TradePanel 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:
- TradePanel Expert Advisor For MT4
- The TradePanel Expert Advisor For MT4 – Entry Criteria
- The TradePanel Expert Advisor For MT4 – Exit Criteria
- The TradePanel Expert Advisor For MT4 – Room for Improvement
The TradePanel Expert Advisor For MT4 is a dashboard or panel for manual trading. The user can use it for trade execution and trade management. As such, it is not possible to run this expert advisor in the strategy tester and expect to see trades in the Results tab. The trader himself must execute trades based on his own analysis. The trade panel is a versatile tool for trading in the MetaTrader4 platform. This article outlines the trade panel functions and explains how to use this trading tool.
The TradePanel Expert Advisor For MT4 – Entry Criteria
The user may apply the TradePanel Expert Advisor to his symbol and timeframe of choice. When the panel is attached to a chart, the user can change timeframes anytime he wants, but he cannot replace the symbol where the expert advisor is running with another symbol. However, it is possible to run multiple instances of this expert advisor in different charts of the same trading account.
If the user wants to trade another symbol, he can easily switch to that symbol by clicking on the part of the panel containing the name of the current symbol. After this, the user must type the symbol directly on the panel and then press Enter. Once this is done, the chart is changed to the symbol entered in the panel. To make the symbol change successful, the user must enter the symbol name in capital letters. For example, enter “USDCHF” instead of “usdchf”.
The trade panel provides a lot of useful information to the user. These pieces of information as well as the trading functions available in the panel are listed below:
- Remaining candle time – The number of hours, minutes and seconds remaining for the current candle can be seen a little below the name of the active symbol. This value updates when one changes timeframes.
- Spread amount – The real-time spread value is shown on the panel as a number with a lower-case letter p. For example, for USDCHF symbol, the spread is 19p. This figure means 19 points or 1.9 pips.
- Current bid and ask prices – The actual bid and ask prices are also displayed. These prices appear as real numbers with five digits for dollar pairs or three digits for yen pairs assuming the trading account is connected to a five-digit or three-digit broker. The ask price is placed above the bid price.
- Real-time tick amount in points – The user can see the real-time tick amount in points on the upper-right corner of the panel. Once a tick is received, the amount is kept, added and displayed on the panel. If the incoming tick is negative, it is added to the negative ticks received. If the incoming tick is positive, it is added to the positive ticks. The negative ticks are shown along with a red down arrow, while the positive ticks are shown along with a blue up arrow. The total number of ticks for negative and positive resets when the user changes timeframe or when the current candle closes.
- Trade volume – The trade volume or lot size is obvious on the panel. The default value for the lot size is 0.01. To increment or decrement this value one lot step at a time, the user can click on the small up arrow to the right or the small down arrow to the left. The fastest method is to type the lot size amount directly in the lot size field.
- Take profit in points – Before taking a trade, if the trader wants to set a take profit value, he must define the take profit in the take profit field. The take profit value to be entered in this field is not the actual take profit price, though. The entered value should be in points, not pips or price. In addition, the user must be aware of the stop level for the traded symbol. If he puts a value that is lower than the stop level, the take profit will not be placed, though the trade is initiated. To understand exactly how this is done, an example will be used. If the current symbol is EURNZD, for example, its stop level is 220 points. Therefore, the user must enter a value that is equal to or greater than 220 in the take profit field for the take profit to be accepted. The user can determine the stop level for each symbol in the trading account by navigating to the View menu in the MetaTrader4 platform and then clicking on Symbols. Alternatively, the user can use the keyboard shortcut CTRL+U. When the Symbols window appears, the user must find the desired symbol, click on it, and then click the Properties button. The third item in the list is the stops level expressed in points.
- Stop loss in points – Setting the stop loss follows the same logic and process as discussed for the take profit.
- Sell operation – A sell trade can be executed by clicking on the Sell button. To be safe, the trader must check the lot size first before clicking this button. If a specific stop loss and take profit values are desired, the user must enter the correct values in the relevant fields as explained above. Otherwise, the stop loss and take profit are not placed.
- Buy operation – A buy trade can be initiated by clicking on the Buy button. To be safe, the user must also check the lot size first, as well as the take profit and stop loss values, before clicking the button.
- Close trades – Trades open on the current symbol can be closed using the trade panel. However, only market orders can be closed, not pending orders, namely limit and stop orders. There are actually five options in closing trades. The user can cycle through among the options by clicking on the active option on the panel just below the symbol name. The option that the user can see is the active close option.
- Close all – The trade panel will close all market orders on the current symbol even if the trades are manually executed by the trader or placed by another expert advisor.
- Close profit – Only the winning trades will be closed.
- Close loss – Only losing trades will be closed.
- Close last – The last trade opened in the current symbol will be closed.
- Close partial – This is equivalent to closing the last trade.
The TradePanel Expert Advisor For MT4 – Exit Criteria
The TradePanel Expert Advisor does not have exit criteria since trades are taken and closed manually by the trader.
The TradePanel Expert Advisor For MT4 – Room for Improvement
As a tool for manual trading, the TradePanel Expert Advisor is lightweight as it does not cause the platform to freeze when executing trade operations. Also, the panel is compact and does not take up so much space on the main chart window. This way the panel does not cover the candlesticks, lines or bars on the chart.
If there is one thing to improve, that is the stop loss field. By trial and error, it is found that setting the stop loss amount in the correct field is more involved than setting the take profit amount. While the user must consider only the stop level when setting the take profit, setting the stop loss requires the user to consider both the stop level and the current spread. Both in points, the spread must be added to the stop level, and the result should be the amount entered in the stop loss field. Doing this will lead to seamless execution of the trade with the desired stop loss value (see above image).