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Discussion in 'Forex Market MQL5' started by James Goldman, Sep 29, 2020.

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  1. James Goldman

    James Goldman Moderator
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    Jun 15, 2020
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    This Expert Advisor will be a good assistant for all Bill Williams fans! You do not need to analyze where to set a stop loss order for a new order and when to modify it. The EA detects an open order and chooses stop loss setting method. Then it trails the order either based on fractals or by alligator lines.

    Initial stop loss setting methods:
    • Main - below (above) one of the alligator lines, red or green.
    • Fractal - based on the nearest formed fractal. Non-standard fractals are possible: 7- or 9-bar fractals and others.
    • Emergency - at a specified distance from the price, when other methods are impossible.Pre-select the optimum value for the respective trading instrument!
    Trailing options in the direct order from one mode to another. The opposite order is not possible: Then for BUY orders

    • Emergency - till the first newly formed fractal below the current price, next move to the fractal mode.
    • Fractal - as long as the price is below the alligator, stop loss is modified in accordance with new formed fractals.
    • Main - once the price crosses the alligator lines ams bar closes above them, move to the main trailing mode. In this mode, stop loss is trailed parallel to the selected alligator line at a specified distance. The stop loss is modified as soon as the bar completely closes and is above the selected line, the bar body not touching it. If the completed bar touches the line, level is not modified, stop loss stays in its previous position preserving a valid distance from the price.
    Note: You can jump directly from the emergency mode to the main one.

    The Expert Advisor features:
    • Protects and trails any number of orders, aims at maximizing profit.
    • Can be used for any currency pair, as well as XAGUSD and XAUUSD.Proper operation on other financial instruments is possible but not guaranteed!
    • Chart period for analysis can be changed, it does not affect EA operation. Trailing period is set on the integrated control panel.
    • Has a breakeven mode activated at a preset profit value.
    • Orders can be opened from the control panel. The panel also has buttons for quick lot selections in % of free margin.
    • When the EA detects a BUY STOP or SELL STOP order, it automatically places a stop loss at a price where the orders should open.
    • For all SELL trades, a spread value is added to the stop loss size. It is the maximum spread for the last hour. It instantly responds to expanding or narrowing spread by modifying stop loss.
    • It works with ticks or based on a timer if there are no ticks for a long time. By default the timer is one second.
    • If there are active pending orders, trailing period can be changed from the EA control panel. So all orders will be recalculated for the new selected period.
    Parameters of the EA:
    • BarsForFractal - 2 - 5-bar fractal, 3 - 7-bar fractal, etc.
    • Percent lot as percent for the control panel
    • ZeroLevel - breakeven level
    • StopLossNoFractal - emergency stop loss
    • StopLossFractal - fractal based stop loss
    • StopLoss м5, м15, н1, н4 - stop loss based on the alligator line for the appropriate trailing period
    • LotsStep - lot selection step
    • StopLossStep step of selection of distance from the alligator line
    • MaxTry - number of attempts to place a stop loss. A pause between the attempts is 1 second


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