ShowBE is an Expert Advisor that helps you to manage your trades. It will be useful for traders who often keep several open trades on the same pair, which is typical for the averaging, martingale and grid strategies, locking, etc.
With the default settings, EA analyzes and displays information about the total opened position for the current currency pair. In particular, it calculates and shows the break-even (BE) level. (For your information: Break-even level or break-even point is the level of price at which the total profit of the position is zero.) The BE level is calculated correctly also in the case when there are both long and short trades opened, i.e., when a part of the total position is locked. The BE level is not shown if there is only one opened trade (in this case, the BE level coincides with the opening price of the order) or the position is neutral, i.e., the volume of the long trades equals the volume of the short trades.
The additional features of the EA allow you to set up and update the take-profit and the stop-loss levels of the total position.
With the SetTP option activated, EA will set the take-profit levels of all open orders to the BE level plus (minus) the given number of pips. If the number of open orders changes (e.g., a pending order is triggered), EA will recalculate the BE level and modify the take-profit levels accordingly. This option is active only if there is more than one opened order.
The CloseBE feature will do the same as SetTP, but without setting the take-profit levels of open orders. CloseBE works as a virtual take-profit, closing all orders when the total profit reaches the BE level plus (minus) the given number of pips. In this way, your broker has no way of knowing when you are going to close your orders. The level at which the orders will be closed is shown graphically on the chart. If both long and short orders are present, they will be closed by overlapping, thus saving the spread.
The MaxDD and MaxDDPerCent features will close your orders when the open drawdown on this pair reaches the prescribed level (in currency units or in percents of the account balance). These two features work as a virtual stop-loss, restraining your losses in cases when the market moves against your position.
Besides the above mentioned features, EA can:
• Delete all pending orders after the market orders are closed by take-profit.
• Remove the take-profit and stop-loss levels of individual orders when the position is fully locked (the volume of the long trades equals the volume of the short trades).
• Close all orders immediately, if a CloseAllNow flag is set.
An example of how it looks like is here:
- Download EA ShowBE.
- Donateware for EA ShowBE.
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