GPF TC Pivot Limit
Info
The GPF TC Pivot Limit is a Expert Advisor for MetaTrader 5 that this expert advisor (ea) utilizes pivot points for trading decisions, opening positions based on price interactions with support and resistance levels. A buy position is initiated when the price intersects the support level, with the bar closing above it.
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 GPF TC Pivot Limit
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
This expert advisor (EA) utilizes pivot points for trading decisions, opening positions based on price interactions with support and resistance levels.
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: Equity Guard - Daily Loss Limit Guardian with Panic Panel - another powerful expert for MetaTrader 5 traders.
This expert advisor (EA) utilizes pivot points for trading decisions, opening positions based on price interactions with support and resistance levels.Also recommended: GPF TC Pivot Stop - similar expert with strong performance on MetaTrader 5.
A buy position is initiated when the price intersects the support level, with the bar closing above it. The previous bar should either open above the level and cross it with its shadow or close exactly at the level.
For a sell position, the process is reversed.
Stop Loss and Take Profit are set at the nearest support/resistance levels. If these levels are too close, the EA attempts to place the Stop Loss at the second support/resistance level and Take Profit at the third resistance/support level.
When the nearest support/resistance level is reached, and the Take Profit is further away, the Stop Loss is adjusted to the position's opening price plus the spread (adjustable).
Parameters:
- Lots: Order volume; if set to 0, the maxrr parameter is used.
- Sndml: Enables email notifications for position openings and closings.
- Dcf: Lot reduction factor during losses. A value of 0 disables reduction. Lower values result in more significant reductions, and if the lot cannot be reduced, the minimum lot is used.
- Maxr: Maximum risk percentage (0-1) of free funds. Effective when the lots value is 0.
- Tgtprofit: Defines the use of levels (1-5) for position management. For example, in a buy position:
- 1: Open based on support1, Stop Loss at support2, Take Profit at resist1.
- 2: Open based on support1, Stop Loss at support2, Take Profit at resist2.
- 3: Open based on support2, Stop Loss at support3, Take Profit at resist1.
- 4: Open based on support2, Stop Loss at support3, Take Profit at resist2.
- 5: Open based on support2, Stop Loss at support3, Take Profit at resist3.
- Istradeday: Enables intraday trading, closing positions at 23:00.
- Modsl: Modifies the Stop Loss when the first target is reached, adjusting it to the nearest level in the direction of profit from the opening level.
You may also like: Volatility Pivot Trading System with NRTR Indicator - 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"
input double lots = 0.1; /*lots*/ // order volume; when 0, the maxr parameter is used
input bool sndml = true; /*sndml*/ // sends messages by e-mail when the expert advisor opens and closes positions
input double dcf = 3; /*dcf*/ // lot reduction factor at losses. if the value is 0, the reduction is not carried out. the lower the value, the greater the lot reduction. if the lot cannot be reduced, the minimum lot is used.
input double maxr = 0.02; /*maxr*/ // maximum risk from 0-1 (share of free funds). it is effective when the lots value is 0
input int tgtprofit = 4; /*tgtprofit*/ // variants of used the levels (1-5) as exemplified by a buy position: 1 - open based on support1, stop loss at support2, take profit at resist1; 2 - open based on support1, stop loss at support2, take profit at resist2; 3 - open based on support2, stop loss at support3, take profit at resist1; 4 - open based on support2, stop loss at support3, take profit at resist2; 5 - open based on support2, stop loss at support3, take profit at resist3.
input bool istradeday = false; /*istradeday*/ // intraday trade only (close the position at 23:00).......
⚠ 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.