Multi Pair Closer Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!
Table Of Contents:
- Multi Pair Closer Expert Advisor For MT4
- The Multi Pair Closer Expert Advisor For MT4 – Entry Criteria
- The Multi Pair Closer Expert Advisor For MT4 – Exit Criteria
- The Multi Pair Closer Expert Advisor For MT4 – Room for Improvement
The Multi Pair Closer Expert Advisor For MT4 is a simple program for closing orders in a trading account connected to the MetaTrader4 client terminal. This utility handles the closure of market orders only. Pending orders in the trading account will not be deleted. Furthermore, not all market orders in the trading account will be managed by this robot. Only those trades opened in a symbol belonging to a group of symbols specified by the user in Inputs will be taken care of.
By default, four symbols are listed in the expert settings. If the user wants to cover more symbols, he can add these symbols to this list as long as the symbols are separated by a comma. Also, the default symbols are connected to a professional account. If the user uses a different type of trading account (e.g., micro, cent, etc.) or the symbol names are written in a non-standard format, the exact symbol names should be reflected in the list of watched pairs.
The Multi Pair Closer Expert Advisor For MT4 – Entry Criteria
The Multi Pair Closer Expert Advisor performs validation tests to verify the correctness of the values set by the user in Inputs. If the user has not set any symbols in the watched pairs, the current symbol will be used. On the other hand, if any symbols specified in the watched pairs have incorrect symbol name, an error will be returned.
The expert advisor also looks at the profit target in Inputs if the entered value is correct. If the profit target is less than zero, an error will be sent back. The same is true if the maximum loss declared by the user happens to be a negative amount, if the slippage provided is less than zero or if the minimum age is a negative value. Anytime an error is returned during validation testing, the expert advisor will be removed from the chart.
The user is presented with five variables to maintain or adjust as he deems necessary based on his circumstance. The values provided to each variable should be correct so that the robot works properly. These five variables are introduced and discussed in detail below:
- WatchedPairs = "GBPUSDpro,USDCADpro,USDCHFpro,USDSEKpro" – By default, the expert advisor will monitor the total running profit of these four currency pairs. The user can specify another set of currency pairs, though. The correct symbol name should be written in this field; otherwise, the robot might not work or produce an error. For example, if the account is micro, the symbol name should be GBPUSDmicro.
- ProfitTarget = 60 – This is the target profit in the account currency (normally dollars) wherein a trade basket for the watched pairs will be closed in profit. The user must consider the account size and lot sizes of open trades when setting this target profit.
- MaxLoss = 60 – This is the maximum negative profit in the account currency (commonly in dollars) wherein a trade basket composed of the watched pairs will be closed in loss. The user must consider the account size and lot sizes of open trades when setting this loss amount.
- Slippage = 10 – This value is in points. This setting means the user is willing to accept an order being closed at a price 10 points (or 1 pip) beyond the price requested by the expert advisor. It could be difficult to have such an order closed during volatile market conditions.
- MinAge = 60 – This value is in seconds. It sets the minimum number of seconds wherein an open trade can be closed. If an order has been opened at least 60 seconds ago from the current server time, it can be closed by the robot.
On every tick, the algorithm counts the number of symbols to be monitored by the expert advisor. This is based on the string provided by the user in Inputs. The list of symbols monitored is also captured by the algorithm. If the number of symbols is greater than zero, the algorithm will cycle through each symbol to get the individual running profit. It is possible that each symbol could have one or more open trades. The amount of profit needed is the total profit amount per symbol. This process is done to each symbol until the aggregate profit amount is determined. The symbol and the individual profit are displayed on the chart as well as the overall profit.
If the total profit for the watched pairs is positive and exceeds the amount declared in Inputs (i.e., 60 dollars), all trades in the set of symbols will be closed. Closing of trades will be done by the expert advisor one by one based on the arrangement of symbols in an array. Prior to the actual trade closure operation, the utility will check first if a trade has been opened for at least 60 seconds (refer to MinAge variable above). If so, the trade will be exited. This will continue until all trades in the set are closed. Once done, the trading account would have realized a profit of 60 dollars.
On the other hand, if the net profit for the watched pairs is negative and goes beyond the amount set in Inputs (i.e., 60 dollars), all trades in the basket will be closed. Trade closure will be done by the robot one by one according to the order of symbols in a list. Again, just before the actual trade exit operation, the robot will determine first if a trade has been live for more than 60 seconds (refer to MinAge value in Inputs). If that is the case, the trade will be exited. This will go on until all trades in the list are closed. Once completed, the trading account would bear the pain of losing 60 dollars.
The Multi Pair Closer Expert Advisor For MT4 – Exit Criteria
The Multi Pair Closer Expert Advisor can be considered a manual trading utility or a trade management tool. It cannot be classified as an automated trading system as it does not handle the opening of trades, only closing of trades. The trade closure activity is straightforward. The user must specify which symbols in the trading account to be handled by the robot, set values for the other options in Inputs and then let the robot do its bidding. This type of trade management is fairly uncommon. The most common way is to use magic numbers. However, if the trades in the trading account are entered manually by the trader, this tool is the applicable option.
The Multi Pair Closer Expert Advisor For MT4 – Room for Improvement
The Multi Pair Closer Expert Advisor cannot be possibly tested in the strategy tester due to its design and purpose. Even if the user makes an attempt, he cannot see an open trade in testing. This is because the applicable function (i.e., OrderSend) is not available. The only way to test if this expert advisor works is through the use of a demo account.
Looking at the code, one can tell that it is designed by someone knowledgeable of the MQL4 programming language, although the code looks simplistic. The way the creator extracts the list of symbols inputted by the user in expert settings is commendable. If there are improvements to be made to this expert advisor, one of these can be the addition of alerts each time validation testing fails, meaning the user sets an incorrect value in Inputs. This is to alert the user that something is amiss in Inputs so he can make an adjustment. There is no need to remove the expert advisor from the chart.