PL C (Penetration of the Last Candle) Trading Strategy
Info
The PL C (Penetration of the Last Candle) Trading Strategy is a Expert Advisor for MetaTrader 5 that this strategy involves trading in the direction of price movement using pending buy stop and sell stop orders on the 5-minute timeframe. The process begins by placing pending orders with 0.
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) Trading Strategy
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 strategy involves trading in the direction of price movement using pending buy stop and sell stop orders on the 5-minute timeframe.
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 Scalper - another powerful expert for MetaTrader 5 traders.
This strategy involves trading in the direction of price movement using pending buy stop and sell stop orders on the 5-minute timeframe.Also recommended: High and Low Prices for the Last 24 Hours - similar expert with strong performance on MetaTrader 5.
The process begins by placing pending orders with 0.01 lots (minimum lots) above the high and below the low of the previous candlestick, adjusted by the 'Shift OHLC' value.
Subsequent buy stop/sell stop orders are placed above and below the initial buy/sell positions, respectively, by the 'Shift of Positions' value.
When the 'Minimum Profit' level is reached, all positions are closed.
The strategy also incorporates a feature to increase order volumes when fractals are broken at the 5-minute and 60-minute timeframes. The 'Lot Increase Rate Fractals M5' and 'Lot Increase Rate Fractals H1' parameters allow for doubling and quadrupling the volumes, respectively.
Inputs:
- Shift OHLC (in pips)
- Minimum Profit: The profit level at which all positions are closed.
- Shift of Positions (in pips): The amount by which orders are shifted up from high and down from low.
- Lots Buy: Buy order volume.
- Lots Sell: Sell order volume.
- Lot Increase Rate Fractals M5: Lots increasing factor when fractals are broken on the 5-minute timeframe (0 means off).
- Lot Increase Rate Fractals H1: Lots increasing factor when fractals are broken on the 60-minute timeframe (0 means off).
- Magic Number: A unique identifier for the EA.
Stop Loss and Take Profit levels are not set in this strategy.
The strategy was tested on the 5-minute timeframe in the 'Every Tick' mode from 2022.01.16 to 2026.05.01.
It's important to note that this strategy can experience both profitable and losing periods.
You may also like: Last ZZ50 Strategy - 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.