Ranged Grid Bot EA with pending orders
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. 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 Ranged Grid Bot EA with pending orders
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
UPDATE: v1.01
Added magic number
Added control on symbol (it can be now attached to different charts on the same account)
Added time control for trading
Added an option to forcibly close all the trades after the end hour
The EA creates a grid of equally spaced pending limit orders taking into account:
- The current price; sell-limit above / buy-limit below
- The trading range; computed by using the weekly highs and lows
The EA then manages the orders while they have been executed.
The logic is:
IF #EXECUTED ORDERS == 2OPEN NEW LIMIT AT THE PEN. PRICE
IF #EXECUTED ORDERS > TOT - 2RESET THE LIMIT ORDERS TO RANGE
- check the video for the full strategy
