Automated Trading with Pending Orders and Position Management
Info
The Automated Trading with Pending Orders and Position Management is a Expert Advisor for MetaTrader 5 that this strategy utilizes two pending orders (buy stop and sell stop) with a specified expiration. Operation StartThe system initiates by placing these two pending orders.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Automated Trading with Pending Orders and Position Management
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 strategy utilizes two pending orders (Buy Stop and Sell Stop) with a specified expiration.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Tick Scalper Helper: Tick Chart and One-Click Trading Panel for MT5 - another powerful expert for MetaTrader 5 traders.
This strategy utilizes two pending orders (Buy Stop and Sell Stop) with a specified expiration.Also recommended: Basket Pair Closer: Efficiently Close Trading Positions - similar expert with strong performance on MetaTrader 5.
Operation Start
The system initiates by placing these two pending orders.
Position Management
The core logic ensures that only one position is active at any time. If two positions are opened for any reason, both will be automatically deleted to maintain a single active trade.
The management of the open position involves two primary checks:
1. Profit Target Check: The system verifies if a minimum profit target has been reached. Simultaneously, it checks if the size of the first bar is less than the 'stabilization of points' value. If both conditions are met, the position is closed, and the trading session ends.
2. Stop/Loss Limit Check: The system simultaneously checks if either an absolute profit target or an absolute loss limit has been reached. If either condition is met, the position is closed.
Results on EURUSD, H1 from 2026.01.01 to 2026.12.21:
You may also like: CME Equity Index Futures Holiday Calendar and Trading Halt Automation - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.