Breakdown catcher
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Breakdown 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
Idea by:
mq5 code by:
The EA works with pending Buy Stop and Sell Stop orders.
Buy Stop is placed at the High price of bar #1 + "
Indent
", Sell Stop is placed at the Low price of bar #1 - "
Indent
".
Program Parameters
Stop Loss
, in pips (1.00045-1.00055=1 pips) - Stop Loss
Take Profit
, in pips (1.00045-1.00055=1 pips) - Take Profit
Trailing Stop
(min distance from price to Stop Loss, in pips - Trailing
Trailing Step
, in pips (1.00045-1.00055=1 pips) - Trailing step
Indent
, in pips (1.00045-1.00055=1 pips) - Indent from the High and Low of bar #1
Allowable spread
, in points (1.00045-1.00055=10 points) - the largest spread permitted
Money management
: Lot OR Risk - volume calculation type (fixed lot size or risk % per trade)
The value for "Money management"
- volume or percentage
Print log
magic number
Testing on EURUSD, M1:
