The VLT_TRADER is an advanced Expert Advisor (EA) designed for MetaTrader 5, originally brought to life by fortrader. For those interested in diving deeper, you can find the original code here.
How It Works
This EA operates by analyzing bar formations. If a new bar is formed that is slightly smaller than the lowest bar within a specified range, it will automatically set two pending stop orders. Once one of these orders is triggered, the other will be canceled.
Trade signals are determined by the indicator, which requires a single parameter: the number of bars used to ascertain the minimum bar size. The green line represents the current bar size, while the blue line indicates the minimum size. The points displayed are signals for setting orders.
Fig. 1. Visual representation of the EA in action.
Fig. 2. Performance results of the EA for last month (September 2012) on EURUSD M15.
Parameters
- period: The indicator's time frame.
- PendingLevel: The distance for setting pending orders from the High/Low of the previous bar.
- Lots: The lot size for trading.
- StopLoss: Stop Loss in points (0 means no Stop Loss).
- TakeProfit: Take Profit in points (0 means no Take Profit).
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