BreakEven EA v2 MT4 Source Code MQ4 is a popular type of automated trading script designed to protect profits by moving the stop loss to the entry level once a trade has moved a certain number of pips in profit. Here’s a brief summary of how a BreakEven EA v2 might work, and a simplified version of its logic in MQ4 code.

BreakEven EA v2 Key Features:

1. Stop Loss to Break-Even: Once the price moves in the favorable direction by a specified number of pips, the EA automatically moves the stop loss to the entry price (break-even).
2. Trailing Break-Even: Can include additional features like moving the stop loss to break-even after a certain distance or after the price moves further in profit.
3. Adjustable Parameters: The user can set the number of pips the price must move in their favor before the break-even stop loss is triggered, and also the distance in pips for the trailing stop.
4. Multiple Positions Handling: Can handle multiple open trades simultaneously, adjusting each trade’s stop loss individually.

Brief Explanation of the Code:

1. BreakEvenPips: Defines how many pips the price must move in the favorable direction before moving the stop loss to break-even.
2. TrailingPips: Once break-even is achieved, this parameter determines how many pips the stop loss should trail the price.
3. OnTick(): The main function that runs on each market tick. It checks all open positions:
   • If a Buy position has moved in profit by the specified BreakEvenPips, the stop loss is moved to the entry price.
   • If a Sell position has moved in profit by the specified BreakEvenPips, the stop loss is moved to the entry price.
   • After break-even is achieved, the trailing stop logic moves the stop loss further in the favorable direction by TrailingPips.

Summary:

• The BreakEven EA v2 automatically manages stop loss levels by adjusting them to break-even once the trade has moved favorably.
• It also features a trailing stop to lock in profits once the trade continues in the profitable direction.
• This code provides a basic implementation and can be extended with additional features like more flexible trailing stops or risk management tools.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

What’s in the package?

Experts:

• BreakEven EA v2 Source Code MQ4.mq4

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