Elliott Indicator Based Trading EA
This is an expert advisor (EA), created in Meta-Trader 4 (MT4). The EA uses Elliott waves indicator to place either buy-stop or sell-stop pending orders at occurrence of a new bar. Limit to the maximum number of total orders that can be placed by EA is set through input. Before placing any buy-stop (sell-stop) order, previous sell-stop (buy-stop) orders are deleted and all open sell (buy) orders are closed.
Following inputs are asked by this EA:
- Elliott Period: Average segments distance is calculate over this number of bars.
- Mean Distance (%): Factor of average segments distance that is added to (subtracted from) Ask (Bid) to calculate open price for buy-stop (sell-stop) pending order.
- Divider: This factor is used to calculate lot from account’s free-margin.
- Maximum Number of Total Orders: Total number of orders that can be managed or placed by this EA.
- Stop-Loss (pips): This is the stop-loss (in pips) that is used to place any pending order.
- Take-Profit (pips): Just like the stop-loss, this is the take-profit (in pips) that is used while placing any pending order.
- Slippage (pips): This is the allowed slippage in an order’s open price, while placing order.
- Magic Number: A unique ID that is used by EA to keep track of orders, placed by this EA. It is an integer value.
NOTE: All inputs in pips are expected to be integer values.
NOTE: If any lot is not within allowed limits, then it is set to suitable limit.