Maximize Your Trading with Break Even Strategies in MetaTrader 4

Hey there, fellow traders! Today, I want to share some insights on a nifty little EA (Expert Advisor) designed to help you manage your trades more effectively, especially when it comes to break-even strategies.

Understanding the Orders Count Function

The real magic of this EA lies in its Orders Count Function. This function is crucial for keeping track of your active trades and ensuring you're making the most of your positions.

int OrdersCounter() { int counter=0; // Count active orders for(int i=OrdersTotal()-1; i>=0; i--) { if(OrderSelect(i,SELECT_BY_POS)) if(OrderMagicNumber()==MagicNumber && OrderSymbol()==Symbol()) { // Check if order belongs to this EA //--- Check for Break Even status double XBreakeven = OrderType()==OP_BUY ? OrderStopLoss() >= OrderOpenPrice() : OrderStopLoss() <= OrderOpenPrice(); if(!XBreakeven) { counter++; // Count the position } } } return counter; }

This function counts only the orders that have NOT reached a break-even point. Specifically, for buy orders, we check if the stop-loss is above or equal to the open price, and for sell orders, below the open price. In simple terms, we tally up all orders that haven’t been safeguarded by a break-even or trailing stop.

double XBreakeven = OrderType()==OP_BUY ? OrderStopLoss() >= OrderOpenPrice() : OrderStopLoss() <= OrderOpenPrice(); if(!XBreakeven) // Check Break Even status

This allows us to create a counter that helps us limit our maximum positions; in this case, we’ve set it to just one open order at a time.

if(OrdersCounter()<MaximumOrders)

So, every time a break-even occurs, this function ignores it. With only one position active in our example, it will return zero, enabling us to open another trade and keep the momentum going.

Implementing the Break Even Function

Now, this wouldn’t be possible without a dedicated break-even function.

void BreakEvenFunction() { // Loop through orders for(int i=OrdersTotal()-1; i>=0; i--) { if(OrderSelect(i,SELECT_BY_POS)) if(OrderMagicNumber()==MagicNumber && OrderSymbol()==Symbol()) { // Check for buy orders double xHybrid = OrderType()==OP_BUY ? (Bid>OrderOpenPrice()+BreakevenPips*_Point && OrderStopLoss()<OrderOpenPrice()) : (Ask<OrderOpenPrice()-BreakevenPips*_Point && OrderStopLoss()>OrderOpenPrice()); // Check if we need to adjust the stop-loss if(xHybrid) { bool modify = OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice(),OrderTakeProfit(),0,clrNONE); } } }

So, what do you think? Ready to give it a shot? With this setup, you can manage your trades more effectively and stay ahead in the game!

Maximize Your Trading with Break Even Strategies in MetaTrader 4

Understanding the Orders Count Function

Implementing the Break Even Function

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