Comprehensive Money and Trade Management EA for MetaTrader
Managing position size, risk, and open trades is an important part of the trading process. This comprehensive EA for MetaTrader 4 and MetaTrader 5 brings a range of these features together in a single panel directly on the chart.
The panel can be moved with the mouse and is designed to help traders both before entering a trade and while managing open positions and pending orders.
Risk-Based Position Sizing
One of the main features of the EA is position size calculation based on the desired risk. Three position sizing methods are available:
- Fixed Volume: Directly set the trade volume, such as 0.10 lots
- Risk Percentage: Automatically calculate the position size based on a specific percentage of the account balance or equity
- Fixed Risk Amount: Set a maximum amount to risk if the stop loss is triggered
For example, when using percentage-based risk, you can specify that no more than 1.5% of the account should be at risk if the stop loss is reached. With fixed monetary risk, you can instead specify an amount such as $10.
As the market price or other trade parameters change, the position size and profit/loss information are updated automatically.
Market and Pending Orders
The EA allows you to select the trade direction as Buy or Sell and choose between Market and Pending orders.
Take profit and stop loss levels are displayed directly on the chart and can be moved with the mouse. The entry price of Pending orders can also be adjusted directly on the chart.
The panel displays key trade information, including the order type and direction, calculated volume, entry price, stop loss, take profit, potential profit and loss, and Risk/Reward ratio.
You can also specify the desired Risk/Reward ratio and adjust the take profit accordingly.
Open Position Management
Once a trade is open, the position management section of the panel becomes available and displays the list of open trades.
Each position can be managed individually, while some actions can also be applied to all open positions at once. Available options include:
- Closing individual positions
- Closing all open positions
- Cancelling pending orders
- Viewing trade profit and loss
- Moving the stop loss to the entry price
- Partially closing a position
Risk Free and Partial Close
The Risk Free feature allows the stop loss of a position to be moved to its entry price. This can be useful when a trade has moved into profit and the trader wants to remove the initial risk from the position.
The Partial Close feature allows you to close a specific percentage of an open position. The desired percentage can be entered directly, and the EA calculates the corresponding volume based on the current position size.
For example, if a position has a volume of 0.12 lots and 50% is selected, the EA calculates the volume to be closed automatically. The percentage can be changed whenever needed.
Managing Multiple Symbols
The EA is not limited to managing trades on the current chart symbol. It can also display and manage positions belonging to other symbols.
Open trades are displayed in a list, and when the number of positions increases, they can be viewed across different tabs.
For each position, information such as the symbol, trade direction, volume, and current profit or loss is displayed, allowing each position to be managed separately.
Automatic Closing Based on Total Profit or Loss
Another feature of the EA is Auto Close.
You can define a target for the total profit and a maximum level for the total loss of open trades. Once the combined result reaches one of these specified levels, the EA can automatically close all open positions.
This can be useful when multiple positions are open and you want to manage their combined result rather than monitoring each position separately.
Panel Settings
The appearance of the panel can also be customized. You can change the panel size and text size to fit your monitor and the available space on the chart.
When the panel is not needed, it can be minimized and restored whenever necessary.
You can also set a custom Comment for trades opened through the EA. This allows you to add a specific identifier or text to the comment section of the resulting trades.
Conclusion
The Comprehensive Money Management and Trade Management EA brings a range of position sizing, risk management, trade execution, and position management features together in a single panel for MetaTrader 4 and MetaTrader 5.
Risk-based position sizing, adjustable take profit and stop loss levels, Risk/Reward calculation, Market and Pending orders, Risk Free, Partial Close, multi-symbol position management, and automatic closing based on total profit or loss are among the main features of this tool.
