Pending orders are very often used in various trading strategies. They are very convenient for opening orders at the price that the trader considers optimal for timely entry into the market and making a profit. But some systems provide for the opening of a large number of transactions. And there might be a problem. The fact is that pending orders sometimes lose their relevance over time. And in order to avoid unpleasant situations for a trader, they must be closed.
To facilitate this task, the trader can use special tools that will do this job well. The scripts for pending orders , which I want to tell you about today, are designed for this purpose. I think a trader needs to know about them and, if necessary, use them.
Del orders after VLINE script
Using this script, you can quickly delete all placed pending orders. A very simple and handy tool. He accompanies the completion of the task with a visual display of his actions. On the chart, you can see lines indicating the levels of closing orders. In addition, the information window displays the time left until orders are closed. If desired, you can also change the initial setting. To do this, simply drag the line wherever you want. The Del orders after VLINE script is very popular among traders.
I recommend paying attention to this tool. It has great features and is easy to use. In the script settings, you can activate the functions that you need. The ATS.CloseOrders script allows you to close all pending orders. Or you can instruct him to close only sell orders or only buy orders. In addition, the script is used to close already open orders. It can be configured to close all winning trades or all losing trades.
Scripts for pending orders are set in MT4 in much the same way as indicators. The only difference is that in the terminal directory you need to select a folder called “Scripts”, and place the file of the selected script in it.
For more details about installing indicators and scripts in MT4, see the article “Metatrader 4 Cheat Sheet” .
If you are interested in the scripts discussed in this article, you can download them from the link below.