Urdala Trol
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 Urdala Trol
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
Working Strategy
If there are no open positions (opened by the EA), two oppositely directed positions with the "
Lots
" initial lot are opened with a stop loss equal to "
Stop Loss
", while take profit is not used. Stop loss moves using trailing ("
Trailing Stop
" and "
Trailing Step
" parameters are applied).
Trailing
Position's first modification reliably moves a stop loss to a breakeven or even a small profit. The subsequent modifications of Stop Loss increase the guaranteed profit.
Two stop loss activation options are available afterwards:
1. Position has closed with a loss
1.1. In this case, we assume that the trend has reversed. Open a position with an increased lot (add "
Number of minimum lots
" to the volume of the remaining position) in the direction opposite to the closed one. For example, the unprofitable BUY position has been closed. Then open a SELL position with an increased lot. Thus, we obtain two positions in one direction.
1.2. Further on, it works only in the obtained direction: wait till the price leaves the least loss-making position by "
Step
" points in the loss-making direction and open a position with an increased lot (add "
Number of minimum lots
" to the volume of the least loss-making position) in the direction of existing positions (as you remember, we have one or several unidirectional positions).
2. Position has closed with a profit (this is the position that was modified at least once)
2.1. We assume that this is not a trend reversal, but a small rebound. Open a position with an increased lot in the direction of the closed one. For example, a profitable BUY position has been closed, then we open a BUY order with an increased lot. Thus, we obtain two positions in the same direction.
2.2. We try to apply trailing afterwards. In any case, one of the Stop Losses will work and we will return either to p. 1 or to p. 2.
Calculation of BUY and SELL positions, total profit on BUY and total profit on SELL, as well as searching for the least loss-making BUY and SELL position are performed within one call in the
CalculateAllPositions
function.
Inputs
Lots - initial position volume
Number of minimum lots - number of minimum lots, a position volume is changed by
Stop Loss (in pips)
Trailing Stop (in pips)
Trailing Step (in pips)
Step - initial step between differently directed positions
Minimum nearest (in pips) - minimum distance within a series of positions
magic number - unique EA identifier
