MT4 Expert Advisor: Reentry Trading with Stop Loss and Take Profit

extern int magicNumber = 92133;
extern double initialLots = 0.5;
extern double takeProfitAmount = 80;
extern int maxReentries = 4;
extern int reentryPips = 100;
extern int slippage = 4;

int totalOrders = 0;
double totalProfit = 0;
bool hasOpenPosition = false;
double entryPrice = 0; // Initialize entryPrice variable

void OnTick()
{
    double currentPrice = Ask;

    // Check for open position
    if (hasOpenPosition)
    {
        // Check if take profit is reached
        if (totalProfit >= takeProfitAmount)
        {
            CloseAllOrders();
            DeleteAllPendings();
            Sleep(60000); // Wait for 1 minute before restart
            ResetVariables();
            return;
        }

        // Check for reentry conditions
        if (OrdersTotal() < maxReentries)
        {
            if (OrderSelect(totalOrders - 1, SELECT_BY_POS, MODE_TRADES) && OrderSymbol() == Symbol() && OrderMagicNumber() == magicNumber)
            {
                double stopLoss = OrderOpenPrice() - reentryPips * Point;
                double takeProfit = OrderOpenPrice() + reentryPips * Point;

                if (OrderType() == OP_BUY && currentPrice >= entryPrice + reentryPips * Point)
                {
                    entryPrice = currentPrice;
                    double lots = OrderLots() * 2;
                    if (lots > MarketInfo(Symbol(), MODE_MINLOT))
                    {
                        int ticket = OrderSend(Symbol(), OP_BUYSTOP, lots, currentPrice, slippage, stopLoss, takeProfit, 'Reentry', magicNumber, 0, Blue);
                        if (ticket > 0)
                            totalOrders++;
                    }
                }
                else if (OrderType() == OP_SELL && currentPrice <= entryPrice - reentryPips * Point)
                {
                    entryPrice = currentPrice;
                    double lots = OrderLots() * 2;
                    if (lots > MarketInfo(Symbol(), MODE_MINLOT))
                    {
                        int ticket = OrderSend(Symbol(), OP_SELLSTOP, lots, currentPrice, slippage, stopLoss, takeProfit, 'Reentry', magicNumber, 0, Red);
                        if (ticket > 0)
                            totalOrders++;
                    }
                }
            }
        }
    }
    else
    {
        // Check for initial entry conditions
        if (currentPrice >= currentPrice + 200 * Point)
        {
            entryPrice = currentPrice;
            double stopLoss = currentPrice - 200 * Point;
            double takeProfit = currentPrice + 200 * Point;
            int ticket = OrderSend(Symbol(), OP_BUYSTOP, initialLots, currentPrice, slippage, stopLoss, takeProfit, 'Initial Entry', magicNumber, 0, Blue);
            if (ticket > 0)
            {
                hasOpenPosition = true;
                totalOrders++;
            }
        }
        else if (currentPrice <= currentPrice - 200 * Point)
        {
            entryPrice = currentPrice;
            double stopLoss = currentPrice + 200 * Point;
            double takeProfit = currentPrice - 200 * Point;
            int ticket = OrderSend(Symbol(), OP_SELLSTOP, initialLots, currentPrice, slippage, stopLoss, takeProfit, 'Initial Entry', magicNumber, 0, Red);
            if (ticket > 0)
            {
                hasOpenPosition = true;
                totalOrders++;
            }
        }
    }
}

void OnTrade()
{
    totalProfit = 0;

    for (int i = 0; i < OrdersTotal(); i++)
    {
        if (OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
        {
            if (OrderSymbol() == Symbol() && OrderMagicNumber() == magicNumber && (OrderType() == OP_BUY || OrderType() == OP_SELL))
            {
                totalProfit += OrderProfit();
            }
        }
    }
}

void CloseAllOrders()
{
    for (int i = OrdersTotal() - 1; i >= 0; i--)
    {
        if (OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
        {
            if (OrderSymbol() == Symbol() && OrderMagicNumber() == magicNumber)
            {
                bool result = OrderClose(OrderTicket(), OrderLots(), Bid, slippage, Red);
                if (result)
                    totalOrders--;
            }
        }
    }
}

void DeleteAllPendings()
{
    for (int i = OrdersTotal() - 1; i >= 0; i--)
    {
        if (OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
        {
            if (OrderSymbol() == Symbol() && (OrderType() == OP_BUYSTOP || OrderType() == OP_SELLSTOP) && OrderMagicNumber() == magicNumber)
            {
                bool result = OrderDelete(OrderTicket());
                if (result)
                    totalOrders--;
            }
        }
    }
}

void ResetVariables()
{
    hasOpenPosition = false;
    totalProfit = 0;
    totalOrders = 0;
}

This code implements a reentry trading strategy with dynamic lot sizing, stop-loss, and take-profit levels. The EA automatically places buy and sell orders based on pre-defined conditions, and adjusts the lot size based on the current trade's profit. The EA also includes features for closing all orders, deleting pending orders, and resetting variables.

Explanation:

• Magic Number: A unique identifier for the EA's trades.
• Initial Lots: The initial lot size for the first trade.
• Take Profit Amount: The desired profit target in pips.
• Max Reentries: The maximum number of reentry orders allowed.
• Reentry Pips: The number of pips to move the entry price for subsequent reentries.
• Slippage: The maximum acceptable slippage in pips.

Trading Logic:

1. Initial Entry: The EA places a buy or sell order when the price moves 200 pips above or below the current price.
2. Reentry: After the initial entry, the EA places reentry orders when the price moves the specified number of pips (reentryPips) in the direction of the initial trade.
3. Dynamic Lot Sizing: The EA doubles the lot size for each reentry order.
4. Stop Loss and Take Profit: The EA sets stop-loss and take-profit levels based on the entry price and the pre-defined parameters.
5. Take Profit Exit: The EA closes all open orders and resets the variables when the total profit reaches the specified take profit amount.
6. Close All Orders: The EA closes all open orders associated with the EA's magic number.
7. Delete All Pendings: The EA deletes all pending orders associated with the EA's magic number.
8. Reset Variables: The EA resets all variables to their default values.

Important Notes:

• This EA is for educational purposes only and should not be used for live trading without thorough backtesting and risk management.
• The EA's parameters should be adjusted based on your trading style, risk tolerance, and market conditions.
• It is essential to test the EA thoroughly on historical data before deploying it to a live account.
• Always use appropriate risk management techniques to minimize potential losses.
• This EA does not account for market volatility or news events. It is crucial to stay informed about potential market impacts that could affect your trades.