JS-Chaos
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 JS-Chaos
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
The Expert Advisor is based on Bill Williams' strategy.
Bill Williams suggested an excellent market entry at fractal breakout.
Stop Loss is set at the Alligator Lips levels (green line) without a shift, Take Profit is determined based on Fibo levels between the fractal and MA.
The EA enters the market in trend direction using pending orders, expecting the fractal breakout. Take profit is set at the levels of 1.618 and 4.618.
The lot of the first pending order must be twice as large as the second order lot.
Position #2 should be moved to breakeven upon triggering of position #1 take profit at Fibo 1.618.
Trailing: the EA trails positions based on 21-period MA when market is trending.
Positions are closed at the crossover of Alligator Lips and the Open/Close price on bar #1.
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Input Parameters
Use time
- trade/do not trade in the interval between "Open hour" and "Close hour";
Open hour
- trading start time;
Close hour
- trading end time;
Lots
- position volume;
Indenting from fractals(in pips)
- distance from the fractal;
Fibo_1
- Fibonacci level 1;
Fibo_2
- Fibonacci level 2;
Use close positions
- enable/disable closing of positions;
Use trailing
- enable/disable the trailing function;
Use breakeven
- enable/disable the breakeven function;
Breakeven plus (in pips)
- the minimum breakeven value;
magic number
- Expert Advisor identifier.
Results of EA testing on the M30 timeframe (with default settings):
Results of EA testing on the M30 timeframe (with default settings, but "Use close positions" → false):
Results of EA testing on the M30 timeframe (with default settings, but "Breakeven plus" -> 10):
