Break Even Master Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!
Table Of Contents:
- Break Even Master Expert Advisor For MT4
- The Break Even Master Expert Advisor For MT4 – Entry Criteria
- The Break Even Master Expert Advisor For MT4 – Exit Criteria
- The Break Even Master Expert Advisor For MT4 – Room for Improvement
The Break Even Master Expert Advisor For MT4 has indeed lived up to its name. As a master of setting trades to breakeven, the robot provides the user with various options as to how trades should be brought to breakeven. If the user wants, he can use the magic number or order comment of open trades, or he can choose both options. Even if the user does not enable trade management via the magic number or order comment, the robot can still perform its function as long as the trades are opened in the current symbol.
The Break Even Master Expert Advisor For MT4 – Entry Criteria
When the Break Even Master Expert Advisor is first dropped on the chart, it will show a big horizontal button in gold background that contains the text “Breakevenmaster is running!” The purpose of this is to draw the attention of users to this button to make them aware of its existence and that it is doing something on the current symbol. If the user wants, he can adjust the size of the text in Inputs. He cannot tweak the size of the button, though, as well as its location on the chart.
There are very few options available to the trader when it comes to controlling the operation of the expert advisor. These options are listed and explained in detail below so that the user is guided accordingly. It would be easy for the unwitting user to get mislead by the names of the variables themselves.
- BE = 20 – This value is in pips. If the current trade selected by the expert advisor is profitable and has gained at least 20 pips, the stop loss is immediately shifted to the order open price. This is only a one-off event.
- UC = false – The user is given an option whether or not to use the order comment when the expert advisor looks for trades whose stop losses will be moved to breakeven. By default, this condition is false.
- Comm = "" – If the UC variable above is set to true, the user must define the order comment of the trades that the expert advisor must check before moving the stop loss to breakeven. If a trade has no order comment or a wrong comment has been set by the user, trades will not be managed by the expert advisor.
- UM = false – The user is given an option whether to use the magic number when the expert advisor looks for trades whose stop losses will be adjusted to breakeven. By default, this condition is disabled.
- Magic = 12345 – If the user sets the UM variable above to true, he must change the value of this variable to the correct magic number of trades he wants the expert advisor to bring to breakeven after gaining 20 pips.
The expert advisor does not employ any kind of technical indicator as it does not open trades in the first place. It performs only one function that is triggered when certain conditions are met. First, there should be a market order on the current symbol. Second, the current profit of this trade should be positive. Third, the profit gained should reach 20 pips. If this is the case, the robot immediately moves the stop loss of the trade to the entry price, and the robot does this action only once. The robot can do this on as many trades as possible in the current symbol.
The user has other options when it comes to trade management using this expert advisor. He can use either the magic number or the order comment, or even both so that the robot can effectively select the trades to be brought to breakeven. If a certain trade or set of trades is opened by another expert advisor and has a magic number, the magic number option can be enabled. In addition, if the trades have order comments placed by the expert advisor upon entry, the order comment option can be enabled. Whatever option or options are used by the trader, the result would be the same. It depends on the need of the trader based on his trading situation.
The expert advisor checks on every tick which options are activated by the user and then executes the statement that corresponds to these options. Eight different statements can be taken by the robot based on the available options. Whatever the case, the robot will adjust the stop loss exactly to the entry price of the modified trade. While the trader expects to exit trades at breakeven (without losing any amount), this might not be the case if the trades have been running for long and the swaps of the underlying instruments are negative.
The Break Even Master Expert Advisor For MT4 – Exit Criteria
The Break Even Master Expert Advisor handles only one aspect of trade management. That is, bringing trades to breakeven after gaining some amounts of pips. After performing this task on one trade, never will it get involve with the trade again. If the trade previously has a take profit value, then the trade can be closed either at the take profit or the breakeven price. In the former case, the trade brings in profit to the account. In the second case, the trade does not bring in or take out profit, disregarding the possibility of a positive or negative swap if the trade has been open for more than one day.
The Break Even Master Expert Advisor For MT4 – Room for Improvement
The Break Even Master Expert Advisor is a very simple trading utility for MT4 platform. Other than setting winning trades to breakeven, it does not perform any other function, and it carries out this function only once for each trade as applicable. This type of trade operation can actually be performed by any expert advisor so long as the creator inserts the needed code in the program. Using a separate expert advisor for this purpose alone might be a waste of time and resources for intermediate and advanced traders. For newbie traders, this tool can be useful nonetheless.
An idea of converting this expert advisor into another type of MQL4 program might come to the surface. However, this is not at all feasible. While this idea holds for a script, it cannot be true for indicators. A script can put trades to breakeven but it must be executed manually by the trader each time. The script cannot monitor the status of trades in real time to determine if it is time to activate the breakeven function. On the other hand, custom indicators cannot perform any task related to trade management, such as opening, closing, modifying and deleting orders. If the expert advisor is used in a trading account, the user must allocate one chart to it so it can do its job.
To make this expert advisor more useful, someone knowledgeable of MQl4 programming can consider adding the function for opening trades with a press of a button. He can put the needed functions in the code, and then set some variables in Inputs so that the user can use it as necessary. However, this type of change might need a lot of changes in the code. Several buttons might need to be created on the chart for the user to interact with the robot. The program developer can consider adding six buttons in total, one button for each type of order (i.e., buy, sell, buy stop, sell stop, buy limit and sell limit). If this is implemented, the name of the robot might need to be updated.