MultiTrader Expert Advisor For MT4
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!
The MultiTrader Expert Advisor for MetaTrader4 platform is a multi-purpose trading utility. It gives the user with a wealth of information within the dashboard that the user can use to take trades. Plus, the program provides alerts to inform the user of an available trading opportunity in different symbols. Meanwhile, the user can use the provided information or the alerts to enter trades or he can use his own analysis and then use the tool to execute the trades. As the dashboard encompasses the eight major currencies in the foreign exchange market (AUD, CAD, CHF, EUR, GBP, JPY, NZD, and USD), the user does not need to open another chart window to trade any one of the 28 major pairs.
Since the expert advisor is a tool for manual trading, it is not possible to use it in back testing. Even if the user attempts to run the robot in the strategy tester, no trades will be executed in the current symbol. While the robot does not execute trades on its own, it rightfully belongs to the category of expert advisor nonetheless. While an indicator can perform the numerous calculations to display information on the dashboard, it cannot execute trades on the client terminal. On the other hand, a script only runs once and then disappears after it performs its intended functions. The only way to test the effectiveness of this expert advisor is to use it in demo trading. The user can try taking the trades suggested by the alerts and see for himself if the signals are reliable.
The MultiTrader Expert Advisor For MT4 – Entry Criteria
The MultiTrader Expert Advisor for MT4 shows a lot of information to the user. First, it shows the eight major currencies at the top of the dashboard, with a currency meter and a value corresponding to the currency strength. The higher the value of the currency meter, the stronger the currency is. On the left side is the 28 major pairs arranged alphabetically. Alongside the currency pairs are the current direction and distance of the price from the close price of the previous candle. This is depicted by the green, red and silver colors. If the color is red, price is going down. If the color is green, price is moving up. If the color is silver, price is not moving at all from the previous close price.
For each symbol, the user can also see the daily range in terms of points, the ask price and bid price, and the real-time spread. At the bottom of the dashboard, the user can see how many trades in total are open, how many buy trades and how many sell trades there are. Sell trades are marked with red, and buy trades are in color blue. If there is an open trade in any symbol, four other pieces of information are available: lot size, points gained or lost, amount gained or lost in dollars, and the percentage of the account balance gained or lost by the open trade. Also at the bottom of the interface are data about the total lot size of all open trades executed using the tool, total points lost or gained, total amount lost or gained, and aggregate percentage of drawdown or gain.
Here are some of the most important parameters that the user can adjust in Inputs:
- SelectedMode = COMPACT– The default display option is Compact, but the user can choose two other options: full and mini. The full display takes up the greatest space and is suitable for use if the user has a large screen, while the mini display shows the smallest display. The compact display comes in between. Still all types of display provide the same amount of information.
- CalcPeriod = DAILY – The user can choose Daily, Weekly and Monthly values for this parameter. The period chosen is the basis of the data being provided to each symbol and the information displayed in alerts.
- OneClickTrading = true – When this is true, the user can execute trades with a click of a button in the dashboard. If false, clicking the button would not lead to opening trades.
- MagicNumber = 0 – This is the identifier of the trades taken by the robot. If the value is zero, trades will have no magic numbers. The user can use both positive and negative numbers here. If trades are taken, the dashboard will only show the trade information specific to the magic number selected in Inputs.
- BuyKey = "B" – Apart from clicking the buy button on the dashboard, the user can also press the B key on the keyboard to execute a buy trade. The user can set another letter or character though.
- CloseKey = "C" – Apart from clicking the close button in the interface, the user can also press the C key on the keyboard to close a particular trade.
- SellKey = "S" – Apart from clicking the sell button on the dashboard, the user can also press the S key on the keyboard to execute a sell trade.
When the trader has done his analysis and is ready to take a trade, he can immediately execute the trade by clicking the Sell or Buy button corresponding to the symbol of choice. A trade entered this way will have the default lot size of 0.01 and no stop loss and take profit. If another lot size is desired, the user can type the new value directly in the lot size field or click the up arrow to the right to increase the lot size by 0.01 per click or the down arrow to the left to reduce the lot size by 0.01 per click.
The user can also set the number of points for the take profit and stop loss directly in the dashboard. The values must be greater than the stop level plus the spread for them to be accepted. Otherwise, no trade will be executed and the user can see “invalid stops” on top of the dashboard. It is possible to enter multiple buy and sell trades in one symbol by clicking the buy and sell buttons multiple times.
The MultiTrader Expert Advisor For MT4 – Exit Criteria
If the user is ready to close one or multiple trades, he can do so by clicking the close button corresponding to the symbol of choice. If he wants to use the keyboard shortcut for closing trades (“C”), the user must first select the symbol by clicking on its name on the leftmost column of the dashboard, and then he can press C. Doing this would close multiple trades open in the active symbol in the interface.
The MultiTrader Expert Advisor For MT4 – Room for Improvement
The MultiTrader Expert Advisor for MetaTrader4 is indeed a versatile manual trading tool. The user can even make his analysis using the data provided in the dashboard or wait for the alerts to come to trade the suggested symbols in the proposed direction. If the user does not have much time to monitor the trades, he can set the stop loss and take profit right in the dashboard and then walk away. This would be a good option for those who have day jobs to attend to.
While the expert advisor provides information in the dashboard that the user can refer to for trading decisions, it is important that the user understands what those numbers mean. If he is knowledgeable of MQL4 programming, he can read the program code to get a sense of all the provided information. However, the code is very complex for ordinary programmers to understand. With time, it is possible that someone can scratch the surface and crack the code for his benefit.