Features

• Customizable Risk:Reward Ratio: Set your preferred Risk:Reward ratio (e.g., 1:2, 1:3) to align with your trading strategy.
• Flexible Stop Loss Input: Define Stop Loss in pips for precise risk control.
• Automatic SL/TP Calculation: The script calculates and applies SL and TP levels for open positions based on the position type (Buy or Sell).
• User-Friendly: Easy-to-use interface with input parameters for quick setup.
• Error Handling: Ensures reliable operation across different market conditions and symbols.

How to Use

1. Attach the Script:
   • Drag and drop the script onto your MetaTrader 5 chart or double-click it in the Navigator.
2. Configure Parameters:
   • RiskRewardRatio: Enter your desired Risk:Reward ratio (default: 2.0 for 1:2).
   • StopLossPips: Specify the Stop Loss distance in pips (default: 20 pips).
3. Run the Script:
   • The script will automatically detect open positions for the current symbol and apply the calculated SL and TP levels.
4. Check Results:
   • A confirmation message will appear in the MetaTrader 5 terminal, showing the modified SL and TP for each position.

Example

• If you set StopLossPips = 20 and RiskRewardRatio = 2.0 , the script will:
  • Set a Stop Loss 20 pips away from the entry price.
  • Set a Take Profit 40 pips away from the entry price (based on a 1:2 ratio).
• For a Buy position at 1.2000:
  • SL = 1.1980
  • TP = 1.2040

Why Use This Script?

• Time-Saving: Eliminates manual SL/TP calculations.
• Consistency: Ensures your trades follow a disciplined Risk:Reward strategy.
• Versatility: Works with any symbol (Forex, commodities, indices) and account type.

Installation

1. Download the script from the MQL5 Codebase.
2. Place the .mq5 file in the MQL5/Scripts folder of your MetaTrader 5 directory.
3. Compile the script in MetaEditor.
4. Restart MetaTrader 5 and find the script in the Navigator under "Scripts."

Notes

• Ensure you have open positions on the chart's symbol before running the script.
• Test the script on a demo account first to familiarize yourself with its functionality.
• For 4-digit brokers, adjust the StopLossPips value accordingly (e.g., use 2 instead of 20 pips).

Feedback

If you have suggestions or encounter issues, please leave a comment on the MQL5 CodeBase page or contact me through the MQL5 community. Your feedback is valuable for improving this tool!

Contact me: MQL5 Link

Happy trading!

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