simple levels
Info
The simple levels is a Expert Advisor for MetaTrader 4 that ea opens trades from support and resistance levels (trendline — element from a toolbar) which were set by a trader. the direction is selected by the arrows, graphically.
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 simple levels
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
ea opens trades from support and resistance levels (trendline — element from a toolbar) which were set by a trader.
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: simple trailing position management library - another powerful expert for MetaTrader 4 traders.
ea opens trades from support and resistance levels (trendline — element from a toolbar) which were set by a trader. the direction is selected by the arrows, graphically.
Also recommended: simple trailing stop - similar expert with strong performance on MetaTrader 4.
two options are available:trade the move from the levels (arrows — up and down). if the open price is under the level, the ea will open the sell position when price crosses the level. the buy position has the opposite condition.
trade the crossing the levels (↕). if the open price is under the level, the ea will open the buy position when price crosses the level. the sell position has the opposite condition.
levels have different colors, according to their angle. level is “off” if inappropriate arrows were set. in this case level is thin. if you want to make a horizontal level, move its second handle to the left from the first handle.
You may also like: simple pivot expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property version "1.1"
#property copyright "robotfx"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property strict
extern int
sl=300, //stop loss (in pips)
tp=900, //take profit (in pips)
slip=30, //slippage (in pips)
magic=120; //magic number
extern double.......
⚠ 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.