ManageTakeProfit
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This script is designed to automate the management of active trades by handling two primary objectives: securing profits and adjusting risk levels. It monitors your open positions in real-time and executes specific actions based on how far the market price moves in favor of your trade.
Automated Profit Taking
The core logic of the script revolves around a "staged" profit-taking system. Instead of closing an entire trade at once, the tool identifies specific milestones (measured in pips) to systematically lock in gains:
- Incremental Targets: The script tracks how far the market has moved from your entry price. When the price reaches a pre-defined initial target, the script automatically closes a small portion of the trade (a specific lot size).
- Dynamic Scaling: Every time a profit target is successfully hit and a portion of the trade is closed, the script automatically increases the distance for the next target. This means that as your trade becomes more profitable, the "next" milestone moves further away, allowing you to stay in the market longer to capture larger trends while securing smaller profits along the way.
Automated Risk Management
In addition to taking profits, the script includes a mechanism to protect your capital by managing "Stop Loss" levels:
- Stop Loss Adjustment: If enabled, the script monitors the price movement relative to your initial stop loss. Once the market moves sufficiently into your favor (reaching a specific safety threshold), the script can automatically modify the trade parameters.
- Dynamic Protection: This allows the system to shift your protection levels based on the current market position, ensuring that once a certain level of profit is established, your risk is managed according to the predefined settings.
Operational Flow
The script runs continuously in the background, performing a constant check of all open orders. It distinguishes between "Buy" and "Sell" positions independently, calculating the correct direction for both profit monitoring and stop adjustments. By automating these repetitive tasks, the tool ensures that profit-taking and risk management happen consistently and instantly, removing the need for manual intervention at every price milestone.
Orders Execution
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ManageTakeProfit
//+------------------------------------------------------------------+
//| Copyright 2006, Taylor Stockwell |
//| stockwet@yahoo.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2006, Taylor Stockwell"
#property link "mailto:stockwet@yahoo.com"
extern int First_Target = 10;
extern int Target_Increment = 6;
extern double Close_Lots = 0.1;
extern int First_Stop = 10;
extern int Stop_Differential = 0;
extern bool Move_Stops = true;
// Global Variables
int ft; //This variable will be incremented by the target increment after every successful take profit.
int fs; // This variable will change as the trade progresses if Move_Stops is true.
int curPipValue; // Checks to see the difference between the open price and current price in pips.
void ManageTrade()
{
// Create another set of variables used in the code.
// These variables provide an abbreviated way of calling variables.
// Mostly, they are more easily written in the code than using the user
// friendly external variables.
int ti=Target_Increment; //This variable will not change.
double cl=Close_Lots; // This variable will not change.
// Additional variables used in the code.
int trange = 0; // Use a range versus a specific pip amount as prices may get jumped.
int totalorders = OrdersTotal(); // Calls a function to get all the open orders.
// Starts initial "for" loop. This loop will go through all the open orders.
// If a target is reached, the script will close a portion of the trade and, possibly, move the stop loss.
for(int j=0; j<totalorders;j++)
{
OrderSelect(j, SELECT_BY_POS, MODE_TRADES);
if(ft == 0) ft = First_Target;
// if(OrderType() == OP_SELL && OrderSymbol()==Symbol())
// {
if(OrderType()==OP_BUY && OrderSymbol()==Symbol())
{
// Get the current pip amount on a buy order.
curPipValue = (Bid - OrderOpenPrice())/Point;
if(ft == 0) ft = First_Target;
trange=ft+5;
// Check if the current pip amount is within the appropriate range
if(curPipValue >= ft-1 && curPipValue <= trange)
{
// First, if target is reached, then take profit.
if(OrderClose(OrderTicket(), cl, Bid, 3, YellowGreen))
{
// Increment First_Target
ft += ti;
Comment(ft);
return(0);
}
}
}
else if(OrderType()==OP_SELL && OrderSymbol()==Symbol())
{
// Get the current pip amount on a sell order.
curPipValue = (OrderOpenPrice()-Ask)/Point;
if(ft == 0) ft = First_Target;
trange=ft+5;
// Check if the current pip amount is within the appropriate range
if(curPipValue >= ft-1 && curPipValue <= trange)
{
if(OrderClose(OrderTicket(), cl, Ask, 3, YellowGreen))
{
// Increment First_Target
ft +=ti;
Comment(ft);
return(0);
}
}
}
}
}
void MoveStops()
{
// Starts initial "for" loop. This loop will go through all the open orders.
// If a target is reached, the script will move the stop loss.
int sd=Stop_Differential; // This variable will not change.
// Additional variables used in the code.
int trange = 0; // Use a range versus a specific pip amount as prices may get jumped.
int totalorders2 = OrdersTotal(); // Calls a function to get all the open orders.
for(int j=0; j<totalorders2;j++)
{
OrderSelect(j, SELECT_BY_POS, MODE_TRADES);
if(fs == 0) fs = First_Stop;
trange=First_Stop+5;
// if(OrderType() == OP_SELL && OrderSymbol()==Symbol())
// {
if(OrderType()==OP_BUY && OrderSymbol()==Symbol())
{
// Get the current pip amount on a buy order.
curPipValue = (Bid - OrderOpenPrice())/Point;
// Check if the current pip amount is within the appropriate range
if(Move_Stops)
{
if(curPipValue >= First_Stop && curPipValue <= trange)
{
OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice()+Stop_Differential*Point, OrderTakeProfit(),0,Plum);
}
return(0);
}
}
else if(OrderType()==OP_SELL && OrderSymbol()==Symbol())
{
// Get the current pip amount on a buy order.
curPipValue = (OrderOpenPrice()-Ask)/Point;
// Check if the current pip amount is within the appropriate range
if(Move_Stops)
{
if(curPipValue >= First_Stop && curPipValue <= trange)
{
OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice()-Stop_Differential*Point, OrderTakeProfit(),0,Plum);
}
return(0);
}
}
}
}
//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
MoveStops();
ManageTrade();
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
ft=0;
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
int start()
{
MoveStops();
ManageTrade();
}
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