Visual Trading Console (VTC) introduces a next level trade manager module, which is available from version 2.01.07 and in all 3.x versions.
The trade manager mechanism is composed of two trade manager layers, which enable truly automated multi-terminal trade management.
This short article will explain the various trade manager components and their use in automatic trade management.
Trade manager profiles are the foundation of automatic trade management. They encapsulate various trade manager settings such as “initial SL & TP”, trailing & stepping stop, break even parameters plus profit & loss scaling to name but a few.
Each profile can be assigned to various tickets (open trades), thus enabling independent settings for every order. The Trade Manager Profile Editor is used to create, modify, and save user-defined profiles under unique profile names, which can later be used to manage various trades. Profiles can be assigned manually or automatically to different trades. This article will focus on automatic profile assignment based on user-defined criteria – this is where the Trade Manager Logic comes into action.
The Trade Manager Logic tab is used to assign individual trade manager profiles (assigned using the Trade manager profile name drop-down list) to various trades using a mix of the following settings:
- Traded symbol name (or “*” for all symbol names)
- Metatrader account number on which the trade is placed ( or “-1” for all account numbers )
- Trade ID number (magic) (“0” is used for manual trades without a trade ID assigned, “-1” is used to define ALL trade IDs)
- The trade’s direction (Long or Short)
Information is entered as criteria rows into the Trade Manager Logic database. Rows can be added, edited, or deleted:
The predefined trade manager profile name “>> TRADE MANAGER OFF <<” is used to switch off automatic trade management for particular trades. These entries must be placed on the top rows because the trade manager logic will always use the first matching criteria it finds looking in order from the first row to the last row.
In the example above, all trading done on the 327983 account number will NOT be managed (all symbols, all trade IDs, and all order types).
Trade Manager Logic can be tested by entering trade parameters and pressing the [Test] button.
This will display an alert window informing the user about the name of the trade manager profile that will be used to manage this particular trade:
The last step is to activate the automatic trade manager and instruct it to utilize the Trade Manager Logic layer for the automated Trade Manager Profile assignment.
This is done by selecting “>> Use Trade Manager Logic <<” from the list on the bottom toolbar of VTC and enabling automatic trade management (ON):
From this moment on, every newly opened trade will be checked by the Trade Manager Logic module to determine the appropriate Trade Manager Profile to apply to this trade so all management functions can be done according to the selected Trade Manager Profile.