CheckTrades - MetaTrader 5 Expert | Forex Indicators Download - MT4/MT5 Resources

The provided code is an MQL5 Expert Advisor (EA) script based on the concept of closing an open position when it reaches a user-defined profit and loss threshold (calculated as a percentage of the account balance).

The EA does not provide any entry signals or market timing rules; its main purpose is to manage the risk of existing positions by closing them when a certain profit or loss threshold is reached.

External variables used in the code:

RiskPercentage: This variable represents the maximum allowed loss per trade as a percentage of the account balance. When the loss on a current open position reaches this percentage, the position will be closed to limit risk.

ProfitPercentage: This variable represents the expected profit per trade as a percentage of the account balance. When the current profit of a position reaches this percentage, the position will be closed to ensure profit.

Since this EA focuses on risk management and does not rely on any specific market indicator, it can be applied to any trading symbol or time frame. But it should be noted that this EA should be combined with a trading strategy containing entry signals and other trade management rules to make it a complete trading system.

If you were to use this code as an include file (by placing it in the MQL5\Include folder), its main purpose would be risk management by closing positions according to user-defined profit and loss thresholds.

You can combine this include file with other include files for specific purposes, such as position sizing based on account risk, trailing stops, etc. To do this, you can include the file using the #include directive in the main EA file and then call the CheckTrades() function when you need to manage open positions.

Attachment download

📎 check.mq5 (2.11 KB)

Source: MQL5 #44056