Labouchere System Expert Advisor for MT4/MT5
Info
The Labouchere System Expert Advisor for MT4/MT5 is a Expert Advisor for MetaTrader 4 that expert advisor based on the labouchere lot management system. Labouchere System OverviewThe Labouchere system is a betting strategy where a trader creates a sequence of desired profit amounts (represented as lots).
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 Labouchere System Expert Advisor for MT4/MT5
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
Expert Advisor based on the Labouchere lot management system.
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: lock system 2+1 - another powerful expert for MetaTrader 4 traders.
Expert Advisor based on the Labouchere lot management system.Labouchere System Overview
The Labouchere system is a betting strategy where a trader creates a sequence of desired profit amounts (represented as lots). For example, a sequence could be 0.01, 0.02, 0.01, 0.01, 0.01.
Also recommended: cross moving average (ma) trading system - similar expert with strong performance on MetaTrader 4.
Trading Logic:
1. To open an order, sum the first and last elements of the current sequence. For instance, with the sequence 0.01, 0.02, 0.01, 0.01, 0.01, the first order lot would be 0.01 + 0.01 = 0.02.
2. If the order is profitable, remove the first and last elements from the sequence. The remaining sequence would be 0.02, 0.01, 0.01.
3. If the order is unprofitable, add a new element to the end of the sequence equal to the sum of the bet placed. The sequence would then become 0.02, 0.01, 0.01, 0.03.
4. Repeat the process: open an order by summing the new first and last elements (0.02 + 0.03 = 0.05 in the example) and adjust the sequence based on profitability.
5. A cycle concludes when there are no elements left in the sequence, or only one element remains. At this point, the trader can either start a new cycle or cease trading.
Expert Advisor Features
Entries are triggered by the intersection of the main and signal lines of the Stochastic indicator.
The Expert Advisor manages trades such that only one order can be active in the market at any given time.
Trade entries occur at the opening of a new trading bar.
The Expert Advisor provides an option to automatically start a new trading cycle after the completion of the previous one, or to halt trading once a cycle is completed.
Includes a trading schedule function to operate within specific time frames.
Features a reverse function, allowing for Sell orders instead of Buy, and vice versa.
You may also like: donchain counter-channel system - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.4"
#property strict
extern string os="lots and stops settings";
extern string lot="0.01,0.02,0.01,0.02,0.01,0.01,0.01,0.01";
extern bool new_recycle=true;
extern int stoploss=40;
extern int takeprofit=50;
extern string emp1 = "/////////////////////////////////////////////////////////";.......
⚠ 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.