This script is designed to automatically trade the EUR/USD currency pair in the MetaTrader platform. It uses several technical indicators to decide when to open and close trades.
Here's a breakdown of its logic:
-
Initialization: When the script starts, it sets some initial values. Most notably, it doesn't do much in its
init()function. -
Main Trading Loop: The
start()function is the heart of the script. It runs repeatedly, checking for new trading opportunities and managing existing trades.-
Check for New Bar: First, it ensures that a new price bar has formed on the chart before proceeding. This prevents the script from executing the same logic multiple times on the same price bar.
-
Indicator Setup: It calculates the values of several technical indicators, including:
- ATR: Average True Range, which measures market volatility.
- SMA: Simple Moving Average, which is a basic way to smooth out price data.
- EMA: Exponential Moving Averages, which give more weight to recent prices. Two EMAs with different periods (5 and 8) are calculated.
- MACD: Moving Average Convergence Divergence, which identifies momentum by comparing two moving averages.
- RSI: Relative Strength Index, which measures the magnitude of recent price changes to evaluate overbought or oversold conditions.
-
Order Closure (Exit Logic): It checks if there are any open trades. If so, it looks at the relationship between the 5 and 8 period EMAs.
-
For Buy Orders: If the 8-period EMA is greater than the 5-period EMA, it closes the buy order.
-
For Sell Orders: If the 5-period EMA is greater than the 8-period EMA, it closes the sell order.
-
-
New Order Logic (Entry Logic): This section determines when to open new trades.
-
Check for Existing Trades: It makes sure there are no existing trades for the EUR/USD pair before opening a new one. This aims to have only one open trade at a time.
-
Check Free Margin: It verifies that the trading account has enough free margin to open a new trade.
-
Buy Order Conditions: To open a buy order, all of the following conditions must be met:
-
The 5-period EMA is greater than the 8-period EMA.
-
The RSI is greater than 50.
-
The MACD line is greater than the signal line.
-
-
Sell Order Conditions: To open a sell order, all of the following conditions must be met:
-
The 5-period EMA is greater than the 8-period EMA.
-
The RSI is less than 50.
-
The MACD line is less than the signal line.
-
-
-
-
Order Execution: If the conditions for opening a buy or sell order are met, the script sends an order to the MetaTrader platform. It includes the lot size and a comment to identify the order. It checks if it was opened correctly and prints a message if not.
In summary, this script is a momentum-based trading system that uses moving averages, RSI, and MACD to identify potential buy and sell signals for the EUR/USD currency pair. It manages only one trade at a time and includes basic risk management by checking for sufficient free margin. It also exits positions when there is a possible trend change based on moving average crossovers.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| SMC Autotrader Momentum.mq4 |
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
//+ Eur / USD
extern double TakeProfit = 20;
extern double Lots = 1.0;
extern double InitialStop = 80;
extern double TrailingStop = 40;
datetime BarTime;
//#####################################################################
int init()
{
//----
//----
return(0);
}
//#####################################################################
int start()
{
int cnt,total,ticket,MinDist,tmp;
double Spread;
double ATR;
double StopMA;
double SetupHigh, SetupLow;
//############################################################################
if(Bars<100){
Print("bars less than 100");
return(0);
}
//exit if not new bar
if(BarTime == Time[0]) {return(0);}
//new bar, update bartime
BarTime = Time[0];
//#########################################################################################
