MT4 Exit Manager – Setup & Instructions

This section is crucial for correctly setting up the MetaTrader 4 and MT4 Exit Manager environment to work accurately and seamlessly throughout your trading.

The use of a VPS is highly recommended to ensure the elimination of potentially costly, easily avoided losses. Home or office computer restarts, Windows updates, sleep settings, power outages, application interferences, or the many other unknowns can interrupt what could otherwise be profitable trading sessions.

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MT4 Exit Manager - Setup & Quick Start

Selecting a Broker

If you have already selected a broker and have MT4 installed, you may skip this section. Otherwise, you may follow our example by setting up an account with OANDA. OANDA is just one example of where the MT4 App integration is possible with MetaTrader 4. MT4 is compatible with every MT4 broker.

Create a new OANDA demo account with MetaTrader 4 – it’s best to always start with a demo, trade live, real money only after practicing, and are familiar with all of the software and tested your Strategy in real-time.

Install Metatrader 4 from OANDA

For now, it will suffice to set up a single MT4-OANDA account; however, later, you may wish to create multiple MT4-OANDA subaccounts where we can explore strategies using several instances of MT4 and the MT4 EM. Multiple MT4 EM and MT4 instances become especially useful when hedging is considered and perhaps, not available in your country, thus, providing a workaround.

The currency pairs that you set up in MetaTrader are those that will appear in the Visible Pairs within the MT4 Exit Manager Desktop Application.

Oanda MT4

Install the MT4 Exit Manager Application

If not already done so, signup for your free MT4 Exit Manager account. Then follow the directions in the welcome email, return here or within the MT4 EM software > Help section to learn all the exciting things that the MT4 EM App offers.

Connecting MT4 and the MT4 EM Application

Link MetaTrader 4 with the MT4 EM App by placing the PipeServer script in the appropriate Scripts Folder of the MetaTrader 4 instance(s) you wish to link. 

To do so, open MetaTrader 4, click the File Menu > Open Data Folder > MQL4 > Scripts. Note this location and then copy/paste the PipeServer file within the Scripts Folder.

MT4 Data Folder

The MT4 EM Pipe Server

The PipeServer script is in the Program Files installation folder: C:\Program Files\MT4 Exit Manager\MQL4\Scripts after installing the MT4 EM Application.

MT4 Pipe Server

Drag the PipeServer script onto a chart within MT4 just like any EA, Indicator, or Script. Preference is to add the PipeServer onto the EURUSD 1 minute chart due to frequent updates with new data ticks. It is also necessary to enable Autotrading in the top toolbar.

The PipeServer runs successfully when the green clock icon appears in the lower right corner of the chart, as shown in the image on the right.  

Pipe Server - Chart

Run the MT4 EM Desktop Application

The MT4 EM App is an executable file, installing similar to a standards Windows Desktop Application. Run the MT4 EM App by clicking the File called mt4em-setup.msi, and follow the on-screen instructions.

MT4 Exit Manager - Start Menu

Once installed, the application will become available in your Windows Start Menu.

Important! Automatic Updates

The MT4 EM Application downloads update automatically. However, to install them, it is necessary to run the application with Administrator Privileges. As updates are available, a notification will appear upon starting the MT4 EM App. When this occurs, navigate to the Windows Menu entry for MT4  Exit Manager, right-click, select More and Run as Administrator.

MT4 Exit Manager - Run as Administrator

Troubleshooting

If you see this message when running the MT4 EM App, it most likely means that the PipeServer is not active within MetaTrader 4. Review the Connecting MT4 and the MT4 EM Application section to resolve this issue.

Troubleshooting

Show Visible Pairs

When opening the MT4 EM App, set the Visible Pairs box to show active orders within the main window. Do this via a right-click > Visible Pairs and checking the Open Positions box as shown below. This setting will make it easier to view MT4 EM-managed orders.

If you prefer to show only specific pairs, uncheck the Open Positions box and add/remove the desired pairs to show in the main window. Keep in mind, though, that doing so will not display all active positions. 

