Product page : https://www.mql5.com/en/market/product/66925
1. What is this EA? How does it enter trades?
2. Input definitions + On-chart buttons.
3. Problems with the EA / Troubleshooting.
BlueDreams is expert advisor that is essentially a combination of a trend following strategy mixed with an entry strategy, it aims to enter trades using key high and low points when in a confirmed trend and will utilize a dynamic grid to maintain a constant equity growth.
The user is able to set the timeframe which the expert focus onto for directional information using the 'User Trend Timeframe' input. Once a trend has been confirmed, the expert will use the loaded chart timeframe to search for entries.
Buy trades are entered when a key low point is formed in a uptrend, and sells are opened when a key high point is formed in a downtrend. Key high and low points are determined by a tight combination of indicator signal mixed with price action.
Using different combinations of loaded chart timeframe and trend timeframe can create various results, the EA will take more trades entering from smaller timeframes as more high and low points are formed, so in turn entering from higher timeframes will have less trades but can provide more accurate reversal points.
BlueDreams has a unique dynamic grid function able to change the required distance between orders depending on market dynamics. It does this by converting values from the ATR indicator into pips and by using different timeframe candle open and closes. The user is able to focus the function onto a separate timeframe than the loaded chart timeframe by using the 'Dynamic Step Timeframe' input in order to gather information about forming candles of that specified timeframe. The expert is only allowed to place one order per bar of the set dynamic step timeframe and only if price has moved a distance equal to, or above that of the value generated by the ATR, so using a larger timeframe in the input means orders will be spaced further apart and in turn using a smaller timeframe will mean orders are spaced closer together.
- Order Comment - Comment displayed on each trade taken.
- Magic Number - Number the EA uses to associate trades with itself - you only need to change the magic number if you are using the EA on two charts of the same pair, each chart would then need a different magic number.
- Trend Mode - The mode which the expert uses to determine trend -
'User_Trend' - The EA will focus on the timeframe set in the input 'User_Trend_Timeframe' for directional information.
'Auto_Trend' - The EA will combine trend from the 4HR, 1HR, and 30M timeframes into one trend and only confirm a direction when all three are in line.
- User Trend Timeframe - The timeframe the EA will focus onto for directional information when using the 'User_Trend', trend mode.
- Use Grid - True will allow additional orders to be placed if the first position goes into loss.
- PipStep Method - Method which to space orders by. -
'Fixed' - Spaces orders using a user defined fixed pipstep. The EA will only place one order per candle of the loaded chart timeframe and if price has not moved the input fixed pipstep distance away from the last order.
'Dynamic' - Uses constantly generated values by the ATR indicator and considers velocity in candles to generate a dynamically changing pipstep distance.
- Dynamic Step Timeframe The timeframe the EA uses to space orders when using a dynamic pipstep method - Different timeframe candles form at different rates/open and close at different times so effects where the next order would be or will be allowed to be placed.
- ATR Period - Used to control distance in the dynamic pipstep.
- IF Fixed Pipstep - Amount of pips to space order by when using a fixed pipstep method.
- Max Spread - Max spread allowed to open a trade - In pips.
- Max Slippage - Max slippage allowed to open a trade - used for brokers that may require a requote.
- Max Lot Size Allowed - Max lot size allowed to be reached and/or placed.
- Max Buy & Sell Trades Allowed.
- Allow New Cycle - True will allow new trade opportunities to be taken.
- Allow Hedge Trades - True will take and manage opposite direction trade signals while already in an open trade.
- Close Trades If Equity Drops Below - The EA will close all open trades if account equity drops below the input number.
- Only Open Trades Above Free Margin - The EA will only open new trades when the accounts free margin is above the input number.
- Use Time Limit - True will allow trades from 'Start Hour' until 'Stop Hour' - Trades still open after hours will continue to be managed.
- Start Hour - Hour to allow trades from when 'Limit Trade Hours' is set true.
- Stop Hour - Hour to stop trades at when 'Limit Trade Hours' is set true.
- Trade Monday - Friday Limits.
- STOP Trade Before Weekend - True will stop the expert from placing trades from Friday 17:00 until 23:59.
- SKIP Monday Market Open - True will stop the expert placing trades on market open until after 03:00 Monday morning.
- Base LotSize - The first lot size placed.
- Multiplier - Amount to multiply the previous trade by when using the grid.
- Stop Loss - In pips.
- Take Profit - In pips.
- Auto Money Management - True will allow the EA to adjust the base lot in accordance with the account balance and the 'Auto Risk Percent' set.
- Auto Risk Percent - Defines the risk used in the Auto Money Management, 1 being low and 100 being very high.
