The Indicator Automator for MT5 is a flexible MT-5 Expert Advisor targeting the trading strategy development and the automated trading based on up to 4 external indicators.
Link to Expert Advisor: https://www.mql5.com/de/market/product/93214
Getting Started Guide: https://www.mql5.com/en/blogs/post/751776
Parameters:
Money Management:
| Parameter | Description | Range |
| Lot size | Lot size for entry trade | Depends on broker and account balance |
| Volume Mode | Method for setting the trade volume |
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| Risk per trade | Define maximum allowed risk per trade | >0 |
| Trading Mode | Allowed Trading modes.
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Comment: In case of dynamic lot sizing the minimal and maximal lot sizes will automatically be considered set according to broker policy. Dynamic lot sizes is not supported in case of activated grid strategy (Section Trade Management, max. number of trades).
ndicator Settings (Indicators 1-4):
| Parameter | Description | Range |
| Indicator name | Defines the indicator name and location | The indicator must be available in a directory or subdirectory under the MQL5\Indicators folder, see further comment below. |
| Signal Channel | Define which output signal to use | In case the indicator has only one output the setting is 0, in case of multiple output channels the index must be increased accordingly. The setting depends on the specific indicator used (output channels can be checked on the data window in MT5 terminal) |
| Overwrite Parameters | Activate / De-Activate the overwriting of indicator settings | Some indicators do not support parameter overwriting, in case of an indicator load error deactivate this setting. |
| Parameter 1-3 | These parameters allow to overwrite the default settings of the indicator | The range depends on the specific indicator used, these parameters can also be modified in the strategy tester. |
| Chart Location | Defined if and where the indicator will be displayed | · Deactivated · Main Window · Sub Window 1-4 |
Comment: If the indicator name starts with the reverse slash '\', the EX5 indicator file is searched for relative to the MQL5\Indicators indicator root directory.
If the path does not start with '\', the indicator is searched and downloaded as follows:
First, the indicator EX5 file is searched for in the folder where the EX5 file of the calling program is located. If the indicator is not found in the same directory, the search is performed relative to the MQL5\Indicators indicator root directory.
Example: Use of the RSI-Indicator: MQL5\Indicators\Example\RSI.ex5
Indicator Name to enter Example\RSI
For understanding the indicator settings please check the application examples.
Primary Entry Strategy
| Parameter | Description | Range |
| Execution Mode | Defined it the checks are executed with every tick or upon completion of a candle | The setting depends on the indicators and strategy. Tick based execution can cause heavy CPU load. |
| Buy / Sell Entry | Define the entry logic for buy and sell | Indicator 1 < threshold Indicator 1 > threshold Indicator 2 < threshold Indicator 2 > threshold Indicator 1 > Indicator 2 Indicator 1 < Indicator 2 Close Price < Indicator 1 Close Price > Indicator 1 Close Price < Indicator 2 Close Price > Indicator 2 |
| Buy / Sell Threshold | Threshold setting for entry | Range depends on specific indicator |
| Entry requires signal reversal | Entry only after reversal of previous signal | True / False |
Additional Entry Check:
| Buy / Sell additional check | Optional second entry check | Indicator 3 > threshold Indicator 3 < threshold Indicator 4 > threshold Indicator 4 < threshold Indicator 3 > Indicator 4 Indicator 3 < Indicator 4 |
| Buy / Sell additional check threshold | Threshold for second entry check | Range depends on specific indicator |
| Confirm Entry with history check | Additional check for trade entry | · Deactivated · Trend of prior candles |
| Number of candles for history check | Number of channels to confirm entry | >0 |
Trade Exit Money Management Strategies:
| Parameter | Description | Range |
| Close on reverse entry signal | Sell signal closes buy trades, buy signal closes sell trades | True / False |
| Close if entry conditions not met | Trades will be closed if the entry signal is not available anymore | True / False |
| Close on Profit Target | Closes trades if profit target is met | True / False |
| Profit target | Profit target in points | >0 |
| Exit on stop loss | Close trades on stop loss | True / False |
| Stop loss | Stop loss in points | >0 |
| Virtual trailing stop | Activate the virtual trailing stop | True / False |
| Trailing stop mode | Select mode for virtual trailing stop | ATR Bases Points |
| Trailing stop points | Set the points for the virtual trailing stop | >=0 |
| ATR Factor | Multiplicator on ATR for trailing stop threshold | >=1 |
| Re-Entry after trailing stop must pass exit level | Next entry level must pass the previous exit level | True / False |
| Offset to re-entry level | Offset in points | >0 |
Comment: In case of grid configuration the virtual trailing stop tracks the highest / lowest entry and closes all positions if trailing stop points is hit.
Trade Management:
| Parameter | Description | Range |
| Maximum number of trades in each direction | Settings >1 activates the grid and martingale strategies | >0, limitations according to selected broker might apply |
| Initial minimum points distance for rollover trades | Minimum points distance for next entry | >=0 |
| Initial minimum distance between boost trades | Sets the minimum distance between boost trades | >=0 |
| Factor for points distance increase | Factor for a progressive distance increase | >=0 |
| Increase Factor lot size | Factor for a progressive lot size increase. With a factor set to one no | >=0 |
| Open trades interval to increase to next Lot Size | Interval for lot size increase | >=0 |
Comment: Rollover trades are placed in a loss situation (=Martingale system). The distance, the size increase and interval for size increase of the rollover trades can be configured.
Boost trades are placed in a profit situation. The settings Factor, increase factor and interval apply for both types (rollover and boost trades).
General:
| Parameter | Description | Range |
| Magic | Set Magic Number for this EA | Use different Magic numbers in case EA is used on different symbols on the same account |
| Execution Mode | Defined it the checks are executed with every tick or upon completion of a candle | The setting depends on the indicators and strategy. Tick based execution can cause heavy CPU load. Not all indicators deliver reasonable signals in tick mode |
| Order Comment | Set Order Comment | Select pre-defined comments of enter in free text field |
| Free Comment | Enter a free text for order comment | Comment limited to 32 characters |
| Display trade statistics | Activates comment section on the chart | True / False |
| Display buy and sell signals | Shows entry signals according to configured logic | True / False |
| Display patterns in chart | Activates display of identified patterns on the chart | True / False |
| Display Indicators | Setting to display indicators during back testing (in strategy tester) | True / False |
| Log decision logic | Logging of entry and exit logic | True / False |
| Display color | Color for pattern display | Selction Box |
| Statistic color | Color for statistic color | Selction Box |
