script is designed to automatically place pending buy and sell orders based on envelope indicators, manage those orders with trailing stop losses, and delete them at a specified time if they haven't been triggered.
Here's the breakdown:
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Setup & Inputs: The script starts by gathering information from the user through input settings. These inputs define how the script will behave, including the period and deviation of the envelope indicator (which creates upper and lower bands around the price), trading times, take profit levels, lot sizes (how much to trade), risk management settings, and trailing stop loss settings. A magic number is used to identify the orders the script creates.
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Lot Size Optimization: It determines the appropriate trade size ('LotsOptimized' function). It looks at your account balance and the maximum risk you're willing to take per trade. It then potentially reduces the lot size if you've had a series of losing trades, up to a certain reduction factor. This is a simple form of money management.
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Envelope Calculation: The script then calculates the upper and lower lines of the envelope indicator, along with a moving average. The upper and lower envelope lines essentially create a band around the current price.
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Order Placement: The core logic checks if it's within your specified trading hours. If it is, and if the current price is between the upper and lower envelope lines, the script will attempt to place three Buy Stop orders (orders to buy if the price rises to a certain level) above the upper envelope line, and three Sell Stop orders (orders to sell if the price falls to a certain level) below the lower envelope line. Each buy/sell stop order has a different take-profit level (target profit point) defined in the input settings.
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Order Tracking: The script keeps track of the order IDs (tickets) for the orders it places.
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Trailing Stop Loss: For any open buy or sell orders, the script attempts to move the stop loss (a limit on how much you're willing to lose) to follow the price, creating a trailing stop loss. This helps to lock in profits as the price moves in a favorable direction. The stop loss is based on either the moving average line or the opposite envelope line, depending on the user's settings.
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Order Deletion: If the current hour equals the TimeClose value (meaning the end of the trading hours), the script checks for pending Buy Stop or Sell Stop orders. It then deletes these pending orders as long as they haven't been triggered.
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Order Closure: The script also monitors whether any of the orders have been closed either due to take profit or stop loss being hit. It then resets the corresponding order ID variables to indicate that a new order can be placed the next time the script runs.
In essence, the script aims to automate a trading strategy based on envelope indicators, attempting to capture potential breakouts within a specific timeframe, while also implementing basic risk management techniques.
//+------------------------------------------------------------------+
//| Envelope 2.mq4 |
//| tageiger |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "tageiger"
