WaitToTrade
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This script is designed to manage trading activities by automating the closing of active positions and enforcing a cooling-off period after successful trades. It acts as a secondary layer of management for your trading strategy, ensuring that targets are met and providing a "breathing room" interval before new activity begins.
The logic operates through three primary mechanisms:
1. Automated Profit Target Management
The script constantly monitors all open positions to see if they have reached a specific profit threshold defined by the user. Unlike standard "Take Profit" orders set at the broker level, this tool allows for more precise monitoring. If a position moves into a favorable enough price range to meet your specified profit goal, the script will automatically trigger a command to close that trade immediately.
2. Historical Trade Analysis
The script possesses the ability to "look back" at your trading history. It specifically examines the most recent closed trade to determine how it ended. It checks whether that specific trade was finalized because it hit your desired profit target or if it closed under different circumstances (such as a loss or a manual exit).
3. The "Cooldown" or Wait Period
This is the core safety feature of the script. If the tool detects that your last closed trade was successful and met your profit requirements, it initiates a mandatory waiting period. During this time, the script will prevent any new trades from being opened.
This logic is intended to:
- Prevent "over-trading" after a win.
- Ensure the market conditions have settled before entering a new position.
- Provide a structured pause based on a specific number of minutes that you can customize.
How it works in practice:
When the script runs, it first checks if any current trades need to be closed based on profit. Then, it looks at your history; if the last trade was a winner meeting your criteria, it calculates a "lockout" time. If the current time is still within that lockout window, the script remains idle and will not allow new orders to execute until the designated time has passed. Once the waiting period expires, the script resumes its normal operation.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| WaitToTrade.mq4 |
//| Copyright © 2006, Robert Hill |
//| |
//| Written by Robert Hill for Metaquites Yahoo Group |
//| |
//| Includes 2 functions |
//| |
//| HandleOpenPositions |
//| Useful for closing trade at desired profit amount. |
//| Profit can even be less that the minimum amount allowed |
//| by the broker. Set the TakeProfit that is sent to broker |
//| for a higher value in case of disconnect from server |
//| |
//| LastTradeClosedForProfit |
//| Checks if last trade closed for the desired profit or more |
//| Then stops EA from placing new orders until the number of |
//| minutes desired has elapsed |
//| |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Robert Hill"
#include <stdlib.mqh>
#define MAGIC 9271533 // Unique identifier for this expert
extern int NoTradeMinutes = 30; // Minutes to stop trading after last trade stopped out
extern int TakeProfit = 60; // Profit amount hoping to achieve, can be 1 pip
extern int ServerTakeProfit = 60; // Actual amount to sent with the order to the server
datetime WaitTime=0; // Time to wait after a trade is stopped out
//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
int start()
{
//----
// You code here for modifying or closing positions
HandleOpenPositions();
// Check if last trade closed for TakeProfit amount
if ( WaitTime == 0) WaitTime = LastTradeClosedForProfit(TakeProfit, NoTradeMinutes);
if (CurTime() < WaitTime) return(0);
WaitTime = 0;
// Your code here for opening new positions
}
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
//| Handle Open Positions |
//| Check if any open positions need to be closed or modified |
//+------------------------------------------------------------------+
void HandleOpenPositions()
{
int cnt;
for(cnt=OrdersTotal()-1;cnt>=0;cnt--)
{
OrderSelect (cnt, SELECT_BY_POS, MODE_TRADES);
if ( OrderSymbol() != Symbol()) continue;
if ( OrderMagicNumber() != MAGIC) continue;
if(OrderType() == OP_BUY )
{
if (Bid - OrderOpenPrice() >= TakeProfit*Point)
{
CloseOrder(OrderTicket(),OrderLots(),Bid);
}
}
if(OrderType() == OP_SELL )
{
if (OrderOpenPrice() - 2* Bid - Ask >= TakeProfit*Point)
{
CloseOrder(OrderTicket(),OrderLots(),Ask);
}
}
}
}
//+------------------------------------------------------------------+
//| LastTradeClosedForProfit |
//| Check History to see if last trade closed >= ProfitAmount |
//| Return Time for next trade |
//| Time returned will be MinutesToWait after order close time |
//| if the last trade closed for TakeProfit amount |
//| return 0 otherwise |
//+------------------------------------------------------------------+
datetime LastTradeClosedForProfit(int ProfitAmount, int MinutesToWait)
{
int cnt;
datetime NextTime;
bool ClosedForProfit;
NextTime = 0;
for (cnt = HistoryTotal()-1; cnt >=0; cnt--)
{
OrderSelect (cnt, SELECT_BY_POS, MODE_HISTORY);
if(OrderSymbol()==Symbol() && OrderMagicNumber() == MAGIC)
{
if (OrderType() == OP_BUY)
{
if (OrderClosePrice() - OrderOpenPrice() >= ProfitAmount*Point)
{
ClosedForProfit = true;
NextTime = OrderCloseTime();
}
else
{
ClosedForProfit = false;
}
}
if (OrderType() == OP_SELL)
{
if (OrderOpenPrice() - OrderClosePrice() >= ProfitAmount*Point)
{
ClosedForProfit = true;
NextTime = OrderCloseTime();
}
else
{
ClosedForProfit = false;
}
}
}
// Last trade was found so exit the loop
break;
}
if (ClosedForProfit)
{
NextTime = NextTime + MinutesToWait*60;
}
return (NextTime);
}
void CloseOrder(int ticket,double numLots,double close_price)
{
int CloseCnt, err;
// try to close 3 Times
CloseCnt = 0;
while (CloseCnt < 3)
{
if (!OrderClose(ticket,numLots,close_price,3,Violet))
{
err=GetLastError();
Print(CloseCnt," Error closing order : (", err , ") " + ErrorDescription(err));
if (err > 0) CloseCnt++;
}
else
{
CloseCnt = 3;
}
}
}
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