Verdure OCO EA
Overview
OCO-orders (OCO, One-Cancels-the-Other, one order cancels the other) - is a couple of orders, the execution of one of them automatically cancels the other.
thanks Verdure OCO EA This functionality is now in MT4.
Advisor is an efficient implementation of the popular principle OCO-orders with additional advantages, features and parameters. Advisor simplifies the job of managing transactions and may be particularly useful for traders who use trading systems in their foot and coups (stop and reverse), control points (pivots), Fibonacci levels, support and resistance, as well as pending orders. In addition, it is an indispensable tool for traders trading on the news.
Methods of Use
Trades on the principle of revolution stop (stop and reverse)
When using the principle of stop-coup (especially in volatile markets, when there is often no time to quickly close the previous order before the opening of the new in the opposite direction), Verdure OCO Advisor simplifies the task of automatically closing the opposite order when activating another. You do not need to close the sell order before installing the buy orders. Verdure OCO automatically closes your sell order, as soon as an order to buy becomes a market.
Trade under reference points (pivot), Fibonacci levels, as well as support and resistance using pending orders
If you are trading on the sample level, using pivots, or Fibonacci support and resistance levels, etc., you now have an effective tool that allows you to save time by observing and operating positions. For example, you can place two pending orders - buy stop, in case the price will overcome the level of resistance and sell stop, if the price falls below the support level.
Usually after triggering one of the orders of the second to remove. Advisor Verdure OCO will allow you to sit in front of the price schedule in anticipation of an order response. Just set your two orders and go about their business. In addition, you can disable the 'managependingorders'. In this case, the opposite order is not deleted. In this case, the presence of recommended orders levels stop loss and / or . In any case, Verdure OCO will cope with the task.
pending orders
If you are using a pending order to calculate the time of entry into the market, OCO-orders can help you to control the opening of transactions and reduce the time spent on watching the charts.
Pending orders are very useful when you want to use for correction of the profit, that is, when you buy at the low of the trend or sell at the peak. In any case, Verdure OCO can help you.
Trading on the news
Suppose, it is expected to yield important news for the USD at 9am. Based on your analysis, you believe that this news will lead to a drop in USD. In this case, you can place an order on EURUSD BUY STOP just before the release of the news, based on what your analysis is confirmed. However, given the unpredictability of the market at the time of important news, you can also set the order SELL STOP in case your prediction will be wrong.
If your analysis is justified and the USD goes down, it will lead to an increase in the EURUSD and triggering your order BUY STOP. Advisor Verdure OCO will remove your order SELL STOP, as soon as the order becomes a market BUY STOP. If your prediction will be wrong and USD will start to grow, this will lead to couples and triggering SELL STOP order fall. In this case, Verdure OCO will remove your order BUY STOP, as soon as the order becomes a market SELL STOP.
Features and Benefits
- Save time tracking and management of pending orders.
- Detection and notification of the order by the same tool in the same direction.
- The obvious benefit to traders trading on the news.
- GLOBAL and LOCAL modes. In the first case advisor manages all orders in the account, and the second - only orders for the symbol, which is mounted advisor. For more information, see "Modes".
- All actions are recorded adviser on the "experts" to analyze the (maximum transparency).
- You can configure the sending of push-notification of all actions in the mobile terminal.
- You can configure the sending of e-mails of all actions.
- You can configure the alerts to generate all actions.
Input parameters
- exclude_magic - a list of magic numbers separated by commas, to be excluded from processing adviser Verdure OCO. This is especially useful if you do not want to adviser Verdure OCO not manage orders of the other advisers.
- mode - advisor mode (LOCAL or GLOBAL - see "Modes".).
- managependingorders - management of pending orders (TRUE or FALSE - see "Management of pending orders.").
- checkduplicateorders - whether Advisor to check for identical orders for one symbol in one direction, for example, two positions to buy EURUSD (TRUE or FALSE - see "Checking for duplicate orders.").
- sendemail - sending e-mail to the address specified in MetaTrader 4 settings.
- pushnotification - sending push-notification to the mobile terminal.
- alert - play sound.
modes
Local - Mode LOCAL adviser manages only the positions of the character, which he set on the chart, that is, if you run the advisor on a pair EURUSD, it will only control positions in EURUSD. When placing advisor on several symbols you will need to set a different value of the parameter 'magicnumber' for each of them.
Global - Advisor to the GLOBAL mode controls all positions in the account, regardless of the schedule on which it runs. When placing advisor on several charts you will need to set a different value of the parameter 'magicnumber' for each of them. I strongly recommend that you do not run the advisor on several charts in the GLOBAL mode.
The default mode - LOCAL.
Management of pending orders (Parameter 'managependingorders' may be True or False. Default - True).
- Developments at False: If you set an order to buy (Buy) in the presence of a pending order Sell Stop and Sell Limit, the pending order is not deleted as Advisor does not check for pending orders, if the parameter managependingorders is equal to False.
- Developments at True: If you set an order to buy (Buy) in the presence of a pending order Sell Stop and Sell Limit, the pending order will be deleted, as the buy order cancel pending orders (they are directed in opposite directions).
Checking for duplicate orders (Parameter 'checkduplicateorders' may be True or False. Default - False).
- Developments at False: If you already have an order to sell (a Sell) on EURUSD and you put another of the same order on the same pair, Advisor ignores this fact (alerts, emails, and / or notifications are not sent).
- Developments at True: If you already have an order to sell (a Sell) on EURUSD and you put another of the same order on the same pair, counselor pays attention to it (the trader shows an alert is sent to e-mail and / or notification). This allows the trader to decide whether to close one of the orders is necessary, or leave both open.
NoteIf your trading system allows the opening of multiple orders in one direction, simply set parameter value checkduplicateorders on False. On the "Discussion" you will find more information and resources on the OCO-orders.
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