Visible Pairs

Strategy Creation - The Dynamic Money Manager

The primary functionality of MT4 EM is within the Dynamicy Money Manager (DMM). Open the DMM by right-clicking within the main window, selecting Strategy, or via the Main Toolbar > Strategy > New menu item.

The DMM provides automated exit functions such as; double reverse, half-reverse, reverse, double, triple, half, stop and reverse, and more. Additional features include;  restarting, alerts, timed Trading, direction allocation, and sophisticated money management, all within a user-friendly interface.

To create a strategy, first, click a function in the lower-left section to activate it, then place it in the top grid section by clicking an empty cell. Stack functions up to seven levels deep within each grid.

MT4 Exit Manager - Functions Tab
The Dynamic Money Manager
MT4 DMM Functions
  1. Clear – removes function
  2. Close – closes a trade
  3. Half – reduces a position’s size by 50%
  4. Reverse – changes the direction of a position
  5. Double-Reverse – increases position size by 100% and changes its direction
  6. Half-Reverse – decreases position size by 50% and changes its direction
  7. – 10. Increases the position size from two to five times, respectively. 

Risk Management

The DMM contains various parameters for Risk Management as they pertain to the enabled Strategy. Check the Strategy is Enabled box and then set the parameters to be applied once the Strategy is enabled.

 

Risk Management
Risk Management Settings
  • Max Used Margin % – the percent of margin that will be available for all positions. Once exceeded, additional trades are prohibited.
  • Max Floating P/L % – allows Trading while the parameter of open positions P/L remains lower than the set amount.
  • Max Pip Value – the maximum allowable pip value of a position. When exceeded, additional trades are prohibited.
  • Close All when P/L % > – all trades are closed when the P/L greater than the specified percent.
  • Close All when P/L % < – all trades are closed when the P/L is less than the specified percent.
  • Don’t Trade if Spread > the specified amount in pips.

DMM - Functions Tab

The Grid Display or cell size in the example above has a value of 15 pips. Therefore, when the profit/loss (P/L) for a pair moves to -15 pips, the double reverse function will trigger, then when it reaches -15 pips once more, the position will triple and son. On the positive side, when the P/L reaches 120 pips, the position will close. Adjust the grid size using the Cell-sized, pips box in the lower right corner.

Change the Grid Size in the beginning or during a Strategy—the Grid Size updates in real-time within the Main Window of the MT4 EM Application.

DMM Functions Tab
DMM - Functions Tab

DMM - Restarting Trades Tab

The Restarting feature creates new positions once they have been closed by ty the X function. Open the DMM window and chose the Restarting Tab.

Parameters available are directions to restart after a winning position is closed, a losing position is closed, and the number of times to restart. Additionally, the entire Strategy resumes by checking the Apply after the “Close all when…” triggers” box.

The restarting feature is helpful for short-term Trading where the take profit level is relatively close to the break-even point. Thus, allowing the ability to lock in profits while reentering for another opportunity. These methods and are the makings of an excellent risk management system.

DMM Restarting Tab
DMM - Restarting Tab

DMM - Alerts Tab

Set visual and audio alerts within the Alerts tab. To place an alert, click the desired grid box. To remove an alert, click the desired grid once more. Use the Alert Settings button to access the type and frequency of alerts.

DMM Alerts Tab

DMM - Timed Trades Tab

Trades may be placed manually or automatically both within the MT EM interface or initiated by MetaTrader 4. Open the DMM window in the MT4 EM Application and then select the Timed Trades Tab.

Listed currency pairs that are in the connected MetaTrader 4 instance become available in this tab. Select the desired currency pair from the drop-down menu in the upper left and then click the Add button. Buy or Sell directions as well as lot size or pip value parameters are available. A lot size of 0.01 is 1,000 units, while pip values round to standard notation.

Input the desired time to start trades using the fields in the upper right corner and check the Open Positions at, box. To record statistics, check the Start Recording box in the top middle of the Timed Trades Window. You can then view these statistics once the Strategy is closed within the reporting tabs at the bottom of the main application window.

