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Download Auto Break-Even Expert Advisor – Move Stop Loss to Break-Even MT4 & MT5 EA

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An expert advisor that can help you break even is an invaluable tool for any trader. By automatically moving your stop-loss points into a no-loss position,  EA can help you to protect your profits and ensure that you never experience a devastating loss.

There are many different breakeven EAs available, each with its own set of settings. Before downloading an EA, read through the specifications to ensure that it meets your needs.

The break-even price represents the price level when the entry position level is as same as the stop loss position level. A break-even stop-loss is a technique used in trading that ensures you do not lose more money on a trade than you have risked.

what is breakeven in trading

It sets a point at which the trade will be closed out, regardless of how the market moves from that point. This guarantees that you will at least break even on the trade.

For example, enter a BUY trade at 1.3, set stop loss at 1.2, and target 1.4. If your price goes to 1.35, you can move the stop loss to 1.3 instead 1.2. From that moment, your trade can be only profitable because when the stop loss is at the “break-even” price, your stop loss and entry position are at the same price level.

Move Stop Loss to Break-Even MT4 & MT5 EA

Move to Stop Loss Price level to Break-Even MT4 & MT5 expert advisors represent MQL written programs that can help you to automatically move stop loss from default stop loss to entry position if your minimum distance condition is satisfied.

Move Stop Loss to Break-Even MT4 EA input

One of the most important things to look for when selecting a breakeven EA is the time frame that it is designed to work with. If you trade on a shorter time frame, you will want an EA that moves your stops quickly into a breakeven position. If you trade on a longer time frame, you may wish for an EA that waits until you are further ahead before moving your stops into a breakeven position.
Please see my youtube video about this EA:

It is also essential to consider the market conditions that the EA is designed to work in. Some EAs work best in trending markets, while others are more effective in range-bound markets. Be sure to select an EA that is compatible with the type of market that you are trading in.

Download Move Stop Loss to Break-Even MT4 & MT5 EA

Download Auto Move Stop Loss to Break-Even MT4

Download Auto Move Stop Loss to Break Even MT5

How to install Move Stop-Loss to BreakEven EA

Please copy the Ex4 file to the Experts folder while the two files into the Include folder. Run the MT4 platform and add EA to your wished chart.

How to set Break-Even EA?

To use this EA, you need to set two options:

  • Set “Points of distance from the open price”: For example, if you want to reach the target of 100 pips and to set automatic breakeven after 50 pips, then you need to set this place at 500 points because 500 points are 50 pips distance from open price.
  • “Enable Breakeven EA” – this option needs to be “true,” and only then will Ea work.

When configuring the break-even EA, you first need to decide on the points of distance from the open price that will trigger the stop-loss moving to breakeven. You’ll need to apply the EA to a chart and experiment with different values to find what works best for your trading style and account size.

Once you’ve settled on the point of distance, you can filter by magic number or comment to modify only the orders that meet your specific criteria. If unsure what magic number or statement to use, leave the fields blank, and the EA will apply to all orders.

You’ll also need to decide if you want to enable notifications and, if so, if you wish to send alert notifications or email notifications. Alert notifications will alarm your computer each time the stop-loss is moved to breakeven, while email notifications will send an email notification containing information about each triggering event.

Advantages of Break-Even EA

There are several advantages of using the Move Stop to Breakeven MT4 EA:

  • Filtering Options: The EA offers filtering options to allow traders to select the trades that the EA will manage. This helps traders to focus on the trades that are most likely to result in a profit.
  • No Human Intervention: The EA is designed to work without human intervention, which means you can set it and forget it. This allows you to focus on other tasks while the EA manages your trading account.
  • Stop Loss Limit: One of the most significant advantages of using an EA is that it can help you to limit your losses. The Move Stop to Breakeven MT4 EA is designed to automatically exit a trade when the stop-loss is hit, which helps to protect your trading account from significant losses.
  • Notifications: The EA also sends messages when the stop-loss is updated, so you can stay informed about how your trades perform.

Conclusion

Risk management is one of the essential aspects to consider regarding trading. This is where a break-even expert advisor can come in handy.

This EA helps you to control your risk and protect your profits by automatically moving your stop loss to break even once your trade has reached a certain profit level.

This can be a great way to secure your profits and reduce risk exposure, mainly if you use tight-stop losses.

The EA also includes other features, such as adjustable activation settings, alerts, etc. So, if you are looking for an easy way to manage your trades and protect your profits, then this EA could be an excellent option.

