Pivot Point Reversal Expert Advisor for MT4/MT5
Info
The Pivot Point Reversal Expert Advisor for MT4/MT5 is a Expert Advisor for MetaTrader 4 that this expert advisor operates exclusively on price action, utilizing only the current and previous bar's price values for its trading logic. It does not rely on any indicators.
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 Pivot Point Reversal Expert Advisor for MT4/MT5
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 operates exclusively on price action, utilizing only the current and previous bar's price values for its trading logic.
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: pivotema3 expert advisor - another powerful expert for MetaTrader 4 traders.
This Expert Advisor operates exclusively on price action, utilizing only the current and previous bar's price values for its trading logic. It does not rely on any indicators.Also recommended: simple pivot expert advisor - similar expert with strong performance on MetaTrader 4.
The core strategy involves identifying pivot points and entering trades on market orders during attempted trend reversals.
Each trade is secured with a Take Profit and Stop Loss, configurable in the EA's settings. If the Stop Loss is set to zero, the EA automatically calculates it based on the current price and the pivot point, ensuring the stop is placed beyond the critical level.
Additional risk management features include a trailing stop with a specified step and the ability to move positions to breakeven. Several options are available for conditional order closure, which can be enabled in the parameters.
Trade Settings
takeprofit - Specifies the Take Profit level in pips.
stoploss - Specifies the Stop Loss level in pips. A value of 0 enables automatic Stop Loss calculation.
hldivergence - Defines the minimum price divergence between two adjacent bars required for an entry signal.
spanprice - Sets the price distance from the starting pivot level for opening an order.
lots - Determines the fixed lot size for trades.
maxtrades - Limits the maximum number of simultaneously open orders.
slippage - Allows setting the maximum allowed slippage in points.
magicnumber - A unique identifier for trades opened by this Expert Advisor.
Output Settings
trailingstop - Enables or disables the trailing stop functionality for open positions.
trailstoploss - Sets the trailing stop level in pips.
zerotrailingstop - Moves the Stop Loss to the breakeven point once activated.
steptrailing - Defines the step in pips for the trailing stop.
outputatlower - Closes the position if the price drops below the previous bar's low.
outputatrevers - Closes the position upon detecting a trend reversal.
spantorevers - Sets the price distance from the reversal level required for closing an order.
You may also like: Pivot Point Reversal Scalping Expert Advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#define buy 0 // 0
#define sel 1 // 1
extern string separator1 ="------ start trade settings ------";
extern int takeprofit =30; // takeprofit
extern int stoploss =0; // stoploss (if 0 then auto)
extern double hldivergence =0.1; // . .......
⚠ 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.