Channels
Info
The Channels is a Expert Advisor for MetaTrader 5 that all indicators have hard-coded parameters, including the timeframe: "h1". It is recommended to run the Expert Advisor on the H1 timeframe and 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: Donchian Channels System Expert Advisor - another powerful expert for MetaTrader 5 traders.
All indicators have hard-coded parameters, including the timeframe: "H1". It is recommended to run the Expert Advisor on the H1 timeframe and the EURUSD symbol. You can set the time interval for the EA using the "From Hour" and "To Hour" parameters.Also recommended: alligator simple - similar expert with strong performance on MetaTrader 5.
The Expert Advisor operates within a channel formed by indicators with a period of 220, consisting of one moving average and three envelopes of varying heights. It also employs two moving averages with a short period of 2, one based on close prices and the other on open prices.
The EA features separate settings for stop loss, take profit, and trailing for buy and sell positions.
Input Parameters:
- Lots: The volume of the position to open.
- Stop Loss Buy (in pips): Stop loss for buy positions.
- Stop Loss Sell (in pips): Stop loss for sell positions.
- Take Profit Buy (in pips): Take profit for buy positions.
- Take Profit Sell (in pips): Take profit for sell positions.
- Trailing Stop Buy (in pips): Trailing stop for buy positions.
- Trailing Stop Sell (in pips): Trailing stop for sell positions.
- Use Trade Hours: Enable or disable 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 result in significant drawdowns.
You may also like: Grid Capital Calculator - 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.