How to Use a Forex Trailing Stop With Metatrader EA

Metatrader EA or expert advisor programs offer the possibility of using a forex trailing stop. So what is this? Well, as you might guess from the name, it is a stop loss that changes position as the exchange rates move. Like any other forex stop loss, if it is triggered then your MT4 expert advisor will close out the trade to protect you against the risk of a large loss when the market is going against you.

The trailing stop has a ratchet like effect. It can only move one way. It will move when your position improves, but it holds still if things are going against you. So as your position gets better and better you can go on making more and more profit, but when it begins to fall back the stop loss will kick in and close your trade, locking in whatever profit or loss you make up to that point.

Let’s take an example. Say you open a trade to go long and you set the forex trailing stop at 30 pips below your entry point. If you are unlucky and the rate just falls, like any stop loss it will close the trade at 30 down. But if the rate rises, the stop rises by the same number of pips.

So when the market is 20 up, your stop will have moved up to minus 10. If we ignore the spread, you cannot now lose more than 10 pips. If the price moves up to 40, the stop will be at plus 10 and you have a guaranteed profit.

Of course it would be possible in theory to do all of this yourself. However, in practice it can be difficult to time everything exactly right without having an EA to act for…

Source by Jason Cline

10 Differences Between MetaTrader 4 and MetaTrader 5 Forex Platform


1. Installation

MT4 : Installation is simple, and straightforward.

METATRADER 5 : Installation is not as simple when compared to MT4. The manufacturer's demo trading server ( METAQUOTE ) is a default in the opening account phase of the installation. An option to add new trading server from METATRADER 5 for a demo account is also included.

2. Charts / Timeframe

MT4: There are nine (9) timeframes. There are limits to the number of charts that can be opened at the same time.

METATRADER 5: There are 21 timeframes ranging from 1 minute to 1 month, and unlimited number of charts. One hundred charts can be opened at the same time without limitations.

3. Fundamental Analysis (news trading)

MT4: Forex Economic Calendar is not included in the news tab.

METATRADER 5: The platform has an inbuilt Forex economic calendar tab with features like news event, schedule, impact, forecast, earlier events, etc

4. Commerce / Market

MT4: The market utility tab is not integrated into the platform. You have to visit in order to buy any of its product in their market place.

METATRADER 5: The market utility tab is built inside the platform. You can directly buy Forex products through the market tab.

5. Indicators & Analytical Objects

MT4: There are 30 inbuilt indicators pre-installed on MT4 platform.

METATRADER 5: There are 38 inbuilt indicators pre-installed on METATRADER 5 platform. There are 22 analytical…

Source by Onyebuchim Obike C

Common Errors in Metatrader 4

Metatrader has a built-in error identification mechanism within its terminal. Like most software, errors detected are expressed in numerical codes. The errors can usually be found under the experts or journal tab of your Metatrader terminal window. If you are using custom software for trading, such as an expert advisor or script, you may also ask your programmer to display the errors on the screen. This articles lists the most common errors experienced by traders while using the trading terminal.

Error 3 “Invalid Trade Parameters”

It means that one or more of the trade parameters of your most recent order was unacceptable to the broker. If the order was sent by a human trader, check the lot size, stoploss, and takeprofit values and see if they meet the requirements of your broker. If it’s an expert advisor, you should also check on the comment variable, as giving a null value or double quotation marks (“”) to the variable are sometimes rejected by the server.

If the last order sent was for a pending order, check if your broker allows pending order expiration. Some brokers disable this feature, and would only accept a zero value for the variable.

Error 6 “No connection with trade server”

It simply means that the terminal is unable to connect to the server. This could be a server fault, but it’s often a local internet connection problem.

If your internet connection is fine, check the internet connection status at the lower right-hand portion of your Metatrader terminal. If the…

Source by Enrico Lambino

MT4 – How to Install It On Your Forex Server

In order to trade in Forex online, that too automatically, you need to buy a VPS and then install an expert advisor such as MT4 (Metatrader 4) on it. If you are new to the whole thing then here are some basic steps that you need to follow in order to install your expert advisor on your VPS.

