Carbophos
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 Carbophos
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 Expert Advisor sets a grid of pending orders above and below the current price.
The EA algorithm is as follows: if there are no pending orders and no positions, the EA sets five pending Sell Limit and five pending Buy Limit orders. Then the EA monitors the market: if profit reaches the "Profit target" value or loss reaches "Maximum loss", all open positions are closed and remaining pending orders are deleted.
Input Parameters
Profit target (in money)
- the target profit value; when it is reached, all positions will be closed.
Maximum loss (in money)
- the maximum allowable loss; when it is reached, all positions are closed.
Step (in pips)
- distance between pending orders.
Lot
- volume of orders.
