The Partial Close EA helps you manage your Take Profit levels by allowing you to close portions of your trade at different Take Profit levels. This new percentage allocation (or "split close") option permits traders to create up to four Take Profit levels with a customizable percent of trade closed as each profit level is reached.
For example, a trader placing a 10 lot trade can use the Partial Close EA to scale out of the position. With a maximum of 4 take profit levels, a trader could, for example:
The EA also has the ability to update the stop loss* each time the position is partially closed. Using the MOVE_SL settings of 1 for a buy, for example, will move the stop loss 1 pip above the entry price, and for a sell, 1 pip below the entry price. A MOVE_SL setting of 10 for a buy will move the stop loss 10 pips above the entry price, and for a sell, 10 pips below the entry price.
*Note that the Stop Loss will apply to the FULL size of the position.
To apply this EA, drag and drop the EA from the Navigator's Experts list on top of you chart. In the inputs, make sure to enter the Ticket number of the "original" trade, set your other settings and click on ok.
Also, be sure to verify that live trading and expert advisors** are enabled (located under tools, options, Experts Advisors.)
*In a volatile market or fast-moving market conditions, stop-loss orders can become market orders and may be filled at the prevailing price, which may differ greatly from the desired price.
**During technological crisis, orders may not be filled as placed.
If you plan on using this EA on multiple trades, it is recommended to change the InstanceID input for each instance of the EA.
To disable an input such as a Target or Move Stop Loss, simply set it to 0.
IBFX – Partial Close.ex4
Last compiled on December 2nd, 2009 on MT4 build 225
Step 1: Download the setup file and double click on it. Follow on screen instructions.
Step 2: Select the tools you would like to install, click next. (Make sure to select your MT4 installation folder).
Our multibank liquidity feed delivers pricing from major money center banks right to your trading platform. In volatile or low liquidity market times, spreads may fluctuate and you may encounter slippage. Please take that into consideration when you are trading during volatile time periods. Fills are not guaranteed, especially during fast-moving market conditions, orders may not be filled as placed, and substantial losses may still occur.
Expert Advisors, Indicators and Scripts are not guaranteed to produce any particular outcome. As a trader, you are responsible for any trades created by any expert advisor you use. It is highly recommended that you use any advisor for an extended period of time on demo accounts and verify that it's producing your desired outcome.
*Forex trading is one of the riskiest forms of investment available and may not be suitable for all traders.
IBFX Australia Pty. Ltd. is part of the Monex Group and is authorised and regulated by the Australian Securities and Investments Commission, firm registration number 363972, ACN 142 210 179.