Okay, here's a breakdown of what the provided MetaTrader script does, explained in a way that doesn't require any programming knowledge:
The script is designed to automatically trade on the Forex market. It aims to identify potential buying and selling opportunities based on price movements. It's set up to run automatically within the MetaTrader platform and perform actions without constant manual intervention.
Here's a step-by-step explanation of its logic:
-
Setup and Configuration:
- The script starts by defining several adjustable settings. These settings are like the dials and knobs on a machine, letting you fine-tune how it operates. They include:
TakeProfit: The amount of profit (in points) the script aims to make on each trade.Lots: The size of the trade (how much currency to buy or sell).InitialStop: How far away (in points) from the trade entry point to place the initial stop-loss order.TrailingStop: How far the price must move in a favorable direction before the stop-loss order starts to automatically adjust to protect profits.SetHour: The hour of the day (using a 24-hour clock) when the script will try to place new trades.
- The script starts by defining several adjustable settings. These settings are like the dials and knobs on a machine, letting you fine-tune how it operates. They include:
-
Initial Checks:
- The script first performs several checks to ensure it's operating in a valid environment. For example, it makes sure there's enough data available on the chart (at least 100 bars) and that the
TakeProfitsetting is a reasonable value. - It also calculates the spread (the difference between the buying and selling price) for the currency pair.
- The script first performs several checks to ensure it's operating in a valid environment. For example, it makes sure there's enough data available on the chart (at least 100 bars) and that the
-
Automated Stop Loss Modification: *A process is set up to manage the position stop loss automatically based on price fluctuations.
-
Order Management (If Trades Are Already Open):
- The script then checks if there are any open trades. If there are, it goes through a loop to manage them. It considers two key actions:
- Closing Trades: The script checks if the conditions for closing existing trades are met.
- Trailing Stop Adjustment: The script checks if the price has moved favorably enough to trigger the trailing stop feature. If so, it adjusts the stop-loss order to lock in profits.
- The script then checks if there are any open trades. If there are, it goes through a loop to manage them. It considers two key actions:
-
Placing New Orders:
- This is the core part of the script. If no trades are currently open for the specific currency pair, the script proceeds to look for opportunities to place new orders.
- Time Check: First, it checks if the current hour matches the
SetHoursetting. This ensures that the script only tries to place new orders during a specific time window. - Account Check: The script verifies that there is enough available margin in the trading account to place the desired trade size. This prevents the script from attempting to open trades that the account cannot afford.
- **Order Placement:**The script calculates the HighPrice and LowPrice
- If everything is ok, the script then calculates price levels.
- It then places two pending orders: a "Buy Stop" order (an order to buy if the price goes up to a certain level) and a "Sell Stop" order (an order to sell if the price goes down to a certain level). The
InitialStopandTakeProfitsettings determine the placement of the stop-loss and take-profit levels for these orders. In some cases, instead of placing pending orders, it immediately places buy or sell orders.
-
Looping and Repetition:
- The script is designed to run continuously. After performing its checks and actions, it waits for the next "tick" (a price update) and then repeats the process. This allows it to automatically monitor the market and manage trades in real-time.
In essence, this script is an automated trading system that aims to identify potential trading opportunities, place orders, and manage those orders by adjusting stop-loss levels and closing trades when certain conditions are met. It is designed to operate based on a specific time of day and predefined risk and reward parameters.
