FT Bill Willams Trader
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. 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 FT Bill Willams Trader
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
Bill Williams. iAlligator, Alligator, iMA, Moving Average.
Entry:
Buy fractal — a series of five consequent bars with two bars with lower maximums standing before and after a bar with the highest maximum.
Sell fractal — a series of five consequent bars with two bars with higher minimums standing before and after a bar with the lowest minimum.
Buy and sell fractals can be composed of the same bars.
Fractals generate the following signals:
if a buy fractal is above the Alligator's Teeth (red line), a Buy Stop pending order for opening a position should be placed 1 pips above the maximum of the bar, where the fractal has been formed.
if a sell fractal is below the Alligator's Teeth, a Sell Stop pending order should be placed 1 pips below the minimum of the bar, where the fractal has been formed.
The fractals are active until they are "hit" or until a new fractal in the same direction appears (in this case the previous signal is canceled and the pending order is canceled).
The point where a fractal is hit is essential, i. e. it is the bar at which you should enter the market after the fractal is passed. If that bar is outside of the Alligator's Teeth, such deal is allowed.
Exit:
The market exiting method that is sensitive to the price dynamics allows to take profit during the last 10% of the trend, capturing at least 80% of the movement (as told by B. Williams).
Bill Williams suggested several ways to set the Stop Loss of orders:
If there is a trend in the market, positions should be closed if the bar Close crosses the Alligator's Teeth (red line).
Use the Alligator's Lips (green line) as a stop loss level for orders in a rapidly moving market. Market is considered to be rapid if the inclination angle of the price is greater than the inclination of the green line. In accordance with this method, at the end of the current bar the Stop Loss order is moved at the levet of the red or green line of the next bar.
Set the Stop Loss order after the fifth bar in a row appears in the green (red) area (this method was discussed above in the description of zone trading).
If a signal appears in the opposite direction — close the open positions.
