Scalping With Virtual Pending Orders – expert for MetaTrader 4
This EA demonstrates the use of a Virtual Pending Order class library (VirtPndOrds.mqh) by means of a scalping program. The
implementation of simulated Buy Stop and Sell Stop orders enables pending orders to be executed when the price and/or an indicator value
exceeds specified thresholds.
In addition, the threshold testing of the Buy/Sell Stop order may be done at either a new bar or at a new tick . The
library also supports simulated Buy/Stop Limit pending orders .
This method gives much more flexibility in dealing with pending orders.
The scalping program runs on a M1 EURUSD chart. Stop orders are initiated when the Stochastic value crosses a
first limit line.
The Buy/Sell Stop orders are then executed when the Stochastic value exceeds a second limit line (higher for Buy
orders) and when the price also changes by a set value in pips. Filtering by trend behavior is used to improve performance. The
scalping demonstration program only works well for low spreads (<0.50 pips).