Scalp Wiz 9001
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. 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 Scalp Wiz 9001
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:
Code mq5 by:
The EA works on hedge accounts ONLY!
In the EA, classes , , , , , and were used.
Four levels, i.e., the spaces for placing pending orders, can be specified in input parameters. The sizes of the spaces follows the logic below:
Level #0
<
Level #1
<
Level #2
<
Level #3
The EA permanently monitors the situation, i.e., it works on each tick, as soon as the price breaks through one of the lines of indicator iBands (Bollinger Bands, BB) at the distance of
Level #3
. As soon as such breakthrough is found, pending orders will be placed. In the picture below, you can see a sample situation where the breakthrough of the upper line is found: Four Sell stop orders were placed
Accordingly, as soon as the lower line is broken through, pending Buy stop orders will be placed.
For each pending order,
Pending Stop orders expiration time
(in minutes) is set. You can specify both permanent and dynamic (in risk percents) lot sizes. Lot type is specified in
Money management
.
Parameters, such as
Stop Loss
,
Take Profit
, and
Trailing Stop
, can be disabled. To do so, you just have to assign the value of 0.0 to the parameter.
A sample start on EURUSD,H1
and on USDJPY,H1
