PL C (penetration of the last candle)
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 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.
Description & Settings
Idea by
: .
MQL5 code by
: .
Trading in the price movement direction with pending Buy Stop and Sell Stop orders on the 5-minute timeframe.
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 of
Shift 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:
