Archive for the ‘Software update announcements’ Category

Latest Magic Lines update now supports

• Limit orders (new)
• Pending orders
• Market orders
• Stoploss and takeprofit on immediate execution orders, even if broker doesn’t support it
• Automatic lot size purchase based on your desired risk factor (i.e. 1.5%)
• Adjustable risk factor
• Real time stoploss and profit target modification
• Stoploss-only order modify
• Trailing stoploss based on significant up or down bars
• Automatic determination of trade type depending on line positioning
• Installation and operation manual

Regular update and maintenance announcement for Magic Lines:

• full support for JPY currency pairs
• full support for micro account lot rounding
• support for adjustable risk per trade (i.e. 1,5% default, but you can now also put 3% or even 10%)
• support for brokers who don’t allow market orders to be executed simultaneously with stoploss and takeprofit.

These  features have been requested by several users who bought or have been testing Magic Lines Demo.  The  functionality mentioned in the last bullet needs some clarification:

Some brokers do not allow you to enter a stoploss and a takeprofit level when you place an order. You just can’t edit the fields, so you have to enter the order without stoploss.

Now imagine just after you enter the market, your computer freezes. You are now in a trade with all your money and without any level of control. If you trade news releases, this is unacceptable.

I adjusted Magic-tradenow to execute market orders with such brokers, immediately followed by a Modify order so your position is immediately safe. No need to manually adjust the trade for stoploss and takeprofit anymore. If you enter a market order, Magic Lines takes care of immediate order execution, stoploss and takeprofit in one go!

The default tracking stoploss method in Metatrader uses a fixed amount of pips. This is almost never desirable. I uploaded two scripts which automated a stoploss tracking method suggested by Matt Sharp in his FiveTic course. The EA’s will move the stoploss just below the next “strong” bar during a up- or downtrend.

These EA’s are alpha stage. Use at own risk.

These EA’s will be expanded with additional stoploss tracking methods in the future. Once they go into release phase they will be included with the Magic Lines package, so they will not remain free.

To download, please register and visit the free scripts page.

In the free scripts section, two new scripts are available for FiveTicForex users. You can now open two orders simultaneously against market price with a stoploss set at the average true range, and two different stoploss orders for each trade at 2/3 ATR and 2ATR. These scripts are free to download and to modify.

When you are using Magic Lines, you can use Magic Modify to manage the 2nd part of the trade, which is the continuation trade. The first part of the trade (the standard ATR-2/3 ATR trade) is not affected as long as you have the second trade (continuation setup trade open).

You can download the free scripts by logging in with your account. If you have no account, please first register. As soon as you log in, a tab with ‘free scripts’ will appear on top of the page.

Download the Magic Lines Manual here. It covers installation of Magic Lines in detail. Additionally it discusses a few example trades that were conducted while writing the manual today, July 17 2009.

Magic Lines Forex adds a page of useful MT 4 scripts specific to several trading methods. Now, Fivetictrading users can download these scripts to complete their current set of scripts, indicators and EA’s.

Register to download the new Magic Lines scripts for Metatrader 4. New features: Risk/money management function (1.5% risk on any trade pre-calculated), visual pending orders and market orders, real-time visual stoploss and takeprofit adjustment, support for multiple instruments. These scripts work on 32 bit computers now.