How can I cancel a trade when another is open and keep the open trade for a given duration?

Question

I have written the code below that opens a buy and sell trade (a certain number of pips above and below the ask and bid price) at a specific time.

1. How can I close/cancel one immediately when the other is opened?

2. How can I close the opened trade if it's say X pips in profit or after a minute (depending on which condition is reached first)?

I'm a not too sure I've done the right thing in the code below and would really appreciate some help.

double spread = Ask-Bid;
extern datetime time;
extern int pipGap = 7;
extern int lotSize = 0.01;
extern int closeTimeInSeconds = 60;


int start() {
  if (TimeCurrent() >= StrToTime(time)){

    OrderSend(Symbol(),OP_BUYSTOP,lotSize, Ask + Point*pipGap, 0,0,0);
    OrderSend(Symbol(),OP_SELLSTOP,lotSize, Bid - Point*pipGap, 0,0,0);


    }


for(int pos = OrdersTotal()-1; pos >= 0 ; pos--) if (
    OrderSelect(pos, SELECT_BY_POS)           
){              
    int duration = TimeCurrent() - OrderOpenTime();
    if (duration >= closeTimeInSeconds)
         OrderClose( OrderTicket(), OrderLots(), OrderClosePrice(),
                     3*Point);
}

   return(0);
}

Answer 1

AUTOMATED NEWS TRADING What you (@iGetIt ) are looking for is a rudimentary News Trading bot. Here's a diluted implementation for it.

In the more advanced stages, you will need to automatically download news and auto-trade base on the affected pairs, track volatility (to avoid swings), sync your PC time (Windows date/time is NOT accurate and news trading need to be synced to the millisecond level). Track your broker server response time, implement Trailing-StopLoss (for improved profit), implement slide-in-orders (multiple stop orders to catch huge spikes), calculate order-set profitability (to know when to close all the orders when price retrace), etc etc.

Anyway, here's a basic version that you can play with (based on the Bounty requirements):

1. Opens buy + sell stop-orders at specific time.
2. Configurable number of pips AWAY from current ask/bid.
3. Implements OCO (One Cancels the Other).
4. Closes executed trades with x-pip profit (aka TP level).
5. Closes executed or outstanding stop-orders after x-seconds.

---

Visual: To show that it executes in time (this is Asian time, so liquidity is low, so +- a few seconds before price ticks).

---

Closing: It closes automatically based on the settings.

SOURCE CODE: And this is the complete MQL4 source-code for it.

(UPDATED 15May19 1045 GMT+8) to fix bug as reported in the closing of executed orders after TTL.

//+------------------------------------------------------------------+
//|                                                                 SO55930471.mq4 |
//|                   Copyright 2019, Joseph Lee, [email protected] |
//|                                                       TELEGRAM @JosephLee74 |
//+------------------------------------------------------------------+
#property copyright "Copyright 2019, Joseph Lee, TELEGRAM @JosephLee74"
#property link      "http://www.fs.com.my"
#property version   "1.00"
#property strict


//-------------------------------------------------------------------
// APPLICABLE PARAMETERS
//-------------------------------------------------------------------
//-------------------------------------------------------------------
// NEWS IMPACT SELECTION
//===================================================================
extern string       vsEAComment                         = "Telegram @JosephLee74";      //Ego trip
extern datetime vdTradeStartInGMT                   = D'2019.5.14 06:00';           //When to trade (GMT)
extern int          viStopOrderLevelInPip           = 5;                    // StopOrder distance from ask/bid (pips)
extern double       viFixLots                           = 0.01;             // Lot size
extern int          viStopLossInPip                 = 20;                   // StopLoss (pips)
extern int          viTargetProfitInPip             = 100;              // TargetProfit (pips)
extern int          viDeleteStopOrderAfterInSec = 30;                   // StopOrder TTL (sec)
extern int          viDeleteOpenOrderAfterInSec = 300;              // Executed Order TTL (sec)
extern int          viMaxSlippageInPip              = 2;                    // Max Slippage (pip)


//-------------------------------------------------------------------
// System Variables
//-------------------------------------------------------------------
int     viMagicId                   = 0;
double  viPipsToPrice               = 0.0001;
double  viPipsToPoint               = 1;
int     viBuyStopTicket         = -1;
int     viSellStopTicket            = -1;
int     viBuyOrderTicket            = -1;
int     viSellOrderTicket           = -1;
string  vsDisplay                   = "EVENT-TRADER v1.01 - ";

