Elders gatling demo
Attention: This is a demo version of the EA. It is meant for testing and has a reduced functionality. It works only on EURUSD with only three pairs on the combination of ranges H4-H1-M15. Settings are not adjustable.
The full version can be found here: https://www.mql5.com/en/market/product/10215
The indicator and the EA included in the system do not differ from the products at the links above, except for the design.
How does Elder's Analyzer work?
- The indicator analyzes six currency pairs using the Elder's Triple Screen system.
- The analysis is performed on 4 combinations of price ranges (Mn-W1-D1, W1-D1-H4, D1-H4-H1, H4-H1-M15).
- The indicator will send an alert with recommendations in case of a buy or a sell signal for any combination of ranges.
- Instrument_1 = "EURUSD"; — Select a trading instrument.
- Instrument_2 = "GBPUSD"; — Select a trading instrument.
- Instrument_3 = "USDCHF"; — Select a trading instrument.
- Instrument_4 = "USDJPY"; — Select a trading instrument.
- Instrument_5 = "USDCAD"; — Select a trading instrument.
- Instrument_6 = "AUDUSD"; — Select a trading instrument.
- Level_top = 80; — Select the top level of the Stochastic indicator.
- Level_bottom = 20; — Select the bottom level of the Stochastic indicator.
- TimeFrames — Select the default combination of ranges (Mn-W1-D1, W1-D1-H4, D1-H4-H1, H4-H1-M15).
- Price_MACD_EMA — Determine the indicator value by the current and the previous bar (Current Price) or by the last Close Price and the Close before the last one for MACD and EMA.
- Price_ST_1_ST_2 — Determine the indicator value by the current and the previous bar (Current Price) or by the last Close Price and the Close before the last one for Stochastic.
- Alerts — Enable (true)/Disable (false) alerts.
- Alert_Interval = 5; — Alert interval in minutes.
How does the risk manager panel work?
- Enter risk percentage in the EA's parameters. This is the percentage of funds in your account, which you are ready to risk per one trading operation.
- Use a mouse to drag your prospective stop loss on a required level and the EA will automatically determine required trading volume.
- Click the BUY or the SELL button and a trade with required trading volume and preset stop will automatically open.
- Click the Breakeven button and the EA will move stop loss to breakeven.
- The Trailing button enabled Trailing stop.
- The CLOSE ALL button closes all open trades.
- The EA also takes pictures at the moment of opening and closing each position and saves screenshots in MQL4\Files folder.
- Your risk – Risk per one trade as a percentage value of the deposit.
- Trailing_stop_VH – distance in points to enable the trailing stop function.
- Volume_1st_digit — true (for the broker's minimum volume 0.1) false (for the broker's minimum volume 0.01)
The Risk Manager is meant for trading only currency pairs and gold. Multiply the trailing stop parameter by 10 to trade gold. For instance set to 100 if you want to place, for instance, 10 points. Please note that many brokers have such a notion as minimum allowed distance from the price for placing stop (it is subject to trailing stop as well). For example it will be 5 points for FxPro if you trade gold (enter 50 in parameters).
The EA determines volume to the hundredth place to ensure maximum accuracy of your volume-to-risk ratio. For example 1.67 lot, not 1.6 lot. The EA will not work if your broker's minimum trading volume is 0.1 instead of 0.01.