GEN UT Bot

GEN UT Bot

Developer: Gede Egi

Overview

GEN UT Bot is an Expert Advisor (EA) for MetaTrader 5 that fully automates the trading strategy based on the popular "UT Bot Alerts" indicator. This EA is designed as a pure trend-following system, where trading signals are generated when the price crosses over a dynamic trend line calculated from the Average True Range (ATR). With comprehensive risk management, this EA is suitable for traders looking for a systematic approach to following market trends.

Features

  • UT Bot Trend-Following Strategy: Implements the core logic of the UT Bot indicator, using an ATR-based trend line to identify the trend direction.
  • Simple Crossover Signals: A Buy signal is generated when the price closes above the UT Bot line, and a Sell signal is generated when it closes below, providing clear entry points.
  • Stop-and-Reverse Logic: When a new, opposing signal appears, the EA will automatically close the existing position before opening a new one, ensuring it always stays aligned with the most recent trend.
  • Dynamic Risk Management: Offers an automatic Stop Loss & Take Profit mode (based on ATR) that adapts to market volatility, as well as a manual mode with fixed points.
  • Flexible Lot Sizing: Supports automatic lot sizing calculated based on risk percentage and stop-loss distance, or the use of a fixed-size lot.
  • Additional Trailing Stop: An optional points-based trailing stop feature can be enabled to progressively secure profits.

How It Works

  1. Trend Line Calculation: On each new bar, the EA calculates the value of the UT Bot trend line. This line is a trailing stop that follows the price at a certain distance determined by the ATR value and a multiplier (KeyValue).
  2. Crossover Signal Detection:
    • A Buy Signal is detected when the previous bar closed below the UT Bot line, and the most recently completed bar closed above it.
    • A Sell Signal is detected when the previous bar closed above the UT Bot line, and the most recently completed bar closed below it.
  3. Trade Execution: Once a signal is confirmed, the EA will close any opposing position (if one exists). Then, if there are no open positions, it will open a new trade in the direction of the signal.
  4. Risk Determination: The lot size, Stop Loss, and Take Profit are determined automatically based on the user's selected mode (Automatic via ATR or Manual via Points).

Input Parameters (Main Settings)

Setting Brief Description
Strategy Parameters
  • a_KeyValue: The ATR multiplier used to calculate the distance of the trend line from the price. A higher value makes the line less sensitive.
  • c_ATR_Period: The period used to calculate the ATR indicator.
Lot Sizing
  • UseAutoLot: Enable for automatic lot sizing based on risk.
  • RiskPercent: The percentage of equity to risk per trade if auto lot is active.
  • FixedLotSize: The fixed lot size if auto lot is disabled.
Stop Loss & Take Profit
  • SLTP_Mode: Choose between 'MODE_AUTO' (SL/TP calculated from ATR) and 'MODE_MANUAL' (SL/TP in fixed points).
  • ATR Multipliers: Multipliers to determine the SL and TP distance from the current ATR value.
  • Manual Points: The SL and TP distance in points if manual mode is selected.
Trailing Stop
  • UseTrailingStop: Enables or disables the points-based trailing stop feature.
  • Trigger & Distance: The trigger point and trailing distance in points.
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