simple trade
Info
The simple trade is a Expert Advisor for MetaTrader 5 that the expert advisor compares open prices of the zero and third bar. condition to open a buy position:if(iopen(0)>iopen(3))- if the opening price of a zero bar is higher than the opening price of the third bar.
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 simple trade
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
the expert advisor compares open prices of the zero and third bar.
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: Trade Adjustment Panel for MT5 - another powerful expert for MetaTrader 5 traders.
the expert advisor compares open prices of the zero and third bar.
condition to open a buy position:
Also recommended: Quantora Trade Manager MT5: Advanced Position Management - similar expert with strong performance on MetaTrader 5.
if(iopen(0)>iopen(3))- if the opening price of a zero bar is higher than the opening price of the third bar.
condition to open a sell position:
if(iopen(0)<=iopen(3))
- if the opening price of a zero bar is less than or equal the opening price of the third bar.
position is closed by stoploss or at the beginning of the next bar:
since the ea works at the moment of emergence of a new bar, it is equipped with several protection steps — so as to avoid missing a whole bar due to possible position opening errors.
for example, if we cannot update the current prices, we should then reset the timer (static variable):
also we check the result of the trading operation:
the or method must return true
and the method should return a non-zero value
if an error occurs, we reset the timer:
You may also like: Professional Automatic Trailing Stop Utility for MetaTrader 5 - 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.