Trailing Line
Info
The Trailing Line is a Expert Advisor for MetaTrader 5 that the expert advisor is designed for use on forex hedging accounts, with untested performance on netting accounts. Upon the opening of a new position, the EA draws a trend line that can be adjusted as needed.
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 Trailing Line
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 designed for use on Forex hedging accounts, with untested performance on netting accounts.
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: News Lines Utility: Economic Calendar On Your Chart - another powerful expert for MetaTrader 5 traders.
The Expert Advisor is designed for use on Forex hedging accounts, with untested performance on netting accounts.Also recommended: Alpha Engine: Intrinsic-Time Coastline Trader - similar expert with strong performance on MetaTrader 5.
Upon the opening of a new position, the EA draws a trend line that can be adjusted as needed. This line is positioned below the opening price for buy positions and above for sell positions, extending two bars into the future. The line remains in place until a new bar appears.
If the trend line is adjusted to a lower position than the buy position, the EA generates a message indicating the price and profit or loss at which all positions will be closed.
You may also like: Safe Risk Manager EA - Daily Loss, Break-Even, and Trailing Stop Management - 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.