Trader Tool 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:
- Trader Tool Expert Advisor For MT4
- The Trader Tool Expert Advisor For MT4 – Entry Criteria
- The Trader Tool Expert Advisor For MT4 – Exit Criteria
- The Trader Tool Expert Advisor For MT4 – Suggestion for Improvement
The Trader Tool Expert Advisor For MT4 belongs to a group of programs in MetaTrader4 platform called expert advisors, but it is not used for automated trading. It is merely a tool or utility for manual trading. With this manual trading tool, it is easier to execute or manage trades on the current symbol and the trading account when compared to the standard tool available in the MT4 platform. The user can apply this tool in a trading account connected to either a five-digit or four-digit broker.
As an expert advisor used for automating basic trade operations, it is not possible to use the expert advisor in the strategy tester and expect to see open trades. The only way to test if this program works is by running it in a demo account. Because of its function in opening and closing trades, the Trader Tool robot cannot be converted into a technical indicator. As such, the current chart is reserved for use by this expert advisor alone.
The Trader Tool Expert Advisor For MT4 – Entry Criteria
The Trader Tool Expert Advisor provides the user with an interface that he can use in performing manual trade operations. Using the default settings, the user can see and adjust the values of the following parameters directly on the interface:
- Lot size – The default lot size is 0.01, but the user can change this value at will at any time. This can be done by clicking on the relevant field and typing the desired new lot size.
- Distance between orders – This is the distance between pending orders (limit and stop orders). The first order is placed 50 pips from the market price, and the succeeding orders are placed 50 pips from the previous orders. The number of pending orders depends on the number of times the user clicks on the relevant button for pending order.
- Stop loss in pips – The default stop loss of pending and market orders is 20 pips.
- Take profit in pips – The default take profit of pending and market orders is 20 pips.
The user must understand the options provided in Inputs to make the most of this trading utility. The program comes with a host of external variables to work with. Only the most important parameters are presented below:
- LotSizeOrders = 0.01 – This is the default lot size of orders.
- DistanceOrders = 50 – The distance between pending orders is 50 pips by default.
- DeleteOrphans = true – When this value is true, objects drawn by the expert advisor on the chart will be deleted when the robot is manually removed by the user.
- PutStopLoss = true – When this parameter is set to true, orders will have a stop loss whose value is defined below.
- StopLossPips = 20 – The stop loss of pending and market orders is 20 pips.
- PutTakeProfit = true – When this option is set to true, orders will have a take profit whose value is specified below.
- TakeProfitPips = 20 – The default take profit of market and pending orders is 20 pips.
- UseTrailingStop = false – If this option is turned on, winning trades will have their stop loss adjusted when the threshold is reached. By default, this option is off.
- TrailingStop = 20 – This is the threshold amount in pips when trailing stop is activated.
- UseBreakEven = false – If this setting is enabled, winning trades will have their stop losses moved to breakeven when the threshold is achieved. By default, this setting is disabled.
- BreakEvenAfter = 20 – This is the threshold amount in pips when stop loss is moved to breakeven.
- BreakEvenPips = 10 – When the threshold amount for breakeven is reached, the stop loss is adjusted 10 pips beyond the breakeven point.
- MagicNumber = 12345 – This integer is assigned by the expert advisor to all orders it has executed to make trade management and performance monitoring easy.
- SoundAlert = true – This parameter is true by default. As a result, sounds are played every time a trade operation is conducted.
- SideButtonsPanel = Down_Left_Corner – The other panel is shown on the lower-left corner of the chart by default, but the user can set it to the upper-left, upper-right or lower-right corner.
The interface is divided into the main panel and the side panel, which is not shown by default. The main panel is where the user can alter the values of the lot size, order distance, stop loss and take profit if he is not satisfied with the default settings. He can also do the same thing by clicking on the smile icon on the upper-right portion of the chart to bring up the expert settings.
When the user is ready to take trades or manage orders, he can click on the button with the text “CALL ORDERS PANEL” at the top of the main panel to display the side panel. The side panel is shown on the lower-left part of the chart. When the said button is pressed, the number of buttons on the side panel depends on the method selected by the user in the main panel.
The user has four ways to execute and manage orders. The order management options are shown as four buttons on the lower part of the main panel. When the option is inactive, the color of the button is red. If the option is active, the color is green. Only one option can be active at a time. As shown in the image above, the options are as follows:
- WithID – With this option, the user can manage the orders opened by another expert advisor so long as its trades have defined magic numbers. The magic number is visible on the main panel. To set another magic number, the user must input the value directly in the expert settings.
- All – This option means all orders of the trading account. With this option, the user can close buy or sell trades as well as delete buy stop, sell stop, buy limit and sell limit orders on all pairs.
- Manual – This option means manual orders. With this option, it is the user who will execute market and pending orders on the active symbol and then use the side panel to close or delete the orders.
- Own – This option refers to own orders of this expert advisor. With this option, the user can execute multifarious operations on the current symbol, such as open buy or sell trade, place buy stop or sell stop order, place both buy stop and sell stop orders, place buy limit or sell limit order, place both buy limit and sell limit orders, close buy or sell trade, close buy and sell trades, delete buy stop or sell stop orders, and delete all pending orders on the active symbol.
The Trader Tool Expert Advisor For MT4 – Exit Criteria
By default, the breakeven and trailing functions are disabled, but the user can enable them at his disposal. If these two functions are enabled, the expert advisor itself will do the management of trades based on the values set by the user in Inputs. This is another way of closing trades in addition to the stop loss and take profit limits explicitly set on each trade.
The Trader Tool Expert Advisor For MT4 – Suggestion for Improvement
The Trader Tool Expert Advisor provides the trader with virtually all functions related to opening and closing orders on the active symbol and the trading account. It is an almost complete tool for executing and managing orders. If there is one thing that can be improved, that is the addition of a tooltip on each button on the side panel so that the user can hover his mouse over the buttons and get more information about what happens when certain buttons are clicked.