Modified Moving Averages for MetaTrader 4/5
Info
The Modified Moving Averages for MetaTrader 4/5 is a Expert Advisor for MetaTrader 5 that this is a modified expert advisor (ea) based on the standard moving average example provided in the metatrader 4/5 platform. The EA has been enhanced with additional parameters for more precise control over trading strategies.
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 Modified Moving Averages for MetaTrader 4/5
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 is a modified Expert Advisor (EA) based on the standard Moving Average example provided in the MetaTrader 4/5 platform.
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: Moving Average Crossover Expert Advisor - another powerful expert for MetaTrader 5 traders.
This is a modified Expert Advisor (EA) based on the standard Moving Average example provided in the MetaTrader 4/5 platform. The EA has been enhanced with additional parameters for more precise control over trading strategies.Also recommended: Relative Moving Average EA - similar expert with strong performance on MetaTrader 5.
Key Features:
- **Stop Loss and Take Profit**: These parameters allow you to set specific values for stop loss and take profit, enabling you to manage risk more effectively. Setting either of these to zero disables the respective parameter.
- **Lot Size Management**: The 'lots' parameter can be set with a minus sign to ensure a constant lot size for all positions. For example, a value of '-0.1' will always use a lot size of 0.1.
- **Risk Management**: The 'maximum risk in percentage' parameter helps you control the maximum risk per trade, allowing for a more conservative approach.
- **Moving Average Customization**: You can customize the moving average indicator by adjusting the period and shift values to suit your trading strategy.
Input Parameters:
- lots: Lot size for trades. A negative value ensures a constant lot size.
- maximum risk in percentage: Maximum risk allowed for trades.
- decrease factor: Decrease factor for risk management.
- moving average period: Period for the moving average indicator.
- moving average shift: Horizontal shift for the moving average indicator.
- stoploss: Stop loss value.
- takeprofit: Take profit value.
You may also like: index moving average expert advisor - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.