gpf TC Pivot Stop
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 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.
Description & Settings
How It Works
Pivot point and three support/resistance levels are calculated based on daily bars. Position opens when the price hits the Pivot point (closed bars at the 'Close' price). The Expert Advisor shall be used on time frames smaller than D1.
Stop Loss and Take Profit are set at the support/resistance levels. If Stop Loss and Take Profit are so close that it is impossible to open a position, an attempt is made to open a position with a Stop Loss at the second support/resistance level and Take Profit at the third resistance/support level.
When the first support/resistance level is reached (if the Take Profit is situated further), the Stop Loss of the position is moved to the opening price level of the position plus the spread (the function can be disabled).
The image shows the performance of the Expert Advisor in the strategy tester's visual mode.
Parameters
Lots - order volume; when 0, the MaxrR parameter is used.
SndMl - sends messages by e-mail when the Expert Advisor opens and closes positions.
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.
MaxR - maximum risk from 0-1 (share of free funds). It is used when the Lots value is 0.
TgtProfit - target (Take Profit): 1 - Support1 or Resist1, 2 - Support2 or Resist2, 3 - Support3 or Resist3.
isTradeDay - intraday trade only (close the position at 23:00).
ModSL - modify the Stop Loss when the first target is reached.