 

Candlestick Pattern Indicator MT4 Download – Candle Pattern Recognition

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Price Action has been a popular tool used by many traders to find out the critical exit and entry signals. Candlestick patterns allow traders to analyze the possible market behavior; that is why many traders prefer them. On the MetaTrader platform, you will find the candlestick pattern indicator. This indicator detects patterns, such as the Price Action, and shows them on your screen or sends alerts in other ways.

You can equate the candlestick pattern indicator with the pattern recognition master, even though the two detect candle patterns that are slightly different. In retrospect, the candlestick pattern is considered to be more modern.

Candlestick Pattern Indicator

Candlestick Pattern Indicator represents a plugin indicator for the MetaTrader platform (MQL4 language) for pattern recognition on the chart. Below you can download an indicator and detect patterns such as engulfing patterns, doji, harami, morning stars, dark cloud patterns, etc.

Download Candle Pattern MT4

Please download the indicator below:

Candlestick Pattern Indicator Download

Getting the indicator is very straightforward. You can download it for free on the MT4 platform. Once you have done that, the next step is its installation.

After installing the indicator, you need to run it. The app’s initial setup will allow you to customize the indicator’s parameters. You can choose from the various patterns and select how you want to be notified.

 

candle pattern indicator input list

Below you can see how the indicator looks on the MT4 chart:

pattern recognition on gbpusd chart

 

Specific candle formations together create candlestick patterns. Traders use these patterns to assess market sentiments. These candles can include more than one type of candle, with the most common patterns consisting of up to six types of candles. 

With time, traders learn how to gather information using common candlestick patterns and formations. With time, they achieve expertise and can easily predict market sentiments or possible reactions. 

These candlestick patterns can be divided into three major categories. These are as follows:

  • Bearish 
  • Bullish
  • Neutral

Candlestick patterns are primarily used to exit and enter trades; however, like with any other indicator, one must be careful while using candlestick patterns. 

If you want to maximize the data you can get from candlestick patterns, you should combine the patterns with other robust chart analyses and indicators.

Candlestick Pattern on MetaTrader 

You can easily detect a candlestick pattern. The MT4 and the MT5 can detect candlestick patterns with one, two, or three candles at large. 

As soon as the pattern has been detected, an arrow is placed by the indicator on it, and a label is also attached to make it more visible. 

Whenever a new pattern forms on the live chat, the indicator will send you an alert for that as well. These notifications can come as emails, pop messages on your screen, or maybe alerts on your app.

Using the Candlestick Pattern Indicator

MetaTrader’s candlestick pattern indicator is one of the most straightforward. On the chart, start by mounting the indicator and selecting the number of bars you want to analyze. It would help if you liked the pattern you will use to detect entry and exit points and the notification options. Your work ends here, as the indicator takes care of the rest.

When different candlesticks come together in a meaningful way, they are said to form a candlestick pattern. Generally, you will see these candlesticks in a pair of two, or a group of three, four, five, or even six candles. These indicate that price action is taking place in the market. 

These patterns often help traders to decide their next course of action.

The candlestick pattern indicator is an MT4 plugin that lets you see some of the most popular patterns on the chart. The chart is scanned by the indicator for popular patterns that the trader can use.

What Can You get from a Candlestick Pattern?

The candlestick pattern is a clear and helpful indicator as it helps you with the three most important aspects of trading, i.e., exit and entry signals and trailing stops. Understanding that these three forms the holy trinity when it comes to successful trading is essential.

Another essential thing to remember is that these patterns form only when there is some momentum in the market.

When used alongside other indicators, the candlestick patterns can help you curate powerful trading strategies. You can use the candlestick pattern detector on MT4 to make things easier for you. This will also notify you whenever a new pattern is forming.

Conclusion 

One of the most valuable indicators offered by the MT4 and the MT5 platforms is the candlestick pattern. You can use various patterns to make trading more convenient and profitable for you. Combine this indicator with other indicators to ensure that the data you get is more stable.

Download Free Hawkeye Volume MT4 Indicator! – How to read Hawkeye volume indicator?

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Volume is the second-best indicator after the price level for all traders. Volume value can influence future trends and price action. Usually, volume indicators show two values on histograms – bullish and bearish phases. Hawkeye Volume MT4 is a different indicator.

What is the Hawkeye Volume indicator?

Hawkeye Volume MT4 is a volume-based indicator that shows a histogram and confirms a trend’s strength in three colors. Green color represents the bullish strength of a trend; the red color is the bearish strength of a trend; and white color sideway strength (range or average volume).

Please free download the hawkeye volume mt4 indicator:
hawkeye volume mt4
hawkeye volume mt4 on GBPUSD chart

How to read Hawkeye volume indicator?