1. Firstly you will have to buy a Windows VPS from your hosting provider who can provide you excellent services and can keep your VPS up and running 24/7. So you have to choose your hosting provider carefully so that you do not go wrong at the very first place.

2. Once you have signed up with a hosting company you will get an e-mail with your username and password along with an IP address.

3. Now open the Start menu and go to accessories, there you would find remote desktop connection. Click on it and a window appears.

4. Now enter your username and IP, which was given to you for your VPS, and click on connect. Now put the password given to you.

5. Now you are connected with your VPS and a windows desktop appears on your screen. Now you are ready to download your Metatrader4 on your mt4 VPS or forex server from your broker. Open the internet explorer, go to your broker’s website and click on the download link.

6. Now after downloading Metatrader4 on your VPS, you would want to put your expert advisor on your VPS. For this you will have to go to local resources tab in the remote desktop connection. Click on the option button, then on local resources tab followed by the More button which is…

Source by Neha Khanna

MT4 Trailing Stop – Your Avenue to More Pips

There are times when traders face dilemmas on what trade decisions to make. Such dilemmas include not knowing the right time to exit a trade; being unaware of the existence of the MT4 trailing stop function on the MT4 platform, or being unsure as to whether to continue with a losing trade with the hope that things would get better, or to just let the trade go. These dilemmas are not totally new phenomena as many traders have experienced same at one time or the others; so there is nothing unusual about it. A trader only needs to find a way to deal with the problems.

Many traders do not really know that there is an MT4 trailing stop on the MT4 platform. They have been missing a lot. The MT4 trailing stop is a wonderful nice tool to keep handy for trailing profits when maintaining the stops. The problem here is that the amount of pips to trail has to be specified, and that is a difficult thing to do since the market continues to change from time to time, and it is unknown when the trend of the would die out.

If a wrong decision is made, a trader could end up exiting the market rather too early. So, it is best to move stops and exit the market based on the prevailing conditions. They are perfect for trending situations as they eliminate all time-wasting associated with having to monitor the market all the time.

Since the MT4 trailing function on the MT4 platform may not be enough to trail the market, and because some issues may arise with the trailing function during operations,…

Source by Charlie Ng

Reasons to Consider MetaTrader Expert Advisors

A computer program that is based on a set of forex trading signals generated by forex indicators that helps determine whether to buy or sell a currency pair at any one time is what an Expert Advisor is. It may be based on the dependencies and do not contain indicators. It is designed to remove the psychological factor of trading, which can be harmful. They can simply help you make trading decisions by issuing appropriate trading signals and they are reliable trading “assistants” that can trade automatically without your involvement.

Using MQL4 language, the Expert Advisor is developed. Without taking into account fear, inconsistency, tiredness, greed and other feelings, conditions and morale, which can close the door to successful trade, it helps traders to make right decisions.

The main goal of it is to give traders the possibility to speed up execution of forex trading operations. It can work in automatic mode, saving you from monotonous repetition of various actions. Saving the time of the traders, it mostly simplifies their work. You only have to turn it on, you don’t have to monitor forex market movement.

It is specifically designed to trade the automatically activities present on the MetaTrader 4 platform. Many Forex traders choose the MetaTrader 4 as their platform and that is the main reason that one can easily program the custom indicators and EAs on this platform for trading the activities automatically and that is absolutely of no charge.

Foreign Exchange Market…

Source by Lee OBrien

Metatrader 5 Strategy Tester

The beta version of the Metatrader 5 Strategy Tester (Metatester 5) was released a few months ago. It is a integral part of the new Metatrader 5 trading terminal and like in the old version of Metatrader it is used to optimise and test MQL5 expert advisors. Metatester 5 is the last component of MetaTrader 5 tools that is needed in the process of efficient development of MQL5 Expert Advisors. The new tester is still in development and the final version will be released end this year.

One of the new features of Metatester 5 is the possibility to use agents (individual calculation frameworks) to highly increase the speed of trading strategies calculation and optimization. Each agent represent one logical cpu core, so for example, if you have a dual-core cpu, you will have 2 agents. The agents can also be installed on remote computers in a local network or on the Internet. A big advantage of this is that you can use endless cpu power like in the popular grid computing projects called Folding at Home or SETI at home. MetaQuotes, the company behind Metatrader 5, will also launch a commercial service where processor power of remote agents will be sold.

