The Best MT4 Trade Manager EA

Best MT4 Trade Manager EA in action

A 10 minute process done in 10 seconds.

Easily place your entry, stop loss, take profit, breakeven, partial profit, trailing stop and idea invalidation in 2 simple clicks.

After that, choose how much you wish to risk for each trade based on lot size, dollar amount of % of equity.

  • Reverse calculate lot size

    Smart lot size calculation & recalculation

  • 1-Click Stop Loss / Take Profit Targets

  • Easily modify existing trades

  • trailing stop loss to protect your profits

    Breakeven Feature

  • 3 Levels Partial Profit Feature

  • Multi-Timeframe support and resistance indicator

    Multiple Trailing Stop Loss Feature

  • In-built News Avoidance System

  • Stealth & Decoy Stop Loss and Take Profit levels

Features of the MT4 Trade Manager EA

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See some of our amazing features

Smart Lot Size Calculation & Recalculation

Reverse calculate your lot size based on equity % or dollar amount $. The EA factors in how far your stop loss is and reverse calculates the correct lot size based on your risk allocation to that trade.

If you adjust your pending order’s stop-loss distance, the EA will automatically recalculate the correct lot size for you and replace the trade with the correct lot size.

1-Click Stop Loss / Take Profit Targets

Place your stop loss and take profit targets with a single click. 

Works for market orders and pending orders.

One click entry, stop loss and profit target with our MT4 Trade Manager EA

Easily modify existing trades

Adjusting your levels is as easy as clicking and reactivating the setup.

Even if you modify your stop loss distance, the Trade Manager can easily help you recalculate the correct lot size to risk the same original amount.

Easily modify your opened and pending orders with our MT4 Trade Manager EA one click feature

Breakeven Feature & More

The MT4 Trade Manager automatically moves your Stop Loss to Entry once your breakeven target is hit.

There are other advanced settings such as idea invalidation, partial profits and trailing stop loss is included.

Very useful to move your trade to a risk-free setup. The breakeven pips offset also allows you to lock in a couple of pips (usually to cover commissions).

3 Levels Partial Profit Feature

The Trade Manager EA allows you to set up to 3 separate partial profit levels along with customisable % to be closed at each level.

Very useful for locking in profits at key stages of your trade.

Multiple profit target levels trade management for MT4

Multiple Trailing Stop Loss Feature

Wide selection of trailing stop loss features, from simple trailing stop, to 3 step trailing stop, to ATR stop loss, Chandelier trailing stop loss and even Parabolic SAR stop loss.

Very useful for riding out large trends or big breakouts that can turn your original winning trade into a massive one.

In-built News Avoidance System

The MT4 Trade Manager EA is able to remove your pending/opened orders when a big news event is approaching. This prevents you from getting wiped out of your trade because of the wild volatility.

You can set custom timings on when to remove your pending and/or market orders before a news event. High/medium/low impact is fetched from Forex Factory.

In-built Stealth & Decoy Stop Loss and Take Profit levels

The MT4 Trade Manager EA is able to hide your stop loss and take profit targets from the broker. It can similarly add a decoy X pips to your stop loss or take profit targets to throw your broker off.

This is very useful when you feel that you are being B-booked by your broker or always notice that you get stopped out by 1 pip or so.

When using this feature, you have to keep your trade manager EA turned on (meaning your computer has to be running).

Download and give it a shot!

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If you like it, there's a BIG discount coupon code in your trial email!

Free MT4 Trade Manager Trial (AUDUSD, USDJPY)

Why does MT4 Trade Management Suck?

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Simple, just watch me try to risk 1% of a 100k account on a trade.

Conventional method on MT4 is very tedious and brain draining every time you want to place an order:

    1. Measure your stop loss distance
    2. Go to an online position calculator and key in your account balance and the base currency.
    3. Calculate the required lot size based on how much you wish to lose
    4. On MT4, place a pending stop/limit order (and pray you don’t screw up)
    5. Type in your stop loss price (and pray you don’t press the wrong numbers)
    6. If you wish to edit your order, delete the entire trade and repeat.
    7. Manually adjust stop loss to breakeven 
    8. Manually close % of position when price has moved % towards TP target
Normal way MT4 makes you manage your trades

What makes our Trade Manager different?

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Built by traders, for traders.

New MT4 Trade Manager EA method:

  1. Define trade helps you easily select how much you want to risk on each trade
  2. Use the vertical trade bars to easily select your entry, stop loss, take profit, breakeven, partial profit (up to 3 levels), trailing stop loss levels. If you don’t want to use any of them, just press the “X” at the top of the bar.
  3. Choose whether you want any advanced features such as stealth/decoy stop loss. When done, click ‘place trade’.

Done. It can be that simple. You essentially squeezed a 10 minute process into less than 30 seconds.

This MT4 Trade Manager EA works purely based off the charts you attach it on. It was designed to help traders easily define your risk amount (in terms of equity %, lots or absolute dollars), pick your entry, your stop loss and your take profit.

It also has these additional features (which we will cover in detail later).

