Free Ride Threshold Marker
"Move to breakeven" is a common trade-management rule, but the naive version of it - watching for price to simply return to entry - ignores the fact that closing exactly AT entry still loses the spread. This indicator computes the real free-ride point: the original entry price plus (for a buy) a buffer covering both a configurable pip cushion and, optionally, the live spread at the moment of calculation, so the marked threshold is the price at which the position can genuinely be closed without a net loss, not just a price that looks even on the chart. A dotted horizontal line is drawn at each open position's threshold, in a pending colour until reached, switching to a reached colour once price crosses it, with a label reporting the ticket number and the threshold price. A single Alert (and optionally a push notification) fires once per ticket the first time the threshold is crossed, so the trader is prompted to actually move the stop rather than the tool attempting to do it silently on their behalf. This is a marker and alert tool only - it never modifies an order's stop loss itself. Trade management stays a deliberate action the trader takes. Notes and limitations Only market positions (OP_BUY/OP_SELL) on the chart's own symbol are marked; pending orders and positions on other symbols are ignored. Attach to each symbol's chart separately for a multi-symbol book. The buffer intentionally covers spread only, not commission - commission per lot varies too much by broker/account tier to estimate reliably from what MQL4 exposes on an open order, so a trader on a commission account should widen InpBufferPips enough to cover it manually. Up to 200 alerted tickets are remembered at once (MAX_ALERTED); beyond that the oldest remembered ticket is dropped to make room for the newest, which only matters for an account running an unusually large number of simultaneous open positions. This tool never sends a trade request. Moving the stop to the marked threshold is always a separate, deliberate action - by hand, by another EA, or by the built-in trailing/breakeven feature of the platform.
Indicator · MT4 · v1.0 · Free
About Free Ride Threshold Marker
Free Ride Threshold Marker is an indicator for MetaTrader 4. It can alert you with a pop-up, sound, email or push message. It has 7 settings, such as Buffer pips, Use current spread in buffer and Alert once. MQL source code included.
Files in the download: FreeRideThresholdMarker.ex4, FreeRideThresholdMarker.mq4, FreeRideThresholdMarker.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Buffer pips | 2.0 | Extra pips beyond raw breakeven, to cover spread/slippage on the eventual close |
| Use current spread in buffer | true | Add the current live spread on top of InpBufferPips |
| Alert once | true | Alert only once per ticket when threshold is first reached |
| Send push notify | false | Also send a push notification when the threshold is reached |
| Colour pending | clrGoldenrod | Line colour before threshold reached |
| Colour reached | clrLimeGreen | Line colour after threshold reached |
| Magic filter | -1 | Only mark positions with this magic number, -1 = all |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Alerts · Trailing Stop & Break-even · MT4 Indicator · MQL4 Source Code