MetaTrader5 version of the Pender automatic EA.
Trading is performed using pending orders on important price levels, that are detected by advanced adaptive algorithm A.P.L.D.
The algorithm allows to detect dynamic levels of support and resistance
without any indicators. Only price behavior is being used, that gives
the opportunity to respond quickly to changes of market conditions.
The A.P.L.D. algorithm provides two strategies of important price levels detection. They can be used either together or separately.
It always places StopLoss.
Trading can be performed either with fixed lot or with automatic money-management system.
Broker and deposit
Any 5-digit broker with low spreads and fast execution is suitable for trading.
Type of MetaTrader 5 trading account - "any".
Minimum recommended deposit is $100.
Currency pairs and timeframe
Trading on EURUSD, GBPUSD, USDJPY, USDCAD or on any currency pair with small spread is recommended.
Trading on several currency pairs is not recommended, because of periods of drawdown. And if such periods match on several currency pairs at the same time, common drawdown of trading
account can be noticeable.
The used timeframe is H1.
Terminal - MetaTrader 5.
- EAMagic - magic number of the EA, which allows it to distinguish its orders.
- AutoLot - can be set to true or false. If true, the EA selects the lot size for trading depending on the balance value.
- Lots - lot size is set by a user, if the value of AutoLot is false.
- Risk - parameter for automatic lot calculation, if AutoLot value is true.
- DD - the maximum allowable drawdown, reaching which closes all positions.
- OldStrategy - can be set to true or false. If true, the EA used strategy of previous versions.
- NewStrategy - can be set to true or false. If true, the EA uses new strategy.
- TrailingStop - trailing stop in points.
- StopLoss - stop loss in points.
- Delta - indent from important price level.
- CommissionFor1Lot - broker commission for 1 lot, in the deposit currency. If your account does not have a commission, set to "0".
- StartHour - trading start time;
- EndHour - trading end time. All current pending orders are deleted;
- SummerAdjustment - adjustment for daylight saving time.
Recommended settings for EURUSD are set by default.
Settings for other currency pairs can be found on screenshots of testing.
Attention! Testing of Expert Advisors for MetaTrader5 has to be provided in terminal of the broker that you plan to work with.
Parameters for your broker may be different. It's a feature of MT5 terminal.
Parameters on screenshots were optimized for RoboForex broker.
By default, the StartHour and EndHour parameters are set for the winter terminal time zone GMT+2. If necessary, set these parameters according to the time zone of your terminal.
I will be happy to answer any questions you may have.
Have a successful trading.
I will be thankful for your positive reviews and ratings - it inspires me for further improvements of my Expert Advisors.
2. Changes in description.