Momo trades
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 Momo trades
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 trading idea: the iMACD (Moving Average Convergence/Divergence, MACD) Oscillator and the trend indicator iMA (Moving Average, MA). The initial signal to open a Buy position is the combination of MACD and MA:
"MACD: bar from which we get the value" = 2, "Moving Average: bar from which we get the value" = 6.
11 MACD values are copied to an array, copying starts with the index "MACD: bar from which we get the value". Then a search is performed in the filled array to find when MACD values change from negative to positive for the first time (in the above figure index #6 has negative values, index #5 is positive).
The values of the MA indicator are also checked: the close price of bar "Moving Average: bar from which we get the value" must be greater than the MA value on the same bar by the value of "Price Shift between Close and Moving Average".
Input Parameters
Manual Lot: "true" -> use manual lot, "false" -> use risk percent
- position volume selection type: manual or percent of free margin;
Lots
- lot value;
Stop Loss
(in pips) - stop loss value;
Take Profit, if "0" we use "Breakeven"(in pips)
- take profit value, if 0 - breakeven will be used instead;
Trailing Stop, if we use "Breakeven" - we do not use trailing (in pips)
- trailing stop function, it is disabled if breakeven is used;
Trailing Step (in pips)
- trailing step value;
Breakeven (in pips)
- breakeven value;
Risk in percent for a deal from a free margin
- risk per trade as percent of free margin.
Price Shift between Close and Moving Average (in pips)
;
Close End Day
- closing positions at the end of the day;
Moving Average: period of ma
- MA: averaging period;
Moving Average: bar from which we get the value
;
MACD: period of fast ma
- fast moving average period;
MACD: period of slow ma
- slow moving average period;
MACD: period of averaging of difference
- MACD: averaging period;
MACD: bar from which we get the value
;
magic number
- Expert Advisor identifier.
Default settings are good for EURJPY, H1.
