Place a pending order (either Buy Limit or Sell Limit) in MetaTrader 4 with specified Stop Loss (SL) and Take Profit (TP) levels.

 

Below is a more detailed MQL4 script to place a pending order (either Buy Limit or Sell Limit) in MetaTrader 4 with specified Stop Loss (SL) and Take Profit (TP) levels.

//+------------------------------------------------------------------+
//|                             PendingOrder.mq4                     |
//|                Generated by https://forexoptionst.blogspot.com   |                    |
//+------------------------------------------------------------------+
#property strict

// Define input parameters for the pending order
input double LotSize = 1.0;          // Lot size
input double PendingPrice = 1.2000;  // Price for the pending order
input double StopLoss = 1.1950;      // Stop loss level
input double TakeProfit = 1.2100;    // Take profit level
input int Slippage = 3;              // Slippage in pips
input bool IsBuyLimit = true;        // True for Buy Limit, False for Sell Limit

//+------------------------------------------------------------------+
//| Expert initialization function                                   |
//+------------------------------------------------------------------+
int OnInit()
  {
   // Check if there are enough funds to place the order
   if(AccountFreeMarginCheck(Symbol(), IsBuyLimit ? OP_BUYLIMIT : OP_SELLLIMIT, LotSize) < 0)
     {
      Print("Not enough margin to place the order");
      return(INIT_FAILED);
     }

   // Determine order type
   int orderType = IsBuyLimit ? OP_BUYLIMIT : OP_SELLLIMIT;

   // Place a pending order
   int ticket = OrderSend(Symbol(), orderType, LotSize, PendingPrice, Slippage, StopLoss, TakeProfit, "Pending Order", 0, 0, clrGreen);
   
   if(ticket < 0)
     {
      Print("Error placing order: ", GetLastError());
      return(INIT_FAILED);
     }
   else
     {
      Print("Pending order placed successfully. Ticket number: ", ticket);
      return(INIT_SUCCEEDED);
     }
  }
//+------------------------------------------------------------------+
//| Expert deinitialization function                                 |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
  {
  }
//+------------------------------------------------------------------+
//| Expert tick function                                             |
//+------------------------------------------------------------------+
void OnTick()
  {
  }
//+------------------------------------------------------------------+

Explanation:

1. Inputs:

   • LotSize: The size of the lot to trade.
   • PendingPrice: The price at which the pending order will be placed.
   • StopLoss: The price at which the stop loss will be set.
   • TakeProfit: The price at which the take profit will be set.
   • Slippage: The maximum slippage allowed in pips.
   • IsBuyLimit: A boolean flag to determine whether the order is a Buy Limit (true) or a Sell Limit (false).

2. OnInit() Function:

   • This function initializes the expert advisor. It checks if there are enough funds to place the order using AccountFreeMarginCheck.
   • It determines the order type (OP_BUYLIMIT or OP_SELLLIMIT) based on the IsBuyLimit input.
   • If there are enough funds, it places a pending order using OrderSend.
   • If the order is placed successfully, it prints the ticket number; otherwise, it prints an error message.

3. OnDeinit() Function:

   • This function is called when the expert advisor is removed. It is left empty in this example.

4. OnTick() Function:

   • This function is called on every tick. It is also left empty in this example.

How to use:

1. Open the MetaEditor from MetaTrader 4.
2. Create a new Expert Advisor and paste the code above into the editor.
3. Save and compile the code.
4. Attach the compiled EA to a chart in MetaTrader 4.

Customization:

• Modify the input parameters (LotSize, PendingPrice, StopLoss, TakeProfit, Slippage, IsBuyLimit) as needed before attaching the EA to the chart.
• This script will place a pending order (Buy Limit or Sell Limit) with the specified parameters when the EA is initialized.