Hawkeye volume indicator you can read using three colors red, white and green. Red color represents selling volume, green is buying volume, and white represents neutral moments when buying and selling power are almost equal.

Using the Hawkeye volume indicator, you can determine high-volume moments, spot break levels, and significant trend directions.

This is an upgraded version of the standard Volume indicator, and three colors help traders better see the trend. Remember that this indicator represents past time and is not a prediction tool. However, this indicator can give you the edge and point to the moments after huge volume differences. Using Hawkeye Volume MT4 Indicator, we can separate the average from the high and low volume in a better way.

The Hawkeye volume indicator advantages

The Hawkeye volume indicator is a tool used in the Metatrader platform that can be used to help traders make informed decisions about their trades. The indicator is based on the trade volume, which is the number of units traded over a given period. This information can help determine the strength of a particular trade and predict future price movements.

One of the benefits of using the Hawkeye volume indicator is that it can help traders to avoid bad trades. By looking at the volume of a trade, traders can get an idea of how strong or weak the trade is. If the volume is low, it may be wise to avoid the trade, as it is likely that there is not much interest in it, and it may not be profitable. On the other hand, if the volume is high, it may be a sign that the trade is strong and has the potential to be beneficial.

Another benefit of using the Hawkeye volume indicator is that it can help traders to analyze future price movements and scenarios. By looking at the volume of a trade, traders can get an idea of how much interest there is in a particular security or market. If there is a lot of interest in a security or need, it may be more likely that prices will rise or fall. As such, by using the Hawkeye volume indicator, traders can make more informed decisions about their trades and improve their chances of success.

Conclusion

The Hawkeye volume indicator is a handy tool for traders who use the Metatrader platform. It can help them to identify and trade opportunities in the market.

 

Download Forex Bar Timer Indicator – Candle Time Indicator MT4

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This article describes one of the most popular candle timer indicators for Metatrader 4. We’ll also examine how a candle measurement might be combined with a relatively brief FX candle business plan.

Why Is Forex Trading Timing Important?

Many short-term investors believe that the same is true for trading as well. Knowing when to enter a trade when trading long-term is significant, but it’s not essential. In the end, however, the exactness of your timing becomes increasingly necessary as you reduce your trading timeframe.

A long-term trend follower is a good example. Their charts may be checked only once daily to determine whether the latest daily bar indicates a trade entry. So it doesn’t make much difference to their profits if they’re trading for several weeks or months.

On the other hand, Short-term traders need to be aware of events that occur much more frequently. The clock is always ticking for short-term traders. To be ready for a potential trading signal when the next candle on their chart appears prepared when the next candle appears. A scalper’s profit or loss can depend on this. When a new candle appears, how can you tell from a glance?

In this case, candle timer indicators can be used as a tool. If your chart has a candle-timer indicator, it will show how much time is left in that candle. Candle timers show precisely how so many moments and seconds remain before the current tea light closes and an innovative one opens. Then, when the next candle appears, you’ll be prepared.

The Candle Timer Indicator for MT4

MetaTrader 4 (MT4) does not include a candle timer measure as part of the basic set of tools and standards. Therefore, if you’re using a candle countdown clock, you’ll need to download a custom indicator. When it relates to custom metrics, there are a lot of options. For example, quick online searches will reveal various “CANDLE COUNTDOWN” clocks that do precisely what they assert.

What you’ll notice most is how flexible they give you when configuring variable settings. Others excel in this area. Consider the Candle Countdown Indicator as an example. Thanks to the MetaTrader 4 Supreme Edition plugin, it’s also included in a larger package of tools and indicators.

The best Candle Time Indicator application is during important forex news when deciding to enter a trade, usually after the first closed hourly candle.

What is Forex Bar Timer Indicator?

Forex Bar Timer Indicator or candle countdown indicator represents an indicator that plots the chart of how many minutes or percentage is left before a new candle is open. Below you can download the candle time indicator MT4:

Download Forex Bar Timer Indicator – Candle Time MT4

 

time bar candle couuntdown on the chart

It’s easy to customize the indicator’s appearance by adjusting its size, color, and location. The inputs tab is available upon the launch of the indicator. To change the value of an input, double-click on it. The MT4 candle timer can be placed anywhere on your chart, thanks to the options available. As shown in the screenshot above, five options are available: any of the four corners or in line with the price. By entering values for the X and Y coordinates, you can also fine-tune these positions.

For example, the trader chose to have a countdown timer display along with the price. For this to work, you must have ‘Chart Shift’ activated by pushing the chart left. Chart Shift can be started by selecting Chart at the top of your MetaTrader 4 terminal and clicking on the dropdown menu after selecting Chart.