Another great feature of Metatester 5 is the forward optimization mode. Via this option you can modify the optimization results to eliminate testing on certain time periods. During the forward expert advisor optimization, the time period is divided into two parts – the main history period and the forward period. The results of the…

Source by Peter Miranon

MT4 Trend Line EA – Trend Trading and Breakout Made Easy

Introducing a new trend line EA tool released for the forex Meta-trader 4 trading platform. This software comes with technical and sales support for its community.

How Trend Line EA Works

You draw lines in the chart manually and when price breaks across or touches the line, the action will instruct EA to execute a trade entry. Forex users can open market orders or pending orders with this EA.

Drawn trend-line can be horizontal, vertical lines or any in between. Drawn lines with any gradient can still act as a pending order. This feature is very useful in channel or trendline trading as this powerful feature is not found in the standard function of Meta-Trader 4 trading platform.

Drawing a Pending Order

In order to program the drawn lines to perform trade entries, the lines must have specific codes at its line description. You can easily refer to the guidebook to copy and paste the codes into the line description.

Placing a buy pending order can be as easy as entering ‘BUY’ into the line description and when price breaks across or touches the line, a trade entry will immediately be executed. If you like to have a sell pending order, enter ‘SELL’ to make the line a sell pending order.

Once line has executed a trade, it will expire and cease to function. Therefore, any line can only be used once. Trade entry rules like stop-loss or take-profit levels, entry lot size and slippage can be pre-specified before trade is executed.

Drag and Drop

One added advantage of a drawn line pending…

Source by Warren Seah

The Problem With Forex Expert Advisors (EAs)

The Meta Trader 4 (MT4) trading platform is changing the way forex traders access, analyze, and trade the forex market. It’s a truly revolutionary piece of trading technology. Unfortunately, many new forex traders are being suckered into believing that forex trading systems built on MT4 are going to make them rich.

The Expert Advisors, or EAs, promise easy money in the forex market. Also known as forex trading robots, the EAs are said to automatically pull thousands of dollars USD from the forex market with ease. The promoters of the EAs make you believe that the forex market is like an ATM, just sitting there, waiting for you to withdraw money.

The reality is that the forex market is a ruthless place, full of brilliant individuals from all over the world, working around the clock trying to make money. And believe me, there’s a ton of money at stake. Over $3 trillion USD exchange hands in the forex market every day. Some of the very best professional forex traders are making $100’s of millions USD every year!

Now, with so much at stake, do you really believe that someone is going to give you access to a trading system that pulls endless profits from the forex market? If their system was really so profitable, why sell it for only $99 when they could make millions USD every year trading it themselves?

The truth is, there are some great trading systems out there built on the MT4 platform. But they will cost you upwards of $5,000 USD, or a lot more. But even these great forex

Source by Eric Stout

MT4 Expert Advisor – EA Reviews

Expert Advisors are automated, or mechanical, trading systems that execute on the FOREX market. Expert advisors provide a different way of trading Forex, as they help to eliminate emotionally based decisions. An Expert Advisors can also eliminate the emotional trading decisions that usually cripple novice Forex trading accounts. You can also create your own custom indicator and call upon it from an Expert Advisor. The program works by calculating the different indicators that it was designed to use and take actions when the market conditions meet the correct criteria as described in the source code of the Expert Advisor.

An EA is an automated trading system ATS written in the MetaQuotes Language II MQL II and linked to a particular chart. That Expert Advisor is not only able to notify you of trading opportunities, but can also execute trades on your trading account, sending them through to the trading server. EA sare used to automate the trading process and relieve traders from constantly performing the day to day trading activities. An Expert Advisor has the capability to notify traders of the trading, chances and also to automatically execute positions in their trading account, sending them directly to the trading server.

Like all experts systems, Expert Advisors supports the testing of strategies with historical data, with the trade entry/exit points being represented on the charts. Furthermore, the executable code of the Expert Advisor is stored separately from its…

Source by Anand Ramesh