Pivot Fade
- Experts
- Garfield Heron
- Version: 1.74
- Activations: 5
FadePivot2_v1 is an Expert Advisor (EA) designed for MetaTrader 5 that leverages classic daily pivot levels to place strategic fade orders at the start of each new trading day. By default, it retrieves high, low, and close data from the previous day’s daily candle, uses them to compute the traditional pivot (P), plus support (S1, S2) and resistance (R1, R2) lines, and then issues pending limit orders to fade price action around these critical areas. More specifically, the EA places a Sell Limit at R2, which is slightly above the market, and a Buy Limit at S2, a level slightly below the market, in an attempt to capture reversals or “fading” moves as the market approaches these pivots.
A key part of this EA is the flexibility it provides via user inputs. Traders can specify the LotSize, controlling how much volume is traded each time the EA triggers a new fade setup. Additionally, the EA includes a Slippage parameter, which dictates the maximum number of points you’re willing to tolerate for price to deviate from your requested order during execution. Further inputs include StopLossFactor and TakeProfitFactor, multipliers used to automatically compute stop-loss and take-profit distances in proportion to the pivot range. By adjusting these factors, a user can either tighten or loosen risk parameters to reflect different market conditions or personal risk appetites.
The EA also offers the ability to manage trade placement frequency and end-of-day cleanup behavior. If you enable OnlyOneSetPerDay, the EA will place one set of buy/sell limit orders each new day, unless old orders remain and you have also enabled AllowNewOrdersIfPreviousOpen, which overrides the single-set rule and permits placing more orders despite existing trades. Additionally, the parameters CloseEndOfDay, CloseOnlyPendingEndOfDay, and CloseOpenOrdersEndOfDay let traders decide how aggressively to manage positions as one trading session transitions to the next. For instance, you can configure the EA to close only pending orders at the end of the day while allowing already-open positions to float overnight, or you can choose to liquidate everything—both open positions and pending orders—if you prefer to stay flat heading into a new trading session.
All of these configurable elements make FadePivot2_v1 both robust and adaptive to a variety of market conditions. Whether you aim to capture intraday pullbacks off key pivot zones or simply prefer an automated approach to managing pivot-based entries, this EA empowers traders with a structured pivot strategy combined with flexible risk controls and thorough end-of-day cleanup options.
