exp pchannel system
Info
The exp pchannel system is a Expert Advisor for MetaTrader 5 that trading system based on indicator signals. the signal is formed when a bar is closing if there has been the occurrence of a colored bar, and the previous bar had the opposite color or no color at all.
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 exp pchannel system
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
trading system based on indicator signals.
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: ICE (Impulse Confirmation Engine): Advanced Trading System - another powerful expert for MetaTrader 5 traders.
trading system based on indicator signals. the signal is formed when a bar is closing if there has been the occurrence of a colored bar, and the previous bar had the opposite color or no color at all.
Also recommended: rs i grid ea pro: advanced rsi-based grid trading system - similar expert with strong performance on MetaTrader 5.
this expert advisor requires the compiled indicator file pchannel_system.ex5 in order to run. place it to <terminal_data_folder>\mql5\indicators.note that the tradealgorithms.mqh library file allows using expert advisors with brokers who offer
nonzero spread
and the option of setting stop loss and take profit
together with position opening
. you can download more variants of the library at the following link: .
default expert advisor's input parameters have been used during the tests shown below. stop loss and take profit have not been used during the tests.
fig. 1. the instances of history of deals on the chart.
testing results for 2015 on audusd h6:
fig. 2. testing results chart
You may also like: dominance ea: a minimalist, bias-driven trading system - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 9
#property indicator_plots 4
#property indicator_type1 draw_filling
#property indicator_color1 clrwhitesmoke
#property indicator_label1 "pchannel".......
⚠ 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.