Expert Advisor Virtual pending sell stop order

Buy Virtual pending sell stop order Expert Advisor in the store selling algo trading systems

The script is intend­ed for auto­mat­ic plac­ing of Sell Stop pend­ing orders, Stop Loss­es and Take Prof­its on the user spec­i­fied lev­els. This script is not that use­ful as “Vir­tu­al pend­ing buy stop”, since short posi­tions are opened as Bid price cross­es the lev­els. Thus spread widen­ing is not dan­ger­ous. Nev­er­the­less, you need to have this script to pre­vent unwant­ed hit­ting of the Stop Loss levels.

Main Pur­pos­es:

  1. Automa­tion of the process of plac­ing the Sell Stop pend­ing orders, Stop Loss­es and Take Prof­its on user-spec­i­fied lev­els in case a bro­ker­age com­pa­ny pro­hibits plac­ing such orders clos­er than ‘n’ points from the cur­rent price.
  2. Avoid­ing unwant­ed trig­ger­ing of Stop Loss in case a quote pierces a sig­nif­i­cant lev­el (frac­tal) with­out fur­ther con­fir­ma­tion with the close price.
  3. 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 short 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 above 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 — trig­ger lev­el for the vir­tu­al “wait­ing” Buy Stop order in units of the price chart. 1.10 on default.
  • STOPLOSS — Stop Loss lev­el in units of the price chart. 1.00 on default.
  • TAKEPROFIT — Take Prof­it lev­el in units of the price chart. 1.30 on default.
  • NEWCHECK — restric­tion on set­ting a stop after restart (allows setting/modifying a 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.

Virtual pending sell stop order 

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