Order Escort
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 Order Escort
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
In many cases, when static Stop Loss and Take Profit are not enough, because it is unknown how long the trend will last, but the trend and the nature of price change are known. A simple trailing stop is not always suitable, since it does not take into account the nature of future price changes.
If a linear price growth is expected, we need to trail a position along a price channel limited by two straight lines. The position should be trailed as long as the trend exists. Once the price moves outside the channel, it is necessary to close the position, since the current trend is over. The Expert Advisor moves Stop Loss and Tale Profit at each bar, along the trend line that is drawn with a certain slope. In this case, at each new bar, stop orders will be placed at the borders of the channel.
In order to be able to determine the trend line and its angle, we need to set a target using two coordinates - a shift from the current position, which is set as the number of bars, and the change relative to the current price in pips. Then the EA determines the trend line is a straight line passing through the target and the current coordinate, finds the channel borders and starts to trail the position.
In some situations a sharp exponential price growth is expected. In this case, we need to select the appropriate curve to trail and set the target. The EA will determine the trailing curve, which starts at the current coordinate and passes through the target. After this, Stop Loss and Take Profit are moved along a particular exponent. In this case, stop orders are first moved relatively slowly, but as you get closer to the target and further, the speed increases.
In cases where price growth rates with saturation is expected, it is better to use a curve like y=xˆ1/2 (a power function) as the trailing curve. Any curve of form y=xˆn can be used, and the exponent may be greater or less than one, as well as negative. The method for setting the trailing curve is the same. For the y=xˆ1/2 curve, Stop Loss and Take Profit are moved fast from the beginning, but as you get closer to the target and further, the speed drops.
The EA also provides an option to close a position after n bars.
Please note that The Expert Advisor does not open positions or place Stop Loss and Take Profit. It only trails open positions by moving initial stop orders.
Parameters
target_bar
- shift relative to the current coordinate in bars;
delta_points
- price change relative to the current price, in pips;
type
- trailing curve: linear, exponential, power (parabolic);
exponent
- exponent for the power function;
e
- the base of the exponential curve (e=2.718);
tp_escort
- move the Take Profit of a position;
close_bar
- close positions after bars.
