Equity SL TP, i.e. Stop Loss and Take Profit on capital - EA for MT4 and MT5

Equity SL TP for MetaTrader 4 and MetaTrader 5 – Automatic Stop Loss on Equity

MetaTrader 4 and MetaTrader 5 are undoubtedly the most popular applications among Forex traders. Although the functionality of both platforms has not changed significantly in recent years, a multitude of various tools have been created, both free and paid, that meet the needs of traders. Hence the idea for another tool for our readers – of course free of charge.

Automatic Stop Loss and Take Profit on capital

Equity Stop Loss Take Profit on MT4 and MT5 is an extremely useful tool for traders that aims to defend the capital in our account. While some platforms (e.g. JForex Dukascopy) have this feature as standard, MetaQuotes applications do not offer anything like this.

What is a Stop Loss on Equity?

It's nothing more than "invisible" Stop Loss as a form of security that has a purpose "save" our account from falling below a certain level. When we have many open transactions, it is difficult for us to control their total balance. Instead of doing it individually for each position via traditional SL, we can set the balance value level at which all open positions will be automatically closed, regardless of their individual balance. Additionally, the tool has been equipped with Take Profit, which works on the same principle - when a certain level of account value (Equity) is exceeded, profits will be realized by closing all open positions.

Available functions:

• Automatic closing of positions after exceeding the indicated account value (Equity) - works both as Stop Loss and Take Profit;
• Possibility to choose whether all positions should be closed or only those from the active chart (parameter Symbols Mode);
• Possibility to choose whether pending orders are also canceled after SL/TP activation;
• Displaying information about active parameters in the graph;
• Configure the appearance and position of the text.

The tools have been prepared in two versions - for MetaTrader 4 and MetaTrader 5.

Note: It is worth remembering that orders may not close perfectly at the indicated balance point. In the event of a dynamic change in the price, many open positions or their significant volume, a "slippage" in the execution of the closing order may cause the loss/profit to be greater than expected. This must be taken into account when selecting parameters!

CHECK ALSO: Automatic SL TP for MetaTrader 5 [EA]

Start-up instructions

1. Launch MetaTrader 4/5.
2. On the menu in the top bar, click File -> Open Data Folder.
3. For MT4 -> place file .ex4 in the folder MQL4/Experts.
   For MT5 -> place file .ex5 in the folder MQL5/Experts.
4. Add from the Navigator / Strategies window Equity SL TP to the chart using the method hold + drop.
5. Configure the EA settings and approve.
6. In the MT4/5 settings, allow automatic strategies and activate the option in the toolbar "Auto Trading " (for MT4) or "Algo Trading" (for MT5).

Stop Loss Take Profit on EA capital. Source: MetaTrader 5

MT4: EQUITY STOP LOSS TAKE PROFIT EA

MT5: EQUITY STOP LOSS TAKE PROFIT EA

The author of the code: FxCraft.biz