How do I install this Expert on MetaTrader 4?

Download the file, open MetaTrader 4 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Expert?

Drag the Expert Advisor from the Navigator panel onto a chart, enable AutoTrading, and allow live trading in the settings.

Is this compatible with MetaTrader 4?

Yes, this Expert is built specifically for MetaTrader 4.

Is this Expert safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Expert on multiple charts?

Yes, but each chart can only run one Expert Advisor at a time. You can run multiple EAs on different charts.

Can I customize the settings of this Expert?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free Zig Zag for Long-Term Trading Expert for MetaTrader 4

MetaTrader 4 expert

Download ALL MT4 experts (885)

Similar MetaTrader Tools

Zig Zag for Long-Term Trading

Info

The Zig Zag for Long-Term Trading is a Expert Advisor for MetaTrader 4 that this robot has been created using the molanis strategy builder. It utilizes the default Zig Zag indicator from MetaTrader with specific settings: extdepth = 150, extdeviation = 5, and extbackstep = 3.

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 Zig Zag for Long-Term Trading

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 robot has been created using the Molanis Strategy Builder.

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: e-news-lucky$ - automated news trading expert advisor - another powerful expert for MetaTrader 4 traders.

This robot has been created using the Molanis Strategy Builder. It utilizes the default Zig Zag indicator from MetaTrader with specific settings: extdepth = 150, extdeviation = 5, and extbackstep = 3.

Also recommended: Trade from Lines (e-tfl) - Advanced Line Trading Expert Advisor - similar expert with strong performance on MetaTrader 4.

Designed for long-term trading, this robot is not suitable for day traders or scalpers. It employs a risk management strategy with a 20% risk percentage, adjusting position sizes based on account balance. For instance, a $1000 balance would use a 0.2 lot, while a $500 balance would use a 0.1 lot.

The robot uses a trailing stop of 50 and allows a maximum of 10 orders. For optimal results, it is recommended to use the M15 timeframe.

Backtesting was conducted from 2000 to 2022.

You may also like: gap trading expert advisor - excellent alternative for expert users on MetaTrader 4.

Source Code

/*| */
#property copyright "robotfx"
#property link "https://robotfx.org"
#define sleeptime    250                           //to sleep for a while before retrying order execution 
extern string    eaname="zig dan zag ultimate investment";                     // expert advisor name
extern bool      ismicroaccount = true;           // define if account is micro or standard
extern bool      completedbars = true;             // define execution by bars or ticks
extern bool      tradeoralert = true;              // define execution. true allows trading, false sends alerts
extern bool      sendmailmode = false;             // if on, sends mail with order execution info
extern bool      playsounds = false;                // if on, plays a sound when orders/alarms are executed

.......

Leave your opinion, ask a question, share some knowledge

⚠ 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.