Partial Close EA

Introduction

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:

• At 10 points profit, close 10%
• At 15 points profit, close 50%
• At 25 points profit, close 20%
• At 35 points profit, close 100% of the remaining position

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.

Files

Experts Folder
IBFX – Partial Close.ex4
Last compiled on December 2nd, 2009 on MT4 build 225

Download and Installation Process

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).

*This setup will not overwrite any previous version of the tools that was already open source*

*If you want the latest version of the open source tools, make sure to rename or delete them*

Instructional Video