Nextbar
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 Nextbar
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
Idea by
:
The Expert Advisor operates (opens positions and checks the possibility of closing) only at the moment of bar emergence. The trailing function operates (checks the possibility to move Stop Loss) on every tick.
The volume of the opened position is equal to
Lots
.
Stop Loss
,
Take Profit
and
Trailing Stop
can be disabled by setting the appropriate parameter to "0.0".
Trading system signals
The EA compares the bar #1 Close price with the
Signal bar
Close price (the
Signal bar
value cannot be less than 2, otherwise it is considered to be an error and the EA is unloaded). The difference between the closing prices of these two bars should be greater than
Minimum distance
.
Another restriction: a signal is generated when there are no open positions.
Signals when
Use reverse signals
= false:
BUY signal: close of bar #1 - close of bar #
Signal bar
>
Minimum distance
;
SELL signal: close of bar #
Signal bar
- close of bar #1 >
Minimum distance
.
If
Use reverse signals
= true, the generated signal is reversed.
Position lifetime is also checked at a new bar emergence: if it reached
Lifetime of the position
bars, the position will be closed.
An example of how the reverse of signals influences EURUSD, H1:
