Levels with Trail
This tool for MetaTrader 4 is specifically engineered to streamline your trading operations. 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 Levels with Trail
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 EA trades on the breakout or the retreat from the support/resistance lines. The lines are set manually by the trader using the "Trend line" object on the toolbar.
When the price moves towards the profit the EA trails the Stop Loss order.
Two trade modes are available:
Retreat from the line. In this case, the buy order is placed by the "up" arrow once the price touches the support level (when the bar opening price is above the line). The sell order is placed by the "down" arrow once the price touches the resistance level (the bar opening price is below the line).
The breakout of the line. Buy and sell are placed by the ↕ arrow once the line crosses the resistance and the support levels, respectively.
For ease of visual perception, the line colors are set according to the slope angle, as well as zero thickness in case incompatible trade directions relative to it are set. In that case the line is considered to be disabled, and trading based on it is not performed. A reduction to the horizontal is provided once the trader moves the second plot point of the horizontal line to the left of the first plot point, in order to simplify its placement.
