EA – Trading POC

MT4 is a standalone installation trading platform for individual Forex trader. Anyone can open a trading account with the Forex broker, download the trading program and install onto the PC. Setup and configure the broker server and login to your trading account to begin trading. One of the key features of this trading platform is programming capabilities, beside able to do charting, store historical price data and execute trades.

Expert Advisor

The core programming language is MQL4 or Metaquotes language 4 is a C program look a like programming language. Its comes with program function structure, variable declaration, operands, conditional checks, calling of technical indicator, time date function, math operations and other features. All files end with MQL format and are editable using the editor that comes with the trading platform. These are commonly call expert advisor and are used to run on MT4 trading account.

Create EA

Before you start, you have to code your trading strategy into programming codes MQL and compile with no error. Or you can purchase third party codes and use it to run on your trading account. You need to decide the time frame and open the currency chart of your choice after you login to your Forex trading account.

How to load EA

First you have to copy the MQL file (Expert Advisor) into your MT4 program folder experts. Then run MT4 and it will automatically compiled the expert advisor and it will appear in your navigator windows under the expert advisor directory. Simply select the desire expert advisor and move over to your currency chart. (Click and drag). You will see the name of the expert advisor at the top right hand corner of your currency chart. And look out for a smiling face on the right. If you see a cross then you did not enable EA trading.

Enable Expert Advisor

MT4 comes with an option to disable or enable the expert advisor trading on the top middle panel. Click to disable or enable it. You may have to set some parameters at the tool tab into option menu and go to Expert Advisor tab. You will see a list of tick box to select. In more cases, tick Enable Expect Advisor, tick Allow live trading, tick Allow DLL imports and tick Allow external experts imports. And leave the box empty for Disable experts when account changed, empty for Disable experts when profile change, empty for Ask manual confirmation and empty for Confirm DLL function calls. With the above set up, you should see a smiling face at the top right corner of your currency chart. You call load as many EA you want. My recommendation is limited 8.

Changes to program

If you need to change the expert advisor due to bug or program update, simply click on the name of the expert advisor, choose modify and it will automatically open the metaeditor for you to make changes. Once all changes done, simply compiled the program and it will automatically update the copies that is attached to run on your currency chart.

Source: http://www.bestforexranking.com

Introducing a new trend line EA tool released for the forex Meta-trader 4 trading platform. This trend line trading EA comes with technical and sales support for its member community.

How Trend Line EA Works

You can draw lines in the chart manually by hand, and when price break across or touch the line, the action will instruct EA to execute trade entries. Forex users can open market orders or pending orders with trend line EA.

Trend line drawn can be horizontal lines, vertical lines or any in between. Lines drawn with any gradient can still act as a pending order. This feature is very useful in channel or trend line trading as this powerful feature is not found in the standard functions of Meta-Trader 4 trading platform.

Drawing a Pending Order

In order to programme the drawn lines to make trade entries, the lines must have specific codes at its line description. You can easily refer to the guidebook to copy and paste the codes into the line description.

Placing a buy pending order can be as easy as entering “BUY?’ into the line description and when price break across or touch the line, a trade entry will immediately be executed. If you like to have a sell pending order, enter “SELL?’ to make the line a sell pending order.

Once line has executed a trade, it will expire and cease to function. Therefore, any line can only be used once. Trade entry rules like stop-loss or take-profit levels, entry lot size and slippage can be pre-specified before trade is executed.

Drag and Drop

One added advantage of a drawn line pending order is that the user can easily drag the trend line around the chart, and the pending order will moved to the new location. It almost works like drag and drop pending order with this trend line EA tool.

Advanced Trend Line EA Features

Besides drawing a pending order, you can also add in single or multiple partial close lines onto the charts. By tagging these lines to the specific pending order, these newly added partial close lines will then be associated with the order ticket numbers executed by the tagged pending order line.

You can also draw your own stop-loss lines, take profit lines, partial close lines and stop-loss to breakeven line.

The stop-loss to breakeven line is the action of shifting the stop-loss levels to the trades’ entry price when price break through or touch this line. This action makes the trade a no loss trades as the only outcome is either zero or close in profit.

This trend line EA is a very efficient tool for forex traders because it literally trades on behalf of the user thereby reducing any trading stress. Forex traders can use this tool to trade many technical chart patterns. It makes trading forex easier than before. If you can draw a few lines on the chart, it will then runs by itself. It is like total trading freedom for the user as there really is nothing much to do after the trader have prepared his charts for the day.

Expectations Must Be Set Right

Trend line EA is semi-automated designed specially for manual forex traders. What people need to realize is that this software is only as good as the traders’ technical analysis ability and trading experience.

It looks like placing a few Lines on the chart and walk away, a trader could now make money from forex trading. While this tool has made this a possibility, however the developers of trend line ea do not think this way.

The developer of this trend line ea wants to empower traders with complete entry and exit trade execution. This will allow greater control over forex entries and exits and hence give rise to the usage of more sophisticated forex trading system. The power happens when you can put all of this systems to work on automation while freeing you more time to study the market but not have to baby-sit the trades like a nanny.

But honestly, If you can draw a line, you can make money, once you understand market volatility, support and resistance, price action and money management with this trend line EA.

The trend line EA is software which helps the manual trader automates his forex trading strategy. The user must draw trend lines on the chart and the EA execute the trades for him.

Tag: EA

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