Elder
Elder — a MetaTrader 4 expert advisor (trading robot) kept in the Old Kings collection. Its source code uses MACD and the Stochastic oscillator. It moves the stop behind price and can size trades from your risk. It has 5 settings, for example l Stop Loss (default 17), s Stop Loss (default 46) and l Trailing Stop (default 18). Before any live use, test it on a demo account and check its lot size, stop loss and trading hours. Inside: 1 EA file with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Expert advisor · MT4 · v1.0 · Free
About Elder
Elder is an expert advisor (trading robot) for MetaTrader 4 based on MACD and Stochastic. It moves the stop loss behind price (trailing stop / break-even) and can size trades from your balance and risk percent. It has 5 settings, such as L stop loss, S stop loss and L trailing stop. MQL source code included.
Files in the download: elder.mq4.
Trading robots can lose money. Check every setting and test on a demo account before using real funds.
Settings
| Setting | Default | What it does |
|---|---|---|
| L stop loss | 17 | Stop loss distance |
| S stop loss | 46 | Stop loss distance |
| L trailing stop | 18 | Trailing stop distance or switch |
| S trailing stop | 22 | Trailing stop distance or switch |
| Lots | 0.1 | Trade size in lots |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Experts.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the expert advisor from the Navigator onto a chart, check the settings, allow Algo/Auto Trading and press OK.
- Test it first on a demo account or in the Strategy Tester.
Tags: Trailing Stop & Break-even · Risk & Lot Size · MACD · Stochastic · MT4 Expert Advisor · MQL4 Source Code