Binario
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. 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 Binario
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
The Binario Expert Advisor is based on the exponential moving averages of the same period, but for different price types (High and Low). This EA does not use the signals to buy or sell, and simply opens long and short positions in turns and changes their settings according to the calculated moving averages. It uses stop loss and order monitoring in real-time to close positions. A position in the opposite direction is opened right after the previous one is closed.
Recommendations:
The EA uses a temporary stop loss and take profit, but the average profitable position is about 1750 pips and the average unprofitable one is 250 pips.
This EA will open the average of 4 trades per year on the daily chart of GBP/USD (the optimum combination).
This EA is compatible with ECN. The ECN_Mode input parameter must be set to
true
to enable the ECN compatibility mode for this EA. Otherwise, the OrderSend Error 130 error message is likely to occur when the EA tries to open positions. This will happen because if you trade through an ECN-broker (with market execution of orders), you can not set a stop-loss or take profit during the position opening. You should open a position without these levels first and then change the position by adding a stop-loss and take-profit.