- Use Trail Take Profit - True will allow the EA to adjust the take profit as orders are added or removed - The take profit will maintain the input 'Take Profit' from the breakeven level.
- Use Trailing Stop - True will allow the EA to adjust the stop loss as orders move into profit.
- Trail Start From - Pips into profit to start the trailing stop.
- Move Trail Stop To - Once activated move the stop this many pips into profit.
- Trail Step - Adjust the stop loss further into profit when price moves this many pips.
- AutoClose In Profit - When true the expert will automatically close out trades when the input amount is reached.
- AutoClose Mode - When static the expert will always exit trades/grids for the number in 'How much profit', when dynamic the expert will adjust how much profit in accordance with the base lot being used.
- How Much Profit - How much profit will the expert look for to exit grids/trades - This is a currency amount.
- DrawDown Reduction - Set to true will turn on drawdown reduction. This will look to breakeven on the first placed and latest placed trade in a formed grid in an aim to reduce overall grid size and free up margin.
- Reduce After - Once open trades amount reaches the number in this input the EA will begin the function.
- Amount For Function To Work - Profit (in money) needed to be reached between the two trades for the function to begin.
- Modify Chart Properties - When true the expert will modify the chart properties on start up.
- Background - Background color of the chart.
- Foreground - Foreground color of the chart.
- Bull Candle - Color used for Bull (Up) candles.
- Bear Candle - Color used for Bear (Down) candles.
- Show On Chart Panel - True will show EA/Account information on chart.
- Draw Line - True will draw a line at the breakeven level for open trades.
- BE Line - Color used for the breakeven line.
- Draw Profit Labels - True will draw closed profit labels on chart.
- Profit Lables - Color used for closed profit labels.
- Profit Label Mode - The value shown inside the closed profit labels - either pips or currency amount.
To use the news filter the following web address needs to be added to the terminals WebRequest URL list.
Go to Tools – Options – Expert Advisors – check Allow WebRequest for listed URL : add ' https://nfs.faireconomy.media/ ', to the list and press OK.
- Use News Filter - When true the expert will draw vertical lines onto the chart at times where news events land, the expert will stop placing new trades the input minutes before an event and will hold off placing trades until time has passed the input minuets after the event.
- Only Draw Future Lines - Set true will draw only draw lines in front of the current time.
- News Source - The source used to download news events.
- Filter Low News - True will stop new trades being placed from the input minuets before a low news event until the input minuets after.
- Filter Mild News - True will stop new trades being placed from the input minuets before a mild news event until the input minuets after.
- Filter High News - True will stop new trades being placed from the input minuets before a high news event until the input minuets after.
- Filter NFP FOMC News - True will stop new trades being placed from the input minuets before a NFP/FOMC news event until the input minuets after.
- Minuets To Stop Trading Before Event - The specified minuets to stop placing new trades before an event.
- Minets To Stop Trading After Event - The specified minuets to start placing new trades after an event.
- Low Event Line - Color used for low event lines.
- Mild Event Line - Color used for mild event lines.
- High Event Line - Color used for high event lines.
- Market Watch Time Zone (GMT) - The GMT offset for your brokers data - (Most brokers are GMT+2)
- STOP Buy - Pressed will stop the EA from placing anymore buy trades.
- LAST Cycle - Pressed will allow the EA to finish the current grid cycle then will place no more new trades when closed.
- STOP Sell - Pressed will stop the EA from placing anymore sell trades.
- Close BUY - Press to close all open buy trades of the current pair.
- Close ALL - Press to close all open trades of the current pair.
- Close SELL - Press to close all open sell trades of the current pair.
I am always happy to help with set up or if any problems emerge, please message me for assistance.
Some basic checks users can make before contacting me with problems are -
- At the top of the MT4 terminal please ensure the ' AutoTrading ' button is pushed in, and has a small green icon like the picture to the left.
- At the top left of the terminal go to ' Tools - Options '.
- In ' Tools - Options ', go to the ' Expert Advisors ' tab, please make sure, ' Allow automated trading ' & ' Allow WebRequest for listed URL: ', are checked.
- To use the news filter the following web address needs to be added to the WebRequest URL list : ' https://ec.forexprostools.com '
- When loading the expert onto a chart please make sure that in the common tab, ' Allow live trading ' is checked.
- If you have a set file please go to the ' Inputs ' tab, press the ' Load ' button, then click the set file you need to load, press ' OK '.
- In the top right of the chart you will see a smiley face if all the steps are followed correctly and the expert will start to search for trades.
- Please check if the spread of your loaded chart is below the number set in the max spread input.
If you have any problems please contact me using one of the links below.