Universal 1.64 Expert Advisor for MT4/MT5
Info
The Universal 1.64 Expert Advisor for MT4/MT5 is a Expert Advisor for MetaTrader 5 that universal trailing tool for positions and pending orders. Features:- Trail stop levels for any order type (market or pending).
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 Universal 1.64 Expert Advisor for MT4/MT5
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
Universal trailing tool for positions and pending orders.
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: Universal Pip Value and Dynamic Lot Size Calculator for MQL5 - another powerful expert for MetaTrader 5 traders.
Universal trailing tool for positions and pending orders.Also recommended: universal breakout study expert advisor for mt4/mt5 - similar expert with strong performance on MetaTrader 5.
Features:
- Trail stop levels for any order type (market or pending).
- Scalping techniques.
- Track and notify deposit increase by a specified percentage.
- Place user-allowed pending orders.
- Display EA settings on the screen.
Input Parameters:
- Magic Number: Unique identifier for the EA.
- Lot: Lot size for positions or pending orders opened by the EA.
- Pending Order Switches:
- Wait Close Position: Wait for position closure or pending order trigger.
- Allow/Prohibit Buy Stop: Enable/disable buy stop orders.
- Allow/Prohibit Sell Limit: Enable/disable sell limit orders.
- Allow/Prohibit Sell Stop: Enable/disable sell stop orders.
- Allow/Prohibit Buy Limit: Enable/disable buy limit orders.
- Position Parameters:
- Maximum Number of Positions of One Type: Limit on open positions of a specific type.
- TakeProfit of Positions: Take profit value.
- StopLoss of Positions: Stop loss value.
- Trailing Stop of Positions: Trailing stop function.
- Trailing Step of Positions: Trailing step value.
- Wait Profit: Wait for breakeven before trailing.
- Stop Order Parameters:
- Distance from Current Price to Stop Order Level: Distance to stop order.
- TakeProfit Stop Orders: Take profit value for stop orders.
- StopLoss Stop Orders: Stop loss value for stop orders.
- Trailing Stop of Stop Orders: Trailing function for stop orders.
- Trailing Step of Stop Orders: Trailing step value for stop orders.
- Limit Order Parameters:
- Distance from Current Price to Limit Order Level: Distance to limit order.
- TakeProfit Limit Orders: Take profit value for limit orders.
- StopLoss Limit Orders: Stop loss value for limit orders.
- Trailing Stop of Limit Orders: Trailing function for limit orders.
- Trailing Step of Limit Orders: Trailing step value for limit orders.
- Time-Based Trading:
- Use Time: Enable trading during specified time.
- Terminal Hours/Minutes of Deals: Trading time settings.
- Use Open Buy/Sell on Time: Flags for time-based position opening.
- Use Pending Buy Stop/Sell Limit/Sell Stop/Buy Limit on Time: Flags for time-based pending order placement.
- Pipsing:
- Enable Pipsing: Activate scalping strategy.
- Pipsing Profit: Profit target for the strategy.
- Global Levels:
- Global TakeProfit: Take profit level (in percentage).
- Global StopLoss: Stop loss level (in percentage).
You may also like: Universal Investor Expert Advisor - 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.