pending order grid
Info
The pending order grid is a Expert Advisor for MetaTrader 4 that this ea opens a grid of buy stops and sell stops at a specified distance from price. it is not a fully automatic ea.
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 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.
What this tool does
this ea opens a grid of buy stops and sell stops at a specified distance from price.
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: E-Close by Time: Automated Position and Order Management - another powerful expert for MetaTrader 4 traders.
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.
Also recommended: exaccount: visualize order activity on chart - similar expert with strong performance on MetaTrader 4.
featuresstartinglot
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.
You may also like: e skoch order sell and buy - 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.