#property link "http://www.metaquotes.net"
//---- input parameters
extern int Magic = 11000;
extern int EnvelopePeriod =144;
extern int EnvTimeFrame =0; //envelope time frame: 0=chart,60=1hr,240=4hr, etc.
extern int EnvMaMethod =1; //0=sma,1=ema,2=smma,3=lwma.
extern double EnvelopeDeviation =1;
extern int TimeOpen =0;
extern int TimeClose =23;
extern double FirstTP =89.0;
extern double SecondTP =144.0;
extern double ThirdTP =233.0;
extern double Lots =1;
extern double MaximumRisk =0.03;
extern double DecreaseFactor =3;
extern int MaElineTSL =0;//0=iMA trailing stoploss 1=Opposite Envelope TSL
int b1,b2,b3,s1,s2,s3;
double TSL =0;
//+------------------------------------------------------------------+
//| Calculate optimal lot size |
//+------------------------------------------------------------------+
double LotsOptimized()
{
double lot=Lots;
int orders=HistoryTotal(); // history orders total
int losses=0; // number of losses orders without a break
//---- select lot size
lot=NormalizeDouble(AccountFreeMargin()*MaximumRisk/1000.0,1);
//---- calcuulate number of losses orders without a break
if(DecreaseFactor>0)
{
for(int i=orders-1;i>=0;i--)
{
if(OrderSelect(i,SELECT_BY_POS,MODE_HISTORY)==false) { Print("Error in history!"); break; }
if(OrderSymbol()!=Symbol() || OrderType()>OP_SELL) continue;
//----
if(OrderProfit()>0) break;
if(OrderProfit()<0) losses++;
}
if(losses>1) lot=NormalizeDouble(lot-lot*losses/DecreaseFactor,1);
}
//---- return lot size
if(lot<0.1) lot=0.1;
return(lot);
}
int start()
{
int p=0;p=EnvelopePeriod;
int etf=0;etf=EnvTimeFrame;
int mam=0;mam=EnvMaMethod;
double d=0;d=EnvelopeDeviation;
double btp1,btp2,btp3,stp1,stp2,stp3;
double bline=0,sline=0,ma=0;
int cnt, ticket, total;
int digit = MarketInfo(Symbol(),MODE_DIGITS);
ma=iMA(NULL,etf,p,0,mam,PRICE_CLOSE,0);
bline=iEnvelopes(NULL,etf,p,mam,0,PRICE_CLOSE,d,MODE_UPPER,0);
sline=iEnvelopes(NULL,etf,p,mam,0,PRICE_CLOSE,d,MODE_LOWER,0);
total=OrdersTotal();
if(OrdersTotal()==0)
{b1=0;b2=0;b3=0;s1=0;s2=0;s3=0;}
if(OrdersTotal()>0)
{
//Print("Total Orders:",OrdersTotal());
//Print(b1," ",b2," ",b3," ",s1," ",s2," ",s3);
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt,SELECT_BY_POS,MODE_TRADES);
if(OrderMagicNumber()==Magic+2)
{b1=OrderTicket(); }
if(OrderMagicNumber()==Magic+4)
{b2=OrderTicket(); }
if(OrderMagicNumber()==Magic+6)
{b3=OrderTicket(); }
if(OrderMagicNumber()==Magic+1)
{s1=OrderTicket(); }
if(OrderMagicNumber()==Magic+3)
{s2=OrderTicket(); }
if(OrderMagicNumber()==Magic+5)
{s3=OrderTicket(); }
}
//Print ("magic=",OrderMagicNumber());
}
if(b1==0)
{
if(Hour()>TimeOpen && Hour()<TimeClose)
{
if(bline>Close[0] && sline<Close[0])
{
btp1=(NormalizeDouble(bline,digit))+(FirstTP*Point);
ticket=OrderSend(Symbol(),
OP_BUYSTOP,
LotsOptimized(),
(NormalizeDouble(bline,digit)),
0,
(NormalizeDouble(sline,digit)),
btp1,
"",
Magic+2,
TimeClose,
Aqua);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{
b1=ticket;
Print(ticket);
}
else Print("Error Opening BuyStop Order: ",GetLastError());
return(0);
}
}
}
}
if(b2==0)
{
if(Hour()>TimeOpen && Hour()<TimeClose)
{
if(bline>Close[0] && sline<Close[0])
{
btp2=(NormalizeDouble(bline,digit))+(SecondTP*Point);
ticket=OrderSend(Symbol(),
OP_BUYSTOP,
LotsOptimized(),
(NormalizeDouble(bline,digit)),
0,
(NormalizeDouble(sline,digit)),
btp2,
"",
Magic+4,
TimeClose,
Aqua);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{
b2=ticket;
Print(ticket);
}
else Print("Error Opening BuyStop Order: ",GetLastError());
return(0);
}
}
}
}
if(b3==0)
{
if(Hour()>TimeOpen && Hour()<TimeClose)
{
