Automated trading based on signals provided by an indicator can be achieved by two ways. One is to use the indicator buffers and the other way is to use any objects created by the indicator on chart.
FRZ Indicator Automater is an expert adviser that can convert almost any indicator into an expert adviser. It does it by making orders/trades based on the indicator buffers and/or objects created by the indicator on the chart.
Automation based on the indicator buffers
If your indicator has indicator buffers, then you can use this option. All you have to do is to rename your indicator to “myindicator” and then map the right buffer numbers to buy and sell signals. Also, make sure the indicator placed within the MT4 Indicators folder (not in subfolders).
Automation based on objects created by the indicator
Some indicators generate objects on the chart as their buy or sell signals. This EA will work with any object that:
- has a time parameter under properties,
- has a common prefix in the name of the objects generated, and
- has different colors for buy and sell signals
The objects can include arrows, triangles, buttons, thumbs, texts, etc. You can use these objects to make trades/orders with this EA. If you are only using object-based trading, there is no need to rename your indicator as mentioned before. The objects are captured based on their name prefix, color and time of creation.
You may have both buffer based trading and object-based trading at once and also object based trading can be from a second indicator.
Caution on repainting indicators:
The EA will make trades/orders just as the indicator buffer or object appears. So if your indicator repaints, you might see trades/orders made while no indicator buffer or object visible or buffer or object is painted at a different place.
Please check out the attached readme file for explnations of the settings.