A manual risk and order management panel for MT4, not an automated robot. You choose the trades, it sizes and manages them.

Behind the rebranded titles here (Forex Order Manager, MT4 Trade Manager, Trade Panel) sits a well known commercial utility: Trade Assistant MT4 by Russian developer Evgeniy Kravchenko, sold on the MQL5 Market. The file inside the archive, renamed Trade Panel_Update.ex4, is that tool.

The first thing to be clear about is what it does not do. This is a manual panel, not an expert advisor that trades on its own. It does not scan for setups or fire orders while you sleep. You decide where to enter; the panel then sizes the position to your risk and handles the trade after that, from trailing stops to partial closes.

On MQL5 the product holds a 4.43 out of 5 rating across 255 buyer reviews, has been on sale since August 2018, and is still maintained at version 10.33. That track record and the fact that it is a real working tool, rather than a black box promising fixed returns, put it among the more trustworthy entries in this catalogue.

About this free copy. The archive is a repackaged build of the commercial Trade Assistant MT4, with the file renamed Trade Panel_Update.ex4. It is unverified and probably older than the current v10.33. For real use, take the free trial on the official MQL5 page instead.

Virtual stops are terminal side. Virtual SL, TP and pending orders live inside MT4, not on the broker server. If the terminal or the VPS goes offline, those hidden levels stop being enforced.

Specifications

Type: Trade panel utility (manual, not automated)
Platform: MetaTrader 4 (a separate MT5 version exists)
Function: Risk based sizing, order placement and trade management
Markets: Any symbol, works on all instruments
Timeframe: Any, the tool is not timeframe specific
Risk model: Position sizing by risk, no martingale or grid of its own
Trailing stop: 7 modes: fixed pips, Fractals, MA, Parabolic SAR, ATR, partial close, previous bar High/Low
Developer: Evgeniy Kravchenko (evgen333), Russia
Original price: $50 to buy, $30 to rent 3 months, on MQL5
Latest version: v10.33, updated April 2026
On MQL5 since: August 2018
Rating: 4.43 of 5 across 255 buyer reviews

What it actually is

Trade Assistant is a manual trading panel. It sits on your chart and gives you one place to open, size and manage trades that you have decided to take. There is no signal engine and no automated entry logic. If you are looking for a robot that trades for you, this is not it, and the honest version of this review says so up front.

Risk sizing and the line function

The core of the panel is position sizing. You set how much you are willing to lose on a trade, and it calculates the lot for you:

Risk as a percentage of Balance, Equity, Free Margin or a custom base
Risk as a fixed amount in your account currency
Dynamic risk from the previous day, week or month range, the AB values
R/TP and R/SL fields to lock in a reward to risk ratio, for example 2:1

Order and trade management

Once a trade is open, the panel handles the parts most manual traders manage by hand. Sizing already accounts for spread and commission so the risk figure is realistic. The management set covers:

Seven trailing stop modes, including ATR, Parabolic SAR and the High/Low of the previous bar
Partial close by percentage, breakeven, and bulk close by type or at a target profit
Virtual SL, TP and pending orders that stay hidden from the broker
OCO, limit order trailing, and scheduled open or close by time

Interface and extras

The main panel is tabbed, with a line overlay that shows Entry, Stop Loss and Take Profit on the chart before and after execution, so you can drag levels and see the effect. A per order context menu lets you change one trade without touching the rest. Rounding it out are a symbol switcher, hotkeys, support and resistance alerts, and a one click chart screenshot tool.

About this free copy

The download in this catalogue is a repackaged copy, with the executable renamed from its original. It is unverified and may lag the current v10.33 that the developer ships. MQL5 offers a free trial that runs on a demo account, which is the safe way to try the real thing without loading an unknown binary onto a live terminal.

Screenshots

Trade Assistant MT4 risk and order controls

Trade Assistant MT4 trade management options

Trade Assistant MT4 (Forex Order Manager Trade Panel)

Features

Sizes each trade to a set risk in percent, fixed money, or previous period range values
Places and adjusts orders by dragging Entry, SL and TP lines on the chart
Seven trailing stop modes including ATR, Parabolic SAR and previous bar High/Low
Partial close, breakeven, OCO, and scheduled open or close by time
Virtual SL, TP and pending orders kept hidden from the broker
Symbol switcher, hotkeys, support and resistance alerts, and chart screenshots

Performance

Trade Assistant MT4 is a manual utility, so it has no trading track record of its own; results depend entirely on the trader using it. The 4.43 out of 5 figure reflects 255 buyer reviews on the MQL5 Market as of the page fetch on 4 September 2026, not any profit number.

Pros

Long standing and widely used, 4.43/5 across 255 reviews since 2018
Accurate risk based lot sizing removes the manual position size math
Deep management set: 7 trailing modes, partial close, breakeven, OCO
Works on any symbol and timeframe, handy for discretionary traders
An official free trial on a demo account lets you test before buying

Cons

It manages trades but does not find them, you still need your own strategy
Virtual SL/TP rely on the terminal staying online, the broker does not hold them
The free file here is a repackaged copy, unverified and likely outdated
The full feature set takes time to learn for a newer trader

Setup

Prefer the official MQL5 trial on a demo account over this repackaged file
Keep MT4 and any VPS online so virtual stops stay active
Set the risk input once, in percent or money, and let the panel size each trade
Practise the line function on demo before using it on a funded account

Verdict

Trade Assistant is one of the more genuinely useful items in this catalogue precisely because it does not pretend to be a money machine. It is a manual risk and order manager, and at that job it is well built, with a long history and a solid rating to back it up.

The catch is what it is not. It will not tell you when to buy or sell, so its value rests on your own strategy and discipline. And the copy circulating here is unverified, so if you plan to lean on it daily, the $50 official license and its free trial are the sensible route.

Risk disclaimer

Forex and CFD trading involves significant risk and may not be suitable for all investors. Indicators, EAs and trading tools do not guarantee profits. Always apply proper risk management. AutoFXRebate did not build these tools and does not endorse any result they claim; test on demo before risking money.

Trade Assistant MT4 (Forex Order Manager Trade Panel)