Bullish and Bearish Engulfing
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Bullish and Bearish Engulfing
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.
Description & Settings
The EA trades based on the "Bullish and Bearish Engulfing" pattern.
Inputs:
Bullish Engulfing — the type of the position that should be opened when there is "Bullish Engulfing"
Bearish Engulfing — the type of the position that should be opened when there is "Bearish Engulfing"
Risk in percent for a deal — risk per trade (position volume calculation)
Shift in bars (from 1 to 255) — horizontal shift in bars
Distance (in pips) — distance parameter (see the below image for details)
true -> close opposite positions — reverse of a given position
magic number