Price Data Components
Orders Execution
Indicators Used
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SMC HiLo v1.1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| SMC MaxMin at 1200.mq4 |
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
double TakeProfit = 500;
double Lots = 0.1;
double InitialStop = 10;
double TrailingStop = 30;
int SetHour = 15;
int cnt,total,ticket,MinDist;
int SigPos;
//#####################################################################
int init()
{
//----
//----
return(0);
}
//#####################################################################
int start()
{
int Flag;
double Spread;
double ATR;
double StopMA;
int cnt, tmp;
double SetupHigh, SetupLow;
// initial data checks
// it is important to make sure that the expert works with a normal
// chart and the user did not make any mistakes setting external
// variables (Lots, StopLoss, TakeProfit,
// TrailingStop) in our case, we check TakeProfit
// on a chart of less than 100 bars
Spread=(Ask-Bid);
//############################################################################
if(Bars<100){
Print("bars less than 100");
return(0);
}
if(TakeProfit<10){
Print("TakeProfit less than 10");
return(0); // check TakeProfit
}
//#########################################################################################
//~~~~~~~~~~~~~~~~Miscellaneous setup stuff
//TrailingStop=iATR(NULL,0,10,0)*2; // BE CAREFUL OF EFFECTING THE AUTO TRAIL STOPS
StopMA=iMA(NULL,0,24,0,MODE_SMA,PRICE_CLOSE,0);
//#########################################################################################
if (TimeHour(CurTime()) == SetHour+1)
{
if (total>0)
{
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_BUYSTOP && OrderSymbol()==Symbol())
{OrderDelete ( OrderTicket() );
} } }}
//##########################################################################################
//ALWAYS TRY TO COME OUT WITH A PROFIT:
if(0==1)
{
total=OrdersTotal();
if (total>0)
{
for(cnt=0;cnt<total;cnt++)
{
//LONG
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_BUY && OrderSymbol()==Symbol())
{
if(OrderStopLoss() < OrderOpenPrice())
{
if (OrderStopLoss() < Bid -(Point*(MinDist*2)))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid -(Point*(2*MinDist)),OrderTakeProfit(),0,Lime);
}}}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
// SHORT
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_SELL && OrderSymbol()==Symbol())
{
if(OrderStopLoss() > OrderOpenPrice())
{
if (OrderStopLoss() > Ask + (Point*(MinDist*2)))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Ask+(Point*(MinDist*2)),OrderTakeProfit(),0,Lime);
}}}
}}}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//################## 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())
//##############################################################################
//## LONG Closure Rules ###
{
if(0==1)
//##############################################################################
{
OrderClose(OrderTicket(),OrderLots(),Bid,3,Violet); // close LONG position
return(0);
}}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//CLOSE SHORT ENTRIES:
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_SELL && OrderSymbol()==Symbol()) // check for symbol
//##############################################################################
//## SHORT Closure Rules ##
{
if(0==1)
//##############################################################################
{
OrderClose(OrderTicket(),OrderLots(),Ask,3,Violet); // close SHORT position
return(0);
}}
} // for loop return
} // close 1st if
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//################## ORDER TRAILING STOP Adjustment #######################
//TRAILING STOP: LONG
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(TrailingStop>0)
{
if(Bid-OrderOpenPrice()>Point*TrailingStop)
{
if(OrderStopLoss()<Bid-Point*TrailingStop)
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid-Point*TrailingStop,OrderTakeProfit(),0,White);
Print("Long S/L Should be modified here ",OrderStopLoss()," ",Bid-Point*TrailingStop," ",Bid);
}}}}}}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
//TRAILING STOP: SHORT
total=OrdersTotal();
if(total>0)
{
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderType()==OP_SELL && OrderSymbol()==Symbol())
{
if((OrderOpenPrice()-Ask)>(Point*TrailingStop))
{
if((OrderStopLoss()>(Ask+Point*TrailingStop)) || (OrderStopLoss()==0))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Ask+Point*TrailingStop,OrderTakeProfit(),0,White);
}}}}}
//##########################################################################################
