Magatrend M5 Watr240
From the Old Kings archive: Magatrend M5 Watr240, an expert advisor (trading robot) for MetaTrader 4. In the code it works with ATR and a trend filter. It places pending orders and can size trades from your risk. It has 8 settings, for example Step (default 100), Step1 (default 50) and Koleno (default 12). Watch it on a demo account for a while — robots can behave differently with each broker. 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 Magatrend M5 Watr240
Magatrend M5 Watr240 is an expert advisor (trading robot) for MetaTrader 4 based on ATR and Trend. It places pending buy/sell stop or limit orders and can size trades from your balance and risk percent. It has 8 settings, such as Step, Step1 and Koleno. MQL source code included.
Files in the download: magatrend_M5_watr240.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 |
|---|---|---|
| Step | 100 | Distance between orders |
| Step1 | 50 | Distance between orders |
| Koleno | 12 | *2 |
| First lot1 | 1 | |
| Start depo | 100000 | |
| Period megatrend | 8 | Number of bars in the calculation |
| Period watr | 130 | Number of bars in the calculation |
| Magic | 2002 | Magic number that tells this EA's orders apart |
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: Pending Orders · Risk & Lot Size · ATR · Trend · MT4 Expert Advisor · MQL4 Source Code