freeman
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 freeman
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
NOTE: For hedge accounts only! Netting is prohibited!
Stop loss and take profit are calculated
dynamically
based on iATR (Average True Range, ATR) indicator - the indicator value on bar #0 is multiplied by
Stop Loss
(for obtaining stop loss) and
Take Profit
(for obtaining take profit) ratio.
If there is more than one open position and there is no order to lock it, check for the possibility to average the position:
if there is a BUY position and the current Ask price goes below its open price for a distance equal to or exceeding
Distance
, open another BUY position.
if there is a SELL position and the current Bid price goes above its open price for a distance equal to or exceeding
Distance
, open another SELL position.
Distance
is reduced to standard values for four-digit pairs.
The volume of the opened position can be either constant or calculated dynamically:
position volume is fixed -
Lots
parameter exceeds 0.0, while
Ris
k is equal to 0.0;
Lots
parameter sets the position volume (lots)
position volume is dynamic -
Lots
parameter is 0.0, while
Ris
k exceeds 0.0;
Risk
sets a risk per deal
Trailing works as a stop loss mover to a breakeven (during the first position modification) and as trailing (for subsequent modifications).
Trailing Stop
is the minimum distance from the price to the stop loss after the modification,
Trailing Step
is a trailing step. Both parameters are reduced to standard values for four-digit pairs.
Bars Control
parameter defines the EA operation: at the occurrence of a new bar only ("
true
") or inside a bar ("
false
").
Forming trading signals
General parameter for trading signals:
Current Bar
is a current bar.
Trend filter
The trend filter compares iMA (Moving Average, MA) value on the current bar (
Current Bar
) with its value on the previous bar (
Current Bar
- 1)
Minimum distance between price and indicator MA
. For opening BUY, MA should be UNDER the price, while for opening SELL, MA should be located ABOVE the price.
RSI filter
RSI filter is based on comparing iRSI (Relative Strength Index, RSI) indicator value on the current bar (
Current Bar
) with the
RSI level UP
and
RSI level DOWN
levels. For a SELL position open signal, RSI should exceed
RSI level UP
, while for a BUY one, it should be below
RSI level DOWN
.
Locking
If there is an open position and the last closed price of the same direction was closed with a loss, this is a prerequisite for locking. Let's check this:
if there is a BUY position and the previous BUY was closed with a loss, while the current Ask price is at a distance equal or exceeding
Distance
from this BUY position, open yet another BUY position. It does not matter whether it is higher or lower - the value of the distance is taken as an absolute one.
if there is a SELL position and the previous SELL was closed with a loss, while the current Bid price is at a distance equal or exceeding
Distance
from this SELL position, open yet another SELL position. It does not matter whether it is higher or lower - the value of the distance is taken as an absolute one.
Detecting the position closing moment is performed in OnTradeTransaction.
EURUSD, M15:
