Narrowest Range Signal Expert
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Narrowest Range Signal Expert
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 rather simple.
at formation of the indicator signal on upper and lower boundaries of the range Buy-Stop and Sell-Stop orders will be set. At that Take Profit is specified in the input parameters, and Stop Loss is the opposite boundary of the range.
if no order triggered and a new signal received, old orders will be removed and orders by the new signals will be set.
when one of the orders triggered, the opposite order will be removed. The available position will be closed either by Stop Loss or by Take Profit (when there is a position, the indicator signals are not checked).
Download and install to the MetaTrader 5\MQL5\Indicators folder.
Parameters:
Bars in Range
- number of bars for calculation of the range (the current bar).
Check Period
- period of the minimum range detection.
Order Indent from High / Low
- at what distance in pips from the upper and lower boundaries of the range to set stop orders.
MM Mode
- money management mode. There are two variants: 1) fixed lot, 2) fixed percentage from free margin (in this case it is equivalent to a fixed percentage of the deposit)
Volume (Lot or percent)
- volume of order. Depending on the previous parameter it is either lot size, or percentage value.
Testing results at EURUSD H4 since January, 2012 until now (March, 2013), deposit $10 000:
1. Fixed lot (0.5):
2. Fixed percentage (5%):
Notes:
Both tests are attached to the archive.