  1. Breakeven feature allows you to set the price level where your stop loss would be moved to breakeven
  2. Partial profits feature allows you to set the price level where you would close partial profits (adjustable % of open position)
  3. Trailing stop loss feature provides you 4 different trailing stop options to choose from (parabolic SAR, chandelier exit, normal trailing stop, step trailing stop)
  4. Stealth stop loss feature allows you to hide your stop loss and take profit in case you feel that your broker is hunting your stops (there are brokers who do this)
  5. Decoy stop loss feature allows you to set a decoy to your stop loss and take profit such that you the MT4 Trade Manger EA would close off your position before TP/SL is hit. This is particularly useful for profit targets as there are many times you notice price reversing right before it hits your profit target – fishy right? This feature allows you to take your profit before that ever happens.
  6. News filter feature is built because many traders do not want their open/pending positions to be around when high impact news events come around. Example : if you have an pending EURUSD trade, you can choose to delete it 15 minutes before NFP news arrives and open it 15 minutes after NFP news is done. This allows you not to be caught out by the wild volatility of that news event.
  7. Spread filter feature allows you to get into positions only when spread is in your favour. Brokers like to spike spreads when your entry price is reached, causing you to be slipped negatively (and hence they profiting). What this feature does is that it prevents a pending order from being triggered if the spread is too high and only actives the pending trade when spread tightens to an acceptable level.

Why not have a fixed stop loss?

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My strategy has a fixed X pips stop loss / take profit.

Why do we use intelligent responsive bars to pick all our levels? Why not just have a fixed stop loss and take profit distance?

It’s because you trade off the charts and it’s easier to see which levels you want these important levels to be at. Sure, it shows you the number of pips that your stop loss/take profit has, but what is more important is how these levels look on the entire chart, right?

Not sure what I mean?
Well imagine this: You have a strategy that tells you to set a take profit of 100 pips. If you use a standard approach of just placing 100 pips, you turn a blind eye to what the charts are telling you and that is very very dangerous.

What if your 100 pips take profit is 5 pips higher than a major swing high that has not been successfully passed for the last 3 weeks? Wouldn’t it make more sense to simply have a 95 pips take profit in this case? Why risk the entire profitability of a trade for 5 pips?

Because of this, it’s always better to reference the chart when placing your key stop loss/take profit levels.

Below is a picture example of what I mean:

You can see how our take profit target is slightly above a major swing high level (which price can drop from if it reaches that level)
We see how price almost reached our profit target but dropped because of the major swing high we highlighted in the previous picture. Lesson? Don’t follow a trading strategy stop loss and take profit blindly. Always look at the charts to reference key levels to place your stop loss/take profits at.

Video of our MT4 Trade Manager EA in action

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Watch our Trade Manager in action!

Explaining Trade Management with our responsive trade bars

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What does each bar mean?

First, clicking “Buy” or “Sell” would open up 7 bars for you to use. To use the bars, all you have to do is click on the specific bar and drag the line up/down to your desired level. Now, we will go through what each bar stands for :

Blue Bar = Open Price

  • The blue bar is adjusted to where you want your order to be triggered.
  • If you don’t click and move the blue bar, it will open a market order the moment you click “place trade”.
  • If you click and move it, then it will execute a pending order the moment you click “place trade”.

 

Red Bar = Stop Loss

  • The red bar helps you adjust your stop loss.
    The lot size is auto calculated no matter where you move your red bar to.
  • It’s important to always repeat the “define trade > risk” settings every time you adjust your stop loss. This will ensure you always have the correct lot size.

Green Bar = Final Take Profit

  • The green bar helps you adjust where you want to close your position fully.
  • You will need to place your take profit target before placing your partial profit targets (which is between the entry and final take profit).

Yellow Bar = Breakeven

  • The yellow bar is your breakeven point.
  • What happens when price reaches this level is your stop loss would be moved to your entry.
  • This essentially means if price goes back up to your entry and stops you out, you will exit at breakeven (no win no loss).
  • Your breakeven level can only exist between your entry to your take profit.
  • You can set an automatic offset of X pips to cover your commission.

Purple Line = Idea Invalidation

  • Now, the concept of idea invalidation is not common in the market place yet. But it’s a crucially important tool when it comes to trading.
  • Think of it as the “opposite of breakeven”.
  • When price reaches this idea invalidation level, your take profit would be moved to your entry.
  • The logic behind this is simple : When your original idea is not working, it is best to get out as soon as possible.

White Bar = Cancel Pending Order

  • The white bar is there to cancel a pending order when price passes this level.
  • The reason for this is sometimes we are looking to sell on a Fibonacci retracement or extension. But when price moves further away, this throws all our calculations off.
  • This is an advanced feature. It can be disabled if you prefer to.
MT4 Trade Manager - Trade Cancellation

Light Green Bar = Partial Profit

  • You know sometimes you want to close off part of your position but not the whole position?
  • That is where our partial profit bar comes.
  • You can adjust the % of your position you want to close (by default it is 50%) as seen in the picture above.
  • Always place your Final Take Profit before placing your partial take profit levels.

