Okay, here's a breakdown of what this MetaTrader MQL script appears to do, explained in plain language for someone who isn't a programmer.
Overall Purpose:
This script is designed to automate trading on the MetaTrader platform. It analyzes price data and market conditions to decide when to open and close trades, aiming to generate profit based on a set of predefined rules and strategies. It is a "robot" or "Expert Advisor" (EA) intended to execute trades automatically without human intervention.
Key Sections and Their Logic:
-
Setup (Properties and Inputs):
- The script starts by defining its basic information like name ("AHARON TZADIK"), a website link, and version number.
- Crucially, it defines a number of input parameters. These are settings that the user can adjust to customize how the script operates. These include things like:
- Lot size: which determines the size of the trades the robot should make.
- Stop loss and take profit levels: these define risk management by setting the price at which a trade will automatically close to prevent further loss or to secure a profit.
- Trailing stop: This is used for managing existing positions.
- Moving Average (MA) periods: These define the lookback period the moving average is calculated on.
- Momentum values: These are settings for a momentum indicator, influencing buy and sell decisions.
-
Initialization (OnInit):
- This section runs once when the script is first loaded onto a chart.
- It performs some initial calculations and sets up the environment for trading.
- A key part of this is to determine coefficients based on the current time frame, affecting calculations made by the script.
- It also checks that the trading environment is suitable (e.g., enough bars on the chart).
-
Deinitialization (OnDeinit):
- This section runs when the script is removed from the chart or when MetaTrader closes.
- In this specific script, it currently doesn't have any actions defined, implying a clean shutdown is not critical for functionality
-
Main Loop (OnTick):
- This is the heart of the script. It runs every time there's a new price update (a "tick") in the market.
- Inside this loop, the script continuously analyzes the market and makes trading decisions.
- It starts by calculating potential Take Profit based on different criteria (money or percentage), if either or both is selected to true.
- It is also used to calculate if the trailing stop needs to be updated for existing trades if its enabled by the user.
- It also has an equity stop to stop trading if a specific value is meet.
- It also can move the break even to a "no loss" position, if enabled by the user.
- It checks whether it's time to create a new order
- It then retrieves price data.
-
Trading Logic (Inside OnTick):
- The script checks if the maximum number of allowed trades has been reached. If not, it proceeds with analysis.
- It uses moving averages (MAs), Rate of Change (ROC) to identify the market trend.
- Based on these indicators, it decides whether to place a "Buy" or "Sell" order
- Before placing an order, it performs several checks:
- Enough free margin (available funds) in the account.
- Volume limits meet requirements (minimum and maximum lot sizes).
- Stop loss and take profit levels are within acceptable ranges.
- If all checks pass, it uses the
OrderSend
function to place the trade. - It sets the stop loss and take profit levels for the order.
- The script sends a notification of a buy or sell signal.
-
Order Management (Stop):
- This section is triggered when the user enables the "exit" strategy or an equity risk has been meet.
- The key purpose here is to manage existing open trades.
- It checks if the current market conditions signal that a trade should be closed. This is again based on things like moving averages, ROC.
- If the conditions are met, it uses
OrderClose
to close the trade. - Here is where "Dalyn Guppy MMA" is applied, which is a series of moving averages to decide whether to close the position.
- Also in this code we can find the use of Bollinger Bands for exit strategies.
-
Trailing Stop Logic:
- This functionality adjusts the stop loss level of an open trade as the price moves in a favorable direction.
- It ensures that if the price reverses, the trade will be closed at a more profitable level than the initial stop loss.
-
Break-Even Logic:
- This offers functionality to move the stop loss order to the break even price, or better, by some PIPs (points).
In Summary:
This MQL script is a trading robot that:
- Uses technical indicators (moving averages, Momentum, etc.) to identify potential trading opportunities.
- Automatically places "Buy" or "Sell" orders based on its analysis.
- Manages risk by setting stop loss and take profit levels.
- Can dynamically adjust stop loss levels using a trailing stop.
- Can also close positions based on the "Dalyn Guppy MMA" and Bollinger Bands analysis
- This script is driven by parameters that allow user to configure it.
Important Considerations (Not Addressed by the Description Request, But Still Important):
- Risk: Automated trading can be risky. It is crucial to thoroughly test any trading robot in a demo account before using it with real money.
- Market Conditions: A strategy that works well in one market condition might perform poorly in another.
- Optimization: The input parameters need to be optimized for the specific currency pair and timeframe being traded. This often requires extensive testing.
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