Unlocking gpfTCPivotStop: Your Go-To MetaTrader 5 EA for Smart Trading

Welcome, fellow traders! Today, we’re diving into the gpfTCPivotStop, an Expert Advisor (EA) designed for MetaTrader 5 that’s sure to enhance your trading strategy. This EA was originally crafted by George-on-Don and has been beautifully rewritten from MQL4. You can check out the original publication here.

How It Works

The gpfTCPivotStop EA operates by calculating pivot points alongside three support and resistance levels based on daily bars. It’s designed to open positions when the price hits the pivot point, utilizing the closing prices of the bars. A key thing to note is that this EA works best on time frames smaller than D1.

Stop Loss (SL) and Take Profit (TP) are strategically set at the identified support/resistance levels. If these levels are too close together to facilitate a trade, the EA will attempt to open a position with the Stop Loss at the second support/resistance level and the Take Profit at the third one.

Once the first support or resistance level is reached, and if your Take Profit is set further away, the EA will move the Stop Loss to the opening price plus the spread (you can disable this feature if you prefer).

Take a look at the image below showcasing the performance of this EA in the strategy tester's visual mode.

Key Parameters

• Lots: This defines your order volume. When set to 0, it utilizes the MaxR parameter.
• SndMl: Enables email notifications when the EA opens or closes positions.
• DcF: This is the lot reduction factor during losing trades. If set to 0, no reduction occurs. The lower the value, the more the lot is reduced. If it can't be reduced further, the minimum lot will be used.
• MaxR: This represents the maximum risk (from 0 to 1) based on your free funds, applicable when the Lots value is 0.
• TgtProfit: Your target Take Profit settings: 1 for Support1 or Resist1, 2 for Support2 or Resist2, and 3 for Support3 or Resist3.
• isTradeDay: This parameter allows for intraday trading only, closing positions by 23:00.
• ModSL: This modifies the Stop Loss once the first target is achieved.