If you have every wondered how to close all open positions in MT4 then look no further! In this article we will explain how you close all trades with the click of one button.
There is no built in function in MT4 to close all positions. In order to do this you will need to install a custom indicator or script. This indicator will actually be an Expert Advisor (EA) as it will be required to handle trades. Nothard Trading’s Trade Manager Basic is free and is available here: Trade Manager.
There is more to trade management than just closing all trades though. There are other features that are either lacking in MT4 or are there but lack a one click function to implement. Features such as partial trade close, breakeven, pip targeting and hiding order from brokers are all easily achievable in a custom EA.
Basic Trade Management Functions
It is not surprising that people look for this function in MT4 but it is somewhat surprising that it is not available by default.
However, the most powerful feature of MT4 is how customizable it is via the addition of custom indicators and EAs and the depth of the community that can provide these.
This is why we have put together a range of really useful MT4 indicators at NothardTrading.com to meet some of the core functionality that most traders are looking for and the good news is that most, including this one, are completely free.
Keep It Simple
Another surprising thing is that it can be hard to find custom indicators and EAs that keep the design and functions minimal and to the point. Sure, there is so much that can be done but sometimes we just want a simple solution for a few key functions.
Let’s review these functions and how to use them.
Trade Manager Functions:
The Trade Manager has the following functions for the active chart / symbol:
- Close all open positions
- Partial close positions (50%)
- Automatic breakeven
- Automatic stop loss
In addition to the above the trade manager can
- Close all open positions across all markets
- Hide pending orders from brokers
How To Close All Positions
So we can see that there are two options to close all positions. If you are looking to close all open positions for the current active market, then click the Close All button and all open orders will immediately be closed.
If you have positions open across other markets symbols then this will not close those positions. If you want to close every open position in your MT4 terminal regardless of the active chart then click the Close All Sym button to immediately close every open position in the trade window.
How To Partial Close MT4 Positions?
The partial close function is useful when scaling out of positions. Scaling out is a process of taking some profits from your position and is a common trading strategy. MT4 does have the ability to partial close positions manually but no one click option is available.
The Trade Manager allows you to easily close out 50% of positions. This will work on the active market so long as you have an open position where the lots can be divided by two.
Please note that the other limitation is your broker minimum order size. This will be different depending on your broker and the market you are trading. In some cases this may mean that even if you have an even number of units, it cannot be halved.
How To Easily Move Stop To Breakeven?
What is Breakeven?
Breakeven is the point at which you don’t make either a profit or a loss from a trade. Many traders will make a decision to move their stops to breakeven when their positions have hit a specific target – for example halfway to the take profit target.
Moving a position to breakeven does not guarantee a profit but is useful in limiting losses when a market suddenly turns. It is psychologically very difficult to handle a loss from a trade that may have been well in profit which is why many traders use it.
That does not mean that moving a profitable trade to breakeven is the best option, a market can easily retrace and close you at breakeven before moving back to hit your previous target. Also, you could always take the profit that is already on the table!
Whatever decision you make will depend on your strategy and the most important factor in any strategy is consistency. However, if you do want to use breakeven, then you can do this with the click of a single button using the Trade Manager.
Breakeven Example With Multiple Trades
In the example below we have three sell orders on GBP/USD. The first two are in profit and we want to quickly move them to breakeven. By clicking on the breakeven button we automatically create breakeven stops for those two trades.
The third trade is not in profit, so we cannot set a breakeven order on it.
How To Use The Other Functions?
There are three other simple functions available in the Trade Manager:
- Automatic breakeven
- Automatic take profit
- Automatic stop loss
Using A Pip Target
By putting a target in the points box, the appropriate function will trigger automatically when that number of pips is reached.
Many traders will have strategies that target a specific number of pips profit to achieve. These additional three functions in the Trade Manager are there to allow a trader to automatically manage a trade based on a target number of pips.
How To Hide Stop and Target Orders From A Broker In MT4?
It is not possible to hide pending stop and target orders from your broker in MT4 through the normal trade options. The only way to hide pending orders such as these is with the use of a custom EA. Nothard Trading’s Trade Manager allows you to hide stops, targets and breakeven orders.
How to achieve hidden orders with the Trade Manager?
This is where you can make use of the Price boxes in the trade manager for take profit and stop loss trades. By putting a target price in the boxes and clicking out, the EA will hold your order without passing it onto the broker.
This means that your stops and targets for your current trade are fully hidden from the broker.
In the example below you can see an open trade in profit. In the trade manager we have set a stop and profit target but in the trade window you can see that there is no S/L or T/P order with the broker.
The market then moves up to our hidden target and executes automatically:
Hiding Breakeven Orders
There is also a function in the inputs tab of the EA options to hide breakeven orders. This has the same effect. If set to true, then when your points/pip target is met, the trade will have a hidden breakeven order set within the EA which will trigger if the market moves back down.
Trade Manager Settings Summary
In the table below is a summary of the trade manager functions we have reviewed.
|Close All||Close all positions for one market.|
|Close 50 %||Close 50 % of all open positions for one market. Note – this will only work for positions where the lots can be divided.|
|Breakeven||Move stop loss to breakeven for all open, winning positions for one market.|
|Close All Sym||Close all open positions on all markets on MT4.|
Note: The functions below this line are designed for the management of single trades only.
|Automatic Breakeven Points||Set automatic stop loss move to breakeven when market reaches the required amount of pips. Note for one market only and 1= 0.1 pip, 10 = 1 pip, 100 = 10 pips.|
|Automatic Take Profit (Points)||Set automatic take profit when the market reaches the required amount of pips. Note for one market only and 1= 0.1 pip, 10 = 1 pip, 100 = 10 pips.|
|Automatic Take Profit (Price)||Set automatic take profit when the market reaches the set market price.|
|Automatic Stop Loss (Points)||Set automatic trigger stop loss when the market reaches the required amount of pips (max loss amount). Note for one market only and 1= 0.1 pip, 10 = 1 pip, 100 = 10 pips.|
|Automatic Stop Loss (Price)||Set automatic stop loss when the market reaches the set market price.|