Pending Order Grid Expert Advisor
Info
The Pending Order Grid Expert Advisor is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) opens a grid of buy stop and sell stop orders at a specified distance from the current price. It is important to note that this is not a fully automated EA and requires periodic resetting.
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 Expert Advisor
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 Expert Advisor (EA) opens a grid of buy stop and sell stop orders at a specified distance from the current 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 Expert Advisor (EA) opens a grid of buy stop and sell stop orders at a specified distance from the current price.Also recommended: exaccount: visualize order activity on chart - similar expert with strong performance on MetaTrader 4.
It is important to note that this is not a fully automated EA and requires periodic resetting.
EA Parameters:
- startinglot: The initial lot size for trades.
- increasepercentage: Option to increase lot sizes incrementally within the grid.
- distancefromprice: The distance in points from the current price where the grid will begin.
- spacebetweentrades: The point separation between individual orders in the grid.
- numberoftrades: The total number of open and pending orders allowed in the terminal.
- takeprofit: The take profit level in points.
- stoploss: The stop loss level in points.
- trailingstop: The trailing stop level in points.
- magic: A unique identifier for EA trades.
This EA can be used on all currency pairs and timeframes.
Users are encouraged to experiment with the settings. However, please remember that this EA is not designed for unattended operation.
The Pending Order Grid EA is based on the original concept by Haroun Boutamani, but has undergone significant modifications. The original code utilized limit orders and traded against the trend, anticipating pullbacks. This revised version employs stop orders, trading with the trend. Additional features include take profit functionality and the ability to define the starting distance of the grid from the price. Issues related to the number of trades executed have also been addressed.
A known limitation is the inability to use this EA simultaneously on multiple currency pairs, even with the use of magic numbers. This is due to the EA's method of counting all open positions and pending orders, irrespective of their magic number.
Contributions or suggestions for resolving this issue are welcome.
Copyright 2026.
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.