Limits Martin
Info
The Limits Martin is a Expert Advisor for MetaTrader 4 that added trailing stop and breakeven features, which are activated based on specific conditions:- trailing stop is enabled if 'trailing_use' is set to true and the last order has closed in profit or broken even. - Breakeven is enabled if 'breakeven_use' is set to true.
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 Limits Martin
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
Added trailing stop and breakeven features, which are activated based on specific conditions:- Trailing stop is enabled if 'trailing_use' is set to true and the last order has closed in profit or broken even.
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: Semi-HFT Grid Bot: Two-Sided Martingale Grid with Basket Take Profit - another powerful expert for MetaTrader 4 traders.
Added trailing stop and breakeven features, which are activated based on specific conditions:Also recommended: Martingale System with Random Entry - similar expert with strong performance on MetaTrader 4.
- Trailing stop is enabled if 'trailing_use' is set to true and the last order has closed in profit or broken even.
- Breakeven is enabled if 'breakeven_use' is set to true.
Trailing Stop Settings:
- 'profit_level_trailing' (default: 100) - Profit level in points to activate trailing stop.
- 'trailingstop' (default: 50) - Trailing stop distance in points.
- 'trailingstep' (default: 50) - Step size for stop loss modification.
Breakeven Settings:
- 'profit_level' (default: 30) - Profit level in points for breakeven.
- 'sl_plus' (default: 10) - Additional points for breakeven.
The EA places pending buy/sell limit orders with specified stop loss and take profit. If the price moves away, it trails the pending orders with a step size of 'step_interval' points. When an order is triggered, the opposite order is removed, and new orders are placed based on the previous order's outcome.
Lot Size Management:
- If the last order was profitable, subsequent limit orders use the initial lot size ('lots' parameter).
- If the last order was unprofitable, the EA calculates the lot size to cover losses and earn extra, considering the 'megalot' setting.
- The 'limit' parameter limits the number of lot multiplications in case of consecutive losing orders.
- Setting 'martin' to false disables lot size increase after unprofitable orders.
The EA can place pending orders at the opening price of the last deleted order.
You may also like: Martini - excellent alternative for expert users on MetaTrader 4.
Source Code
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⚠ 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.