Previous Candle Breakdown 3
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Previous Candle Breakdown 3
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
Added the parameter
Maximum volume position (positions) - maximum position(s) volume
Suppose that we have a total position volume of 2.5 lots,
Maximum volume position
is 3.3 lots, and we have an incoming trading signal. During the preliminary check, the volume of an opened position is 1.5. 2.5 + 1.5 > 3.3, which means no new position is opened.
The EA waits for breaking down any timframe from 1 minute through 1 month. Bar #1 is checked for breakdown at a specified timeframe
Breakdown previous candle
. It is also possible to enable two filters - Moving Average.
NOTE! For the filters to operate, it is necessary that averaging periods
Fast: av. period
and
Slow: av. period
are above zero.
In the EA, trailing is implemented that (at the first modification of the Stop Loss level) moves Stop Loss to breakeven.
Position size can be both permanent (
Lots
above zero and
Risk
is equal to zero) and dynamically calculated in the risk percents per trade (
Risk
above zero and
Lots
is equal to zero).
NOTE! No situations may be allowed, where:
Both "Lots" and "Risk" are above zero;
both "Lots" and "Risk" are equal to zero.
Upon reaching the target profit
Close all positions when profit is achieved
, all positions will be closed. The EA ensures that no more than one position in each direction is opened at the specified timeframe
Previous Candle Breakdown
.
Fig. 1. Current timeframe: M15, breakdown is set to H4
Inputs
Previous Candle Breakdown
- timeframe of the candlestick to be broken down;
Indent from High or Low
- indent from High and Low of the broken-down candlestick;
Fast: av. period
- Moving Average "Fast": Averaging period; if it is set to zero, the filter from indicators "Fast" and "Slow" will not be used;
Fast: horizontal shift
- Moving Average "Fast": Horizontal shift of the indicator;
Fast: type of price
- Moving Average "Fast": Type of the price, on which the indicator is calculated;
Slow: av. period
- Moving Average "Slow": averaging period; if it is set to zero, the filter from indicators "Fast" and "Slow" will not be used;
Slow: horizontal shift
- Moving Average "Slow": horizontal shift of the indicator;
Slow: type of price
- Moving Average "Slow": type of the price, on which the indicator is calculated;
Fast and Slow: smoothing type
- averaging type (common for both "Fast" and "Slow");
Stop Loss
- stop loss;
Take Profit
- take profit;
Trailing Stop
- trailing (it works as breakeven at the first modification of Stop Loss);
Trailing Step
- trailing step;
Lots
- lot size is permanent (
Risk
must be set to zero);
Risk
- lot size is calculated dynamically in the risk percents per trade (
Lots
must be set to zero);
Maximum number of positions in one direction
;
Maximum volume position (positions)
- maximum position(s) volume
Close all positions when profit is achieved
.