//~~~~~~~~~~~ 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
// ADD in code to elimante spikes
// Loop around orders to check symbol doesn't appear more than once
// Check for elapsed time from last entry
tmp= TimeHour(CurTime());
// Print(" time ",tmp);
if (0==1) // switch to turn ON/OFF history check
{
total=HistoryTotal();
if(total>0)
{
for(cnt=0;cnt<total;cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_HISTORY);
if(OrderSymbol()==Symbol()
&& CurTime()- OrderCloseTime() < (Period() * 60 )
)
{
return(0);
}}}}
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
double MinDist = (MarketInfo(Symbol(),MODE_STOPLEVEL)*Point);
double HighPrice, LowPrice;
if(MinDist-(High[1] - Ask) > 0) HighPrice = High[1]+ (MinDist-(High[1] - Ask));
if(MinDist-(High[1] - Ask) < 0) HighPrice = High[1];
if(MinDist-(Bid -Low[1]) > 0) LowPrice = Low[1]+ (MinDist-(Bid -Low[1]));
if(MinDist-(Bid -Low[1]) < 0) LowPrice = Low[1];
//Print(SetHour," ",LowPrice," ",HighPrice);
if (TimeHour(CurTime()) == SetHour)
{
//Place BUY Stop order
ticket=OrderSend(Symbol(),OP_BUYSTOP,Lots,HighPrice+(1*Point),3,Low[1]-(30*Point),Ask+(TakeProfit*Point),"MaxMin Long",16384,0,Orange);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)) Print("BUYSTOP order opened : ",OrderOpenPrice());
}
else // Place actual Order
{
Print("Error opening BUYSTOP order : ",GetLastError());
ticket=OrderSend(Symbol(),OP_BUY,Lots,Ask,3,Low[1]-(30*Point),Ask+(TakeProfit*Point),"MaxMin Long",16384,0,Yellow);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)) Print("BUY order opened : ",OrderOpenPrice());
}
else Print("Error opening BUY order : ",GetLastError());
}
//~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ticket=OrderSend(Symbol(),OP_SELLSTOP,Lots,LowPrice-(1*Point),3,Ask+(30*Point),Bid-(TakeProfit*Point),"MaxMin Long",16384,0,Red);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)) Print("SELLSTOP order opened : ",OrderOpenPrice());
}
else
{
Print("Error opening SELLSTOP order : ",GetLastError());
ticket=OrderSend(Symbol(),OP_SELL,Lots,Bid,3,Ask+(30*Point),Bid-(TakeProfit*Point),"MaxMin Long",16384,0,Pink);
if(ticket>0)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)) Print("BUY order opened : ",OrderOpenPrice());
}
else Print("Error opening SELL order : ",GetLastError());
}
return(0);
}
//####################################################################################
//############ End of PROGRAM #########################
return(0);
}
Profitability Reports
USD/JPY
Jul 2025 - Sep 2025
1.05
Total Trades
3
Won Trades
2
Lost trades
1
Win Rate
66.67 %
Expected payoff
0.18
Gross Profit
10.62
Gross Loss
-10.08
Total Net Profit
0.54
-100%
-50%
0%
50%
100%
USD/CHF
Jul 2025 - Sep 2025
2.73
Total Trades
5
Won Trades
4
Lost trades
1
Win Rate
80.00 %
Expected payoff
4.09
Gross Profit
32.28
Gross Loss
-11.81
Total Net Profit
20.47
-100%
-50%
0%
50%
100%
USD/CAD
Jul 2025 - Sep 2025
2.67
Total Trades
12
Won Trades
10
Lost trades
2
Win Rate
83.33 %
Expected payoff
2.31
Gross Profit
44.38
Gross Loss
-16.61
Total Net Profit
27.77
-100%
-50%
0%
50%
100%
USD/CAD
Jan 2025 - Jul 2025
0.74
Total Trades
140
Won Trades
90
Lost trades
50
Win Rate
64.29 %
Expected payoff
-0.76
Gross Profit
304.87
Gross Loss
-411.64
Total Net Profit
-106.77
-100%
-50%
0%
50%
100%
NZD/USD
Jul 2025 - Sep 2025
0.92
Total Trades
36
Won Trades
21
Lost trades
15
Win Rate
58.33 %
Expected payoff
-0.32
Gross Profit
125.20
Gross Loss
-136.60
Total Net Profit
-11.40
-100%
-50%
0%
50%
100%
GBP/USD
Jul 2025 - Sep 2025
0.92
Total Trades
38
Won Trades
23
Lost trades
15
Win Rate
60.53 %
Expected payoff
-0.38
Gross Profit
164.00
Gross Loss
-178.50
Total Net Profit
-14.50
-100%
-50%
0%
50%
100%
GBP/CAD
Jul 2025 - Sep 2025
0.85
Total Trades
81
Won Trades
46
Lost trades
35
Win Rate
56.79 %
Expected payoff
-0.57
Gross Profit
263.11
Gross Loss
-309.51
Total Net Profit
-46.40
-100%
-50%
0%
50%
100%
GBP/AUD
Jul 2025 - Sep 2025
0.59
Total Trades
109
Won Trades
77
Lost trades
32
Win Rate
70.64 %
Expected payoff
-1.47
Gross Profit
231.96
Gross Loss
-391.78
Total Net Profit
-159.82
-100%
-50%
0%
50%
100%
EUR/USD
Jul 2025 - Sep 2025
653.82
Total Trades
55
Won Trades
29
Lost trades
26
Win Rate
52.73 %
Expected payoff
1913.37
Gross Profit
105396.30
Gross Loss
-161.20
Total Net Profit
105235.10
-100%
-50%
0%
50%
100%
AUD/USD
Jul 2025 - Sep 2025
1.25
Total Trades
31
Won Trades
21
Lost trades
10
Win Rate
67.74 %
Expected payoff
0.71
Gross Profit
107.90
Gross Loss
-86.00
Total Net Profit
21.90
-100%
-50%
0%
50%
100%
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