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An expert advisor that can help you break even is an invaluable tool for any trader. By automatically moving your stop-loss points into a no-loss position, EA can help you to protect your profits and ensure that you never experience a devastating loss.
There are many different breakeven EAs available, each with its own set of settings. Before downloading an EA, read through the specifications to ensure that it meets your needs.
The break-even price represents the price level when the entry position level is as same as the stop loss position level. A break-even stop-loss is a technique used in trading that ensures you do not lose more money on a trade than you have risked.
It sets a point at which the trade will be closed out, regardless of how the market moves from that point. This guarantees that you will at least break even on the trade.
For example, enter a BUY trade at 1.3, set stop loss at 1.2, and target 1.4. If your price goes to 1.35, you can move the stop loss to 1.3 instead 1.2. From that moment, your trade can be only profitable because when the stop loss is at the “break-even” price, your stop loss and entry position are at the same price level.
Move Stop Loss to Break-Even MT4 & MT5 EA
Move to Stop Loss Price level to Break-Even MT4 & MT5 expert advisors represent MQL written programs that can help you to automatically move stop loss from default stop loss to entry position if your minimum distance condition is satisfied.
One of the most important things to look for when selecting a breakeven EA is the time frame that it is designed to work with. If you trade on a shorter time frame, you will want an EA that moves your stops quickly into a breakeven position. If you trade on a longer time frame, you may wish for an EA that waits until you are further ahead before moving your stops into a breakeven position.
Please see my youtube video about this EA:
It is also essential to consider the market conditions that the EA is designed to work in. Some EAs work best in trending markets, while others are more effective in range-bound markets. Be sure to select an EA that is compatible with the type of market that you are trading in.
Download Move Stop Loss to Break-Even MT4 & MT5 EA
How to install Move Stop-Loss to BreakEven EA
Please copy the Ex4 file to the Experts folder while the two files into the Include folder. Run the MT4 platform and add EA to your wished chart.
How to set Break-Even EA?
To use this EA, you need to set two options:
- Set “Points of distance from the open price”: For example, if you want to reach the target of 100 pips and to set automatic breakeven after 50 pips, then you need to set this place at 500 points because 500 points are 50 pips distance from open price.
- “Enable Breakeven EA” – this option needs to be “true,” and only then will Ea work.
When configuring the break-even EA, you first need to decide on the points of distance from the open price that will trigger the stop-loss moving to breakeven. You’ll need to apply the EA to a chart and experiment with different values to find what works best for your trading style and account size.
Once you’ve settled on the point of distance, you can filter by magic number or comment to modify only the orders that meet your specific criteria. If unsure what magic number or statement to use, leave the fields blank, and the EA will apply to all orders.
You’ll also need to decide if you want to enable notifications and, if so, if you wish to send alert notifications or email notifications. Alert notifications will alarm your computer each time the stop-loss is moved to breakeven, while email notifications will send an email notification containing information about each triggering event.
Advantages of Break-Even EA
There are several advantages of using the Move Stop to Breakeven MT4 EA:
- Filtering Options: The EA offers filtering options to allow traders to select the trades that the EA will manage. This helps traders to focus on the trades that are most likely to result in a profit.
- No Human Intervention: The EA is designed to work without human intervention, which means you can set it and forget it. This allows you to focus on other tasks while the EA manages your trading account.
- Stop Loss Limit: One of the most significant advantages of using an EA is that it can help you to limit your losses. The Move Stop to Breakeven MT4 EA is designed to automatically exit a trade when the stop-loss is hit, which helps to protect your trading account from significant losses.
- Notifications: The EA also sends messages when the stop-loss is updated, so you can stay informed about how your trades perform.
Risk management is one of the essential aspects to consider regarding trading. This is where a break-even expert advisor can come in handy.
This EA helps you to control your risk and protect your profits by automatically moving your stop loss to break even once your trade has reached a certain profit level.
This can be a great way to secure your profits and reduce risk exposure, mainly if you use tight-stop losses.
The EA also includes other features, such as adjustable activation settings, alerts, etc. So, if you are looking for an easy way to manage your trades and protect your profits, then this EA could be an excellent option.