Virtual Profit Close Expert Advisor For MT4
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!
If you are looking for a perfect tool to hide your take profit from the broker in a broker-dominated forex world, then Virtual Profit Close Expert Advisor For MT4 is a good choice. The EA manages all the current symbol positions and places a take profit level stealthily, without having the values added to the trade or any lines in the chart. If you would like to have a useful tool to monitor, manage, and attach a take profit to positions orphaned by other Expert Advisors, then Virtual Profit Close Expert Advisor for MT4 is the best tool. The other most important use is to eliminate the minimum take profit distance set by the broker.
Trade logic of the Virtual Profit Close Expert Advisor For MT4
Picture A : Virtual profit close EA
Once activated, the EA displays the name of the EA, the name of the currency pair monitored, and the magic number monitored by this instance of Expert Advisor.
Although there is a lot of debate on the broker's knowledge of the stop loss and every trader's profit of every trading account, this information gives them an unfair advantage over the retail forex trader. Many traders do not like the broker to know the real take profit levels of trade for obvious reasons. They would like to have more control over their take profit levels.
Many traders like the take profit levels of the trades to be set automatically without entering the take profits every time to a new trade. Particularly if the trader has a trading strategy requiring to place multiple trades very quickly
How to minimize take profit distance with Virtual Profit Close Expert Advisor For MT4?
Every broker has their requirements for a minimum distance to take profits. If the take profits are placed too close, the broker would reject the same and send an error message " Invalid Take profit levels. " If you have a trading strategy that requires you to take a profit very close, the Virtual Profit Close Expert Advisor can help you avoid this broker requirement and trade with ease.
How the Virtual Profit Close Expert Advisor For MT4 works?
Picture B : Virtual Profit Close EA in action
The above picture shows the AUD USD chart with the Virtual Profit close EA for MetaTrader in action. The EA is first attached to a chart; it starts to monitor and manage the trades of that currency pair to which the EA is attached.
How to manage trades of other Expert Advisors?
This EA can manage the trades of any other EA; the Virtual Profit Close Expert Advisor identifies the trades using the magic number. If the magic number of any EA to be monitored is entered in the Virtual Profit Close Expert Advisor settings, then it can attach take profits virtually to the trades.
A few EAs may leave some orphaned trades. There is a possibility that some EAs miss manages the trades and allow some trades open instead of closing them. Trades may be left orphaned if the terminal connection of MetaTrader gets disconnected, or if the terminal closes unexpectedly, or if there is a manual restart of the Mt4 terminal. When some EAs resume, they ignore the trades opened previously and only start to work on the trades opened from now.
It becomes more challenging to identify and monitor them if there any multiple positions opened and frequently closed. Most importantly, if you are using a trading strategy like scalping or high frequency, leaving a trade orphaned may be detrimental. Virtual profit close Expert Advisor is the best solution for terminating such trades; by attaching a virtual take profit the trader can manage all trades effectively.
Many traders apply multiple EAs in the same currency pair and trade multiple strategies to complement each other. A trader may use one EA for scalping, another for swing trading, and another EA to trade a long term strategy. Suppose you deal with multiple Expert Advisors for a single currency pair and would like to monitor and manage only the trades of a particular EA. In that case, you can enter the magic number, and the Virtual Profit Close EA will identify those trades and manage them.
Managing manual trades
The Virtual Profit Close Expert Advisor for MT4 is programmed by keeping in mind the vast majority of traders who place orders manually and manage them. If the magic number is set to 0, then the EA manages the trades that are entered manually and closes the trades to take profit input in the EA parameters.
Once a trade is open, the EA does not plot any take profit lines visible in the charts. The EA does not attach or modify the take profit value to the trade, thus making the take profit value hidden from the broker.
The EA works on any pair and can be attached to any time frame chart. There should be an Expert Advisor attached to only one chart per symbol. It can be used by new and advance forex traders easily.
Virtual Profit Close Expert Advisor For MT4 settings
Picture C : Virtual Profit Close EA settings
The EA requires only two input values
Set magic number to monitor: Input the magic number to be managed; 0 manages manually placed orders
Set virtual take profit pips: Number of pips for take profit
Virtual Profit Close Expert Advisor For MT4 - Limitations
The EA does not monitor the stop loss, which is also very important to the forex traders. Managing a trade effectively requires both the take profit and stop loss levels from being monitored and managed. It would be beneficial to both new and advanced traders if the EA had an option of stop-loss with an additional opportunity to enable or disable the stop loss at the trader's discretion.
Like all other Expert Advisors, the MetaTrader terminal should be up and running and connected for this EA to work.
Virtual Profit Close Expert Advisor For MT4 - Conclusion:
The EA is convenient to hide the take profit level from the broker. If you have a forex trading strategy that requires the take profit to be managed, this is definitely a useful EA. The Virtual Profit Close Expert Advisor for MT4 also manages the trades of other EAs and closes them at the virtual take profit point.