MT4 close all button or “Panic Button” is the button on MT4 chart based on MQL4 script (MT4 script) which can close all positions with the push of a button.
MQL4 Close All Orders – What Is It?
An MQL4 Close All Orders is a simple script that, once you run, will close all your positions immediately. It’s a simple tool, but its usefulness is essential, especially if you run multiple positions.
Let’s take one example. You’re running five positions at once. Then, for some reason, the price suddenly became volatile, and its behaving erratically and beyond the confines of your expectation. Most professionals will tell you that it is better to get out when you have entirely no idea what the price is doing. Since you are a smart trader, you follow the advice.
You click your every position and hit close. However, on the third position that you are about to close, the price suddenly spikes out of nowhere. Then in a fraction of a second, you are miles away from the price point you want to close your positions. It’s good if the price spiked in your favor. But what if it didn’t? Are you willing to take that chance that it will always go your way? Are you willing to base your strategy based on luck? If you are a smart trader, then your answer should be a big “NO.”
Alternatively, you can use an MQL4 Close All Orders. With one click of a button, all of your positions get closed. The chances of price running away from you become very slim. There are also other instances that you’d want to have this “panic button” at all times.
It could be that there’s unexpected news that is coming out, and you don’t want to take the risk if the price goes with or against you. You just run the script, and you’re good.
Another instance is when you are trying to execute a multiple profit-taking strategy. During normal price behavior, you plan to exit manually, depending on what triggers you may have. However, the price suddenly spiked in your favor, and you know that if you execute your usual profit-taking strategy, you will be leaving money on the table. Hence, hit that Close All Orders script and secure all the profits of your positions almost instantly.
Conclusion:-
At the very least, MQL4 Close All Orders makes it convenient for you to close all of your positions in a single click of a button or certain trigger. In the worst case, it can be your “panic button.” And when it comes to panic buttons, it’s better to have one when you need it versus needing it and don’t have one.