As a result, you can change the time frame on your chart using the Candle Countdown indicator if you were primarily looking at a 15-minute chart and keeping an eye on a more significant trend on an hourly chart, for example. For example, you could change the default candle countdown timeframe for M15 charts to ‘H1. When the hourly chart updates, you won’t have to keep tabbing backward and forward.

Most importantly, you can set the alarm. Before the new candle appears, you’ll be alerted. If you want, you can change the default value of seconds from zero to whatever you want. Most indicators work better when paired with another indicator, and this is no exception. If you use a candlestick timer indicator, this is even more important.

In isolation, a candle timer is unlikely to be very useful. However, it is beneficial in this capacity to sharpen your use of other indicators. As a result, your MT4 candlestick timer criterion is best used in conjunction with at least one—and possibly two indicators.

When an indicator shows a specific situation that suggests that the next candle could be your signal to exchange, it’s beneficial for those situations. When the next essential candle appears, the timer will alert you whether it is a trading signal.

Candle Time Indicator advantages

The Candle Time Indicator MT4 is a Forex market tool that helps traders identify the current trend and make trading decisions. This indicator allows traders to accurately measure the time frames of trades for long-term investments or short-term scalping strategies. The Candle Time Indicator takes the guesswork out of trading by providing an easy way to identify when a trade should be opened or closed quickly. It gives traders an edge in their decision-making process.

The Candle Time Indicator utilizes Japanese candlesticks used in technical analysis as a form of charting. Each candlestick displays four critical pieces of information: open price, high price, low price, and close price. Traders can use these values to gauge market trends and predict future movement. The Candle Time Indicator takes this essential data. It adds three more components: color change point (the time when a new candle starts), current time left before the end of the candle (the remaining time for a trade to complete), and expiration time (the date/time when a trade will expire). This additional information gives traders more market insight and makes decision-making much more accessible.

In addition to providing valuable data about current candles, the Candle Time Indicator also has several useful features that allow users to customize their experience based on their individual trading needs. For example, users can set alerts to be notified when certain conditions have been met within a specific timeframe or when there is an upcoming expiration date for any given trade. Users can also change indicators’ settings, such as color schemes, level lines, and other parameters related to how concepts like support & resistance are displayed on charts.

Overall, the Candle Time Indicator MT4 is a potent tool that provides relevant information at every stage of trading, which allows users to make decisions more quickly and accurately than ever before. The customizable features can be tailored specifically for each trader’s needs while providing valuable insights into trends to help open profitable positions with minimal risk.

Conclusion

The best way to find out is to test them in a risk-free environment. Demo trading accounts make this possible. Real-time indicators and prices can be used without risking your capital. Trading styles and strategies that work for you can be identified through this method, and those that do not.

It’s easy to use and understand compared to other charting tools. Even though it doesn’t do anything revolutionary, it does meet a simple need for many short-term traders. It knew exactly when the next candle would appear, down to the nearest second. Those who need to be entirely in sync with their charts will appreciate this benefit, and it can enhance the use of other indicators while you have to wait for a signal.

Donchian Channel Indicator Download

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What is the Donchian Channel indicator?

The Donchian channel is a market indicator created by Richard Donchian. It is based on calculating the lowest and highest high markets for the last nth periods. The channel is the area between low and high for the chosen period. 

It is a common tool that is available on most trading platforms. It is depicted in a chart demonstrating the market price channel for high and low values. It is a productive tool for measuring the volatility of the market.

Free Download Donchian Channel Indicator

Donchian Channel

Explained in Detail

The Donchian channel has a default setting of a 20-day period, which the traders can adjust. Based on the default setting, it can be classified into three parts:

  • The 20-day high, known as the upper band 
  • The average of the upper and the lower band, known as the middle band 
  • The 20-day low, known as the lower band

Looking at some of the Donchian channel examples, you will realize that it is not extremely tough to understand. If the Donchian channel indicator is narrow, the price is stable. It will be more expansive if there are a lot of fluctuations. It is primarily used for providing long and short forex position signals.

How to trade the Donchian channel for Maximum Benefits?

To begin with this part, you first need to understand with ‘R’ stands for. ‘R’ denotes the relationship between the risk that you are taking and the relative return. For example, if you are risking $20 and earning $1000, you have gained 5 times, denoted at 5R.

Understanding the Donchian channel might not be rocket science, but it does require your utmost attention. While any trader is bound to make a few mistakes while using it for the first time, here are some pro tips on how you can use this tool to maximize your profits:

  1. 2R open profits 

It is necessary to create a safety buffer because you never know when the market might go against you and there is a pullback. If you trade without available profits, you may lose more than you had assumed earlier.