//-------------------------------------------------------------------



//+------------------------------------------------------------------+
//| EA Initialization function
//+------------------------------------------------------------------+
int init() {
    ObjectsDeleteAll(); Comment("");
    // Caclulate PipsToPrice & PipsToPoints (old sytle, but works)
    if((Digits == 2) || (Digits == 3)) {viPipsToPrice=0.01;}
    if((Digits == 3) || (Digits == 5)) {viPipsToPoint=10;}
    viMagicId = vdTradeStartInGMT;
    start();
    return(0);
}
//+------------------------------------------------------------------+
//| EA Stand-Down function
//+------------------------------------------------------------------+
int deinit() {
    ObjectsDeleteAll();
    return(0);
}


//============================================================
// MAIN EA ROUTINE
//============================================================
int start() {

    //==========================================
    //MANAGE ROBOT EXPIRY
    //==========================================
    if( TimeCurrent() > D'2020.1.1' ) {
        Comment(vsDisplay + "EXPIRED. Please contact josephfhlee74 at gmail dot com"); // Who am I kidding?
        return(0);
    }


    ResetLastError();
    // Exit the routine if it is not time to trade yet.
    if(TimeGMT() < vdTradeStartInGMT) {
        // Show a count-down timer to the trading time.
        Comment(vsDisplay +
            "[" + TimeToStr(TimeGMT()) + " GMT] " + 
            IntegerToString(int(vdTradeStartInGMT - TimeGMT())) + " sec to [" + 
            TimeToStr(vdTradeStartInGMT) + " GMT]"
        );
        return(0);
    }


    viBuyStopTicket     = -1;
    viSellStopTicket        = -1;
    viBuyOrderTicket        = -1;
    viSellOrderTicket       = -1;
    //=========================================================
    //FIND *OPENED* BUY/SELL PENDING ORDERS
    //---------------------------------------------------------
    for( int i=OrdersTotal()-1; i>=0; i-- ) {
        if(OrderSelect( i, SELECT_BY_POS, MODE_TRADES ))
            if( OrderSymbol() == Symbol() )
                if( OrderMagicNumber() == viMagicId) {
                    if( OrderType() == OP_BUYSTOP )
                        viBuyStopTicket  = OrderTicket();
                    if( OrderType() == OP_SELLSTOP )
                        viSellStopTicket  = OrderTicket();
                    if( OrderType() == OP_BUY )
                        viBuyOrderTicket  = OrderTicket();
                    if( OrderType() == OP_SELL )
                        viSellOrderTicket  = OrderTicket();
                }
    }
    //=========================================================
    //FIND *CLOSED* BUY/SELL ORDERS FOR THIS EVENT
    //---------------------------------------------------------
    for(int i=OrdersHistoryTotal()-1; i>=0; i--) {
        if(OrderSelect(i, SELECT_BY_POS, MODE_HISTORY))
            if(OrderSymbol() == Symbol())
                if(OrderMagicNumber() == viMagicId) {
                    if( OrderType() == OP_BUYSTOP )
                        viBuyStopTicket  = OrderTicket();
                    if( OrderType() == OP_SELLSTOP )
                        viSellStopTicket  = OrderTicket();
                    if( OrderType() == OP_BUY )
                        viBuyOrderTicket  = OrderTicket();
                    if( OrderType() == OP_SELL )
                        viSellOrderTicket  = OrderTicket();
                }
    }
    // The above 2 sections will ensure that each event will only be executed once.
    // If orders are cancelled or closed for whatever reason, they will never be open again.

    string vsVerbose     =  vsDisplay + "[GMT " + TimeToStr(TimeGMT()) + "] Executing ..."
                                    "\nActive BUYSTOP: " + viBuyStopTicket +
                                    "  |  Active SELLSTOP: " + viSellStopTicket +
                                    "" +
                                    "\nActive BUY: " + viBuyOrderTicket +
                                    "  |  Active SELL: " + viSellOrderTicket;
    Comment(vsVerbose);


