Review of the Magic Buttons capabilities
We are proud to present you the InstaForex Magic Buttons (IFX_MB) program. This tool was designed to simplify managing open orders. It can maintain the following tasks:
- setting stop loss (SL) and take profit (TP) for open deals
- setting up the parameters of trailing stop loss
- setting up various signals in order to receive important information
- closing deals
Before starting the program, you should make sure that you have proper settings in the platform. The “Tools/Options/Expert Advisors/Allow live trading” and “Tools/Options/Expert Advisors /Allow DLL imports” options should be activated.
After adjusting the platform, you can start Magic Buttons. To do so, choose IFX_MB in the Expert Advisors section in the Navigator (View/Navigator) and drag it to the chart window:
If there are open trades on the account at the moment, their tickets appear in the Choose Trade field. Now you can start using IFX_MB program:
Setting stop loss and take profit levels
In order to set/change stop loss (SL) and/or take profit (TP), you should:
- choose the ticket of modified trade
- click Set SL/TP to activate the window and input data
- set the required SL and/or TP value
- click Apply
You can choose the SL/TP levels either “In pips” or “In percents”. In the former case the level value is in pips, the minimum price increment. In the latter case the level is a percentage of the trade open price (where open price value is 100%).
This operation results in applying these parameters to the trade.
In case of an error, an alert containing detailed information about the error appears.
Setting trailing stop loss parameters
In order to set (or change) the trailing stop level, you should:
- select the ticket of modified trade
- click the Trailing Stop button to activate the window and input data
- set the distance
- click Apply
Trailing stop can be either in pips (in terms of minimum price change) or in percent (where the open price is 100%).
Trailing stop can be set relative to either the current price or the bar opening price. In the first case the profit is calculated on the basis of the current price, while in the second case, of the bar opening price on a certain trading instrument within the timeframe equal to that the advisor attached to.
Trailing stop activates as soon as change of the current price (or a bar opening price) results in obtaining profit, which allows setting the stop at the required distance.
Setting up signals
In order to enable/disable and adjust a signal, you should:
- choose trade ticket in case the required signal is applied to a certain trade
- choose the required signal, set up its parameters and click on Activate; in order to deactivate the signal, click on Deactivate or Deactivate All in this category
IFX_MB program expands the platform’s options of closing trades.
In order to use these options, you should:
- choose Closing Deals in the main window of the IFX_MB program
- choose a closing method in the opened window and, if necessary, adjust its parameters
There are several ways to close the trades:
- Close all trades – all trades in this account will be closed
- Close all profitable trades – all trades with profit above zero will be closed
- Close all unprofitable trades – all losing trades will be closed
- Close all trades with instrument – all trades with the chosen instrument will be closed
- Close all trades for … hours – all trades opened within the indicated time period will be closed