donchain counter
Info
The donchain counter is a Expert Advisor for MetaTrader 5 that the expert advisor uses the indicator. limitations: no more than one position can exist in the market, the next position can be opened not earlier than in 24 hours.
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 donchain counter
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 uses the indicator.
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: Stop Level Counter Expert Advisor - another powerful expert for MetaTrader 5 traders.
the expert advisor uses the indicator. limitations: no more than one position can exist in the market, the next position can be opened not earlier than in 24 hours.
Also recommended: code blocks for "counters" like count "x" time and pass - similar expert with strong performance on MetaTrader 5.
donchian channel indicator values are used as signals for opening a position and applying the trailing stop function.an example of a buy signal: if the upper buffer of the indicator on the first bar is greater than that on the second bar, open buy:
the lower indicator buffer is analyzed for sell signals: if the lower buffer of the indicator on the first bar is less than on the second one, it is a signal to open sell.
input values
lots
- the size of the position to open;
donchian channel: averaging period
- indicator parameter;
donchian channel: time frame
- indicator parameter;
magic number of the strategy
- the unique id number for the expert advisor.
testing results on eurusd (with default settings):
You may also like: small inside bar strategy - 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.