channels
Info
The channels is a Expert Advisor for MetaTrader 5 that all indicators have hard coded parameters, including the timeframe: "h1". therefore, it is recommended to run the expert advisor on the h1 timeframe and on the eurusd symbol.
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 channels
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
all indicators have hard coded parameters, including the timeframe: "h1".
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: exp donchian channels system - another powerful expert for MetaTrader 5 traders.
all indicators have hard coded parameters, including the timeframe: "h1". therefore, it is recommended to run the expert advisor on the h1 timeframe and on the eurusd symbol. you can also set the time interval for the expert advisor operation using the
Also recommended: ADX Smoothed Indicator Trading System - similar expert with strong performance on MetaTrader 5.
from hourand
to hour
parameters.
the expert advisor works in a channel formed by indicators with a period of 220: one moving average and three envelopes of different heights. it also uses two moving averages with a very short period of 2, one of which is based on close prices and the other one is based on open prices.
separate settings of stop loss, take profit and trailing for buy and sell positions.
input parameters
lots
- the volume of position to open;
stop loss buy (in pips)
- the stop loss of buy positions;
stop loss sell (in pips)
- the stop loss of sell positions;
take profit buy (in pips)
- the take profit of buy positions;
take profit sell (in pips)
- the take profit of sell positions;
trailing stop buy (in pips)
- the trailing stop of buy positions;
trailing stop sell (in pips)
- the trailing stop of sell positions;
use trade hours
- enable working hours;
from hour
- trading start hour;
to hour
- trading end hour;
magic number
- unique identifier for the ea.
trading without a stop loss can lead to a large drawdown, for example as follows:
You may also like: rs i bot mt5 - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.000"
#include <trade\positioninfo.mqh>
#include <trade\trade.mqh>
#include <trade\symbolinfo.mqh>
cpositioninfo m_position; // trade position object
ctrade m_trade; // trading object
csymbolinfo m_symbol; // symbol info object
enum enum_hours.......
⚠ 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.