Pending Order Expert Advisor For MT4

Pending Order 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!


Table Of Contents:

  1. Pending Order Expert Advisor For MT4
  2. The Pending Order Expert Advisor For MT4 – Entry Criteria
  3. The Pending Order Expert Advisor For MT4 – Exit Criteria
  4. The Pending Order Expert Advisor For MT4 – Suggestions for Improvement


The Pending Order Expert Advisor for MetaTrader4 is a simple but interesting automated trading system. As the name suggests, the expert advisor uses pending orders to enter the market. It does not use any type of technical indicator to identify the trend or time the entry. Once applied to any chart, it immediately puts pending orders on the current symbol and waits for the market to come to those orders. This expert advisor can be applied to trading accounts connected to both five-digit and four-digit brokers.

Testing the robot over a limited period of time resulted in minimal loss, but the overall performance is not at all bad, considering the metrics produced in testing. The robot started out well in terms of profit generation, but it failed to maintain the profitability and ended in negative territory. Still the trading metrics are good. The trading system might yield different results when applied to other trading symbols, periods or market conditions.

FREE Pending Order EA

Download the FREE Pending Order Expert Advisor for MT4.

To receive my email 100% sure: 
Put my email on your whitelist!

The Pending Order Expert Advisor For MT4 – Entry Criteria

On every tick, the Pending Order Expert Advisor calculates and displays information on the chart about the current spread of the underlying instrument, leverage of the trading account, account equity and server time. Afterward, it checks if the current server hour is a trading hour based on the default settings or the schedule set by the user in Inputs. If the previous check is true, the robot cycles through the orders in the trade pool to determine if there are pending orders. If there is none, it will place the pending orders.

The trading system is a rather simple expert advisor to use that even novice algorithmic traders can get the hang of it in no time. Here are the parameters available to the user to adjust at will in Inputs:

  • Start_Hour = 6 – This is the start hour of the trading day for the expert advisor. The default value means the start hour is 6:00 server time or broker’s time. To convert the hour to the user’s local time, the user must find out the difference between his local time and the server time.

  • End_Hour = 20 – This is the end hour of the trading day. Since the server time uses 24 hours, from zero to 23, the default value means 8:00 PM on the server time.

  • TP = 20 – This value is in pips. All orders placed by the robot will have a take profit of 20 pips unless the user adjusts this value higher or lower.

  • SL = 100 – This value is in pips. All orders placed by the expert advisor have a stop loss of 100 pips, but the user can adjust this value at will.

  • Lots = 0.01 – This is the static lot size applied to orders all throughout.

  • Distance = 15 – This value is in pips. It is the distance between the market price and the pending orders.

  • Magic = 69 – This number identifies the trades executed by this expert advisor from those taken by other expert advisors on the same trading account. In this manner, each robot handles its own trades and does not intervene with other trades.

The expert advisor initiates four pending orders on the active symbol. These are the buy stop, sell stop, buy limit and sell limit orders. These four orders are executed all at the same time the first time the expert advisor is dropped on the chart. If one pending order becomes a market order, it is immediately replaced by the same type of pending order. For example, if a buy stop order has been converted to a buy market order, a new buy stop order is immediately executed. The same is true for other types of pending orders. There will always be four pending orders existing on the current symbol.

Pending orders are placed at a distance of 15 pips from the current market price. Buy stop and sell limit orders go together, while sell stop and buy limit orders go hand in hand. The buy stop order is positioned 15 pips above the ask price, while the sell stop order is positioned 15 pips below the bid price. On the other hand, the buy limit order is positioned 15 pips below the current ask price, and the sell limit order is positioned 15 pips above the current bid price. Buy orders (both market and pending) are executed at the prevailing ask price, while sell orders (both market and pending) are executed at the existing bid price.

Each order put in place by the robot will have a lot size of 0.01, and each one has a defined take profit and stop loss limit. These limits are set in place the moment the order request is sent to the trade server. The default stop loss is 100 pips, and the default take profit is 20 pips. With this relationship of take profit and stop loss, the risk-reward ratio is five in favor of risk. In order to generate profits, the trading system must generate more wins than losses. Therefore, a high win rate is necessary for this trading system to become profitable.

The Pending Order Expert Advisor For MT4 – Exit Criteria

As presented in the foregoing, the Pending Order Expert Advisor takes a passive approach in trade entry. It puts the orders on the chart and lets the market come to those orders to make them real trades. This same approach is applied to trade management. Once a pending order has been converted into a market order, the robot allows the market to determine the fate of the trade. If price hits the stop loss, the trade is closed in loss, while if price goes to take profit, the trade is exited in profit.

The Pending Order Expert Advisor For MT4 – Suggestions for Improvement

The Pending Order Expert Advisor looked promising when run in the strategy tester using three months of historical price data. It started out quite well and generated quick profit for the trading account. However, the good performance was not sustained and the system ended a little below the breakeven point.

One possible flaw in this trading system is the little attention given to pending orders. Once they are placed, they are not modified in consideration of the current market price. As a result, some orders are left behind when the market moves in one direction or the other. One way to address this issue is to put an expiration time to the pending orders. Another way is to set the minimum distance between the pending order and the market price at which the pending order is cancelled and placed at a closer distance (say 15 pips as before).

While the trading system did not yield profits in testing, the overall trading result still looks good when the other metrics are looked into. The win rate is high (81 percent), maximal drawdown is very low (less than one percent) and the profit factor is close to one. There are various possible reasons why the trading system failed to make positive returns in the test run. It is possible that the overall market environment at the time of testing was not favorable for the trading algorithm. The trading instrument used and the selected timeframe might be a factor also in the mediocre result.

As already pointed out, if possible, the pending orders should have expiration times or adjusted when the current market price has drifted too far away. If this is put in place, further testing can be done to see if the robot generates profits. Running the robot in different currency pairs and timeframes is a good idea. Depending on the result, the user must decide which market condition to use in trading this robot, ranging or trending.


FREE Pending Order EA

Download the FREE Pending Order Expert Advisor for MT4.

To receive my email 100% sure: 
Put my email on your whitelist!


Partially Automated Trading Besides Your Day Job

Alerts In Real-Time When Divergences Occur

My Recommended MT4/MT5 Broker

About Me

I'm Mike Semlitsch the owner of My trading career started in 2007. Since 2013 I have helped thousands of traders to take their trading to the next level. Many of them are now constantly profitable traders. 

The following performance was achieved by me while trading live in front of hundreds of my clients:

Connect With Me:  

Results From 5 Months!
This service starts soon! Be the first who get's notified when it begins!

This FREE Indicator Can Transform
Your Trading!

FREE Indicator + Telegram Group

Request the Ultimate Double Top/Bottom Indicator which is used by 10,000+ traders.