DAY7: PRE-Trade Management

Home / Howtos / DAY7: PRE-Trade Management

DAY7: PRE-Trade Management

Introduction

Welcome to Blog No 7 in this miniseries of 10 blogs in which I will exploit MT4GUIs functionalities.

I hope you find it both interesting as well as valuable!

Sincerely

Thommy Tikka

DAY7: Objective

Risk- and money management are important “PRE-trade” components to handle to achieve success in trading.
Fixed lot size or risk based lot size?
Risk based on Account balance or on Equity balance?
The choice is yours when you use following piece of code!

DAY7: Functions covered

MT4GUI

  • MT4GUI checkbox (enable/disable PRE-trade button panel)
  • MT4GUI button (switch between Fixed/Risk based lot size)
  • MT4GUI button (enable/disable movable visual SLline
  • Look and feel (Size, color, positioning etc of GUI objects)

    • MT4 (MQL4)

  • Usage of horizontal line (movable) for SL
  • EA property inputs (set default Risk/MoneyMgmt settings, SL-level and GUI panel Y-position)
  • Calculate Lot size based in preset inputs
  • Set PipPoint based on Broker digits

    • CODEBASE:

    // mt4gui-PRETradeManagement.mq4
// Created by Thommy Tikka (thommy_tikka@hotmail.com) 
// Version 0.1, 20130412

// Include library file with common functions for mt4gui
#include <mt4gui.mqh>

// Declare global variables
int hwnd = 0;
int enablePRETradeBtn, moneyMgmtBtn, visualSLLineBtn;
int gUIXPos;
double actualSLPrice, actualSLPips;
double usePoint, lotSize=0;
string sLStatus="Default", lSStatus="Fixed";

//Set default PRE-trade variables, possible to change in the EA Properties
extern string     MONEYMANAGEMENTSETTINGS      = "----- Money/Risk Management -----";                 
extern bool       MoneyManagementRiskInPercent = false, // Money Management, if true uses Risk Percentage, if false uses Lot Size
                  RiskBasedOnAccountBalance    = true; // Risk base on AccountBalance or AccountEquity
extern double     RiskPercent                  = 10, // Risk Percentage, percent amount of account to risk when Money Management set to true, overrides Lot Size
                  FixedLotSize                 = 0.1,
                  DefaultStopLoss              = 10;

extern string     GUIPOSITION                  = "----- GUI Position -----";
           
// Y-Position the guiButtons
extern int        GUIYPos                      = 50;       
                  

// MT4 function called during the module initialization
//+-------------------------------------------------------------------------------------------+
int init()
  {
	hwnd = WindowHandle(Symbol(),Period());	
	guiRemoveAll(hwnd);	
	
	// Automatic X-Postion to the right 
   gUIXPos = guiGetChartWidth(hwnd)-200;
	
	// Delete visual lines from chart
	DeleteVisualSLLine();

   // Add screenshot button to chart function call
   CreateButtons();
   
   // Disable all gui Buttons
   ChangePRETradeState();
  
   // Set PointValue
   usePoint = PipPoint(Symbol());
   
   // Set default actualSL based on EA properties
   actualSLPips = DefaultStopLoss;
  
   return(0);
  }


// MT4 function called during deinitialization of the module
//+-------------------------------------------------------------------------------------------+
int deinit()
  {
   // Very important to cleanup and remove all gui items from chart
   if (hwnd>0) guiRemoveAll(hwnd);   	
   guiCleanup(hwnd);
   
   // Delete visual lines from chart
   DeleteVisualSLLine();
   
   // Remove eventual Comment
   Comment ("");
   
   return(0);
  }


// MT4 function called on every MT4 tick
//+-------------------------------------------------------------------------------------------+
int start()
  {
   // Call function ManageEvents on every MT4 tick
   ManageEvents();
   
   // Call function Move SL based on line
   if (!ObjectFind("INT.SLLine")==-1) ChangeSL();
   
   // Call function to calculate lotSize
   CalculateLotSize();   
   
   // Show SL and lotSize¨
   if (actualSLPrice!=0) sLStatus="Actual"; 
   if (MoneyManagementRiskInPercent  && RiskBasedOnAccountBalance) lSStatus="AccountBalance riskbased LotSize: ";
   if (MoneyManagementRiskInPercent  && !RiskBasedOnAccountBalance) lSStatus="EquityBalance riskbased LotSize: ";
   if (!MoneyManagementRiskInPercent) lSStatus="Fixed LotSize: "; 
   Comment (sLStatus+" SL Pips: "+DoubleToStr(actualSLPips,1)+"\n"+lSStatus+DoubleToStr(lotSize,5));
  }


// MT4GUI functions to create Button
//+-------------------------------------------------------------------------------------------+
void CreateButtons()
{
	// Position and size of the button ,x ,y ,a ,b (x, y = position from top left corner. a, b = size of button)
	enablePRETradeBtn	= guiAdd(hwnd, "checkbox", gUIXPos, GUIYPos, 140, 30, "Enable PRETrade"); guiSetBgColor(hwnd, enablePRETradeBtn, LightGray);guiSetTextColor(hwnd, enablePRETradeBtn, Black);	

	// Add Risk/Fixed LotSize Btn
	if (MoneyManagementRiskInPercent)
	moneyMgmtBtn = guiAdd(hwnd, "button", gUIXPos, GUIYPos+30, 140, 20, "Risk Lots");
	else moneyMgmtBtn = guiAdd(hwnd, "button", gUIXPos, GUIYPos+30, 140, 20, "Fixed Lots");

   // Add visual SL Line Btn
	visualSLLineBtn = guiAdd(hwnd, "button", gUIXPos, GUIYPos+50, 140, 30, "SL-line");
}


