Trailing stops are helpful if you want to hold the position for a long time and move with the price action, thus trailing the price as you move your initial stop-loss.

The good thing about the E-Trailing Script is that it works on every timeframe.

How to use the E-Trailing Script for MT4?

The above chart shows the E-Trailing Script.

Once you apply the Script, it’ll automatically apply trailing stops on your future positions. You can adjust the Script according to your strategy or how long you want to hold the trade.

The Script will move along the price; this way, your initial stop-loss will trail with the price, and you will not lose anything on that trade.

Conclusion

The E-Trailing for MT4 alerts sets the trailing stops automatically in your positions. Once you apply, it’ll follow the price action and move stops accordingly.

If you want, you can download the Script for free on our website.

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The Script gathers data from all forex pairs and applies it on multiple timeframes to give the whole forex market picture.

The good thing about this script is that it tells data from shorter to longer timeframes, so you can use it for every trading style.

How to use the Load History Script for MT4?

The above chart shows the Load History Script.

Once you apply the script, it’ll take some time for it to display the data. As it is collecting history for multiple pairs on multiple timeframes, so it may slow down your computer.

Once the loading is complete, you can adjust it according to your preference. For instance, if you are a scalper, you can take the data for the 5-minute or 15-minute timeframes and deselect the rest. As a position trader, you can deselect shorter timeframe data and take out history for 4H and Daily timeframes.

The script is also helpful when backtesting any strategy or using the robot backtesting. It’s because the Script loads the previous history, so it helps give you the bigger picture.

Load History works on every forex pair, so if you have a preference, you can set that too. If you want to look at the multiple forex pairs, you can select them, and the Script will show their history.

Conclusion

The Load History for MT4 alerts gives you a complete picture by telling you about multiple forex pairs’ history on multiple timeframes.

If you want, you can download this script for free on our website.

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In essence, the Elliott Wave strategy is a theory that enables traders to understand the price cycle in financial markets. By identifying price extremes and investor psychology, this theory aids Forex traders in predicting upcoming market patterns.

This guide will explain how to trade the Elliott Wave like a pro using the Elliott 5 Wave script in MT4.

How to Anticipate Precise Buy-Sell Signals using the Elliott 5 Wave Script for MT4

The Elliott 5 Wave initially plots a horizontal line with numbers. You can customize the line by dragging the numbers to the correct Elliott Wave points. You must double-click on the numbers to unlock them before you sketch a wave pattern.

In the above GBPUSD (daily) chart, the price initially went for a correction after making a sharp bullish move. The correction period formed an Elliott Wave pattern. We’ve marked the peaks and bottoms of the waves with numbers 1 to 5 which turned out into a corrective wave pattern.

Once the price rebounds from point 5 at the bottom, we can assume the price has finished moving within the corrective wave and is ready to reverse for a bullish rally.

Conclusion

The Elliott5Wave is a useful MT4 script that makes wave counting easier and enables forex traders to choose the optimal buy-sell entry points. To validate the start and end of the waves, traders can utilize an additional technical indicator, such as the ZigZag and Average True Range (ATR). Technically, Elliott5Wave is an advanced price action script. Therefore, novice traders must acquire prior knowledge of the Elliott Wave theory before applying it to live trading.

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Spread’s effect on trading profitability is often ignored. It might not seem like much to move from a 4-pip spread to a 3-pip spread, and moving from a 2-pip spread to a 1.5-pip spread might seem even less significant. However, depending on the trading strategy, the influence on profitability can vary significantly in both scenarios.

This guide explains how you can instantly check the pips value and spreads of your trading assets using the best MT4 script.

How the Spread and Pip Cost Checker Helps Forex & Stock Traders in MT4

Once you install the Spread and Pip Cost Checker in your MT4 platform, the script will automatically show the current spread and pip value data on the top left corner of the price chart.

Trading in higher spreads may wipe your floating profits, especially if you’re on scalping or day trading. Besides, you may experience notable spread changes during highly volatile markets or news events. So it’s important to confirm you’re entering a trade within a tight and stable market spread.

Furthermore, You may adjust your exposure and get the same return across all the currency pairings you trade by calculating the pip cost of each pair. For instance, if one pair’s pip value is $10 and the other is $5, you can double your position while maintaining the same risk level.

Conclusion

The Spread and Pip Cost Checker is an excellent MT4 script for tracking useful market insights. From beginners to novice speculators, everybody needs to oversee the changes in market spreads. Also, being aware of the pip cost enables you to adjust your trading volume according to your free margins.

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Price level analysis is a “must-do” job for technical traders. After getting a trend confirmation, you’ll need to know where the supports and resistances are lying to assess possible trade entry points. Moreover, the S/R levels help identify counter-trend trading positions too.

This guide will explain how to apply this script on MT4 to explore key support-resistance levels.

How to Determine Buy-Sell Levels Using the Monthly Pivot Script for MT4

The Monthly Pivot levels work as strong support/resistance on forex and stock charts. It is evident that the price mostly tends to reverse or plot bullish/bearish breakout moves around these levels.

As shown in the above GBPUSD (4-hourly) chart, the price was rejected twice in a row while trying to break above the monthly pivot line. The failed attempt to exceed the resistance resulted in a double top pattern, suggesting a bearish trend reversal.

Eventually, the price broke below the consolidation range and headed for an extensive bearish move. If the price managed to break the resistance and is treated at the same level as support, we’d consider it a bullish price breakout.

Since the monthly pivot only highlights long-term support/resistance levels, it might offer only a few price actions around the potential event areas.