//~~~~~~~~~~~~~~~~Miscellaneous setup stuff~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ATR =iATR(NULL,0,10,0); // BE CAREFUL OF EFFECTING THE AUTO TRAIL STOPS
StopMA=iMA(NULL,0,24,0,MODE_SMA,PRICE_CLOSE,0);
MinDist=MarketInfo(Symbol(),MODE_STOPLEVEL);
Spread=(Ask-Bid);
//#########################################################################################
double MA1P1,MA1P2,MA2P1,MA2P2;
MA1P1= iMA(NULL,0,5,0,MODE_EMA,PRICE_CLOSE,1);
MA1P2= iMA(NULL,0,5,0,MODE_EMA,PRICE_CLOSE,2);
MA2P1= iMA(NULL,0,8,0,MODE_EMA,PRICE_CLOSE,1);
MA2P2= iMA(NULL,0,8,0,MODE_EMA,PRICE_CLOSE,2);
int MACDMA1,MACDMA2,MACDMA3;
MACDMA1=12;
MACDMA2=26;
MACDMA3=9;
double MACDP1,MACDP2,MACDSP1,MACDSP2;
MACDP1 = iMACD(NULL,0,MACDMA1,MACDMA2,MACDMA3,PRICE_CLOSE,MODE_MAIN,1);
MACDP2 = iMACD(NULL,0,MACDMA1,MACDMA2,MACDMA3,PRICE_CLOSE,MODE_MAIN,2);
MACDSP1 = iMACD(NULL,0,MACDMA1,MACDMA2,MACDMA3,PRICE_CLOSE,MODE_SIGNAL,1);
MACDSP2 = iMACD(NULL,0,MACDMA1,MACDMA2,MACDMA3,PRICE_CLOSE,MODE_SIGNAL,2);
double RSIvalP1,RSIvalP2;
RSIvalP1 = iRSI(NULL,0,12,PRICE_CLOSE,1);
RSIvalP2 = iRSI(NULL,0,12,PRICE_CLOSE,2);
//########################################################################################
//################## ORDER CLOSURE ###################################################
// If Orders are in force then check for closure against Technicals LONG & SHORT
//CLOSE LONG Entries
total=OrdersTotal();
if(total>0)
{
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_BUY && OrderSymbol()==Symbol())
{
if(MA2P1 > MA1P1 && MA2P2 > MA1P2)
{
OrderClose(OrderTicket(),OrderLots(),Bid,3,Violet); // close LONG position
}}
//CLOSE SHORT ENTRIES:
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_SELL && OrderSymbol()==Symbol()) // check for symbol
{
if(MA1P1 > MA2P1 && MA1P2 > MA2P2)
{
OrderClose(OrderTicket(),OrderLots(),Ask,3,Violet); // close SHORT position
}}
} // for loop return
} // close 1st if
//##############################################################################
//~~~~~~~~~~~ END OF ORDER Closure routines & Stoploss changes ~~~~~~~~~~~~~~~~~~~~~~~~~~~
//##########################################################################################
//~~~~~~~~~~~~START of NEW ORDERS ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//######################### NEW POSITIONS ? ######################################
//Possibly add in timer to stop multiple entries within Period
// Check Margin available
// ONLY ONE ORDER per SYMBOL
// Loop around orders to check symbol doesn't appear more than once
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
total=OrdersTotal();
if(total>0)
{
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderSymbol()==Symbol()) return(0);
}
}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
if(AccountFreeMargin()<(1000*Lots))
{Print("We have no money. Free Margin = ", AccountFreeMargin());
return(0);}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//#########################################################################################
//ENTRY RULES: LONG
if(MA1P1 > MA2P1 && MA1P2 > MA2P2
&&
RSIvalP1 > 50
&&
MACDP1 > MACDSP1
)
{
ticket=OrderSend(Symbol(),OP_BUY,Lots,Ask,3,0,0,"MaxMin Long",16384,0,Orange); //Bid-(Point*(MinDist+2))
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)) Print("BUY order opened : ",OrderOpenPrice());
}
else Print("Error opening BUY order : ",GetLastError());
return(0);
}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//ENTRY RULES: SHORT //################################
if(MA1P1 > MA2P1 && MA1P2 > MA2P2
&&
RSIvalP1 < 50
&&
MACDP1 < MACDSP1
)
{
ticket=OrderSend(Symbol(),OP_SELL,Lots,Bid,3,0,0,"MaxMin Short",16384,0,Red);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)) Print("SELL order opened : ",OrderOpenPrice());
}
else Print("Error opening SELL order : ",GetLastError());
return(0);
}
//####################################################################################
//############ End of PROGRAM #########################
return(0);
}
Comments