Price Action Expert Advisor
Info
The Price Action Expert Advisor is a Expert Advisor for MetaTrader 4 that an expert advisor that follows price action without using any indicators. Tested from August 18, 1995, to January 29, 2026.
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 Price Action 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
An Expert Advisor that follows price action without using any indicators.
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: Email Price Quotes from MT4/MT5 - another powerful expert for MetaTrader 4 traders.
An Expert Advisor that follows price action without using any indicators.Tested from August 18, 1995, to January 29, 2026. It achieved a profit from $10,000 to $11,958,183.37.
Also recommended: Simple Scalping Expert Advisor for Fast Price Movements - similar expert with strong performance on MetaTrader 4.
Parameters:
Default parameters are suitable for a starting balance of $10,000. Adjust the lot size according to your current balance. A recommended lot size is 0.01 for every $100 balance.
Please test this EA over extended periods and share your feedback. The code has been updated to set tradetype to 1.
Additional Information:
The logic is straightforward. During volatile market conditions, typically occurring within 5 minutes after major news releases, the market often moves up and down before trending strongly in one direction. When used during these times, the EA will open its first trade in the specified direction (e.g., tradetype = 1 for a long trade). If the market moves against the trade by 100 points (10 pips), the EA will close the current trade and open a new one in the opposite direction. This process continues until a clear trend emerges. A potential risk arises if the market fluctuates more than 5 times. Typically, within 5 to 10 minutes after major news, the market establishes a trend. It is crucial not to activate the EA immediately before or after a news release, as this is the period of highest volatility. Wait for 5 to 10 minutes, and sometimes until the hourly candle closes, depending on the news impact. This EA is not suitable for slow markets or periods with very low trading volumes.
The EA's performance indicates that the FX market was highly trending between 1995 and 2010, becoming more volatile thereafter.
New Update: Code has been cleaned and a trailing stop feature has been added.
You may also like: volatile action - excellent alternative for expert users on MetaTrader 4.
Source Code
#define nl "\n"
extern double lots = 1;
extern double tp = 100;
extern int trailingstop=0;
extern int trailingstep=0;
int tradetype = 1; // 0 no trades are opened, 1 to force buy, 2 to force sell
extern int leverage = 5;
extern double maximumlossinmoney = 1000;
extern int magicnumber = 250346;
extern bool usealerts = false;.......
⚠ 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.