Labouchere 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 Labouchere 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
The Expert Advisor is based on the lot management according to the Labouchere system.
About the system
In theory, the SL and TP must be equal or almost equal. A trader takes a certain (any, the greater the lot, the greater the risks) sequence of lots. For example: 0.01 0.02 0.01 0.01 0.01.
During an order opening the first and the last element of the list are always added. That is, the first order will be 0.01+0.01=0.02. Let the order be profitable. Cross out the first and the last elements from the list. The remaining are 0.02 0.01 0.01.
Open an order with the lot 0.02+0.01 (the first and the last element) = 0.03. Let it be unprofitable. Add one element at the end, which is equal to the sum of the bet. Now the list is 0.02 0.01 0.01 0.03.
Open an order with 0.02+0.03 (the first and the last element) = 0.05. And so on.
The cycle ends once there are no more elements or only one element in the list. Stop opening orders, or start all over again.
About the Expert Advisor
Entries are made when there is an intersection of the main and the signal line of the stochastic.
Only one order can be in the market.
Entries are made during the opening of a new bar.
The Expert Advisor implements the option to run a new cycle after the completion of the previous one or to not open any more orders once the cycle completes.
It has a function of operation by time
There is a reverse function, instead of Buy it opens Sell and vice versa.
