Range Follower
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Range Follower
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
This expert opens trade in the direction of the trend (buy for uptrend, sell for downtrend) if a specific rate of average daily range has been exceeded.
Average daily range is calculated by ATR indicator with period of 20 bars.
Default rate is 80 percent. if 80% of average daily range is exceeded it opens trade.
Default stop-loss is daily high for sell order, daily low for buy order.
Default take-profit is remaining part of the average range in pips.
This expert is only for intraday trading, so opened positions will be automatically closed at midnight.
Expert is successful on long body candles, unsuccessful on long tail candles.
Comments are self-explanatory.
Trend:
intraday trend.
Average:
Daily ATR for 20 bars.
Trigger:
level of which trade will open if it is reached.
Rest:
remaining part of average range after trigger range is subtracted. also take-profit in pips.
Daily:
range between daily high and low.
To High:
distance to daily high in pips.
To Low:
distance to daily low in pips.
Trade Opened:
true if trade is opened.
Range Reached:
true if trigger level has been passed.
Seconds Left:
seconds left until midnight. 24:00. after reached opened order is closed automatically if sl or tp is not reached.
End Time:
time when the opened position will get closed and start new setup at.