    //=========================================================
    // HANDLES OCO (One-Cancels-the-Other)
    //---------------------------------------------------------
    // BUY Order EXISTS, cancels all SellStops
    if( viBuyOrderTicket != -1 ) {
        for( int i=OrdersTotal()-1; i>=0; i-- ) {
            if(OrderSelect( i, SELECT_BY_POS, MODE_TRADES ))
                if( OrderSymbol() == Symbol() )
                    if( OrderMagicNumber() == viMagicId)
                        if( OrderType() == OP_SELLSTOP )
                            OrderDelete(OrderTicket());
        }
    }
    // SELL Order EXISTS, cancels all BuyStops
    if( viSellOrderTicket != -1 ) {
        for( int i=OrdersTotal()-1; i>=0; i-- ) {
            if(OrderSelect( i, SELECT_BY_POS, MODE_TRADES ))
                if( OrderSymbol() == Symbol() )
                    if( OrderMagicNumber() == viMagicId)
                        if( OrderType() == OP_BUYSTOP )
                            OrderDelete(OrderTicket());
        }
    }

    //=========================================================
    //CLOSE EXPIRED STOP/EXECUTED ORDERS
    //---------------------------------------------------------
    for( int i=OrdersTotal()-1; i>=0; i-- ) {
        if(OrderSelect( i, SELECT_BY_POS, MODE_TRADES ))
            if( OrderSymbol() == Symbol() )
                if( OrderMagicNumber() == viMagicId) {
                    if( (OrderType() == OP_BUYSTOP) || (OrderType() == OP_SELLSTOP) )
                        if((TimeCurrent()-OrderOpenTime()) >= viDeleteStopOrderAfterInSec)
                            OrderDelete(OrderTicket());

                    if( (OrderType() == OP_BUY) || (OrderType() == OP_SELL) )
                        if((TimeCurrent()-OrderOpenTime()) >= viDeleteOpenOrderAfterInSec) {
                            // For executed orders, need to close them
                            double closePrice = 0;
                            RefreshRates();
                            if(OrderType() == OP_BUY)
                                closePrice  = Bid;
                            if(OrderType() == OP_SELL)
                                closePrice  = Ask;
                            OrderClose(OrderTicket(), OrderLots(), closePrice, int(viMaxSlippageInPip*viPipsToPoint), clrWhite);
                        }
                }
    }



    //===================================================================
    //OPEN STOP ORDERS IF NO EXISTING nor CLOSED NO BUY/SELL STOP/ORDERS
    //-------------------------------------------------------------------
    // Do NOT execute (place new orders) if it is past the trading window.
    if(TimeGMT() >= (vdTradeStartInGMT+viDeleteStopOrderAfterInSec))
    {
        Comment(vsDisplay + "[" + TimeToStr(TimeGMT()) + " GMT] " + "Already passed execution time.");
        return(0);
    }
    // Place BuyStop if not exists; and no executed-Buy order
    if( (viBuyStopTicket == -1) && (viBuyOrderTicket == -1)) {
        RefreshRates();
        viFixLots       = NormalizeDouble(viFixLots, 2);
        double viPrice = NormalizeDouble(Ask + (viStopOrderLevelInPip*viPipsToPrice), Digits);
        double viSL  = viPrice - (viStopLossInPip*viPipsToPrice);
        double viTP  = viPrice + (viTargetProfitInPip*viPipsToPrice);
        viBuyStopTicket   = OrderSend(Symbol(), OP_BUYSTOP, viFixLots
                                        , viPrice
                                        , int(viMaxSlippageInPip*viPipsToPoint)
                                        , viSL, viTP
                                        , vsEAComment, viMagicId, 0, Blue);
        if(viBuyStopTicket == -1)
            Print("Error executing BuyStop [" + IntegerToString(GetLastError()) + "]." );
    }
    // Place SellStop if not exists; and no executed-Sell order
    if( (viSellStopTicket == -1) && (viSellOrderTicket == -1) ) {
        RefreshRates();
        viFixLots       = NormalizeDouble(viFixLots, 2);
        double viPrice  = NormalizeDouble(Bid - (viStopOrderLevelInPip*viPipsToPrice), Digits);
        double viSL     = viPrice + (viStopLossInPip*viPipsToPrice);
        double viTP     = viPrice - (viTargetProfitInPip*viPipsToPrice);
        viSellStopTicket      = OrderSend(Symbol(), OP_SELLSTOP, viFixLots
                                        , viPrice
                                        , int(viMaxSlippageInPip*viPipsToPoint)
                                        , viSL, viTP
                                        , vsEAComment, viMagicId, 0, Red);
        if(viSellStopTicket == -1)
            Print("Error executing SellStop [" + IntegerToString(GetLastError()) + "]." );
    }
    return(0);
}