Sparrow TP - Setup Helper for EA based trading Live Accounts

Sparrow TP Setup Helper

The EA should be a small utility for position tailoring after EA trading events. The gerneral aim of the utility is to automate the account-common take profit strategy.

Introduction

EAs from the MQL5 market have great, greater and giant take profit Setups (looks good in overoptimized backtests), which takes a high risk to your account by failing the signal and running into losses and long drawdown periods. To protect the account it is necessary to reduce the TP. In Germany we say: Better a sparrow in the hand than a pigeon on the roof.

Description

User Inputs:

- EA aktiv: YES / NO

- TP Level in %: 0.xxxx (example: 0.0250 for 2.5%)

- Fill TP if no TP: YES / NO

- Fill TP if higher TP: YES / NO

- Fill TP if lower TP: YES / NO

- Exclude Symbol: 

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Exclude Symbol:

- Leverage: xx (example: 30 for the meaning of 1:30)

Behaviour of the EA

The action, the EA have to do, is the setup of the TP level from trading position (wherever they come from), when they where added to the account. The EA is only activ in the moment, when a new trade achieves the account. Then the EA checks the TP with a comparison of the implemented TP in the trading Position and the "TP Level in %". Actions based on this:

1. The initial TP is lower than the "TP level in %" (See TP level calculation) the EA will set the TP to "TP level in %" value IF the "EA active" = YES and "Fill TP if lower TP" = YES and the Symbol is not listed as "Exclude Symbol". Else = no action.

2. The initial TP is exactly the saime value then "TP Level in %". The EA has no Action.

3. The initial TP is higher then "TP level in %" the EA will set the TP to "TP level in %" value IF "EA active" = YES and "Fill TP if higher TP" = YES and the Symbol is not listed as "Exclude Symbol". Else = no action.

4. The initial TP value is empty (no TP in trade implemented) the EA will set the TP to "TP level in %" value IF "EA active" = YES and "Fill TP if no TP" = YES and the Symbol is not listed as "Exclude Symbol". Else = no action.

EA handling

The EA should run on the MetaTrader 5 Platform on any "EA-empty" symbol. A Trading Screen or other visualisations are not necessary. 

TP Level calculation

The TP level input will be given in percent from the invested value of the trading position. The new TP level as a price information for MT5 can be calculated as follows: 

(("TP Level in %" divided through "Leverage")+1) and multiplied with execution course of the position. 

Example: 

"TP level in %" = 1.0250

"Leverage" = 30

Trading position execution course = 2500$

calc: ((0.0250 / 30)+1) x 2500$ = 2502.08$ = new TP

Deliverables

- Ready to use EA Utility

- Sourcecode fully commented