Order Open Price Filter
Please edit your post to use the CODE button (Alt-S)!
Do you know that MQ makes a difference between open (pending) orders (=OrdersTotal) and open positions (=PositionsTotal())?
- So you mean only open pending orders?
- You make no difference between buy and sell! For a sell SL is above the open price and for a buy it is below (TP vice versa).
Stop with the kludge and fix the real problem: how you open.
Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk (on leveraged symbols). Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.
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You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.
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AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/PIP, but it takes account of the exchange rates of the pair vs. your account currency.)
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Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
Lot value calculation off by a factor of 100 - MQL5 programming forum (2019) -
You must normalize lots properly and check against min and max.
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You must also check Free Margin to avoid stop out
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For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)
Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.
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Hi Guys
I have a code that is supposed to automatically enter a stop loss if the position is missing a stop loss. However, due to huge difference in price/pips between fx and indices, same value for SL will not work. So I wanted to have the EA check the order open price and only modify order if the price >500 (fore indices which are all >$500), so that it does not change fx positions. Any help would be greatly appreciated,
void SecurityPendings()
{
for (int i = OrdersTotal() - 1;i >= 0;i--)
{
ulong orderTicket = OrderGetTicket(i);
if (OrderSelect(orderTicket) == true)
{
double sl = 0;
double tp = 0;
if (OrderGetDouble(ORDER_SL) == 0 && stopLoss > 0)
{
if (allPair == true || OrderGetString(ORDER_SYMBOL) == Symbol())
{
if (OrderGetInteger(ORDER_TYPE)%2 == 0)
{
sl = OrderGetDouble(ORDER_PRICE_OPEN) - stopLoss * SymbolInfoDouble(OrderGetString(ORDER_SYMBOL),SYMBOL_POINT);
}
else
{
sl = OrderGetDouble(ORDER_PRICE_OPEN) + stopLoss * SymbolInfoDouble(OrderGetString(ORDER_SYMBOL),SYMBOL_POINT);
}
}
}
if (OrderGetDouble(ORDER_TP) == 0 && takeProfit > 0)
{
if (allPair == true || OrderGetString(ORDER_SYMBOL) == Symbol())
{
if (OrderGetInteger(ORDER_TYPE)%2 == 0)
{
tp = OrderGetDouble(ORDER_PRICE_OPEN) + takeProfit * SymbolInfoDouble(OrderGetString(ORDER_SYMBOL),SYMBOL_POINT);
}
else
{
tp = OrderGetDouble(ORDER_PRICE_OPEN) - takeProfit * SymbolInfoDouble(OrderGetString(ORDER_SYMBOL),SYMBOL_POINT);
}
}
}
if (sl != 0 || tp != 0)
{
OrderModify(orderTicket,OrderGetDouble(ORDER_PRICE_OPEN),sl > 0 ? sl : OrderGetDouble(ORDER_SL),tp > 0 ? tp : OrderGetDouble(ORDER_TP),OrderGetInteger(ORDER_TIME_EXPIRATION));
}
}
}
}