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Hi ND / Igor,
Is it possible to create a thread about exit strategy?
I believe it is a challenge for many traders to find the best time to close an order.
It would be interesting to know the best methods and indicators on Exit, SL,Support and resistance,Reversal etc.
Strategies using Fibo, ATR,% risk etc.
Example
Adaptive Money Management Stops
By Chuck LeBeau
Don't Neglect Your Exits
Regards,
Rogério
You just created this thread
:)
Hi
I found this strategy based on Fibo to stop / Trailing Stop interesting.
https://www.mql5.com/en/articles/1349
Regards,
Rogério
Hi Igor / ND.
How to include Fibonacci levels in Expert Advisor (EA)?
I would like to have the Fibo levels in EA so I can check the best buy and sell zone and filter entries and exit.
I'm trying the way below but I do not think it's the best way.
if ( Bid >= r1 && Bid <= r3) { LiberaCompraSR=false; LiberaVendaSR=true; SRZone = "Venda"; FiltraSr="Venda"; } // Sell ZONE
if (Bid <= s1 && Bid >= s3) { LiberaCompraSR=true; LiberaVendaSR=false; SRZone = "Compra"; FiltraSr="Compra"; } // Buy Zone
void SRFibo()
{
double rates[1][6],yesterday_close=0,yesterday_high=0,yesterday_low= 0;
ArrayCopyRates(rates, Symbol(), Pivottimeframe);
if(DayOfWeek()== 1)
{
if(TimeDayOfWeek(iTime(Symbol(),Pivottimeframe,1)) == 5)
{
yesterday_close = rates[1][4];
yesterday_high = rates[1][3];
yesterday_low = rates[1][2];
}
else
{
for(int d = 5;d>=0;d--)
{
if(TimeDayOfWeek(iTime(Symbol(),Pivottimeframe,d)) == 5)
{
yesterday_close = rates[d][4];
yesterday_high = rates[d][3];
yesterday_low = rates[d][2];
}
}
}
}
else
{
yesterday_close = rates[1][4];
yesterday_high = rates[1][3];
yesterday_low = rates[1][2];
}
R = yesterday_high - yesterday_low;//range
p = (yesterday_high + yesterday_low + yesterday_close)/3;// Standard Pivot
r3 = p + (R * 1.000);
r2 = p + (R * 0.618);
r1 = p + (R * 0.382);
s1 = p - (R * 0.382);
s2 = p - (R * 0.618);
s3 = p - (R * 1.000);
day_high=0;
day_low=0;
nQ=0;
nD=0;
D=0;
Q=0;
day_high = rates[0][3];
day_low = rates[0][2];
D = (day_high - day_low);
Q = (yesterday_high - yesterday_low);
//double fb,fs,fe,tp1,tp2,tp3;
//double ri,re1,re2,re3,ra1,ra2,ra3;
if (Q > 5)
{
nQ = Q;
}
else
{
nQ = Q*10000;
}
if (D > 5)
{
nD = D;
}
else
{
nD = D*10000;
}
if (StringSubstr(Symbol(),3,3)=="JPY")
{
nQ=nQ/100;
nD=nD/100;
}
drawLine(r3,"R3", Resistance_3,1);
drawLabel("Resistance 3",r3,Resistance_3);
drawLine(r2,"R2", Resistance_2,2);
drawLabel("Resistance 2",r2,Resistance_2);
drawLine(r1,"R1", Resistance_1,0);
drawLabel("Resistance 1",r1,Resistance_1);
drawLine(p,"PIVOT",Pivot,1);
drawLabel("Pivot level",p,Pivot);
drawLine(s1,"S1",Support_1,0);
drawLabel("Support 1",s1,Support_1);
drawLine(s2,"S2",Support_2,2);
drawLabel("Support 2",s2,Support_2);
drawLine(s3,"S3",Support_3,1);
drawLabel("Support 3",s3,Support_3);
}
Thank you,
Rogério
I passed this question to Igorad so hope he will reply soon.Quote:
Originally Posted by rogeriob28
Trading Account Status - expert for MetaTrader 5
Quote:
This Expert Advisor sends a push message every Set Timer minutes with the number of open positions and pending orders on the trading account.
As many traders/coders are using RSI for exit so this is the news about - post #38
Planning your exit
Since no human can see into the future, unfortunately new and experienced traders alike will sometimes have to contend with losing trades.
Emotions can run high at these times. Watching your hard-earned money being depleted from your account is an uncomfortable experience - and it can compromise your decision-making abilities.
That's why it's important to decide - right at the outset - where you'll get out if this trade doesn't go well.
