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Simple Expert Advisor in MQL4 for Metatrader 4

I require a very simple expert advisor to be coded in MQL4 for MT4 platform. The EA will run in the GBPUSD? 1 hour chart and will continuously scan the candlesticks for a particular easily recognised pattern, which I will describe very simply and very accurately.

When the conditions are met, the EA will place a trade on the chart with specific Stop Loss and Take Profit levels. No more than 1 trade can be active at any one time. When the trade completes, either at Take Profit or Stop Loss the EA reverts to scanning for the setup condition once more.

## Deliverables

The name of this EA is the MNBLASTER.

This EA is very simple, and works on the GBPUSD 1 hour chart. It must? work ? whether the broker is using 4 or 5 digit pricing.

It works by looking at a simple pattern which is based on the high and low of the previous candlesticks.

**1. Waiting for the setup to develop**

We are looking for 4 succeeding 1 hour bars that fall within the range of the first one. This is the setup.

Starting with bar 1 we record the high and low price. This is the range. We can specify a minimum value for the range as a variable.

We then? look at bar 2. If bar 2 closes with a lower high and a higher? low we then look at bar 3 as it develops

If bar 3 closes with a? lower high and a higher low than bar 1 we look at bar 4 as it develops

If bar? 4 closes with a? lower high and a higher low than bar 1 we look at bar? 5 as it develops

If bar 5 closes with a lower high and a higher low than bar 1 then **we have a setup

This is what a setup looks like :-

1? ? 2? ? 3? ? 4? ? 5

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I? ? ? ? ? ? ? ? ? I

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I? ? ? I? ? ? ? I? ? ? ? I? ? ? ? I

I? ? ? I? ? ? ? I? ? ? ? I? ? ? ? I

I? ? ? I? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? I

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You can see that bar 1 has the widest range high - low, and all the following 4 bars fall within that range.

We are allowed to exceed the bar 1 range? during the next 4 bar period by a maximum of 4 pips (variable) without disqualifying the setup conditions.

***If any of the bars 2,3,4,5 exceed the bar 1 range by more than 4 pips (variable), the EA resets its scan and uses the current bar as the new bar 1.

***

If we have a true setup, now we must wait for the entry condition to place a trade.

**2. Waiting for the entry condition

**

We place a trade when the price next breaks out of the bar 1 range either high or low by 5 pips (variable). This is our trigger to place a trade.

We don't care how long we have to wait - we just go into a loop waiting for the price to move outside the initial range (set by bar 1) by 5 pips(variable).

If the price moves above the range by 5 pips we place a BUY order.

If the price moves below the range by 5 pips we place a SELL order.?

The size of the order is a variable input entered when the EA is loaded onto the chart.

**3. Rules of the trade?

**

The rule of the trade is that the Take Profit level is normally 70 pips, but this is a variable which can be altered when the EA is loaded onto the chart.

The Stop loss is normally 30 pips and this is also a variable.

The trade ends when the Take Profit or the Stop Loss is executed.

The program then goes back to scanning the bars for the next setup.

**4. Summary of variables

**

Variable Name? ? ? Function? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Argument

4OR5DIGIT? ? ? ? ? ? ? ? ? Sets broker price feed to 4 or 5 digits? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 4, 5

LOTSIZE? ? ? ? ? ? ? ? ? ? ? ? The size of the order in lots. Default [url removed, login to view] ? ? ? ? ? ? ? ? manual

MINRANGE? ? ? ? ? ? ? ? ? Sets the minimum pip size for the bar 1 range? ? manual

XTRARANGE? ? ? ? ? ? ? Sets the amount by which we may exceed? ? ? ? ? ? ? manual? ? (4)

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? the range in any succeeding bar without

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? disqualifying the setup condition. Default 4.

TRIGLEVEL? ? ? ? ? ? ? ? The number of pips that the price moves? ? ? ? ? ? ? ? ? ? manual (5)

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? above or below the range in order to?

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? trigger a trade. Default 5.

STOPLOSS? ? ? ? ? ? ? ? The Stop Loss price in pips. Default 30.? ? ? ? ? ? ? ? ? ? ? ? manual (30)

TAKEPROFIT? ? ? ? ? ? The Take Profit price in pips.? Default 70.? ? ? ? ? ? ? ? ? ? manual (70)

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?

Any questions about any of the above please email.

Habilidades: Engenharia, MySQL, PHP, Gestão de projetos, Arquitetura de software, Teste de Software, Tradução

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