Mastering the Market: Introducing the Pending Tread EA for MetaTrader 4

Pending Tread Expert Advisor (EA) – Your Go-To Trading Companion

Meet the Pending Tread EA, a user-friendly trading robot crafted to automate the placement and management of multiple pending orders arranged in a grid pattern around the current market price. Ideal for scalping strategies, this EA shines on any timeframe or currency pair, making it a versatile tool for traders of all styles.

Key Features

• Grid of Pending Orders:
  The EA can set up a configurable number of pending orders (default is 10) above and below the current price, creating a grid to capture market movements in both directions.

• Adjustable Order Spacing:
  You can specify the distance between each pending order using a PipStep parameter (measured in points). For instance, a PipStep of 120 would equal 12 pips for 5-digit brokers.

• Custom Order Types:
  The EA allows for different trade directions for orders placed above and below the market.

  • Above market: it can place either buy stop or sell limit orders based on your selection.

  • Below market: it can issue sell stop or buy limit orders.
    The order placement logic is finely tuned to ensure orders are positioned correctly concerning the current market price.

• Automated Take Profit:
  Each pending order is assigned a take profit level determined as a fixed number of pips (TakeProfitPips) from the order price, allowing for automatic profit-taking without manual effort.

• Lot Size and Slippage Control:
  You have the flexibility to set your lot size (LotSize) and maximum slippage (Slippage) permitted when orders are sent to the broker, giving you full control over risk and execution.

• Order Management:
  The EA keeps an eye on existing pending orders for the current symbol and its unique magic number (MagicNumber) to avoid duplicating or interfering with other trades or EAs on the same account.

• Throttle Mechanism:
  To prevent overload, the EA limits its order placement attempts to once every 5 seconds.

How It Operates

1. With every tick, the EA checks if the trading context is available and if enough time has passed since the last order was placed.

2. It counts the existing pending orders for both above-market and below-market grids.

3. It calculates new pending order price levels spaced according to the configured pip step.

4. It places new pending orders up to the configured total number per side while respecting broker stop level restrictions.

5. Each pending order includes a take profit set relative to the order price.

6. The EA continuously watches over this grid, re-placing orders as needed if any are executed or canceled.

Use Cases

• Scalping: Grab small price movements by having multiple pending orders ready to trigger in either direction.

• Range Trading: Automatically place buy and sell orders near key support and resistance levels.

• Breakout Strategies: Capture breakouts by setting pending stop orders above and below the current price.

Important Considerations

• This EA is designed solely for managing pending orders; it does not handle open positions (no trailing stop or stop loss features).

• Always practice proper risk management and test the EA on a demo account before going live.

• The EA performs best with brokers that support 5-digit or 4-digit pricing; be sure to adjust PipStep and TakeProfitPips accordingly.