// MT4GUI functions to capture Button Events
//+-------------------------------------------------------------------------------------------+
void ManageEvents()
{		
	// If PRE-Trade Btn is checked, enable PRE-Trade actions
	if (guiIsChecked(hwnd, enablePRETradeBtn)) {guiSetBgColor(hwnd, enablePRETradeBtn, Blue);}
   else {guiSetBgColor(hwnd, enablePRETradeBtn, Aqua);}
   ChangePRETradeState();

   // If visualSLLineBtn is clicked call function to draw lines
   if (guiIsClicked(hwnd, visualSLLineBtn)) 
   {
      PlaySound("click.wav"); 
      if (ObjectFind("INT.SLLine")==-1)
         DrawVisualSLLine();
      else
      {
         DeleteVisualSLLine();}
   }

   // If moneyMgmtBtn is clicked 
   if (guiIsClicked(hwnd, moneyMgmtBtn)) 
   {
      PlaySound("click.wav");
      if (MoneyManagementRiskInPercent)
      {
         MoneyManagementRiskInPercent=false;
         guiSetText(hwnd, moneyMgmtBtn, "Fixed lots", 16, "Arial Rounded MT Bold");
      }
      else
      {
         MoneyManagementRiskInPercent=true;
         guiSetText(hwnd, moneyMgmtBtn, "Risk lots", 16, "Arial Rounded MT Bold");
      }
   }
}


// MT4 function draw SL visual line
//+-------------------------------------------------------------------------------------------+
void DrawVisualSLLine()
{ 
      if (actualSLPrice==0) 
      {
         ObjectCreate("INT.SLLine", OBJ_HLINE, 0, 0, Bid-DefaultStopLoss*usePoint);
         actualSLPips = Bid -(Bid-DefaultStopLoss*usePoint);
      }
      else 
         ObjectCreate("INT.SLLine", OBJ_HLINE, 0, 0, actualSLPrice);
      ObjectSet("INT.SLLine", OBJPROP_STYLE, 1);
      ObjectSet("INT.SLLine", OBJPROP_WIDTH, 1);
      ObjectSet("INT.SLLine", OBJPROP_COLOR, Red);
      ObjectCreate("INT.SLLineLabel", OBJ_TEXT, 0, Time[5], ObjectGet("INT.SLLine", OBJPROP_PRICE1) );
      ObjectSetText("INT.SLLineLabel", "SL", 8, "Arial", Red);
}


// MT4 function delete SL visual line
//+-------------------------------------------------------------------------------------------+
void DeleteVisualSLLine()
{
   for(int i = ObjectsTotal(); i >= 0; i--)
     if(StringSubstr(ObjectName(i), 0, 4) == "INT.")
       ObjectDelete(ObjectName(i));
}


// MT4GUI function, change button states
//+-------------------------------------------------------------------------------------------+
void ChangePRETradeState()
{
   if (guiIsChecked(hwnd,enablePRETradeBtn))
   {
      guiEnable(hwnd, visualSLLineBtn, 1);
      guiSetBgColor(hwnd, visualSLLineBtn, DeepSkyBlue);
      guiEnable(hwnd, moneyMgmtBtn, 1);
      guiSetBgColor(hwnd, moneyMgmtBtn, RoyalBlue);
 
   }
   else
   {
      guiEnable(hwnd, visualSLLineBtn, 0);
      guiSetBgColor(hwnd, visualSLLineBtn, LightGray);
      guiEnable(hwnd, moneyMgmtBtn, 0);
      guiSetBgColor(hwnd, moneyMgmtBtn, LightGray);
      DeleteVisualSLLine();
   }
}


// MT4 function, change SL based on visual line move
//+-------------------------------------------------------------------------------------------+
void ChangeSL()
{
   actualSLPrice = ObjectGet("INT.SLLine", OBJPROP_PRICE1);
   ObjectMove("INT.SLLineLabel", 0, Time[5], ObjectGet("INT.SLLine", OBJPROP_PRICE1));
   actualSLPips = (Bid-actualSLPrice)/usePoint;
}


// MT4 function, Calculate LotSize
//+-------------------------------------------------------------------------------------------+
void CalculateLotSize()
{
   if (MoneyManagementRiskInPercent)
   {
       if (RiskBasedOnAccountBalance)
          double RiskAmount = AccountBalance() * RiskPercent / 100;
       else
          RiskAmount = AccountEquity() * RiskPercent / 100;   
       if (!ObjectFind("INT.SLLine")==-1)
       {
          double CalcLots = RiskAmount / (actualSLPips/usePoint);}
       else
          CalcLots = RiskAmount / DefaultStopLoss*usePoint;
       lotSize = CalcLots;
   }
   else lotSize = FixedLotSize;
}


// MT4 function, Calculate symbols PipPoint
//+-------------------------------------------------------------------------------------------+
double PipPoint(string Currency)
{
int CalcDigits = MarketInfo(Currency,MODE_DIGITS);
if(CalcDigits == 2 || CalcDigits == 3) double CalcPoint = 0.01;
else if(CalcDigits == 4 || CalcDigits == 5) CalcPoint = 0.0001;
return(CalcPoint);
}

    VIDEOCLIP:

    In next Blog I will show you how you can use MT4GUI functionality in more dynamically changing environment!

    Thats all folks!

    2 Comments Responses to DAY7: PRE-Trade Management
    Dan2016-04-10 10:13:15Reply
    Great job! I was so impressed about your work. It is exactly what I wanted but couldn't easily get it implemented...thank you so much Thommy!
    Francisco2014-05-15 14:53:38Reply
    Very interesting! Thanks
    Leave a comment

    Recent Posts