daily breakdown pending order ea
Info
The daily breakdown pending order ea is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) places pending orders daily at a user-specified time, defined by the timeset variable. when a pending order is executed, the other pending order is removed.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use daily breakdown pending order 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.
What this tool does
this expert advisor (ea) places pending orders daily at a user-specified time, defined by the timeset variable.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: breakdown trading advisor - another powerful expert for MetaTrader 4 traders.
this expert advisor (ea) places pending orders daily at a user-specified time, defined by the timeset variable.Also recommended: breakout trading strategy: vr breakdown level - similar expert with strong performance on MetaTrader 4.
when a pending order is executed, the other pending order is removed.
the buy stop pending order is set at the previous day's high price plus a specified delta (in points). the stop loss and take profit levels for this order are determined by the sl and tp input variables.
conversely, the sell stop pending order is placed at the previous day's low price minus a specified delta (in points). its stop loss and take profit levels are also configured using the sl and tp input variables.
input variables:
- timeset: specifies the time for placing orders (e.g., "07:32"). if set to "00:00", the ea operates based on the breakdown of the previous day.
- delta: the price shift in points for placing pending orders.
- sl: the stop loss level in points.
- tp: the take profit level in points.
- risk: if set to 0, a fixed lot size is used. otherwise, it indicates a risk-based lot calculation.
- noloss: if set to 0, the "zero" (break-even) setting is disabled.
- trailing: if set to 0, trailing stop functionality is disabled.
- lot: this value is used exclusively when the risk setting is 0 (fixed lot).
- expose openstop: controls whether stop orders are adjusted or managed relative to an open order.
You may also like: daily trend reversal d1 - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
extern string timeset = "07:32"; //order place time, if timeset = "00:00", the ea works on the breakdown of the previous day.
extern int delta = 6, //order price shift (in points) from high/low price
sl = 120, //stop loss (in points)
tp = 90, //take profit (in points)
risk = 0, //if 0, fixed lot is used
noloss = 0, //if 0, it doesn't uses break-even
trailing = 0; //if 0, it doesn't uses trailing
extern double lot = 0.10; //used only if risk = 0.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.