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Old 01-04-2007, 01:49 PM
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How to use ManageTPv2-3 EA

Can anyones tell me how to use this indicator. Thanks
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Old 01-04-2007, 02:13 PM
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Assume you place a 1 lot sell order for EURUSD at 1.2100 (1.2103/1.2100 - ask/bid). (Assume a 3 pip spread.)
The expert will take .1 lots ("Close_Lots"), or 1/10th of this scenario's order, out at +10 pips ("First_Target"), or 1.2090/1.2087.
After that, the next profit target will increment 8 pips ("Target_Increment") to 1.2082/1.2079. and another .1 lots will be taken out at that level. The expert continues to increment the preceding profit target by 8 pips until the original order is closed. In this example, the maximum pips gained would be 10 + (8*9), or 82 pips. (First target pips + increment pips * number of times to increment, which would vary depending on the original order size and the "Close_Lots" parameter.)
When the trade reaches +15 pips ("First_Stop_Target"), the stop loss will be moved to -5 pips ("First_Stop") from the order entry price. In this case, the order entry price was 1.2100, so the new price would be 1.2105. This means that you would lose 5 pips if the trade turned. Set the "Stop_Differential" parameter to "0" in order to move stops to breakeven (1.2100). If this parameter were, for example, set to 5, then the stop loss would be moved to 1.2095, and you would have a 5 pip increase if the move turned against you and stopped you out.
When the trade reaches +30 pips (Second_Stop_Target), the SL is moved to Entry Price + 10 pips.
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Old 01-04-2007, 02:37 PM
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Thank you for your detail explanation. Looks great. How if i put manually TP or SL is it affect this EA?
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