Trend Catcher
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 Trend Catcher
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
The Expert Advisor identifies trend based on three moving averages (with periods of 200, 50, 25 or other custom periods), and opens trades using the Parabolic SAR indicator. The EA uses martingale techniques, lot is calculated as percent of deposit depending on stop loss.
Market Entry
Buy: if the current price is above the Parabolic SAR point on the current candlestick, previous candle's close price is lower than the previous Parabolic SAR point, i.e. indicator values change; if the fast MA is above the slow MA; if the current price is above the second MA with another period, a buy order is opened.
Sell: if the current price is below the Parabolic SAR point on the current candlestick, previous candle's close price is higher than the previous Parabolic SAR point, i.e. indicator values change; if the fast MA is below the slow MA; if the current price is below the second MA with another period, a sell order is opened.
The Expert Advisor closes orders at an opposite signal.
Stop Loss and Take Profit
If Auto_SL = true, stop loss is calculated automatically and is set at the Parabolic SAR point. The SL_koef factor can be applied to multiply the distance in points between the order open price and the Parabolic SAR indicator point. Example: if there are 20 points between the order placing price and Parabolic SAR point, and SL_koef=2, the Stop Loss of the order will be equal to 40 points, if SL_koef=0.5, the Stop Loss will be equal to 10 points, etc.
If Auto_SL = false, Stop Loss will be fixed and will be equal to the SL parameter in points.
If Auto_TP = true, Take Profit is calculated automatically based on the Stop Loss value multiplied by TP_koef. Example: if TP_koef=2, Take Profit will be twice the estimated stop loss.
If Auto_TP = false, Take Profit will be fixed and will be equal to the TP parameter in points.
Lot and Martingale Settings
The lot is calculated as % of deposit based on the Risk parameter and Stop Loss. Example: the account balance is 1000 dollars, Stop Loss is 100 points, if Risk = 1 (1% of deposit), we can lose 10 currency units, therefore lot will be 0.01, if Risk=10 lot will be equal to 0.1.
If Martin = true, and the last trade was closed with a loss, the risk of the next trade will be multiplied by Koef.
If Martin = false, the EA will calculated lot as % of current account balance.
Breakeven and TrailingStop
If the position has made Profit_Level points of profit, stop loss will be placed at SL_Plus profit points.
If the position has made Profit_Level2 points of profit, Stop Loss will be trailed following the price, at a distance of TrailingStop2 points.
