Scalping forex is fast. In fact so fast that I don’t want to waste time on setting take profit and stop loss every time I enter a trade. This is why I use Automatic Take Profit and Stop Loss EA (Expert Advisor). I can’t imagine scalping without it anymore.
This EA’s purpose is to detect when I enter a trade and then automatically set my predefined TP and SL.
DOWNLOAD EA HERE.
You need to put it into “experts” folder in you Metatrader 4 software.
First let’s find your Metatrader 4 data folder. Click on File – Open Data Folder.
Then go to “MQL4” folder and from there to “Experts” folder. This is where you put the EA.
Now you need to restart your MT4 software. When you open it again you should see the EA in the Expert Advisor list.
Double click or drag it to the chart. It will pop up a window where you can set the take profit and stop loss.
Click OK and now the EA should be ready. If there is a smiling face on the right corner of a chart, then everything is working.
Now you don’t have to set take profit or stop loss when you enter a trade. Super useful for forex scalping.