TapeReading
You can't use algo or automatic trade Here!
This is just reading tools.
Basicly, TapeReading is an Indicator that using EA function. It doesn't support algo or automatic trading.
This EA only to analyze tape and we can trade manually.
Yes, it use similar time sales (tape reading) concept to enter and exit, MANUALLY.
But, it ONLY using tick (in price change) and NOT using real volume market trade like real time & sales in an order book.
Why? I don't know where to get real volume time and sales data in metatrader (lot data) at real. Most CFD brokers doesn't provide it.
So what is tick? Tick means price change in very small scope.
Do you know that one candle in 1 minutes timeframe contains many tick? Yes, in one candle has many up and down tick.
And I use tick to time and sales (tape reading) concept to enter and exit trade.
Why not just using candle, man? You should know that candle doesn't provide where up or down start. It just using time to divide.
And for me, I should know where up or down start to know where to entry and exit trade.
Someone says, "Entry when everyone exit, and exit when everyone entry." Who say? Yes, me LOL.
So what this EA can do for us?
It use tape reading in tick (blue and red) so we can entry and exit using color change MANUALLY.
You can set minimum price change to filter and change color tape ora background as you want.
If you want to use AUTOMATIC TRADE, you should try TapeSignalEA here : https://www.mql5.com/en/market/product/133895
This is only for reading trader.
Thanks