carbophos
Info
The carbophos is a Expert Advisor for MetaTrader 5 that 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.
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 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.
What this tool does
the expert advisor sets a grid of pending orders above and below the current price.
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: reversing grid on limit orders - another powerful expert for MetaTrader 5 traders.
the expert advisor sets a grid of pending orders above and below the current price.
Also recommended: js-chaos - similar expert with strong performance on MetaTrader 5.
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.
You may also like: Expert Blau Ergodic MD I Trading System - 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.