scalping with virtual pending orders
Info
The scalping with virtual pending orders is a Expert Advisor for MetaTrader 4 that this ea demonstrates the use of a virtual pending order class library (virtpndords. mqh) by means of a scalping program.
Usage
This tool is typically used for scalping on lower timeframes (M1-M15).
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 scalping with virtual 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.
What this tool does
this ea demonstrates the use of a virtual pending order class library (virtpndords.
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: error ea with profitable run - another powerful expert for MetaTrader 4 traders.
this ea demonstrates the use of a virtual pending order class library (virtpndords.mqh) by means of a scalping program. the implementation of simulated buy stop and sell stop orders enables pending orders to be executed when the price and/or an indicator value exceeds specified thresholds. in addition, the threshold testing of the buy/sell stop order may be done at either a new bar or at a new tick . the library also supports simulated buy/stop limit pending orders . this method gives much more flexibility in dealing with pending orders.
Also recommended: Simple Scalping Expert Advisor for Fast Price Movements - similar expert with strong performance on MetaTrader 4.
the scalping program runs on a m1 eurusd chart. stop orders are initiated when the stochastic value crosses a first limit line. the buy/sell stop orders are then executed when the stochastic value exceeds a second limit line (higher for buy orders) and when the price also changes by a set value in pips. filtering by trend behavior is used to improve performance. the scalping demonstration program only works well for low spreads (<0.50 pips).You may also like: Universal Configurable EA with Integrated Indicators - excellent alternative for expert users on MetaTrader 4.
Source Code
/.......
⚠ 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.