E-Skoch Pending Orders Expert Advisor
Info
The E-Skoch Pending Orders Expert Advisor is a Expert Advisor for MetaTrader 5 that the e-skoch pending orders expert advisor (ea) is designed to execute trading strategies based on pending orders at the opening of bars, without analyzing ticks within the bar. This EA places stop orders using the following rules:- **Buy Stop**: If the high of bar #2 on the D1 timeframe is higher than bar #1's high on the same timeframe, and the high of bar #2 on the current timeframe exceeds bar #1's high on the current timeframe.
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 E-Skoch Pending Orders Expert Advisor
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 E-Skoch Pending Orders Expert Advisor (EA) is designed to execute trading strategies based on pending orders at the opening of bars, without analyzing ticks within the bar.
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: Fx Craft Example EA: Range Breakout with Pending Orders - another powerful expert for MetaTrader 5 traders.
The E-Skoch Pending Orders Expert Advisor (EA) is designed to execute trading strategies based on pending orders at the opening of bars, without analyzing ticks within the bar.Also recommended: Pending Panel MT5: One-Click Pending Orders with OCO Functionality - similar expert with strong performance on MetaTrader 5.
This EA places stop orders using the following rules:
- **Buy Stop**: If the high of bar #2 on the D1 timeframe is higher than bar #1's high on the same timeframe, and the high of bar #2 on the current timeframe exceeds bar #1's high on the current timeframe.
- **Sell Stop**: If the low of bar #2 on the D1 timeframe is lower than bar #1's low on the D1 timeframe, and the low of bar #2 on the current timeframe is lower than bar #1's low on the current timeframe.
Input Parameters:
- **Lots**: Specify the lot size for trades.
- **Take Profit for Buy (in pips)**: Set the take profit level for pending buy orders.
- **Stop Loss for Buy (in pips)**: Define the stop loss level for pending buy orders.
- **Take Profit for Sell (in pips)**: Establish the take profit level for pending sell orders.
- **Stop Loss for Sell (in pips)**: Set 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.
- **Position Check**: If enabled, it prevents placing pending orders when there is an open position.
- **Percent Equity**: Define the profit as a percentage of equity.
- **Magic Number**: A unique identifier for the EA.
You may also like: Automated Trading with Pending Orders and Position Management - 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.