Automating Stop Placement for Open Trades and Pending Orders
Summary
The document describes an expert advisor that adds take-profit levels, stop-loss levels, or both to trades that do not already have the configured protection. It scans open trades and applies preset stop values, reducing the need to enter those levels manually when placing multiple trades. Pending orders are updated after they become active.
The update notes two implementation changes: the advisor now avoids altering trades from other expert advisors with nonzero magic numbers, and it places stops more accurately when market prices have moved since the trade opened. The text does not explain how stop distances are chosen, how often trades are scanned, or how execution slippage and broker rules are handled. It provides no performance results or risk analysis, so the tool should be understood as an automation utility rather than a tested trading strategy.
Key ideas
- The advisor can set take-profit levels, stop-loss levels, or both on trades missing configured stops.
- It scans open trades and applies preset stop values automatically.
- Pending orders receive stop modifications after they open.
- The update addresses interference with trades from other advisors and stop placement after price movement.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.