Simple continuous trend-following strategy for buying and selling based on predefined conditions – EA MetaTrader 4

This MetaTrader 4 (MT4) script implements a simple continuous trend-following strategy for buying and selling based on predefined conditions. Here’s a breakdown of the script:

1. Initialization: The script initializes and prints a message when initialized successfully.

2. Deinitialization: The script deinitializes and prints a message when deinitialized.

3. OnTick Function: This function executes whenever there’s a new tick (price change) in the market.

   a. Reset Position Tracking Variables: The script resets variables tracking open buy and sell positions.

   b. Check Open Orders: It loops through all open orders to determine if there are any existing buy or sell positions.

   c. Open Buy Position: If there’s no open buy position and the “OpenBuyPosition” flag is set to true, it attempts to open one based on the current market bid price. It sets a stop loss and take profit for the buy order.

   d. Open Sell Position: If there’s no open sell position and the “OpenSellPosition” flag is set to true, it attempts to open one based on the current market ask price. It sets a stop loss and take profit for the sell order.

   e. Check Closed Orders: It checks for any closed orders. If a buy or sell order is closed with profit, it resets the corresponding position flag.

4. Input Parameters: The script provides input parameters for lot size, stop loss, take profit, and flags to control whether to open buy or sell positions.

5. Disclaimer: The script includes a warning advising users to use it at their own risk and absolves the creator from any responsibility for potential damage or loss.

Overall, this script aims to automate the process of executing buy and sell orders based on a continuous trend-following strategy, allowing users to customize parameters such as lot size and trade direction. However, users should exercise caution and conduct thorough testing before deploying it in live trading environments.