% of Trade Question
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Hello - I'm new to this so if it's a noob question try not 'tut'.
I'm trying to create a buy signal that sets the TP at a % of the lot value... for example:
I buy 1 lot of EUR/USD (which for arguments sake equates to 1000 EUR) I would like to close the trade once the value has gone up 5% e.g. to 1050 EUR. Giving a 5% increase in that specific trade.
I appreciate this is most likely a simple question any help would be welcome...
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Maybe use some formula. In all input fields you can write MQL4 code. You can use functions, +, -, * and /. But what would be the formula, I don't exactly know. I think you will also need to use at least one Variable.
It also depends whether you want to use hard Stop-Loss/Take-Profit or monitor the profit and close the trade when certain profit/loss is reached. Different blocks are used in these cases. And if you use hard stops , there is something that we can call Tick value, which is the amount of money (in your account currency) that your trade would profit/lose if the price moves with 1 tick. This is little bit complicated... at least for me.
Otherwise there is no such option that turns lot size into SL/TP size, and I don't even remember someone asking for this
And I don't know how good is the idea. Because even if you put let's say 10 pips normal SL, the loss would be proportional to the lot size anyway.
