Last ZZ50
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 Last ZZ50
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 strategy is based on the ZigZag indicator and pending orders.
The code idea first appeared in the forum topic (in Russian).
The general principle of the "Last ZZ50" strategy:
In the ZigZag indicator, we always analyze the last two rays:
AB
and
BC
. The
AB
ray is not fixed yet, and can change (the position of the
A
point can change).
Pending orders are paced in the middle of the
AB
and
BC
rays so that:
Triggering of the pending order on the
AB
ray is the
continuation
of trend shown by the
BC
ray.
Triggering of the pending order on the
BC
ray is the
reversal
of trend shown by the
BC
ray.
Since the
AB
ray is not fixed yet, and can change (the position of the
A
point can change), the pending order will be modified all the time to keep its price in the middle of
AB
.
Open positions are trailed based on the following rule: we wait until the position moves to the profit area (not taking account commission and swaps) by at least (Trailing Stop + Trailing Step) points, and then enable the trailing function for this position.
The process of search for peaks is implemented in this Expert Advisor: the indicator is added to the chart, and additional three vertical lines are drawn through points
A
,
B
and
C
:
