Trading utilities for MetaTrader 4
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MetaTrader 4
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Overview
With this Expert Advisor, you can seamlessly integrate various channel, arrow, and reversal indicators. It offers the flexibility to use all popular channel trading strategies, while also providing powerful tools to customize your trading conditions and risk management system.
The Expert Advisor opens orders when the price crosses the channel boundaries. Multiple crossing conditions are available for customization:
- Price touches boundary on re-entry into the channel
- Price touches boundary on channel exit
- Closed bar
- Price leaves the channel zone
- Price re-enters the channel zone
- Price leaves and re-enters the channel zone.
The Expert Advisor offers three primary conditions for closing orders, as well as several auxiliary options:
- Close at channel's opposite border
- Close at channel median
- Close at fixed TP
Three types of indicators are used for auxiliary conditions: the standard reversal indicator Parabolic SAR, a color-changing reversal indicator, and an arrow-based indicator.To use other custom indicators, simply specify their names and buffer numbers in the Expert Advisor settings, making sure they are saved in your trading terminal beforehand.
There is a specific feature when using the Parabolic SAR indicator for order closing. In the settings, you will find two Take Profit levels: MinTP1 and NewMinTP1.
MinTP1, as with other auxiliary indicators, is the minimum profit distance (in pips) required to validate the indicator’s signal.
NewMinTP1 is an additional profit distance used after the Parabolic SAR has reversed. This optional condition is provided
because, in many cases, price tends to react or even reverse when the Parabolic SAR changes direction.
Please note that when using a reversal-type auxiliary indicator with color change upon trend shift, you can choose different strategies for closing orders — either when the trend shifts in the direction of the open order or in the opposite direction.
For example, if a buy order is opened upon crossing the lower boundary of the channel, the reversal indicator at that moment may show a downward trend — meaning the order is opened against the trend of that indicator. Therefore, you can choose which reversal signal should be accepted: a shift from downtrend to uptrend or vice versa.
This behavior can be customized by adjusting the buy/sell buffer values of the indicator in the Expert Advisor settings.
For risk management, the Expert Advisor offers two filters based on the number and total lot size of open orders. These filters allow applying new parameters only when certain thresholds are met.
Additionally, a special condition is available to close orders once a specified number or volume is reached using a custom Take Profit. This helps to close the grid and thereby eliminate potential risks.
Note: Review the Profrobotrading Channel EA setup and understand its logic before use. Expert Advisor has two trading modes for the trader to choose from - mono and multicurrency. The indicators used must be saved in the trading terminal, and for multicurrency trading their historical data must be loaded for all trading pairs. To do this, you just need to open windows with trading pairs and used indicators for a few seconds.
The download version has a multi-currency panel, which fits better with the black background of the terminal. If you want a panel with other colors - please contact us.
Here you can download our indicators for free, which are used in the download version of the EA (do not forget that all indicators used in this EA must be saved in your terminal):
ATR Channels PRT:
https://www.mql5.com/en/market/product/140235?source=Site+Market+MT4+Search+Rating006%3aATR+Channels+PRT
Super Arrow PRT:
https://www.mql5.com/en/market/product/140240?source=Site+Market+MT4+Search+Rating006%3aSuper+Arrow+PRT
MA in color PRT:
https://www.mql5.com/en/market/product/140238?source=Site+Market+MT4+Search+Rating006%3aMA+in+color+PRT
