Trade Aide is a great utility for MT5 users to help them easily open their trades, calculate the correct position size, automatically manage open positions, or limit daily losses. All of this using just a few clicks or keys. You're gonna love it!
The overall purpose of Trade Aide is to allow you, the trader, to solely focus on your technical analysis and setups , instead of worrying about calculations, setting the Stop Loss to Break Even, or any other trade management activities.
How does Trade Aide help you?
- If you normally use Limit or Stop orders:
- Choose Type of order from the Inputs tab
- Hold the SHIFT key and click the level on the chart where you want your Entry
- Hold the CTRL key and click the level on the chart where you want your Stop Loss
- Then, just press B for Buy or S for Sell will place the correct order(s) for you
- The Position Size is automatically calculated based on the risk you set in the Inputs tab
- One or more Take Profit levels are automatically added to the chart
- If you normally use Market orders:
- Choose Type of order - Market from the Inputs tab
- Hold the CTRL key and click the level on the chart where you want your Stop Loss
- Then, just press B for Buy or S for Sell will place the correct order(s) for you
- Opening and managing your trades:
- Number of Take Profit levels - Place 1, 2 or 3 orders at once, all having the same Entry and Stop Loss, each with its own Take Profit level.
- Type of orders - Choose between Limit, Stop and Market.
- Consider spread for Entry/SL when placing orders - Choose whether to factor in the spread when picking your Entry and SL levels.
- Risk per Order 1 - Set your entire default risk (in %) if you choose to enter a single position and have just one TP level. However, if you wish to have 2 or 3 TP levels (and orders, implicitly), here's where you can set up the risk for Order 1.
- Risk per Order 2 - Define the risk for your second position (if you chose to have 2 or 3 positions).
- Risk per Order 3 - Define the risk for your third position (if you chose to have 3 positions).
- Move Stop Loss to Break-Even after TP1 is hit - If you chose to have 2 or 3 positions open, then choosing Yes for this option will automatically set the SL to Break-Even for any remaining position(s), as soon as TP1 is hit.
- Move Stop Loss to Break-Even after price hits R multiple - If you want to automatically set the SL to Break-Even for all open positions as soon as the price hits 1.5R from your entry let's say, even before your first TP level gets hit.
- R multiple to move Stop Loss to Break-Even - Here's where you simply enter the desired value for the setting above.
- Restrict new orders if current positions have open risk - Restricts placing new orders when already having open positions, unless the open positions already have their Stop Losses set to Break-Even.
- Trade Aide also helps you maintain a decent level of daily losses in several ways:
- Display today's PnL - This setting, if enabled, helps you to visually monitor your PnL for the day, by always displaying its value in the upper left corner of the chart.
- Maximum Permitted Daily Loss - This is where you set a value, in your account's currency, that represents the maximum loss that you're willing to incur during a single day.
- Close all open positions if Max Daily Loss limit is violated - This is pretty straightforward.
- Don't allow new orders if Max Daily Loss limit is violated - Prevents you from placing new orders if the maximum loss has been already reached for the day.
- Moreover, if you don't like having trades open overnight:
- Remove pending orders at a specific hour - You can have this setting enabled in order to remove any unfilled orders at a specific time during each day.
- Hour of day to remove unfilled pending orders - The hour when all pending orders are going to be removed.
- Close open positions at a specific hour - Close all open positions at a specific time during the day.
- Hour of day to close all open positions - The hour when all open positions are going to be closed automatically.
Of course, as with any other piece of software, no guarantees can be provided by the developer that the product is going to work 100% in all market conditions.
However, upgrades and any bug fixing will be performed regularly, at the discretion of the developer.
NOTE! Please test TradeAide on a demo account before going to a live market!
- Short blog post with more details: Blog
