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Open order V3

The Open order - Open module, will allow one or multiple orders/ positions to be opened at the same time. It will only open a consecutive order when the signal’s conditions have evaluated from not true to true.

Settings

  • Maximum open orders: The amount of orders which can be open in the same direction at the same time by this EA.
  • Hedging: By enabling this option you allow your EA to have both buy- and sell orders open at the same time. If, for example, your Open Buy signal causes a buy order to open first, then both your Open Buy- and Open Sell signals will continue to be evaluated to open an additional buy- or sell order. With Hedging ‘off’, only Open Buy is evaluated when a buy order is already opened. If you only get 1 order of either type, also make sure your Maximum open orders value is more than 1, or you will never get more than 1 order. With Hedging ‘on’ it’s also possible to open both buy- and sell orders simultaneously, if both the signal’s conditions are met at the same time. This is a subscribers-only option.

Behaviour

Every time an Open Signal evaluates true, from being false on the previous quote, it will try to open an order, unless the Prevent Open modules are preventing it or when a Close(Buy/ Sell) Signal evaluated to true, from being false on the previous quote, at the same time.

Changes compared to the V2 module

Open module V2 waits to close orders as long as the current open signal (with its conditions) are active. The general thought behind this is that closing an order, while an open signal is active, would cause a new order (of the same type) to be opened directly after closing the current order, causing the account to waste balance on commissions and spreads. This logic caused some confusing amongst traders when a signal would be active till the end of a bar and thus SL/ TP not being executed by the EA. The current remedy is either wait for the cross to expire (on the next new bar), or to block the open signal after opening an order, by adding the ‘Time gap between orders’ module.

Open module V3 will only activate on the very first processed quote which results in an active signal and decides on opening/ closing only at that moment. On the next quote, if SL/ TP is hit, the order will be closed, even if all the conditions of the signal are still true. So with V3, if an order closes after the conditions of a signal are met, a new order won’t be opened. Instead, it will wait until at least the signal is not active for one quote and then becomes active again.