Blog

Placing stop & limit pending orders in Visual Trading Console

Back to Table of Contents

Placement of stop & limit orders in VTC can be a two step process, which includes placing the entry and target lines on a selected chart or a quick one step order placement, where you provide all of the necessary information directly in the order entry panel and click the “Pending Sell” or “Pending Buy” button:

One-step pending order

Leaving the “Entry” price at 0.0, will initiate a “visual” pending order setup, where you will need to place the entry line and stops on the corresponding chart.

In this example the chart would be a 5 minute chart of GBPUSD, since it is selected on the order entry box (GBPUSD,M5) and the setup would look as follows:

GBPUSDM5

 

When placing any order in VTC, you have a choice of two modes for selecting the trade volume (lot size):

1. Fixed lot size

Fixed lot size is typed into the “Volume” entry box, provided that the Risk Based Volume (RBV) checkbox is let unchecked:

Stop loss and take profit values entered in the S/L & T/P fields of the quote box will be reflected by SL & TP lines on the chart during the visual order placement process (if no “Entry” price is provided). At that point these values can still be changed by moving the corresponding stop lines directly on the chart.

2. Risk based lot size calculation

To use risk based lot size calculation, the RBV check box must be checked, a Stop Loss value must be provided and the Risk % factor must be keyed in. The lotsize (trade volume) is automatically calculated based on the selected risk, stop loss level and your current account equity. The “Entry” price (which automatically selects the stop or limit order type) along with the TP & SL levels can be visually set by lines on the currently selected chart (defined by SYMBOL, PERIOD on the quote box), if the “Entry” field is left at 0.0 (clear).

Pending order visual placement process

Once the trade parameters (volume or risk) are preselected, you need to click on the BUY or SELL button (depending on the desired trade direction).

Visual entry & stop level placement is done directly on the selected chart in Metatrader, so once you click the BUY or SELL button, a set of icons will appear on the selected chart:

By default, the yellow line will be visible and the blue & red lines will be sown or hidden depending on the SL/TP setting on the quote box used to place the trade. These lines can be enabled/disabled by clicking the corresponding [SL] & [TP] icons on the chart.

The blue and red horizontal lines are used to set the take profit and stop loss levels respectively, while the yellow line is used to place you trade entry level.

Colors can be changed by the user at any time by running the VTC2workerCFG script

When the entry line is moved and the [MS] icon is selected, the TP & SL lines are moved along with the entry line while maintaining the preset stop distances in relation to the entry line.

This is useful if you wish to maintaining constant TP and/or SL  distance from the entry line, but you need to adjust the entry level.

This feature can be switched off by clicking on the [MS] icon (when the square around MS is gray, the feature is disabled).

You need to double-click each line to make it movable.

The line is moved by left-clicking and holding down the mouse button while moving the line up or down to select the desired level.

The icons located on the left top corner of the chart are used to perform the following set of functions:

X → Cancel order placement.
V → Place pending order witch selected parameters.

Lock → enable/disable movement of SL & TP lines together with the entry line*

Use SL → turn ON/OFF the stop loss setting (show / hide the red horizontal line)
Use TP → turn ON/OFF the take profit setting (show / hide the blue horizontal line)

When the square around MS, SL or TP is gray, the feature is switched off.

*) feature introduced in version 2.02.20

VN:F [1.9.22_1171]
Rating: 10.0/10 (4 votes cast)
Placing stop & limit pending orders in Visual Trading Console, 10.0 out of 10 based on 4 ratings
Print Friendly, PDF & Email
1

Comments

  1. Mohamed Mahrous  July 12, 2016

    thanks for this an amazing tool

    reply

Add a Comment