PL C (penetration of the last candle)
Info
The PL C (penetration of the last candle) is a Expert Advisor for MetaTrader 5 that idea by:. MQL5 code by:.
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 PL C (penetration of the last candle)
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
Idea by:.
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: Last Price - another powerful expert for MetaTrader 5 traders.
Idea by
: .
MQL5 code by
: .
Trading in the price movement direction with pending Buy Stop and Sell Stop orders on the 5-minute timeframe.
Also recommended: 10pips Once ADay Opposite Last NHour Trend - similar expert with strong performance on MetaTrader 5.
The cycle starts with placing pending orders with 0.01 lots (minimum lots) above the High and below the Low of the preceding candlestick by the value ofShift OHLC
.
The next Buy Stop / Sell Stop order can be placed above and below the Buy/Sell position (by the value of
Shift of Positions
), respectively.
Upon reaching the
Minimum Profit
, all positions are removed.
When fractals are broken through at the timeframe of 5 minutes and 60 minutes, you can place your orders with doubled and quadruplicated volumes (parameters
Lot increase rate Fractals M5
and
Lot increase rate Fractals H1
).
Inputs
Shift OHLC (in pips)
;
Minimum Profit
- profit, at reaching which all positions are closed;
Shift of Positions (in pips)
- shifting up from High and down from Low;
Lots buy
- Buy volume;
Lots sell
- Sell volume;
Lot increase rate Fractals M5 ("0" -> off)
- lots increasing factor when the fractal is broken through on M5;
Lot increase rate Fractals H1 ("0" -> off)
- lots increasing factor when the fractal is broken through on H1;
magic number
- unique identifier for the EA.
Stop Loss / Take Profit levels are not specified.
Testing results on M5 in the "Every tick" mode from 2017.01.16 to 2018.05.01
When using this strategy, you should note that there can be both relatively profitable periods:
and completely losing ones:
You may also like: EA High and Low last 24 hours - excellent alternative for expert users on MetaTrader 5.
⚠ 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.