Question: How can I manage signals of MQL5 Community such as stop loss and other limitations?
The signals you are subscribing from MQL5 Community, can be managed directly from the MT5 trading platform.
To do that, please go to “Tools” → “Options” → “Signals”, after connecting(logging into) your MQL5 Community account on MT5 platform.
In the popup window, you can setup the following options:
- Agree to the terms of use of the Signals service
- If you don’t check this box, no signals will start working in your account. If you don’t agree to the terms and conditions, please don’t check the box.
- Enable realtime signal subscription
- After checking the box above, you also need to check this box in order to start subscribing to signals. This option will simply enable signals to start copying in the account.
- Copy Stop loss and Take Profit Levels
- By enabling this option, your trading account makes sure that all positions are closed at the price which the provider has intended.
- Synchronize positions without confirmations
- Any changes to the provider’s account or subscriber’s account, the system will automatically synchronize them without asking the users.
- Use no more than -%
- This is a risk management tool for your trading account. Regardless to the % which a signal provider is using, you can reduce the risk exposure as you want by decreasing this %.
- Stop if equity is less than – USD
- It is a Stop Out level which you can set for your account. When the account equity reaches down to the level you have set, all open positions will be closed and the signal operation will be ceased.
- Deviation/Slippage -Spreads
- This will limit the slippage amount. Orders are executed only if the deviation is less or equal to the specified parameter.
For the list of MT4 and MT5 online brokers, visit the page below.