Hidden Stop Loss and Take Profit 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:
- Hidden Stop Loss and Take Profit Expert Advisor For MT4
- The Hidden Stop Loss and Take Profit Expert Advisor For MT4 – Entry Criteria
- The Hidden Stop Loss and Take Profit Expert Advisor For MT4 – Exit Criteria
- The Hidden Stop Loss and Take Profit Expert Advisor For MT4 – Room for Improvement
The Hidden Stop Loss and Take Profit Expert Advisor For MT4 is a manual trading utility for MetaTrader4 platform. The only function performed by this robot is to set hidden stop loss and take profit values for a trade. The hidden stop loss and take profit prices cannot be seen by the user himself, but these are represented by horizontal lines so he can tell their relative placement on the chart. The hidden stop loss is depicted by a red horizontal line, while the hidden take profit is depicted by a light green horizontal line. See image below for reference.
The reason why the stop loss and take profit prices are hidden on the chart is to prevent the broker from seeing those prices in the server, which is disadvantageous to the trader. It is a widely known fact that brokers often trade against their clients and they play dirty tricks to win. Hiding the stop loss and take profit from their prying eyes is one way to protect the trades from unscrupulous brokers.
The Hidden Stop Loss and Take Profit Expert Advisor For MT4 – Entry Criteria
The Hidden Stop Loss and Take Profit Expert Advisor does not provide a panel or interface to allow user interaction. Once the robot is dropped on the chart, a little comment will be displayed on the upper-left portion of the screen containing the text “Hidden SL and TP Expert is running…”. This is to make the user aware of its presence (see image above).
To put the expert advisor to use, the user must open a trade first and attach the robot next. If this order is not followed, that is, the robot is attached first and the trade opened next, the robot would not perform its function. When the robot is first dropped on the chart, the user is presented with a few variables that he can adjust as necessary. These variables are explained below:
- StopLoss = 50 – The hidden stop loss is placed 50 points (or 5 pips) from the entry price.
- TakeProfit = 50 – The hidden take profit is placed 50 points (or 5 pips) from the entry price.
- Relative = OpenPrice – The user has two options to choose from regarding the placement of the hidden stop loss and take profit. The default option is the actual open price of the trade. The other option is the middle price, which is the average of the bid and ask prices.
- DrawLines = True – If this is true, the robot will draw two horizontal lines to show the placement of the hidden stop loss and take profit of a trade. This is enabled by default.
- Slippage = 5 – The slippage, expressed in points, is the maximum allowed distance between the requested price and actual price. This value is used during trade closure only. Since this value is less than one pip, price should not be volatile when the close order is sent. Otherwise, the trade would not be closed. The user might consider using a higher slippage amount.
As shown on the image above, the robot draws two horizontal lines on the chart, one is light green and another is red. The stop loss level is marked in red, and the take profit level is marked in light green. If the open trade is a buy position, the light green line is above the open price and the red line is below the open price. If the open trade is a sell position, the light green line is below the open price and the red line is above the open price.
The user must be aware that the hidden stop loss and take profit values are given in points, not pips. Depending on the entry strategy and the timeframe for entry, the user might need to adjust the stop loss and take profit values in Inputs. If not, he might be surprised to find out shortly after trade execution that a trade has been closed earlier as expected.
If the user opens several manual trades on the active chart, the robot will draw two horizontal lines for each trade, and the same amounts of stop loss and take profit will be applied each time. The good thing is that if the user adjusts the stop loss and take profit values in Inputs, the horizontal lines will adjust accordingly to change the hidden stop loss and take profit placement.
The Hidden Stop Loss and Take Profit Expert Advisor For MT4 – Exit Criteria
The Hidden Stop Loss and Take Profit Expert Advisor monitors the trade open on the current chart on every tick so that the trade can be closed in time. Otherwise, the trade would not be closed even if the defined virtual stop loss or take profit price has been reached. For a buy trade, it will be closed in profit when the bid price touches the hidden take profit level or in loss when the bid price touches the hidden stop loss level. For a sell trade, it will be closed in profit when price moves down and ask price hits the virtual take profit level or in loss when price moves up and ask price hits the virtual stop loss level.
The Hidden Stop Loss and Take Profit Expert Advisor For MT4 – Room for Improvement
The creator of the Hidden Stop Loss and Take Profit Expert Advisor uses advanced coding to develop this expert advisor. Despite this fact, the robot works and feels like a simple program when used in demo trading. It is pointless to run this expert advisor in the strategy tester and hope that it will open and close trades. Since the function for opening trades is not provided, the function for closing trades will not be used at all. The only way to test this robot is through the use of a demo account, not to determine its effectiveness but only to find out if it works as designed.
As a manual trading tool, the expert advisor needs huge improvement to become more useful. One area to work on is the manner of implementation of the robot. As already pointed out, the user must place the market order first before the robot should be attached. If the robot has been attached before a trade is manually executed, the horizontal lines would not show up and the robot would not manage the trade. The quick solution to this dilemma is to remove and re-attach the robot.
It is definitely possible to attach the robot to the chart first and add the trades later. Opening the trade first manually and then attaching the robot next to manage the trade is a waste of time for the trader. It is even possible to let the robot open trades by setting some parameters in Inputs. The more advanced method is to allow the robot to create buttons on the chart that the user can click anytime he wants to open a trade.
It is observed that when the horizontal lines are drawn on the chart, the lines are active or selected already even if the user has not clicked on any of them. Although the result is not that consequential, the user might accidentally move the horizontal lines to other prices, which is not good. Another observation is that the two horizontal lines are not deleted after the robot is removed from the chart. The lines stay in place. Only the comment written by the robot on the main chart is cleared.
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
