Unlocking the Potential of the Pending Tread EA for Gold Trading

Pending Tread Expert Advisor (EA) – A Comprehensive Guide

Meet the Pending Tread EA, your new best friend in the trading world! This nifty trading robot is designed to automate the placement and management of multiple pending orders arranged in a grid pattern above and below the current market price. It’s particularly well-suited for scalping strategies and can work on any timeframe or currency pair, so you can customize it to fit your unique trading style. It’s a fantastic choice for XAUUSD (Gold).

Core Features

• Grid of Pending Orders:
  The EA sets up a customizable number of pending orders (defaulting to 10) both above and below the current price, creating a “grid” that captures market movements in either direction.

• Configurable Distance Between Orders:
  You can tailor the distance between each pending order using the PipStep setting (in points), allowing you to decide how tight or loose the grid should be. For instance, a PipStep of 120 means a 12-pip distance for 5-digit brokers.

• Customizable Order Types:
  The EA accommodates different trade directions for orders placed above and below the market.

  • Above market: You can choose to place buy stop or sell limit orders.

  • Below market: You can set sell stop or buy limit orders. The logic behind pending order types is meticulously crafted to ensure orders are positioned at the right price levels relative to the current market.

• Take Profit per Order:
  Each pending order can have a take profit level calculated as a set number of pips (Take Profit Pips) from the order price, automating your profit-taking without needing to lift a finger.

• Lot Size and Slippage Control:
  Customize the lot size (Lot Size) and set a maximum slippage (Slippage) when orders are sent to the broker, giving you full control over your risk and execution parameters.

• Order Management and Filtering:
  The EA keeps track of all existing pending orders for the current symbol, using its own magic number (MagicNumber) to avoid any duplication or interference with other trades or EAs on the same account.

• Throttle Mechanism:
  To prevent excessive order placement, the EA limits its attempts to once every 5 seconds.

How It Works

1. Every time the market ticks, the EA checks if the trading context is free and whether enough time has passed since the last order placement.

2. It counts the existing pending orders for both the above-market and below-market grids.

3. It calculates the price levels for new pending orders based on the configured pip step.

4. It places new pending orders up to the configured total number per side while respecting the broker’s stop level restrictions to avoid placing orders too close to the current market price.

5. Each pending order will have a take profit level set relative to its price.

6. The EA continuously monitors and maintains this grid, re-placing orders as necessary if any are executed or canceled.

Use Cases

• Scalping: Capture those small price movements by having multiple pending orders ready to go in either direction.

• Range Trading: Automatically place buy and sell orders near key support and resistance levels.

• Breakout Strategies: Take advantage of breakouts by setting pending stop orders above and below the current price.

Important Notes

• This EA is designed solely for managing pending orders; it doesn’t handle open positions (no trailing stop or stop loss features at this time).

• Always practice proper risk management and test the EA on a demo account before diving into live trading.

• The EA performs best with brokers that support 5-digit or 4-digit pricing; make sure to adjust the PipStep and Take Profit Pips accordingly.