  1. Scale your winner concerning the pullback

The Donchian channel breakout can be used as an entry trigger. It would be unwise to risk 1R on your last trades as you will lose all available profits if the market pullbacks. You need to adjust, keeping in mind the risk factors involved. Go in with 0.5R instead so that you still have a good chance of making a more significant profit if there is a market movement in your favor but with reduced risk.

  1. Know when to exit

This applies to every trade and business. One must have an exit strategy. How will you exit from your position? Will you go both long and short positions simultaneously and restart again, or will you make a different strategy? 

It would help if you decided on these things before starting a trade.

How to Customize the Donchian Channel for Better Trades?

The upper and lower band of the Donchian channel are the most versatile ones. You can adjust them, not the middle one, which shows the average of the other two. Use the extreme bands as trend filters to determine whether you should sell or buy.

This is how it is done:

  • Define the long-term trends by adjusting the channel to a 200-period.
  • There are buying opportunities if the prices rise above the middle band.
  • There are selling opportunities if the prices fall below the middle band.

How to Use the Dochian Channel to Identify the Latest Trends?

If used properly, the Donchian channel can allow you to identify the massive trends in the market. These trends can keep you way ahead in the game. If you want to ride these gigantic trends, you should trail your stop loss.

What does this mean?

Trailing the stop loss means that you will stay engaged in the trade. You will neither have target profits nor will you second guess yourself. You cannot bail out because the situation doesn’t feel comfortable. 

You will not abandon your trailing stop loss and exit when the channel signals that.

This is how the Donchian channel can help you by riding significant trends.

  • Traders should use the lower band of 20-days (low) for trailing your stop loss if they wish to ride an uptrend.
  • Traders should use the upper band of 20-days (high) for trailing your stop loss if they wish to ride a downtrend.

Whether you wish to ride the shorter or, the longer trends, you must adjust the Donchain channel settings. To ride a long-term trend, opt for a higher value, and for a short-term one, opt for a lower one.

The Donchian Channel and the Average True Range Combo

The Donchian channel and average proper range combo can allow traders to find highly profitable trades consistently. This is not a magical combo with guaranteed success, but it can help you predict when the market is expected to have an explosive breakout. Here’s how:

Step 1:

It would help if you studied multi-year low levels using the Average True Range indicator (ATR). It is a good sign if it is lower than the previous multi-year low. 

Step 2:

It would help if you traded using the breakout of the Dochian channel forex. You go to an extended position when the price breaks above the upper band and a short position when the price breaks below the lower band. The upper band is a 20-week high, and the lower band is a 20-week low.

This is done because the market has a way of movement. It goes from low volatility to high volatility. The ATR indicators will detect low volatility periods, and the Donchian Channel will enable you to trade with the breakout and capture the move.

Mistakes to Avoid when Trading Using the Donchian Channel

As mentioned earlier, this channel does not translate into 100% success. It is a tool that can be profitable if used to ride. It can show you the trade opportunities and the current market trend, but it will not make the decisions on your behalf or freeze the market for you. Many traders blindly trade the bands and take everything at face value. They go short when they see the price is at the upper band. They assume that the market will reverse slowly as it is overbought. This is the first mistake that you can make. This is because it is an uptrend, and in such situations, the prices tend to remain in the upper band for a long time.

So what does this mean?

It means using the Donchian channel for its intended purpose; you should let it guide you regarding your entries and exits. It is not the right indicator to assess whether the market conditions and overbought or oversold.

FAQ

Veteran and regular traders are familiar with the terms of the Donchian channel and how it should be used. However, if you are a new trader, you must have a few questions. Let’s answer these:

Q1. Does the price break out in the Donchain channel? I can see the price touching the top or the bottom channels. The channel adjusts to the price changes afterward.  This does not look like a breakout. Can you explain this?

A. Consider a situation in which you have set the channel for a 50-day high of the market. If the channel touches that upper blue line, the prices have broken out of the 50-day high. Similarly, if the prices feel the lower blue line, the prices have broken from the 50-day low.

Q2. Can you explain how the Bollinger Bands are different from the Donchian channel?

A. These two are very different tools. Bollinger Bands adjusts according to the market’s volatility, whereas the Donchian channel is about the market’s highs and lows. It plots the highs and the lows of the need for your set period.

Conclusion

The Donchian channel can help you understand the market’s highs and lows. This means you can quickly determine the current or upcoming trends and ride them to make profits. It is not meant to identify whether the market is overbought or not. You can look for price breakouts and make the trade based on your understanding. It is a marketing tool and not and handbook. This must be kept in mind at all times.

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