Gandalf PR O
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Gandalf PR O
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
Inspired by topic (in Russian).
WARNING: OPTIMIZATION IS REQUIRED!
The world is changed. I feel it in the water. I feel it in the earth.
I smell it in the air. Much that once was is lost...
"The Lord of the Rings" by J. R. R. Tolkien
The idea of creating the Gandalf Expert Advisor inspired discussion on the forum .
The EA keeps open one BUY position and one SELL position (two independent positions) until the market closes them either by fixed TP or SL.
It enters the market on the basis of a two-parameter exponential smoothing of a time series taking into account 2 parameters:
1st parameter: location of price - S
2nd parameter: trend slope - T
Recurrence formulas are used in calculations:
S[n]=w*y[n]+(1-w)*(S[n-1]+T[n-1])
T[n]=t*(S[n]-S[n-1])+(1-t)*T[n-1]
The predicted value is: y[n+1]=S[n]+T[n]
For the source values of the 1st and 2nd parameter we can use the ratios from tejh linear regression formula - .
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Expert Advisor Inputs >
For long positions:
In_BUY=true; — allow long positions,
Count_buy=24; — the number of history bars, on which the time series is smoothed (closed parameter)
w_price=0.18; — price factor,
w_trend=0.18; — trend factor,
SL_buy=62; — Stop Loss level in pips,
Risk_buy=0; — Risk level in % (depending on free margin).
For short positions: variables In_SELL, Count_sell, m_price, m_trend, SL_sell, Risk_sell are similar to the above.
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Optimization is performed in two steps, on the fixed lot, i.e. when Risk_buy=0;and Risk_sell =0;
Step 1 for long positions:
In_BUY=true; In_SELL=false; Count_buy from 3 to 120, with a step of 1;
w_price and w_trend from 0.05 to 0.6 with a step 0.01; SL_buy from 30 to 100, with a step 1.
Step 2 for short positions:
In_BUY=false; In_SELL=true; the rest is similar to the above.
The Expert Advisor shows fascinating trading on vivid trend periods on H4 and D1 timeframes of EURUSD, but you should apply an additional filter using an indicator on higher timeframes when you want to enter the market.
