Eliot Wave I
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. 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 Eliot Wave I
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
"Eliot Wave I" EA draws 3 Trend Lines with "Fractals"(1main+2small) on chart and trades When a Eliot retracement is formed,has Trailing Stop Loss &Take Profit works with all time frames major forex pairs and stocks NASDAQ.
The concept of this Eliot wave EA is:
Five waves move in the direction of the main trend, followed by three waves in a correction (totaling a 5-3 move)
Try it on demo first.
This EA trades only with the price of open candle!
If you do not want to trade with increasing lot size when you lose a trade set:"IncreaseFactor=0"
I combined together a simple EA with two moving averages and Trend Line,
The Trend Line do not work on test mode,
The optimization tests can be performed only with moving averages,
In live trading only, Trend Line and moving averages will work together,
During tests, the EA only draws the Trend Line on the screen in visual mode without considering it in the creation of trades,
The Trend Line will function as a filter .
In this situation the probability of winning trades increases. Inputs
Use_TP_In_Money- Use Take Profit In Money (values:true/false).
TP_In_Money- Take Profit In Money (values: 10-100).
Use_TP_In_percent- Use Take Profit In Percent (values:true/false).
TP_In_Percent- Take Profit In Percent (values: 10-100).
------------[Money Trailing Stop For Multiple Trades]----------------------
Enable_Trailing-Enable_Trailing with money (values:true/false).
Take Profit In Money (in current currency) (values: 25-200).
Stop Loss In Money(in current currency) (values: 1-20).
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Exit= Close trades if the trend is against you and control draw dwon (values:true/false).
Lots - Lots size (values: 0.01-1).
Lots size Exponent (values: 1.01-2).
IncreaseFactor -how much to increase lots from total margin if you lose a trade (values: 0.001-0.1).
Stop_Loss - Stop Loss (values: 30-500). /set value 600 for Multiple Trades
MagicNumber - Magic number (values: 1-100000).
TakeProfit - Take Profit (values: 50-200). /set value 600 for Multiple Trades
FastMA - Fast Moving Average (values: 1-20).
SlowMA - Slow Moving Average (values: 50-200).
Mom_Sell-Momentum_Sell trigger(values: 0.1-0.9).
Mom_Buy-Momentum_Buy trigger(values: 0.1-0.9).
---------------------CONTROL DRAW DOWN-----------------------------
UseEquityStop - (values:true/false).
TotalEquityRisk- (values: 0.01-20).
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Max_Trades(1-12).
----------------IF YOU USE ONLY 1 TRADE:-----------------------
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USETRAILINGSTOP-If use trailing stop (values:true/false).
WHENTOTRAIL-When to trail (values: 40-100).
TRAILAMOUNT-Trail amount (values: 40-100).
Distance From Candle -Distance From Candle (values: 1-100).
USECANDELTRAIL=If use trailing stop (values:true/false).
X=2-number of candles (values: 1-100).
USEMOVETOBREAKEVEN-Enable " break even " (values: true/false).
WHENTOMOVETOBE-When to move break even (values: 1-30).
PIPSTOMOVESL=30-How much pips to move stop loss (values: 1-30). -You should optimize this EA every few months and use the exact same inputs from above .-You can use it as hedging grid EA or a single trade EA.-How to perform back test:
