e-Skoch pending orders
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 e-Skoch pending orders
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
The EA executes trading operations at the opening of the bar, and does not work inside the bar (does not analyze ticks).
The "e-Skoch pending orders" Expert Advisor places stop orders based on the following rules:
Buy Stop: if the high of bar #2 on the D1 timeframe is higher than the high of bar #1 on the D1 timeframe and the high of bar #2 on the current timeframe is higher than the high of bar #1 on the current timeframe.
Sell Stop: if the low of bar #2 on the D1 timeframe is lower than the low of bar #1 on the D1 timeframe, and the low of bar #2 on the current timeframe is lower than the low of bar #1 on the current timeframe. Input Parameters
Lots
- lot size.
Take Profit for BUY (in pips)
- the take profit level for pending buy orders.
Stop Loss for BUY (in pips)
- the stop loss level for pending buy orders.
Take Profit for SELL (in pips)
- the take profit level for pending sell orders.
Stop Loss for SELL (in pips)
- the stop loss level for pending sell orders.
Indenting price from High (in pips)
- distance from the high of the bar on the current timeframe.
Indenting price from Low (in pips)
- distance from the low of the bar on the current timeframe.
true -> If there is a position, do not place a pending order
- prohibits placing pending orders if there is an open position.
Percent equity
- profit as percent of equity.
magic number
- Expert Advisor's unique identifier.