Conclusion

The Monthly Pivot is one of the simplest price-level scripts you may have ever experienced in MT4. You can use its pivot lines as support-resistance levels for both day and intraday trading. Please note that the script only outlines key price levels and doesn’t serve any trade signals. However, combining price action patterns with monthly pivots can guide you through solid buy/sell entry points.

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When the order is open for an extended period, it experiences extreme price fluctuations. The buyer’s price for the security may differ from the seller’s expectation. So, you might need to adjust or close your open trades depending on the changes in market sentiments.

This guide will explain how to use Check Current Open Orders With Profit Script in MT4.

How the Check Current Open Orders With Profit Script works in MT4

In order to track the profits of the open position, first install the Check Current Open Orders With Profit Script on your MT4 platform.

Second, apply it to the exact chart of your active trades. The script will instantly show all the open positions of the asset, including floating profits and trading volume.

In the above EUR/GBP chart, we’ve applied the Check Current Open Orders With Profit Script to snap an instant report of an active position. If you have multiple opened trades of an asset, the script will show a summary of all the active positions simultaneously.

Conclusion

The Check Current Open Orders With Profit is an unique MQL4 script that visualizes your current earnings on the price chart based on the entry date and price data. It is a perfect tool for traders used to activate multiple entries at a time. Besides, professional portfolio managers may use this MT4 script to report the current trading positions to their clients.

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With this script, you can assess the number of your past trades that went in or against the direction of your setup and by how much pip.

The evaluation of your past trades is one of the best ways to grow in terms of experience in the financial industry. The experience is what will help you to make better trading decisions in the future. In essence, it helps you to know when to exit or hold a trade a bit longer for maximum profits.

Further, the MT4 script is recommended for novice/intermediate and advanced forex traders to evaluate their past trade performances.

How to Use The History Order Trades Script For MT4

The above image shows a blank chart of the AUDNZD pair. Now, let’s assume you want to see how your previous trades performed after they hit your Take Profit/Stop Loss. To do this, you simply open the History Order Trades script for MT4 and run it on your chart.

The above image shows the past trade taken on the AUDNZD pair that was identified by the script. It shows a buy trade, the Take previous Profit, and Stop Loss zones.

From the above image, you can see that the buy trade went a few pips in the favored direction but retraced and hit the break-even, and eventually took out the Stop Loss. This information clearly shows that but for the break-even, the trade would have been a loser.

Note that the ‘auto trading’ function is recommended to be turned on before running the script. Besides, the “Allow live trading” and “Allow DLL imports” are also recommended to be ticked before running the script.

Conclusion

History Order Trades Script for MT4 is an incredible forex trading tool that was programmed to display past trades to help you self-evaluate your strategy and trading style. Finally, it is free to download.

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This effective script is very simple to apply, so new and advanced forex traders can use the script with ease.

SL Break Even Script For MT4 – Application

Moving the stop loss to break even is one of the frequent operations in the trading terminal.  Securing the position once there is a comfortable amount profit will help the trader to avoid losing the accumulated profits in case of a retracement.

The SL break even script for MT4 automatically identifies if the open positions are buy or sell. As the script identifies the order types automatically, it changes the stop loss to break even.

Moreover, the script applies the changes to all open positions. As a result, forex traders can manage multiple open trades according to technical analysis or market conditions.

The script is easy to execute, traders can place the script on any open chart. Once the script is active it changes the stop loss to break even and then completes its task. Because scripts execute small tasks once active.

In case there are new open positions the script should be executed again. It is important to note that scripts are not like expert advisors that continuously work once placed. Instead, they execute small tasks.

Conclusion

The SL break even script is one of those essential tools for all types of forex traders. Obviously, it finds its place with many technical traders.

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Traders should place the script on a desired price chart to execute the script. This script executes in a single click and is useful for both new and advanced forex traders.

Close Open This Symbol Script For MT4 Application

The close open this symbol script closes all the open positions of a currency pair. As the name suggests the script performs a single operation, closing open positions. However, if there are multiple open trades in different trading instruments. Traders should place the script on the price charts separately.

For example, if there are open positions of GBPUSD, GBPJPY, GBPNZD. If the trader places the script on GBPUSD chart, it would close all open positions of GBPUSD.

However, the positions of GBPJPY and GBPNZD will not be affected. So to close positions of GBPJPY and GBPNZD the script, traders should place on the price charts of them too.

The script is most effective tool for scalpers. Since scalpers look for quick profits, this script helps them to exit multiple positions instantly.

Similarly, other types of forex traders can use this script to help them exit the open positions instantly with profit or loss.

Conclusion

This script helps traders to exit open positions instantly, it’s very effective for forex scalpers and news traders. Indeed, the script saves the day when there is an unexpected price reversal.

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Another important feature, the script is flexible and can change the SL and TP based on magic number and order comments. The script is easy to apply for both new and advanced forex traders.

Set Fixed SL and TP Script For MT4 Application

The above chart shows the script in action. Due to changes in market conditions and based on technical analysis. Forex traders opt to adjust the stop loss and take profit of all open positions. Particualrly, if there are a number of open positions this script handles the modifications.

If there is a requirement to change stops and TP of a particular EA, then the script handles it with ease. This helps the trader to apply instantly and not to leave any open trade.

Though the trades can be modified individually, the option to choose positions based on order comment and magic number enhances the application of this script.

Conclusion

Indeed, the need to control and change the stop loss and take profit of all positions may arise with some technical traders. Obviously, in such case this Set Fixed SL and TP script is a boon.

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