Market / MetaTrader 4 / Utilities /

Velvet Ordering Layer

Published: 3 August 2021

Current version: 2.43

Velvet Ordering Layer

Utilities
Kevin Peter Abate
Version: 2.43
Updated: 3 December 2021
Activations: 8

velvet

is an advanced ordering layer designed with MQL4 for use on a virtual private server to allow users to place orders with graphical objects placed onto compatible indicator charts displayed in the user session. The current version of velvet supports ordering from trendlines placed on price charts and ordering from trendlines on the compatible version of the RSI indicator found here. For compatible indicators to function they must be installed to the "velvet" (case-sensitive) directory in the "Indicators" folder. (The EX4 file prefixed "velvet" must be placed into the velvet directory by the user.)

Version 1.0 is merely a proof of concept. Future versions will include support for more indicators and/or capabilities to place orders using various other graphical objects, depending on which indicator they appear. However to use those indicators, the user will be required to update their copy of velvet. The developer reserves the right to charge for future versions and/or offer access to the latest version of velvet on a subscription basis. Users currently previewing software will be informed when more in depth documentation becomes available. This is advanced software for power users and designed for uninterrupted execution on a virtual private server.

velvet includes an equity monitor that implements reverse margin call capability by offering equity limits for each trading session. Parameters are as found in Virtual Exchange Reserve Equity Monitor (found here) and Virtual Exchange Reserve Trendline Ordering Layer (found here).

velvet is not compatible with Web Trader.

A listing of commands is included in the second screenshot below, taken from the source code. Commands are available on main chart tabs by using a text label or a trend line and including the line parameter ("above" or "below") before the other required parameters.

Version 1.0 only supports trendline ordering on the "Velvet Compatible RSI Indicator", found here.

Version 2.0 includes support for RVI and MACD. See the change log for a description of changes to the ordering syntax.

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a novel indicator by the maker of velvet.

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