if(bline>Close[0] && sline<Close[0])
{
btp3=(NormalizeDouble(bline,digit))+(ThirdTP*Point);
ticket=OrderSend(Symbol(),
OP_BUYSTOP,
LotsOptimized(),
(NormalizeDouble(bline,digit)),
0,
(NormalizeDouble(sline,digit)),
btp3,
"",
Magic+6,
TimeClose,
Aqua);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{
b3=ticket;
Print(ticket);
}
else Print("Error Opening BuyStop Order: ",GetLastError());
return(0);
}
}
}
}
if(s1==0)
{
if(Hour()>TimeOpen && Hour()<TimeClose)
{
if(bline>Close[0] && sline<Close[0])
{
stp1=NormalizeDouble(sline,digit)-(FirstTP*Point);
ticket=OrderSend(Symbol(),
OP_SELLSTOP,
LotsOptimized(),
(NormalizeDouble(sline,digit)),
0,
(NormalizeDouble(bline,digit)),
stp1,
"",
Magic+1,
TimeClose,
HotPink);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{
s1=ticket;
Print(ticket);
}
else Print("Error Opening SellStop Order: ",GetLastError());
return(0);
}
}
}
}
if(s2==0)
{
if(Hour()>TimeOpen && Hour()<TimeClose)
{
if(bline>Close[0] && sline<Close[0])
{
stp2=NormalizeDouble(sline,digit)-(SecondTP*Point);
ticket=OrderSend(Symbol(),
OP_SELLSTOP,
LotsOptimized(),
(NormalizeDouble(sline,digit)),
0,
(NormalizeDouble(bline,digit)),
stp2,
"",
Magic+3,
TimeClose,
HotPink);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{
s2=ticket;
Print(ticket);
}
else Print("Error Opening SellStop Order: ",GetLastError());
return(0);
}
}
}
}
if(s3==0)
{
if(Hour()>TimeOpen && Hour()<TimeClose)
{
if(bline>Close[0] && sline<Close[0])
{
stp3=NormalizeDouble(sline,digit)-(ThirdTP*Point);
ticket=OrderSend(Symbol(),
OP_SELLSTOP,
LotsOptimized(),
(NormalizeDouble(sline,digit)),
0,
(NormalizeDouble(bline,digit)),
stp3,
"",
Magic+5,
TimeClose,
HotPink);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{
s3=ticket;
Print(ticket);
}
else Print("Error Opening SellStop Order: ",GetLastError());
return(0);
}
}
}
}
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_BUY)
{
if(MaElineTSL==0) {TSL=NormalizeDouble(ma,digit); }
if(MaElineTSL==1) {TSL=NormalizeDouble(sline,digit); }
if(Close[0]>OrderOpenPrice())
{
if((Close[0]>sline) && (TSL>OrderStopLoss()))
{
double bsl;bsl=TSL;
OrderModify(OrderTicket(),
OrderOpenPrice(),
bsl,
OrderTakeProfit(),
0,//Order expiration server date/time
Green);
Sleep(10000);
}
}
}
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_SELL)
{
if(MaElineTSL==0) {TSL=NormalizeDouble(ma,digit); }
if(MaElineTSL==1) {TSL=NormalizeDouble(bline,digit); }
if(Close[0]<OrderOpenPrice())
{
if((Close[0]<bline) && (TSL<OrderStopLoss()))
{
double ssl;ssl=TSL;
OrderModify(OrderTicket(),
OrderOpenPrice(),
ssl,
OrderTakeProfit(),
0,//Order expiration server date/time
Red);
Sleep(10000);
}
}
}
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(Hour()==TimeClose && OrderType()==OP_BUYSTOP)
{
OrderDelete(OrderTicket());
if(OrderTicket()==b1) {b1=0; return;}
if(OrderTicket()==b2) {b2=0; return;}
if(OrderTicket()==b3) {b3=0; return;}
}
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(Hour()==TimeClose && OrderType()==OP_SELLSTOP)
{
OrderDelete(OrderTicket());
if(OrderTicket()==s1) {s1=0; return;}
if(OrderTicket()==s2) {s2=0; return;}
if(OrderTicket()==s3) {s3=0; return;}
}
OrderSelect(b1,SELECT_BY_TICKET);
if(OrderClosePrice()>0) {b1=0;}
OrderSelect(b2,SELECT_BY_TICKET);
if(OrderClosePrice()>0) {b2=0;}
OrderSelect(b3,SELECT_BY_TICKET);
if(OrderClosePrice()>0) {b3=0;}
OrderSelect(s1,SELECT_BY_TICKET);
if(OrderClosePrice()>0) {s1=0;}
OrderSelect(s2,SELECT_BY_TICKET);
if(OrderClosePrice()>0) {s2=0;}
OrderSelect(s3,SELECT_BY_TICKET);
if(OrderClosePrice()>0) {s3=0;}
}
}
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