GPF TC Pivot Stop
Info
The GPF TC Pivot Stop is a Expert Advisor for MetaTrader 5 that how it worksthe gpf tc pivot stop expert advisor calculates the pivot point and three support/resistance levels based on daily bars. It opens a position when the price hits the pivot point, which is determined by the 'close' price of the previous bar.
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 Stop
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
How it worksThe GPF TC Pivot Stop Expert Advisor calculates the pivot point and three support/resistance levels based on daily bars.
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: Quantora Break Even Manager MT5 - Automated Stop Loss Protection - another powerful expert for MetaTrader 5 traders.
How it worksAlso recommended: Professional Automatic Trailing Stop Utility for MetaTrader 5 - similar expert with strong performance on MetaTrader 5.
The GPF TC Pivot Stop Expert Advisor calculates the pivot point and three support/resistance levels based on daily bars. It opens a position when the price hits the pivot point, which is determined by the 'close' price of the previous bar.
This Expert Advisor is designed for time frames smaller than D1. Stop loss and take profit levels are set at the support/resistance levels. If the stop loss and take profit are too close, the EA attempts to open a position with a stop loss at the second support/resistance level and take profit at the third level.
When the first support/resistance level is reached, and if the take profit is set further, the stop loss is adjusted to the opening price level of the position plus the spread. This feature can be disabled.
The provided image illustrates the performance of the Expert Advisor in the Strategy Tester's visual mode.
Parameters
- Lots: Order volume. If set to 0, the maxrr parameter is used.
- Sndml: Enables email notifications when the EA opens or closes positions.
- Dcf: Lot reduction factor at losses. A value of 0 disables the reduction. Lower values result in greater lot reductions. If the lot cannot be reduced, the minimum lot is used.
- Maxr: Maximum risk as a percentage of free funds. Used when the lots value is 0.
- Tgtprofit: Target (take profit) levels. 1 for support1 or resist1, 2 for support2 or resist2, and 3 for support3 or resist3.
- Istradeday: Enables intraday trading, closing positions at 23:00.
- Modsl: Modifies the stop loss when the first target is reached.
You may also like: Simple EMA Cross Expert Advisor with Stop Loss, Take Profit, and Magic Number - 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 = 3; /*tgtprofit*/ // target (take profit): 1 - support1 or resist1, 2 - support2 or resist2, 3 - support3 or 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.