Pending order grid
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 Pending order grid
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
This EA Opens a grid of Buy Stops and Sell Stops at a specified distance from price. It is not a fully automatic EA. You need to reset it once a while.
Features
Startinglot
IncreasePercentage - Choose to have Increasing grid lots
Distance from price - Points from price where grid starts
Spacebetween Trades - Points between orders
Number of trades - Total of open and pending orders in your terminal
Takeprofit - TP in points
Stoploss - SL in points
Trailingstop - TS in points
Magic
Can be used on all pairs and timeframes.
Feel free to play around with it, but remember this is not at fully operational EA that can run on its own.
Pending order grid is based on Haroun Boutamanis , but is heavily changed. Original code had used limits and bought/sold against the trend, waiting for pullbacks. This uses stops and buys/sells with the trend. I also added TP and the option to specify the distance from price where the grid will start. I also fixed a problem with the numbers of trades it opened.
One problem this still has is that it can not be used on several pairs at the same time even if it uses magic numbers. This is because it counts all open positions and pending orders regardless of magic. So if somebody has an idea how to fix it, please feel free to share or change the code.
