Expert Advisor Virtual pending buy stop order

The script is intend­ed for auto­mat­ic plac­ing of Buy Stop pend­ing orders, Stop Loss­es and Take Prof­its on the user spec­i­fied lev­els.

Main Pur­pos­es:

1. Avoid­ing unwant­ed enter­ing a long posi­tion in case of false hit­ting the lev­el as a result of widen­ing of the spread by a deal­ing cen­ter.
2. Avoid­ing unwant­ed trig­ger­ing of a Stop Loss in case a quote pierces a sig­nif­i­cant lev­el (frac­tal) with­out fur­ther con­fir­ma­tion with the close price.
3. Set­ting a nec­es­sary vir­tu­al order and enter­ing the mar­ket in case the deal­ing cen­ter has pro­hib­it­ed plac­ing orders clos­er than ‘n’ points from the cur­rent price.
4. Set­ting Take Prof­it lev­els.

The goals are reached by the fol­low­ing means. The script does­n’t place a real pend­ing order for buy­ing. It places a mar­ket order once the Bid price reach­es the lev­el spec­i­fied by the trad­er. Thus, bro­kers can widen the spread as much as they want. You will be safe and you’ll enter a long posi­tion as the price reach­es a real­ly sig­nif­i­cant lev­el. In addi­tion, the script includes the so called “track­ing” Stop Loss that will close an unprof­itable posi­tion only when the price clos­es below the STOPLOSS lev­el, not when it just hits this lev­el. Take Prof­it is not vir­tu­al, it is actu­al­ly placed.

Script Set­tings:

• LOT — lot size, 0.1 on default.
• DEVIATION — price devi­a­tion, 10 on default.
• LEVEL — the trig­ger lev­el for the vir­tu­al “wait­ing” Buy Stop order in units of the price chart. 1.10 on default.
• STOPLOSS — the Stop Loss lev­el in units of the price chart. 1.00 on default.
• TAKEPROFIT — the Take Prof­it lev­el in units of the price chart. 1.30 on default.
• NEWCHECK — a restric­tion on set­ting a stop after restart (allows setting/modifying the Stop Loss after enter­ing a posi­tion). False on default.

The spec­i­fied lev­el for enter­ing a posi­tion, the Stop Loss and Take Prof­it lev­els are marked with lines of dif­fer­ent col­ors on the chart.

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