Rule 1: always have an exit strategy
You need an exit plan - a strategy for managing the risk of the position, so that one bad trade won't wipe out a significant chunk of your trading capital. But simply telling yourself where you want to get out may not be enough.
Consider the scenario: you head to bed for the night with a position going well, but by the time you wake up in the morning the market has taken a turn against you.
Or perhaps you're watching a position while travelling on the train. You enter an area with no mobile or wifi service, and by the time you get back online the market has moved past your planned exit level.
Shutter stock
So once you’ve decided where you’ll close the trade, you need an automated mechanism to protect you when you’re not in control. And that’s our second rule:
Rule 2: set a stop
Setting a stop reinforces your exit strategy. The resting order will close your position if the market hits the level you specify, even if you're not logged in to your platform at the time.
It also removes the need for you to make a difficult decision under pressure.
It's easy to disregard the emotional aspects of trading. But, especially when you're new to the markets and still learning, the rollercoaster of feelings created by losing a trade can have a substantial impact.
Example
Let's say you take a long position and the market immediately starts to rise, putting you into profit. However, suddenly it goes into a sharp reversal, and to your dismay your winning trade rapidly turns into a loser.As the position drives further below your entry price, you keep hoping for recovery. But that hope turns into wishful thinking as prices continue to deteriorate.Finally, you're left with a feeling of desperation. It's clear that prices aren't coming back anytime soon, and you have no choice but to realise a loss.
Price chart
In this situation, the financial impact certainly stings. But it's the emotional toll that can make your next trade more complicated, as you try to recover. Just one idea that didn't work out could define how you move forward in a market. For example, you might feel tempted to rush into a new position without proper consideration, in an effort to claw back your losses as quickly as possible.
One easy way to help avoid this issue is to decide where to set your stop before opening a position, and set it up while executing the trade, so your position is never left unprotected.
With a stop-loss order in place at your pre-defined exit level, if that price is met you don't have to make a decision about to what to do. You've done your planning in advance, and your position is closed for you.
Lesson summary
Every trader needs to be prepared to suffer some losses
Always plan where you'll exit a trade if it doesn't go well
Set a stop to close the position automatically for you
Today I was specially registered to participate in discussion.
Money Fixed Margin - expert for MetaTrader 5
----------------Quote:
An example for calculating the lot value with a fixed margin level. That is, if you specify 10%, a position with the margin equal to 10% of free margin will be opened.
Input Parameters:
- StopLoss (in pips) — the stop loss level
- % risk — margin for a position as % of free margin
Money Fixed Risk - expert for MetaTrader 5
Quote:
An example for calculating the lot value in accordance with the risk per trade.
Close Delete On Friday - expert for MetaTrader 5
Attachment 39072
Quote:
On Friday, starting from the specified time ' Friday Start Hour ' :: ' Friday Start Minute ', the utility starts closing positions and deleting pending orders.
MultiCurrency Close All - expert for MetaTrader 5
Quote:
The utility advisor can track the total profit for three specified symbols (' Symbol 0 ', ' Symbol 1 ' and ' Symbol 2 '). If the profit for these symbols reaches the ' Target Profit ' value or the loss becomes greater than the ' Max Loss ', all positions for the specified symbols will be closed.
Daily Trading Statistics Indicator - indicator for MetaTrader 5
Quote:
The utility indicator displays (using four OBJ_LABEL graphical objects) daily trading statistics. Displays:
- Trades of day - the number of transactions per day
- Wining trade - profit per day (in the currency of the trading account)
- Losing trade - loss per day (in the currency of the trading account)
- Total profit - total profit for the day (in the currency of the trading account)
Each object can be flexibly configured - set vertical indent, font size and type, color ...
Close all at the specified symbol - expert for MetaTrader 5
Quote:
Close all positions by the specified (in ' Symbol ') parameter. There is only one check in the Expert Advisor: it is the correctness of the entered symbol.
Attachment 47069
more...Quote:
Money management is a very important aspect for successful trading. Its main purpose is to minimize risks and maximize profits. With the right use of money management, it is possible to achieve improved trading results.
In general, money management is a set of rules that allows traders to calculate the optimal volume of positions, taking into account all the possibilities and limitations. Today, there are quite a few money management strategies to fit every taste. We will try to consider several ways to manage money based on different mathematical growth models.
more...Quote:
Stop loss and take profit are stop orders that close a position when the price reaches their value. Stop loss allows traders to limit losses, while take profit enables thjem to save their gains. The main advantage of using stop loss and take profit is the ability to control financial risks and use money management.
