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Price Level EA

This is an expert advisor (EA), created in Meta-Trader 4 (MT4). Everyday, it places certain number of buy-limit and sell-limit pending orders of different levels. Levels differ in terms of open price, lot and take-profit (in pips). At the stop-time of the day, all those (same type) pending orders will be canceled, none of whose orders of different levels are filled within the day. A different cancel time option is available for Fridays. If start-time and stop-time are left blank, then at each new bar, all previous pending orders are canceled and new set of pending orders are placed.


Following inputs are asked by this EA

  1. Start Time [HH:MM]: Every day’s start time, one time-frame after which, pending orders are placed.
  2. Stop Time [HH:MM]: Every day’s stop time, after which all those (same type) pending orders will be canceled, none of whose orders of different levels are filled within the day.
  3. Levels: Number of pending orders of same type that are placed, simultaneously.
  4. Starting Lot for Level 1: Fixed lot for pending order of level 1.
  5. Lot Multiplier for Level n: This factor is multiplied with “Starting Lot for Level 1” to get lot for any level n. Here, n takes values from 2 to 6. This is an integer value.
  6. Stop-Loss (Pips) for All Levels: Fixed stop-loss (in pips) with respect to open price for pending order of level 1. Resulting stop-loss price is used for all (same type) pending orders of different levels.
  7. Take-Profit (Pips) for Level n: Take-profit (in pips) with respect to open price of individual pending order to level n. Here, n takes values from 1 to 6.
  8. Distance (Pips) for Level 1: This value is subtracted from (added to) current Ask (Bid) price to get open price for buy-limit (sell-limit) pending order of level 1.
  9. Pips from Level 1 to Level n: This value is subtracted from (added to) open price of level 1 pending order to get open price for buy-limit (sell-limit) pending order of level n. Here, n takes values from 2 to 6.
  10. Close unfilled orders on every Friday?: If set to true, every Friday, all those (same type) pending orders will be canceled, none of whose orders of different levels are filled.
  11. Close unfilled orders on Friday at Time [HH:MM]: Cancel time for Friday, if above condition is set true.


Note:

  • All inputs in pips are expected to be integer values.
  • If any lot is not within allowed limits, then it is set to suitable limit and proper information is printed in Experts log.
  • If stop-loss or take-profit are not at least "stop-level" away from open price, then it is set to stop-level limit and proper information is printed in Experts log. Same is true for open price.
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