Here's a breakdown of what the script does, explained in a way that avoids technical jargon and focuses on the overall logic:
This script is designed to automatically place pending buy or sell orders in the market based on certain price movements. It essentially tries to anticipate where the price might go next.
Here's the basic process:
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Initialization: When the script starts, it sets up some initial values, like the lot size (the amount of currency to trade) and how far away the stop-loss (the level at which to automatically close a losing trade) and take-profit (the level at which to automatically close a winning trade) orders should be.
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Daily Check: Every day, the script looks at the previous day's price action.
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Order Management: It first deletes any pending orders (orders waiting to be triggered) that it previously placed.
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Parameter Setup Based on the previous day's high and low prices, it determines whether to look for a buying or selling opportunity. It calculates a key price level (FiboP) based on the difference between the high and low prices.
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Trading Logic:
- It determines if the price is trending upwards or downwards based on the opening and closing prices.
- Based on the trend it places a pending buy or sell limit order at the calculated key price level (FiboP). A buy limit order is placed if the script believes that after a short dip, the price will go up. A sell limit order is placed if the script believes that after a short rise, the price will go down.
- The script also sets the stop-loss (to limit potential losses) and take-profit (to secure gains).
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Order Placement: The script tries to place the pending order (buy or sell) with the broker. If the order is successful, it may play a sound. If it fails, it tries again a few times, pausing between attempts.
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Trailing Stop: The script also includes a "trailing stop" feature. This means that as a trade moves in a profitable direction, the stop-loss level automatically adjusts to "trail" the price, locking in profits and further limiting potential losses.
In essence, this script is an automated system that analyzes previous day's price data to identify potential entry points for trades. It then places pending orders with pre-defined stop-loss and take-profit levels, and also adjust the stop-loss order to follow the price as it moves in a profitable direction.
//+------------------------------------------------------------------+
//| e-MAGIC 00800 |
//| |
//| Last Update 23.01.07 |
//+------------------------------------------------------------------+
#property copyright "FinGeR aka Alexander Piechotta"
#property link "5one51@googlemail.com"
#define MAGIC 00800
extern double Lots = 0.1;
extern double TrailingStop=0;
double max=50;
double StopLoss;
double TakeProfit;
string Name_Expert = "e-MAGIC 00800";
bool UseSound = False;
string NameFileSound = "expert.wav";
bool ShowComment = True;
int Slippage = 4;
int NumberOfTry = 7;
int PauseAfterError = 21;
color clOpenBuy = LightBlue;
color clOpenSell = LightCoral;
color clCloseBuy = Blue;
color clCloseSell = Red;
int Curr;
datetime PrevTime;
double FiboP;
double FiboL,FiboH ;
#include <stdlib.mqh>
//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
int start()
{
TrailingPositions();
if (PrevTime==iTime(NULL,1440,0))return(0);
PrevTime=iTime(NULL,1440,0);
DeleteAllOrders();
InitParameters();
OpenPositions();
return(0);
}
//+------------------------------------------------------------------+
void OpenPosition(int op, double ldStop, double ldTake) {
color clOpen;
int err, it, ticket;
string lsComm=GetCommentForOrder();
if (op==OP_BUYLIMIT) clOpen=clOpenBuy; else clOpen=clOpenSell;
for (it=1; it<=NumberOfTry; it++) {
while (!IsTradeAllowed()) Sleep(5000);
RefreshRates();
FiboP=NormalizeDouble(FiboP, Digits);
ldStop=NormalizeDouble(ldStop, Digits);
ldTake=NormalizeDouble(ldTake, Digits);
ticket=OrderSend(Symbol(),op,Lots,FiboP,Slippage,ldStop,ldTake,lsComm,MAGIC,0,clOpen);
if (ticket>0) {
if (UseSound) PlaySound(NameFileSound); break;
} else {
err=GetLastError();
Print("Error(",err,") opening position: ",ErrorDescription(err),", try ",it);
Sleep(1000*PauseAfterError);
}
}
}
string GetNameTF(int TimeFrame) {
switch (TimeFrame) {
case PERIOD_MN1: return("Monthly");
case PERIOD_W1: return("Weekly");
case PERIOD_D1: return("Daily");
case PERIOD_H4: return("H4");
case PERIOD_H1: return("H1");
case PERIOD_M30: return("M30");
case PERIOD_M15: return("M15");
case PERIOD_M5: return("M5");
case PERIOD_M1: return("M1");
default: return("UnknownPeriod");
}
}
string GetCommentForOrder() {
return(Name_Expert+" "+GetNameTF(Period()));
}
void OpenPositions() {
double ldStop=0, ldTake=0;
StopLoss = FiboL;
TakeProfit = FiboH;
int bs=GetTradeSignal();
if (bs>0) {
if (StopLoss!=0) ldStop=StopLoss;
if (TakeProfit!=0) ldTake=TakeProfit;
OpenPosition(OP_BUYLIMIT, ldStop, ldTake);
}
if (bs<0) {
if (StopLoss!=0) ldStop=StopLoss;
if (TakeProfit!=0) ldTake=TakeProfit;
OpenPosition(OP_SELLLIMIT, ldStop, ldTake);
}
}
int GetTradeSignal() {
int bs=0;
if (Curr<0) bs=-1;
if (Curr>0) bs=1;
return(bs);
}
void InitParameters() {
Curr=0;
double O = iOpen(NULL,1440,1);
double C = iClose(NULL,1440,1);
double H = iHigh(NULL,1440,1);
double L = iLow(NULL,1440,1);
if ( (H-L)<max*Point )return(0);
if(O < C)
{
FiboL = L;
FiboH = H;
Curr = 1;
}
else
{
FiboL = H;
FiboH = L;
Curr = -1;
}
FiboP = FiboL + (FiboH - FiboL)*0.236;
}
void DeleteAllOrders() {
bool fd;
for (int i=OrdersTotal()-1; i>=0; i--) {
if (OrderSelect(i, SELECT_BY_POS, MODE_TRADES)) {
if (OrderMagicNumber()==MAGIC ) {
if (OrderSymbol()==Symbol()) {
if (OrderType()==OP_BUYSTOP || OrderType()==OP_SELLSTOP) {
fd=OrderDelete(OrderTicket());
if (fd && UseSound) PlaySound(NameFileSound);
}
}
}
}
}
}
void TrailingPositions() {
for(int i=0;i<OrdersTotal();i++)
{
OrderSelect(i, SELECT_BY_POS, MODE_TRADES);
if(OrderMagicNumber()!=MAGIC)
continue;
if(OrderType()<=OP_SELL &&OrderSymbol()==Symbol())
{
if(OrderType()==OP_BUY&&OrderSymbol()==Symbol())
{
if(TrailingStop>0)
{
if(Bid-OrderOpenPrice()>(TrailingStop*Point))
{
if(OrderStopLoss()<(Bid-TrailingStop*Point))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid-TrailingStop*Point,OrderTakeProfit(),0,Green);
}
}
}
}
if(OrderType()==OP_SELL&&OrderSymbol()==Symbol())
{
if(TrailingStop>0)
{
if(OrderOpenPrice()-Ask>(TrailingStop*Point))
{
if(OrderStopLoss()>(Ask+TrailingStop*Point)||(OrderStopLoss()==0))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Ask+TrailingStop*Point,OrderTakeProfit(),0,Green);
}
}
}
}
}
}
}
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