Automated Stop Loss & Take Profit EA Based on Your Risk-Reward Settings
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Automated Stop Loss & Take Profit EA Based on Your Risk-Reward Settings

I asked ChatGPT (GPTs) to create a handy MT4 tool (Expert Advisor – EA) that automatically sets stop loss (SL) or take profit (TP) according to a predefined risk-reward ratio.

With this EA, when you set either a stop loss or a take profit, it will automatically calculate and set the corresponding TP or SL based on your desired risk-reward ratio.

GPT Used:EA Creator

Development Request & Results

I made some minor adjustments, but the generated EA was almost ready to use as is.

First Request

I requested an EA with the following specifications:

# Parameters

Lot Size: Number of lots per order

Risk-Reward Ratio: Defines the profit target as a multiple of the risk (e.g., 2:1)

Additional necessary parameters if required

# Functionality

If a position has only a take profit set, the EA will automatically set a stop loss based on:

Expected profit calculation from entry price and TP

Risk-reward ratio to determine the stop-loss price

If a position has only a stop loss set, the EA will automatically set a take profit based on:

Expected loss calculation from entry price and SL

Risk-reward ratio to determine the take-profit price

ChatGPT Output (First Version of the EA)

The following MQL4 code was generated, implementing an EA that sets stop loss and take profit based on a defined risk-reward ratio. The EA monitors open positions and adjusts SL/TP accordingly.
//+------------------------------------------------------------------+
//| RiskRewardEA                                                    |
//| Copyright 2023, MetaQuotes Software Corp.                       |
//| http://www.metaquotes.net/                                      |
//+------------------------------------------------------------------+
#property strict

input double LotSize = 0.1; // Lot size  
input double RiskRewardRatio = 2.0; // Risk-reward ratio  
input int Slippage = 3; // Slippage  
input int MagicNumber = 0; // Magic number  

//+------------------------------------------------------------------+
//| Expert initialization function                                   |
//+------------------------------------------------------------------+
int OnInit() { return(INIT_SUCCEEDED); }

//+------------------------------------------------------------------+
//| Expert tick function                                             |
//+------------------------------------------------------------------+
void OnTick() {  
   for(int i = OrdersTotal() - 1; i >= 0; i--) {  
      if(OrderSelect(i, SELECT_BY_POS)) {  
         // Check and modify orders  
         CheckModifyOrders();  
      }  
   }  
}

//+------------------------------------------------------------------+
//| Function to check and modify SL/TP                               |
//+------------------------------------------------------------------+
void CheckModifyOrders() {  
   double entryPrice = OrderOpenPrice();  
   double tp = OrderTakeProfit();  
   double sl = OrderStopLoss();  
   double newSl, newTp;  

   if(tp > 0 && sl == 0) {  
      double expectedProfit = MathAbs(tp - entryPrice);  
      double risk = expectedProfit / RiskRewardRatio;  

      if(OrderType() == OP_BUY)  
         newSl = NormalizeDouble(entryPrice - risk, Digits);  
      else if(OrderType() == OP_SELL)  
         newSl = NormalizeDouble(entryPrice + risk, Digits);  

      OrderModify(OrderTicket(), entryPrice, newSl, tp, 0, clrRed);  
   }  

   if(tp == 0 && sl > 0) {  
      double expectedLoss = MathAbs(entryPrice - sl);  
      double reward = expectedLoss * RiskRewardRatio;  

      if(OrderType() == OP_BUY)  
         newTp = NormalizeDouble(entryPrice + reward, Digits);  
      else if(OrderType() == OP_SELL)  
         newTp = NormalizeDouble(entryPrice - reward, Digits);  

      OrderModify(OrderTicket(), entryPrice, sl, newTp, 0, clrGreen);  
   }  
}
説明

パラメータ

LotSize: 注文ロット数

RiskRewardRatio: リスクリワード比率

Slippage: スリッページ

MagicNumber: マジックナンバー

初期化 (OnInit)

特に初期化は必要ありません。

ティックイベント (OnTick)

保有中のポジションをチェックし、逆指値または指値を設定します。

ポジションのチェックおよび設定 (CheckModifyOrders)

保有中のポジションに対して、以下の条件に基づいて逆指値または指値を設定します。

指値のみが設定されている場合

エントリー価格と指値より見込み利益を計算し、リスクリワード比率を使用して逆指値を設定します。

逆指値のみが設定されている場合

エントリー価格と逆指値より見込み損益を計算し、リスクリワード比率を使用して指値を設定します。

このEAは、保有中のポジションを監視し、指定されたリスクリワード比率に基づいて逆指値および指値を設定します。MetaTrader 4のエディタにこのコードをコピーし、コンパイルして実行することで動作を確認できます。

Second Request (Improvements)

Removed unnecessary parameters (only keeping RiskRewardRatio).

Introduced a check interval parameter to reduce CPU load (checks positions at a defined time interval instead of every tick).

Initialized newSl and newTp to zero to avoid undefined behavior.

Third Request (Precision Improvement)

Used MarketInfo to dynamically determine the number of decimal places (Digits) based on the symbol of the order.

Final Version of the EA (Risk-Reward Manager)

//+——————————————————————+
//| EA_RiskRewardManager |
//| Copyright 2023, MetaQuotes Software Corp. |
//| http://www.metaquotes.net/ |
//+——————————————————————+

property strict

input double RiskRewardRatio = 2.0; // Risk-reward ratio
input int CheckIntervalSeconds = 60; // Position check interval (in seconds)
input int Slippage = 3; // Slippage

datetime lastCheckTime = 0;

//+——————————————————————+
//| Expert tick function |
//+——————————————————————+
void OnTick() {
datetime currentTime = TimeCurrent();

if (currentTime – lastCheckTime >= CheckIntervalSeconds) {
lastCheckTime = currentTime;

  for(int i = OrdersTotal() - 1; i >= 0; i--) {  
     if(OrderSelect(i, SELECT_BY_POS)) {  
        CheckModifyOrders();  
     }  
  }

}
}

//+——————————————————————+
//| Function to check and modify SL/TP |
//+——————————————————————+
void CheckModifyOrders() {
string symbol = OrderSymbol();
int digits = (int)MarketInfo(symbol, MODE_DIGITS);

double entryPrice = OrderOpenPrice();
double tp = OrderTakeProfit();
double sl = OrderStopLoss();
double newSl = 0, newTp = 0;

if(tp > 0 && sl == 0) {
double expectedProfit = MathAbs(tp – entryPrice);
double risk = expectedProfit / RiskRewardRatio;

  if(OrderType() == OP_BUY)  
     newSl = NormalizeDouble(entryPrice - risk, digits);  
  else if(OrderType() == OP_SELL)  
     newSl = NormalizeDouble(entryPrice + risk, digits);  

  OrderModify(OrderTicket(), entryPrice, newSl, tp, 0, clrRed);

}

if(tp == 0 && sl > 0) {
double expectedLoss = MathAbs(entryPrice – sl);
double reward = expectedLoss * RiskRewardRatio;

  if(OrderType() == OP_BUY)  
     newTp = NormalizeDouble(entryPrice + reward, digits);  
  else if(OrderType() == OP_SELL)  
     newTp = NormalizeDouble(entryPrice - reward, digits);  

  OrderModify(OrderTicket(), entryPrice, sl, newTp, 0, clrGreen);

}
}

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Free MT4 Tool: Auto-Set Stop Loss & Take Profit Based on Risk-Reward Ratio (Created with ChatGPT GPTs)