MS Lea - Expert Advisor Based on Market Structure High/Low
Info
The MS Lea - Expert Advisor Based on Market Structure High/Low is a Expert Advisor for MetaTrader 4 that ms lea calculates the last n local highs/lows and waits for a break out. It makes a long trade if the price moves above the local high and a short trade if the price goes below the local low.
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 MS Lea - Expert Advisor Based on Market Structure High/Low
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
MS Lea calculates the last n Local Highs/Lows and waits for a break out.
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: Two Per Bar Expert Advisor - another powerful expert for MetaTrader 4 traders.
MS Lea calculates the last n Local Highs/Lows and waits for a break out. It makes a long trade if the price moves above the local high and a short trade if the price goes below the local low. An additional distance in PIPs can be added, so for example the price must move 5 pips above the last high for a long trade or 5 pips below the low. The trades get stopped by trailing stop loss.Also recommended: 1h-4h-1d Expert Advisor - similar expert with strong performance on MetaTrader 4.
Parameters include Level, Distance, MaxTrades, Lots, Stop Loss, TakeProfit, and BreakEven. The Level parameter determines the number of recent local highs/lows to consider, with higher numbers using the minimum/maximum of the last n local low/high. The Distance parameter sets the distance in PIPs from the low/high. The MaxTrades parameter sets the number of trades allowed, with a new trade created each time the stop loss of all other trades is safe. The Lots parameter sets the lot size, with 0 being the minimum required lots. The Stop Loss, TakeProfit, and BreakEven parameters can be set with negative numbers, which are multiplied by the minimum stop loss. For example, if the minimum stop loss is 10 pips, a Stop Loss of -3 means 30 pips. The BreakEven parameter sets the number of pips to win before setting the stop loss to 0. The expert is able to open as many positions as desired, but in order to open a new position, the stop loss of all other positions must be safe.
You may also like: 5 8 MA Cross Expert Advisor - excellent alternative for expert users on MetaTrader 4.
⚠ 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.