I've come across a useful, although seemingly limited and sometimes non-working (for multiple positions) position management EA ..that, despite my requests for modification, some on the forum (from which it came) state that what I'd like to do cannot be done (i.e. using the same magic number): Manage Take Profit EA - Page 29 @ Forex Factory. Which I find difficult to believe seeing how impressive the EAs here can be ..(and more direct, how they can manage multiple positions simultaneously ref. MACD divergence EA).
Accordingly, I thought I'd post this request to see if what they claim (that it cannot be done) is legit or not.
What I'm hoping to have done:
1. ManageTP EA (or a replacement) that will manage 'multiple' positions (stacked stop-entry orders) going in the same direction (with user-defined SL & TP settings (consistent for every stacked entry ..like the ManageTP EA currently does for at least the first position)).
2. Additional (perhaps with a setting to make this next functionality optional):
Once modified MTP (as per above) stopped out of all positions, EA will track price and re-place (&/or Add) pending stop-entries in the same user-defined interval initially indicated when EA first placed on chart as price moves in the other direction of the stacked stop-entry orders ..(with a user-defined buffer of say, 10-20+ pips). This portion would, in a sense, work as a trailing 'entry' stop, but include the management of MTP (for 'multiple' orders...which doesn't seem to be working currently).
3. Ability to either jump into a position immediately and have the stop-entries scale from there -or- set a specific initial price at which the first stop-entry would begin and scale thereafter.
Hope this request makes it through ok. Please let me know if any additional info would be needed..
The primary reason for having ManageTP handle 'multiple' positions is so that when price moves strongly one way (in the direction of our stop entry orders) without retracing, we can have more than one position on and working at the same time. In other words, the positions (if sized correctly) will overlap until the most prior position's TP and number of units (as defined by user when Script/EA initiated) is hit. And as soon as price reverses, it will hit the respective, graduating stop levels of each position ..capturing the most profit possible.
ManageTPv2-4 appears to manage the first position correctly, but on subsequent stacked entries it usually just closes the entire position after some number of pips profit without following the user-defined TP settings.
ManageTPv3.3 supposedly manages multiple positions, but all of my tests show it doesn't work
(Manage Take Profit EA - Page 28 @ Forex Factory)
Ultimately would like to be able to use this on all currency pairs (including crosses). In some cases (on non-dealing-desk brokers) that would include very wide spreads ..for those currencies, would the stop-entry interval have to be set wider than the spread, or would the finished EA be able to handle those also?
Swiss Army EA seems like it might be another solid base management EA from which to begin, but it didn't have the incremental TP functionality of ManageTP. [I've included the 1.35 version (the most recent that I could find with an *.mq4 file]