Pink Bar = Trailing Stop

  • The pink bar selects the level at which your trailing stop loss would be activated.
  • Currently we have a few popular trailing stop loss methods such as : Simple, Steps, ATR, Chandelier and Parabolic Sar.
  • You’ll be able to adjust the settings of each trailing stop loss method once you select them under “advanced”.

Once you are done picking all the different levels, it is always important to “define your trade”. This step is to help you determine how much you would like to risk on a certain trade. You can choose to risk (only pick one) :

  1. X dollars
  2. Fixed number of lots
  3. Risk % of your account
Remember to only go to this step once you are done selecting all the different levels on the trade manager. The reason for this is because the final step is to always reverse calculate the lot size based on your risk allocation.

Trade Manager Basic Settings

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Learning how to use it right.

  • Risk > Fixed Lot allows you to choose a default lot size each time a trade is placed
  • Risk > Money lets the trade manager auto reverse calculate your lot size so that it risks the exact amount of money per trade based on your stop loss distance.
  • Risk > % of equity is the most recommended setting. It lets the trade manager EA reverse calculate the exact lot size so you’re risking the exact (or as close to) the % of equity on a certain trade. 
The settings below are all auto calculated based on where you place your vertical bars. Honestly, you don’t need to edit any of it except the TP1 and TP2 % of position you wish to close (default is 50%)
  • Trade > Open simply shows the open price based on the position of the blue bar you used.
  • Trade > SL means your stop loss and it shows your stop loss price.
  • Trade > TP3 is your dark green bar and also your final take profit where your entire positions (or what is remaining of it) will be closed.
  • Trade > BE is your breakeven price. This is where your stop loss is moved to your entry. The box on the right refers to the pips offset. A value of 1.0 means you will move your stop loss to entry +1.0 pips (good to cover commissions.
  • Trade > TP1 (box on the right) allows you to state how many % of your position you wish to partially close when that level is hit.
  • Trade > TP2 (box on the right) allows you to state how many % of your setup you wish to partially close. This is your second partial profit level.
    • Example: Original trade is 1.0 lot. TP1 of 50% means you close 0.5 lots. TP2 of 50% means you close 50% of the remaining 0.50 lots (hence, 0.25 lots). What you’re left with is 0.25 lots for the final take profit target.
MT4 Trade Manager Basic Settings

Trade Manager Advanced Settings

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Yes, it gets more powerful.

  • Stealth SL/TP means to hide your stop loss and take profit from the broker. When you enable this feature, your trades won’t have any stop loss/take profit. It’s important to ensure your MT4 is always running when you use this feature because if you turn it off, the Ultimate Trade Manager would not work and you would be having a trade with no stop loss/take profit.
  • Decoy SL/TP means you are able to add X pips to your stop loss/take profit to decoy the broker. Example : your buy order stop loss is at 1.0010. If you add 5 pips decoy to it, your stop loss would be at 1.0005 as seen by the broker, but it is actually at 1.0010 (the Ultimate Trade Manager will recognize this).
  • Max Spread feature protects you from being filled on a trade when the spread is too big. For example, you have a pending order on EURUSD. But when price reaches your entry through a volatile news event, the spread is 20 pips. If your Max Spread setting is at 3 pips, the Ultimate Trade Manager protects you by preventing you from entering into a trade until the spread drops to 3 pips.
  • News (Pending) feature removes your pending order X minutes before a news event and places it back X minutes after a news event. This is useful especially when you don’t want your trades to be affected by high volatile news events.
  • News (Active) feature removes your opened active orders X minutes before a news event so that you don’t get affected by the high volatility news events.
    • In both the news features mentioned above, you can adjust whether you want to be affected by high/medium/low impact news and also whether you want the news events to be displayed on the chart (via a vertical dotted line)
  • Trailing allows you to select which trailing stop loss method you would like to use.

Download and give it a shot!

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If you like it, there's a BIG discount coupon code in your trial email!

Free MT4 Trade Manager Trial (AUDUSD, USDJPY)

Instruction Manual

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How do I install this?

The Ultimate Trade Manager.ex4 should be placed in your “expert advisor” folder. To do this, open MT4 > File > Open Data Folder

With the new folder opened, you have to navigate to MQL4 > Experts > paste the Ultimate Trade Manager.ex4 into here. 

Once done, restart your MT4.

The next thing you have to do is to enable your MT4 to allow expert advisors. On the top of your MT4, there is a button called “AutoTrading”. Ensure that it is green and not red by clicking on it.

How to install the MT4 Trade Manager

After that, you would need to go to tools > options > Expert Advisors and ensure that the 2 boxes shown in the picture are “checked”

Once you’re done with all that, you have to enable “chart shift” so that the Ultimate Trade Manager has space to operate.

To do that, press F8 > Common > ensure “chart shift” is checked as seen in the picture below.

Once you enable “chart shift”, this nudges your chart to the left giving you some space on the right for the trade manager to be at.

You can adjust how much space you want on the right by sliding the little arrow left/right as seen in the picture below.

Once you’re done with this step, you have successfully installed your Ultimate Trade Manager!

Download and give it a shot!

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If you like it, there's a BIG discount coupon code in your trial email!

Free MT4 Trade Manager Trial (AUDUSD, USDJPY)