Home News Order Manager Guide – Analytics & Forecasts – 12 May 2022

Order Manager Guide – Analytics & Forecasts – 12 May 2022


Order Manager MT4 product page 


To run the Order Manager for the first time in the Metatrader option dialog (Ctrl+O) tick the “Allow automated trading” option in the “Expert Advisors” tab, then attach the Order Manager to the chart, and in the “common” tab of expert properties dialog tick “Allow live trading ” option.

How to place a trade:

In the Open tab click on the “Show Lines” button. Set enter, stop loss, and take profit lines at desired levels.

Set risk calculator mode to one of the five available modes:

  1. Percent balance: Calculates order volume based on a given percentage of account balance and trade stop loss distance.
  2. Percent equity: Calculates order volume based on a given percentage of account equity and trade stop loss distance.
  3. Percent free margin: Calculates order volume based on a given percentage of account free margin and trade stop loss distance.
  4. Cash amount: Calculates order volume based on a given cash amount of account currency and trade stop loss distance.
  5. Fixed lot size: Set your desired lot size for order volume.

Set risk value according to the selected risk mode.

Click on Buy or Sell button. Buy and Sell button texts will be updated based on the place of lines between 6 order types.

Add Breakeven line:

Before clicking on the buy or sell button, you can set a breakeven line by clicking on the “+BE” button.

When the price hits this level order stop loss will be moved to the open price.

After pressing the “+BE” button its name changes to “-BE”. Press it again to remove the BE line.

You can also add BE to running trades in the “Modify” tab. More on that later.

Add Trailing Stop lines:

By clicking on the “+TS” you see two lines named “Trailing start” and “Trailing size”.

Set the “Trailing start” line on the price that you want to activate the trailing stop.

Set the “Trailing size” line relative to the trailing start line based on the desired distance between the stop loss and current price after trailing activation.

The default trailing step is 10 points. You can change that in expert properties.

Add more take profit lines:

By clicking on the “+TP” button you can add and set take profit lines in whatever number that you like.

When you set multiple take profits trade manager opens multiple trades at once with different take profits.

If the risk mode is “Fixed Lot” the lot size of trades will be the lot value that you specified but if you set lot calculator mode to the other four modes for example Percent Balance, the trade manager splits the calculated lot size between the number of trades.

You can remove TP lines by pressing the “-TP” button.

Add Partial Close lines:

You can add partial close lines with the “+PC” button. Set the line at the desired level.

It can be set as profit partial close or loss partial close. You will see line color changes when you drag the line above and below the entry price line.

Modifying an order:

In the Modify tab by clicking on the “Select Order” button if there is available order in the current chart it will be selected and all of the property lines of that order will show up.

Add, remove, or change any of the lines then click on Apply button.

By clicking on the select button several times you can cycle through available orders of the current symbol.

Note: For breakeven, trailing stop, and partial close settings to work, the order manager must be running.

Closing trades:

In the “Close” tab select an order in the same way as in the “Modify” tab then close it entirely or part of it by clicking on the appropriate button.

There are also buttons to close orders in a group:

  • Close/Del All: Closes and deletes all open and pending orders of the current symbol.
  • In Profit/In Loss: Closes profitable trades or losing trades.
  • Buys/Sells: Closes running buy or sell orders.
  • Del Buys/Del Sells: Deletes buy or sell pending orders.
  • Close/Delete All in All: Closes and deletes all open and pending orders of all symbols.

EA settings:

Pending Order Expiry (Hours): Set how many hours a pending order exists if not activated. The default value is zero means no expiration limit.

Trailing Step (points): Number of price points between each stop loss move in stop loss trailing. The default value is recommended for most cases.

Slippage points: Maximum price slippage for buy or sell orders. This setting only applies to accounts with instant order execution. Info on types of execution here.

Order Comment: Type order comment here.

Line Snap Mode: Choose between 3 line snap modes:

  1. TP RR Ratio: Take Profit Reward to Risk ratio mode. In this mode, take profit lines snap to RR calculated levels based on the position of the stop loss line. Set RR ratio in the “Line Snap Value” field. (below)
  2. Fixed points from entry line: In this mode, all lines snap to a fixed distance level calculated from the Entry line. Set distance in points in the “Line Snap Value” field.
  3. Fixed points from Bid price: All lines snap to a fixed distance level calculated from the Bid price. Set distance in points in the “Line Snap Value” field.

Line Snap Value: Set the value of the line snap mode here.

Line Snap Sensitivity: Increase or decrease the snap sensitivity in 5 levels.

Trade Confirmation Dialog: If true a confirmation dialog appears before opening, modifying, or closing a trade.

Panel Scale: Choose between 4 scales for the Order Manager panel, based on your monitor size.

Panel Font Size: Set the font size for button labels.

Lines Info Font Size: Set font size for the lines info text.

MagicNumber: Magic number for the Order Manager EA. To work with orders that you did not open with this manager set the magic number to 0.

Download the demo version below. The Demo version only works in demo accounts.

If you have any questions about the tool ask me in the comments or private message.

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