Order tool "Hedger" - MetaTrader 4 Expert | MT4 EA Download - MetaTrader 4 Resources

I wrote this EA to suit my own needs. So I'll briefly explain what it is and specifically what it isn't:

This EA works with OrderSelect -> "Select by Position" orders! This means you cannot have any other (pending) orders in your terminal! Otherwise, you will definitely get into trouble! Maybe one day I'll change that, but I don't have the time right now.

Please also note that this EA lacks some fine-tuning and is not expected to be completely final at this time! (While it does work, I can't tell if there are still some issues. If you are interested in this EA, please feel free to check for updates).

If you plan to use it: test it thoroughly before considering using it in real trading situations. I've only tested this with a demo account so far, so I can't give you "real life" advice here, I don't know how this will work with requotes and slippage.

Also consider the opportunity to risk ratio. It is possible to exit a hedge without losing money. But this doesn't always work. Often you will have to accept a small loss due to a hedge closing; please keep this in mind.

Please note that I am warning you here that I cannot guarantee any trading functionality!

It also doesn't matter which time frame you use (see point above). But please note that if you change the time frame during active trading, the order will be closed. Therefore, make sure to place the EA in an additional window to continue the analysis.

There are two EAs attached to this article. Hedger_Short works for short orders and vice versa. (I intentionally didn't create a file, but I can add one if anyone needs a single-file solution.)

Finally: thank you to every tester/review/download! Hope this tool can enhance your trading. If you have any more questions, please feel free to ask! Thanks for understanding that my sentences may not be perfect - I'm obviously not a native speaker ;)

Attachment download

📎Hedger_Long_v1_2.mq4 (8.46 KB)

📎Hedger_Short_v1_2.mq4 (8.79 KB)

Source: MQL5 #10968