SL Maestro MT5
- Utilities
- Ashraf Elrefaey
- Version: 1.0
SL Maestro - Forex Expert Advisor SL Maestro - Forex Expert Advisor with Advanced Stop-Loss Features
Introducing SL Maestro, the ultimate Forex Expert Advisor (EA) designed to enhance your trading strategy by adding stop-losses to existing trades with precision and flexibility. SL Maestro is not just limited to simple pips-based stop-losses; it incorporates a variety of advanced techniques to ensure optimal protection for your trades.
Key Features:
- Pips-Based Stop-Loss:
- Easily set a stop-loss based on a specific number of pips.
- Percentage-Based Stop-Loss:
- Percentage of Price: Set a stop-loss at a certain percentage of the trade's entry price.
- Percentage of Balance: Calculate the stop-loss based on a percentage of your account balance.
- Percentage of Equity: Use your account equity to determine the stop-loss level.
- ATR-Based Stop-Loss:
- Utilize the Average True Range (ATR) indicator to set a stop-loss that adapts to market volatility.
- Swing High/Low:
- Implement stop-losses using the last swing high/low (i.e. fractal), which can help in placing the stop-loss at strategic support or resistance levels.
- Comprehensive Customization Options:
- Tailor every aspect of your stop-loss strategy with a detailed list of customizable options. Whether you prefer fixed levels or dynamic adjustments, SL Maestro offers the flexibility to meet your specific needs.
With these sophisticated stop-loss features, SL Maestro provides robust risk management tools to safeguard your trades, helping you to mitigate losses and protect your capital in various market conditions.
| Parameter | Description |
|---|---|
| Include positions with comment | The EA will add stop-loss to positions with this comment |
| Include positions with magic number | The EA will add stop-loss to positions with this magic number |
| >> | >> S T O P L O S S S E T T I N G S |
| Stop Loss Type | Fixed Stop Loss (pips): a fixed number of pips, specified in the "Fixed Stop Loss (pips) parameter below % of Price: A percentage of opening price. % of Take Profit: A percentage of take-profit. If the position doesn't have a take-profit, no SL will be added. Swing High/Low: The last swing high/low, depending on whether it's a buy or sell position. ATR-Based: Calculate SL value by using the ATR indicator. % of Balance: Use a percentage of balance to calculate SL. % of Equity: Use a percentage of equity to calculate SL. |
| Add Spread? | true means the EA will add spread to SL false means the EA will not add spread to SL |
| SL Offset (pips) | The EA will add this offset to SL This allows you to adjust the SL as required. Put 0 here if you don't want to use this feature. |
| Fixed Stop Loss (pips) | If the 'Stop Loss Type' parameter is set to "Fixed Stop Loss (pips)", the number of pips you specify here will be used as SL |
| Stop Loss Percentage | This value is used if the 'Stop Loss Type' parameter is set to "% of Price", "% of Take Profit", "% Balance" or "% of Equity". |
| > | > S T O P L O S S - A T R - B A S E D If the 'Stop Loss Type' parameter is set to "ATR-Based", the following parameters will be used to calculate SL |
| Timeframe | Timeframe for the ATR. You can use current chart timeframe, or any other timeframe you prefer, i.e. daily. |
| Period | Period for the ATR. This is typically 14, but you can specify whatever value you want. If Timeframe is 1d and Period is 14, this means 14 days. |
| Multiplier | The calculated ATR will be multiplied by this value. This allow you to adjust SL as required. |
| Minimum (pips) | If the calculate SL is lower than this value, this value will be used instead. |
| Maximum (pips) | If the calculated SL is higher than this value, this value will be used instead. |
| > | > S T O P L O S S - A T R - B A S E D If the 'Stop Loss Type' parameter is set to "Swing High/Low", the following parameters will be used to calculate the swing. A swing is simply the highest/lowest value, on a specific timeframe, for the last x number of candles. |
| Timeframe | Timeframe for the swing calculation. |
| Start Candle | The candle from which to start the calculation 1 means the last closed candle (i.e. the one before current candle). |
| End Candle | The candle at which to stop the calculation. |
| Minimum Distance from Opening Price (pips) | This allows you to specify a minimum number of pips to be used for the S. This will protect you in case the last swing high/low was too close to the opening price. |
| >> | >> W E E K D A Y F I L T E R This section allows you to specify which days the EA will operate. true means the EA will add an SL on that day. false means the EA will not add an SL on that day |
| Monday | Add SL on Monday? |
| Tuesday | Add SL on Tuesday? |
| Wednesday | Add SL on Wednesday? |
| Thursday | Add SL on Thursday? |
| Friday | Add SL on Friday? |
| Saturday | Add SL on Saturday? |
| Sunday | Add SL on Sunday? |
