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MT4 allows us to create orders or place trades based on current price and specific SL and TP only.
It does not allow risk based SL/TP either in PIPS or Price.
What I am looking for is an EA that constantly shows current price and allows trade or pending order creation with SL/TP based on risk % (1% : 1% default) or PIPS.
I should be able to attach the EA to current chart. It should show a panel with these options.
The Trade Assistant EA on the market does this nicely. However, it does much much more. I am looking for something simpler - just new order / trade - buy or sell and SL/TP calculated using percentage of equity.
Options on screen:
Symbol: [Current symbol] <- option to change
Timeframe: [Current timeframe] <- option to change
Current price: [changes on every tick for BUY/SELL] / [change for Pending Order]
Radio buttons: Sell / Buy
Trade / order: Trade / Pending Order
Size (Radio): Fixed / Fixed % of initial deposit / Fixed % of max equity / Fixed % of current equity
Size: [value used with above radio button]
Risk / PIPS: Risk / PIPS
Risk: Profit: [1%] Loss: [1%]
PIPS: Profit: [20] Loss: [20]
Expires: [yyyy-mm-dd hh:mm:ss] <- enabled for pending orders
Result:
Size: [calculated size]
Price: [current price / selected price]
SL: [calculated SL]
TP: [calculated TP]
[BUY] / [SELL]
[BUY STOP] / [SELL STOP]
[BUY LIMIT] / [SELL LIMIT]
Buttons enabled / disabled based on selected options
When the user clicks on the button, a trade should be placed or pending order should be created.
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