Stochastic Indicator Based EA
This is an expert advisor (EA), created in MetaTrader 4 (MT4). The EA places a market order in forex whenever reversal in Stochastic indicator are observed in just previous candle. Reversal in Stochastic indicator is said to be achieved if both its main and signal lines simultaneously cross either upper (from above to below) or lower (from below to above) standard threshold levels. Such condition is checked for current chart’s currency pair and appropriate orders are placed therein. EA ensures total open market order for this currency pair is not more than the allowed limit. Besides, there is an option to trail stop-loss to reduce losses.
Following inputs are asked by this EA:
- Range Hour Start [HH:MM]: Everyday signal evaluation is performed from this time.
- Range Hour Stop [HH:MM]: Everyday signal evaluation is stopped from this time.
- Lots: Any market order, placed by this EA, requests for this amount of fixed lot.
- Take-Profit (Pips): This is the take profit (in pips) that is used whenever an order is placed.
- Stop-Loss (Pips): Just like the take profit, this is the stop loss (in pips) that is used while placing any order.
- Active Trailing Stop: When set to true, stop loss of all market orders, placed by this EA are trailed to reduce overall loss.
- Trailing Stop (Pips): value of trailing stop in pips.
- Trailing Step (Pips): step of trailing stop in pips.
- Maximum Number of Open Orders: As the name suggests, this is limit on number of total open orders, placed by this EA, for the current chart’s currency pair. No new order will be placed for this currency pair, unless number of open orders become less than this limit.
- Magic Number: A unique ID that is used by EA to keep track of orders, placed by this EA. It is an integer value.
- Slippage (pips): This is the allowed slippage in an order’s open price, while placing order.
- Rest of the inputs are used as parameters to read values of the Stochastic Indicator.
- All inputs in pips are expected to be integer values.
- User must ensure input “Lots” is within allowed limits, else orders won’t be placed successfully.