MetaTrader 4 MT4 Libraries Take Profit based on current profit – library MetaTrader 4

Take Profit based on current profit – library MetaTrader 4

Introduction

Many Expert Advisors (EAs) tend to close orders at the take profit level, considering the pip distance from the purchase price. However, the code used by EA NextBot is based mainly on the current profit . This approach allows you to easily manage the take profit with multiple open positions, monitoring the total current profit based on the magic number, in case you use multiple bot instances or different EAs simultaneously . Add me to your friends and follow my feed to be updated on the news!

Using this code can also have a positive impact on some problems that may occur when using a take profit based on pips. For example, a pip-based take profit could change depending on the slippage of your broker, limiting profits . By using a code based on current profit, you can avoid this issue and have more control over your trades.

If you want to learn more about how to set up a take profit based on current profit, you can use the code of EA SwingBot as a reference.


Total orders

Let’s start with the code that calculates the total number of open orders with the same magic number.

The magic number is a unique identifier assigned to an order by the trader or an EA (Expert Advisor).

The code initializes a variable total_orders to zero. It then loops through all the open orders using a for loop and selects each order using the OrderSelect() function. If an order is successfully selected, it increments the total_orders variable by one.

//----------------- 
   int total_orders = 0;
   for(int i = 0; i < OrdersTotal(); i++)
     {
      if(OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
        {
         if(OrderMagicNumber() == MagicNumber)
         {
         total_orders++;
        }
        }
     }


Calculating Current Profit

The code initializes two variables: ProfittoMinimo and Profit. The variable ProfittoMinimo is used to activate the take profit at this level, the value is expressed in the currency of the account. The variable Profit is used to accumulate the current profit of all open positions that have the same magic number. The variable StopLoss is used for the stop loss.

The code uses a for loop to iterate through all open positions using the OrdersTotal() function. For each open position, the corresponding order is selected using the OrderSelect() function. If the order is successfully selected and has the same magic number, the profit of the order is added to the Profit variable.

      double ProfittoMinimo = 3; // target profit
      double Profit = 0; // current profit
      


      for(int i=0; i<OrdersTotal(); i++)
        {
         if(OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
           {
            if(OrderMagicNumber() == MagicNumber) // In case of multiple EAs, you can remove the MagicNumber filter to maintain the function on the total orders
              {
               Profit += OrderProfit();
              }
           }
        }


The minimum profit can be set as an external variable and configured in the EA options:

Minimum Profit


Closing positions if the Profit is reached

The code uses a for loop to iterate through all open orders using the OrdersTotal() function. The loop starts from the last order and goes up to the first order. For each order, the corresponding trade is selected using the OrderSelect() function.

If the selected trade has the same symbol as the current chart, is of type OP_BUY, and has the same magic number as specified in the code, it checks if the Profit of the trade is greater than or equal to ProfittoMinimoIf it is, it closes the trade at the bid price using the OrderClose() function and prints a message indicating that the buy order has been closed.

Similarly, if the selected trade has the same symbol as the current chart, is of type OP_SELL, and has the same magic number as specified in the code, it checks if the Profit of the trade is greater than or equal to ProfittoMinimoIf it is, it closes the trade at the ask price using the OrderClose() function and prints a message indicating that the sell order has been closed.

      for(int e = OrdersTotal() - 1; e >= 0; e--)
        {
         if(OrderSelect(e, SELECT_BY_POS, MODE_TRADES))
           {
            if(OrderSymbol() == Symbol() && OrderType() == OP_BUY && OrderMagicNumber() == MagicNumber) // l’ordine viene modificato solo se il MagicNumber corrisponde a quello dell’ordine in corso.
              {
               if(Profit >= ProfittoMinimo)
                 {
                  OrderClose(OrderTicket(), OrderLots(), ND(OrderClosePrice()), 3); // Bid price
                  Print("Buy order closed", Profit, " - Stoploss minimo: ",MarketInfo(Symbol(), MODE_STOPLEVEL));
                 }
              }

            if(OrderSymbol() == Symbol() && OrderType() == OP_SELL && OrderMagicNumber() == MagicNumber)
              {
               if(Profit >= ProfittoMinimo)
                 {
                  OrderClose(OrderTicket(), OrderLots(), ND(OrderClosePrice()), 3); // Ask price
                  Print("Sell order closed", Profit, " - Stoploss minimo: ",MarketInfo(Symbol(), MODE_STOPLEVEL));
                 }
              }
           }
        }

Alternative:   Wave period oscillator - indicator MetaTrader 5


Conclusion

This code could be useful for all those position-closing strategies based on take profit, but it could also be combined with a trailing stop based on the increase in current profit. The system is also useful in case of multiple Expert Advisors. If you exclude the if condition on the MagicNumber, you can set general take profit levels to simultaneously control all open positions from all active EAs



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