Stop Level Counter Expert Advisor
Info
The Stop Level Counter Expert Advisor is a Expert Advisor for MetaTrader 5 that the expert advisor is a tool for calculating potential profits on an open position based on price movement to a specific level on the chart. When attached to a chart, it displays a vertical price level line, which can be moved to determine the take profit or stop loss values for the current market position at that level.
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 Stop Level Counter Expert Advisor
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 is a tool for calculating potential profits on an open position based on price movement to a specific level on the chart.
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: Quantora Break Even Manager MT5 - Automated Stop Loss Protection - another powerful expert for MetaTrader 5 traders.
The Expert Advisor is a tool for calculating potential profits on an open position based on price movement to a specific level on the chart. When attached to a chart, it displays a vertical price level line, which can be moved to determine the take profit or stop loss values for the current market position at that level.Also recommended: Professional Automatic Trailing Stop Utility for MetaTrader 5 - similar expert with strong performance on MetaTrader 5.
This indicator utilizes a class library, which should be copied to the terminal_data_folder\mql5\include directory.
Fig. 1: Stop Level Counter Expert Advisor
You may also like: Simple EMA Cross Expert Advisor with Stop Loss, Take Profit, and Magic Number - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.10"
#include <getfontname.mqh>
input double lot=1.0; //lot size
input color levelcolor=clrblue;//color for buy
input color buycolor=clrteal;//color for buy
input color sellcolor=clrred;//color for sell
input int fontsize=11; //font size
input type_font fonttype=font14; //font type.......
⚠ 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.