This MetaTrader expert advisor functions as a trade manager that automates stop loss adjustments for existing positions. It specifically waits until a trade reaches a user-defined profit threshold in points before initiating a trailing stop. The tool includes flexible filtering options to manage specific symbols, magic
Trade manager · MT4
BreakEven V3
This MetaTrader 4 expert advisor is a trade management utility designed to automate break-even adjustments for open positions.
GitHub stars1
Forks2
Last update5 years ago6 Jan 2021
LicenceNone stated
Overview
BreakEven V3 monitors active trades and moves the stop loss to a locked-in profit level once the market reaches a specified distance in pips. The tool supports managing up to three distinct trade targets, calculating tiered profit levels based on user-defined steps. It provides visual feedback on the chart, displaying the current settings and monitored targets. The README is minimal, referencing a previous version of the tool.
- Automated break-even stop loss adjustment
- Multi-trade target monitoring
- Configurable lock-in profit pips
- On-chart visual status display
Details
Author
look416 on GitHub
Type
Trade manager
Platform
MetaTrader 4 (MQL4)
Markets
Any symbol
Timeframes
Any timeframe
Risk profile
No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.
EA files
Input parameters
Read from BreakEven_v3.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
LockInPipsAt | int | 15 | |
LockInPips | int | 2 | |
Trades | int | 3 | |
ModifyTrades | bool | TRUE | |
ModifyTrade3 | bool | False | |
FontSize | int | 10 | |
FontColour | color | White |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone look416/mt4-breakeven-v3 from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.
- 3Copy the filesCopy the .mq4 file into Experts.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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