DMM Timed Trades Tab
DMM - Timed Trades Tab

Manual Trading

Trades may also be placed by right-clicking the active grid in the main application window and then selecting New Market Order.  Alternatively, place a manual trade using the Trade Menu > New Market Order sequence from the main toolbar.

Trading within the MT4 EM Application is meant to be streamlined while leaving more options to MetaTrader initiated and Timed Trades.

There are, however, a few additional features available for manual trading by selecting Trading > New Market Order from the main toolbar.

Close Trades in the MT4 EM App via the X function or by right-clicking in the Trades tab.

MetaTrader 4 Initiated Trades

Trades initiated using MetaTrader 4 either manually or via Expert Advisors and Scripts are also managed when the MT4 EM is actively connected. Once the PipeServer Script is attached to an MT4 chart, and the MT4 EM App runs, trades become automatically associated with no other actions necessary.  

Equity and Allocation Gauges

Located on the left side of the main window are Used Margin and Floating P/L gauges. Double click each gauge to set alerts.

The bottom of the main window displays individual currency allocation gauges. These gauges represent the percent of a currency among the active positions.

Set a global alert by clicking the bell icon in the upper right corner of the allocation gauges. Edit specific alerts by clicking the desired currency gauge.

Break-Even Marker

When a double reverse adjusts a position, reverse, or other function, a Break-Even value appears as a blue line in the grid.

The Break-Even marker helps analyze exit levels and free up needed margin for future function triggers while ensuring to lock in profits at safe levels.

When used margin or pip values are high, the Break-Even feature can guide you to positions that may better serve the overall Strategy if they were to be closed.

Break Even Marker
Break-Even Marker

P/L Graph

A helpful tool to get a quick overview of the current P/L or Equity status is the Balance Graph accessible via the Trading > Balance Graph menu item from the main toolbar. Right-click within the graph to select from various options such as:

  • Balance& Equity – displays equity P/L data in dollar amount.
  • Percentage – displays equity P/L data as a percentage.
  • Auto-Scroll – adjusts the chart to keep it in full view during real-time updates.
  • Equity Alerts – adds an alert to the graph.

Legend

  • Gold Line – Floating P/L
  • Grey Line – Equity
  • Blue Line – Relative Balance

Scroll over the chart to see a popup of the above values.

Right-click the graph to add alerts. Alerts may be dragged up/down the chart to their desired positions. Right-click the alerts to display additional options. 

Profit - Loss Graph
P/L Graph

Reporting Windows

The bottom of the application contains MT4 Exit Manager’s reporting windows.

Trades – lists the active trades managed by the MT4 EM Application

Recordings – contains recorded Strategy Statistics.

Activity – reports strategy activity such as new positions with associated P/L, restarting, and more.

Journal – lists subscription status (first entry on each run), connections, new trade information, and more.

Recordings Tab

Double or right-click a recording in the Recordings Tab to open a recording.

The top left section contains parameters set in the Strategy.

The top right section includes additional Strategy information such as ROI% (Return on Investment and NSF (non-sufficient funds). NSF – the number of times when there were not enough funds to carry out a Strategy function.

Click the Export button to create a .csv file for use in Excel or a similar application for further analysis.

A careful review of the Strategy recording statistics can help plan function placements for your overall Strategy and, more importantly, individual currency pairs. For example, if there is a consistently losing pair, investigate further; perhaps the daily trading average will hint at where to place the close function.

Furthermore, if your Strategy reports too many NSF’s, you are most likely overtrading your account. In this case, trade fewer pairs if they are all profitable and decrease the starting size for each pair in your Strategy. These and other tips can significantly enhance the success of your trading.

Strategy Recording
Strategy Recording Statistics

MT4 Data Folder Location

Locate the Data Folder via the File > Open Data Folder menu item.

The Data Folder contains valuable information for individual review and to send to support staff for assistance.

MetaTrader 4 Data Folder Location