Doji Arrows
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Doji Arrows
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
Idea by
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MQL5 code by
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The EA trades by the Doji pattern:
At the same time, you can set the candlestick body size in the "Size of a body of a candle (Open Close)" parameter.
Operation algorithm
The EA analyzes bar #2 and bar #1 when a new bar appears. If bar #2 is Doji, then the following signals are checked:
close#1 > high#2 → signal for opening a BUY;
close#1 < low#2 → signal for opening a SELL. Inputs
Lots (if "0" → the parameter "Risk" will be used)
- a lot value that is set manually. If you set to "0", then the parameter of "Risk" will work, i.e., risk in percents of free margin per a trade;
Stop Loss (in pips)
- Stop Loss; if you set it to "0", the parameter will be disabled;
Take Profit (in pips)
- Take Profit; if you set it to "0", the parameter will be disabled;
Trailing Stop (in pips)
- trailing, if you set it to "0", the parameter will be disabled;
Trailing Step (in pips)
- trailing step;
Risk (if "0" → the parameter "Lots" will be used)
- risk in percents of free margin per trade;
Size of a candle (Open Close)
- candlestick body size;
magic number
- unique identifier for the EA.
If "Size of a candle" = 0, then there will be just a few trades (about 15-30) on H1 over the year, and profitability as follows:
If you set this parameter to 1, then the number of trades will increase tenfold, and the profit will be distributed as follows:
