PZ Progressive Trading Scripts
Info
The PZ Progressive Trading Scripts is a Script for MetaTrader 4 that this collection of scripts is designed to enhance your trading strategy by scaling into trades as price movements align with your predictions. By implementing proper pyramiding techniques, these scripts can help maximize profits, minimize the impact of unprofitable trades, and simplify your trading experience.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use PZ Progressive Trading Scripts
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
This collection of scripts is designed to enhance your trading strategy by scaling into trades as price movements align with your predictions.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: automated economic calendar trading advisor - another powerful script for MetaTrader 4 traders.
This collection of scripts is designed to enhance your trading strategy by scaling into trades as price movements align with your predictions. By implementing proper pyramiding techniques, these scripts can help maximize profits, minimize the impact of unprofitable trades, and simplify your trading experience.Also recommended: rsi and cci trading strategy - similar script with strong performance on MetaTrader 4.
The scripts offer four distinct trading actions:
- Buy at market price and place three additional pending orders.
- Sell at market price and place three additional pending orders.
- Place a buy stop order at the high of the previous bar and three further pending orders.
- Place a sell stop order at the low of the previous bar and three further pending orders.
Key features and considerations:
- The initial trade carries a 2% risk allocation.
- Subsequent pending orders are adjusted with decreasing lot sizes to prevent overbetting.
- All orders are equipped with an ATR-based stop-loss, calculated as ATR(30)*2 from the opening price.
- Pending orders are strategically spaced using an ATR-based distance, with a default setting of ATR(30)/2.
Additionally, a fifth script is included to delete all pending orders, providing a convenient way to manage open positions, but use it with caution as it affects all pending orders.
You may also like: Trading Panel with Indicator Signals - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#import "stdlib.ex4"
string errordescription(int e);
#import
#include <stdlib.mqh>
#include <winuser32.mqh>
#define pendingorders 3 // amount of pending orders to be added
#define moneymanagement 1 // use money management
#define lotsize 0.1 // if not, use this lotsize.......
⚠ 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.