Murrey EA
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Murrey EA
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
This Expert Advisor is based on Murrey lines, Stochastic oscillator, Candles, Bollinger Bands.
Oversold occured when price breaked level 8/8 and stochastic >70 and target level 7/8 , with auto trail, when candle close above 8/8
Overbought occured when price breaked level 0/8 and stochastic<20 and target level 1/8 , with auto trail, when candle close bellow 0/8
What's new : V4 -> no order modify error 134 , and I will always update EA when I have time....
You must download murrey template before using EA to understand the functionality , Murrey auto detect support and resistance , pivotal point ... on a cetain timeframe
If you do not know what is Murrey please view this links: , .
Algorithms
Recommendations:
I. 5 digits pair
II. Best timeframes: M15,M30,H1,H4
III. Please follow the trend before running EA , you can disable buy by setting. Enable Buy :false , you can disable sell by setting Enable Sell:false
So EA will work good when you take a look at the trend and follow only the trend, disable Short or Long.
Money management
Do not risk, because minimum timeframe to EA to work good is M15.
