Elder's gatling is a hybrid indicator which combines the market analyzer by Elder's Triple Screen system and the trading panel for risk management which determines trading volume according to the specified risk.
The indicator and the EA included into the system do not differ from those represented above except for design.
Note: a demo version of the EA for testing can be downloaded at https://www.mql5.com/en/market/product/11575
How does it work?
- The indicator analyses six currency pairs by 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).
- When a buy or a sell signal is generated for any combination, the indicator sends an alert with its recommendations.
- Instrument_1 = "EURUSD"; - select an instrument.
- Instrument_2 = "GBPUSD"; - select an instrument.
- Instrument_3 = "USDCHF"; - select an instrument.
- Instrument_4 = "USDJPY"; - select an instrument.
- Instrument_5 = "USDCAD"; - select an instrument.
- Instrument_6 = "AUDUSD"; - select an instrument.
- Level_top = 80; - select the upper level of Stochastic.
- Level_bottom = 20; - select the lower level of Stochastic.
- TimeFrames - select a range combination by default (Mn-W1-D1, W1-D1-H4, D1-H4-H1, H4-H1-M15).
- Price_MACD_EMA - determine reading of the indicator by the current and the previous bar (Current Price) or by the last and the previous closure (Close Price) for MACD and EMA.
- Price_ST_1_ST_2 - determine reading of the indicator by the current and the previous bar (Current Price) or by the last and the previous closure (Close Price) for Stochastic.
- Alerts - enable(true)/disable(false) alerts.
- Alert_Interval = 5; - interval between alerts in minutes.
trading panel for risk management
How does it work?
- Enter risk percentage in the EA's parameters. This is the percentage of your account balance you are ready to put at risk per one trading operation.
- Drag your assumed stop loss to a desired level, and the EA will automatically determine required trading volume.
- Click BUY or SELL button, and a trade with necessary trading volume and a preset stop level automatically opens.
- Click the Breakeven button, and the EA will move stop loss to breakeven.
- The Trailing button enables Trailing stop.
- The CLOSE ALL button closes all opened trades.
- On top of everything else, the EA forms a moment of opening or closing for each position and saves screenshots in MQL4\Files.
- Your risk – risk per one trading operation as percentage of the deposit.
- Trailing_stop_VH – distance in points to enable trailing stop.
- Volume_1st_digit - true (if minimum volume of a broker is 0.1) false (if minimum volume of a broker is 0.01)
The Risk Manager is designed for currency pairs and gold. Multiply trailing stop by 10 for gold. For example, if you want to set trailing stop to 10 points, enter 100 in parameters. Please note, that many brokers have such notion as minimum allowed distance from the price to place stop (it is subject to trailing stop either). For example, it will be five points for gold in FxPro (set to 50 in parameters).
The EA has volume within the accuracy of the second digit to ensure the maximum accuracy of volume and risk ratio. For example, 1.67 lots, but not 1.6 lots. The EA will not work if your broker has a minimum trading volume equal to 0.1, not to 0.01.
The stop level is now displayed in points
Added a field for displaying profit
Added the ability to display equity instead of balance
- Alert interval
- Ability to select settings of MACD and Stochastic for Elder's Analyzer on an individual basis