Pending Order EA
Info
The Pending Order EA is a Expert Advisor for MetaTrader 5 that this expert advisor (ea) is designed to place pending buy stop and sell stop orders based on price extremes within a specified range of bars. The EA identifies the highest and lowest prices within the range and places the orders accordingly.
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 Pending Order EA
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 Expert Advisor (EA) is designed to place pending buy stop and sell stop orders based on price extremes within a specified range of bars.
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: VPS Toolkit: Secure Order Sending and Restart-Safe State for Expert Advisors - another powerful expert for MetaTrader 5 traders.
This Expert Advisor (EA) is designed to place pending buy stop and sell stop orders based on price extremes within a specified range of bars. The EA identifies the highest and lowest prices within the range and places the orders accordingly.Also recommended: Order Watchdog: Account Anomaly Alerts for MT5 - similar expert with strong performance on MetaTrader 5.
Pending Order Management:
- The EA sets the lifetime of pending orders to expire at the end of the current day.
- When any pending order is triggered, the EA automatically deletes all other pending orders.
Operation Example on EURUSD, M5:
Input Parameters:
- Lots: Specify the volume for pending orders.
- Stop Loss (in pips): Set the stop loss value.
- Take Profit (in pips): Define the take profit value.
- Trailing Stop (in pips): Configure the trailing stop value.
- Trailing Step (in pips): Adjust the trailing step value.
- Start Hour: Set the operation start hour.
- End Hour: Determine the operation end hour.
The EA's strategy involves placing pending orders at strategic price levels, allowing for potential market entry at predefined points.
You may also like: Fx Craft Example EA: Range Breakout with Pending Orders - 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.