This site may contain affiliate links from which we may earn commission. This helps us keep this site free and with running costs. Thank you for your support and understanding.
One of the little inconveniences of manual trading, when placing a trade, is to work out in my head what price I need to set my stop loss and take profit levels.
For example, once I’ve decided how many pips stop loss and take profit I want to set, next, I’ll quickly calculate in my the price points of the asset at which I need to set the stop loss and take profit levels.
Ok, I’ll be honest, only takes a few seconds of my time, but if there’s a tool that can calculate these stop losses and take profit points instantly and also place the trade with a click of a “buy” or “sell” button, then why not use it:-)
The good news is that there is a tool that achieves these tasks and more.
It’s called Simple Panel EA, available as a free utility from the https://www.mql5.com/ marketplace and also can be downloaded directly within the MT4 app, under the “market” tab.
I’ve been using Simple Panel EA for quite some time, it enables you to set stop loss and take profit levels very easily, without having to calculate your levels yourself.
It is a very nice time-saving and labour-saving tool, as, you don’t have to manually type in stop loss and take profit values in the new order box.
Here’s how it works, first you need to download the utility from the MQL5 market within your MT4 desktop app, then it will appear under the Expert Advisors\Market folder.
You then need to hover your mouse over the app listing, click and hold the mouse button and drag to any chart and time frame.
In the options, make sure, you enable “allow live trading”, then enable the “auto trading” button in the toolbar.
After that, you’ll see the newly added simple panel utility loaded within your chart window, as screenshot below.
Now, when you need to open a new trade, just drag the currency pair from the left Market Watch window and drop it onto the simple panel chart.
In the simple panel, enter your “stop loss” value in pips, so if it’s 15 pips stop loss you’d like to set, then put in “15” and same for take profit.
Now click on the buy or sell, according to your strategy, and you’ll see under the open trades that your stop loss and take profit are automatically set.
If you don’t want to have stop loss/or take profit set, or one or the other, then just leave it blank. Also some other features such
The Simple Panel also has other tools, such as buy stop, sell stop, buy limit, sell limits, etc.
And one other tool I really like is the “close all” trades button, which enables you to close all open trades in one click!
Check it out, it’s a useful tool for when you’re setting manual trades, and if you do set manual trades on the desktop, trust me you’ll appreciate the benefit of this tool.
Here’s the link to the listing on the MQL5 market if you want to learn more:
Download the ‘Simple panel EA’ Trading Utility for MetaTrader 4 in MetaTrader Market (mql5.com)