Elliott Wave Trader EA
Info
The Elliott Wave Trader EA is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) utilizes elliott wave principles to manage trades. The EA opens up to 9 orders based on the Stochastic indicator on the 4-hour timeframe.
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 Elliott Wave Trader 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) utilizes Elliott Wave principles to manage trades.
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: eliot wave i - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) utilizes Elliott Wave principles to manage trades.The EA opens up to 9 orders based on the Stochastic indicator on the 4-hour timeframe. Specifically, it initiates sell orders when the Stochastic is above 80 and buy orders when it is below 20.
Also recommended: eliot waves - similar expert with strong performance on MetaTrader 4.
Developers are welcome to enhance this EA. Integration of the Bollinger Bands indicator is recommended for closing orders, potentially to identify trend changes.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#define magicma 201203688
extern double lots1 = 0.20; // value for lot default.
extern double lotsminimum = 0.10; // describe minimum lot size on lose factor.
extern double lotsmaximum = 0.20; // describe maximum lot size on profit factor.
extern double riskfactor = 1100; // describe risk level for order.
extern double decreasefactor = 30; // describe lot decrease factor for order.
extern double order2pips = 55; // distance with the first order. order no 2. type limit.
extern double order3pips = 89; // distance with the first order. order no 3. type limit........
⚠ 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.