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Custom Logic For Trading MT5 Mini

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Published: 14 August 2024

Current version: 2.0

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Custom Logic For Trading MT5 Mini

Name: Custom Logic For Trading MT5 Mini
Author: Jetaroon Sriboonruang

Utilities
Jetaroon Sriboonruang
Version: 2.0
Updated: 19 December 2024

Overview

Custom Logic for Trading MT5 Mini is the free version that designed to execute trades based on custom indicator signals, with robust position management features with break-even settings. This script allows traders to implement their strategies with high precision and flexibility, enhancing their trading efficiency and profitability.

Input Parameters

Indicator Settings

indicator_name: Name of the custom indicator to be used for generating signals.
buy_signal: Signal value indicating a buy condition.
sell_signal: Signal value indicating a sell condition.

Position Sizing

lot_size: Size of the lot for each trade.
take_profit: Take profit level in points.
stop_loss: Stop loss level in points.
slippage: Maximum slippage allowed for order execution.

Trading Parameters

close_on_opposite: Boolean flag to close positions on opposite signals.
logic_direction: Trading logic direction (0 - Direct, 1 - Reversal).
trading_side: Side of trading to take (0 - Long only, 1 - Short only, 2 - Both).
shift: Shift mode (0 - current bar, 1 - previous 1 bar, and so on)

Break-even Settings

enable_break_even: Boolean flag to enable or disable break-even functionality.
break_even_level: Profit level in points at which to move the stop loss to break-even.

Workflow

Initialization: Configure the input parameters to tailor the bot to your specific trading strategy. Attach the script to the desired chart in MetaTrader 4.
Signal Detection: The bot continuously monitors the custom indicator for buy and sell signals. It retrieves the signal using the iCustom function and evaluates it based on the configured buy_signal and sell_signal values.
Trade Execution:
- Long Positions: When a valid buy signal is detected, and all conditions are met (including filtering), the bot opens a buy position with the specified lot size, stop loss, and take profit.
- Short Positions: Similarly, when a valid sell signal is detected, and conditions are satisfied, the bot opens a sell position.
Position Management:
- Close on Opposite Signal: If the close_on_opposite parameter is enabled, the bot closes positions when an opposite signal is detected.
- Break-even: When the price reaches the specified break-even level, the bot adjusts the stop loss to the entry price to secure profits.
Continuous Monitoring: The bot continuously monitors market conditions and updates positions as needed, ensuring that the trading strategy is executed consistently and efficiently.

Benefits

Automation: Automates the entire trading process, reducing the need for manual intervention.
Customization: Highly customizable input parameters to fit various trading strategies.
Robust Management: Advanced position management features to optimize trade outcomes.
Efficiency: Executes trades with precision, leveraging custom indicators and technical analysis.

Usage

Setup: Configure the input parameters according to your trading strategy.
Deployment: Attach the script to the desired chart in MetaTrader 5.
Execution: The bot will automatically manage trading activities based on the configured logic and parameters.

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Filter:

vinokeke 2024.11.27 16:16 #

User didn't leave any comment to the rating

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Reply from developer Jetaroon Sriboonruang 2024.12.19 20:28 #

Thank you for your valuable feedback. I've released a new version. Feel free to share any additional thoughts or suggestions.

Version 2.0 2024.12.19

Add input Maximum order allowed.