Price Action EA: Free MT5 Expert Advisor

Overview

Price Action EA utilizes the Relative Strength Index to identify overbought and oversold conditions while incorporating breakout and candle pattern logic. The expert advisor includes flexible risk management, offering fixed lot sizes or percentage-based positioning relative to account balance or equity. It features volatility-based exits using Average True Range multipliers for stop-loss and take-profit levels. Notable features include trading hour restrictions, maximum spread filters, and partial close functionality. The README is missing.

RSI-based overbought and oversold detection

Volatility-adaptive ATR stop-loss and take-profit levels

Dynamic position sizing based on account equity or balance

Configurable trading hour restrictions and spread filters

Integrated partial close functionality for profit management

Details

Author

Covenantmondei on GitHub

Type

Trading robot

Platform

MetaTrader 5 (MQL5)

Strategy

Mean reversion, Breakout, SMC / ICT / price action

Markets

Any symbol

Timeframes

Any timeframe

Risk profile

Trades without a fixed stop loss

EA files

trading-ea/Experts/ea.mq5

Source

github.com/Covenantmondei/Expert-Advisor

Input parameters

Read from ea.mq5. Defaults are the author's; change them in the EA's Inputs tab.

Name	Type	Default	Description
`Comment_0`	`string`	`==========`	EA-Specific Parameters
`RSIPeriod`	`int`	`14`	RSI period
`RSIOverbought`	`double`	`80`	RSI overbought level
`RSIOversold`	`double`	`20`	RSI oversold level
`RSIPrice`	`ENUM_APPLIED_PRICE`	`PRICE_CLOSE`	RSI applied price
`Comment_1`	`string`	`==========`	Trading Hours Settings
`UseTradingHours`	`bool`	`false`	Limit trading hours
`TradingHourStart`	`ENUM_HOUR`	`h07`	Trading start hour (Broker server hour)
`TradingHourEnd`	`ENUM_HOUR`	`h19`	Trading end hour (Broker server hour)
`Comment_2`	`string`	`==========`	ATR Settings
`ATRPeriod`	`int`	`100`	ATR period
`ATRTimeFrame`	`ENUM_TIMEFRAMES`	`PERIOD_CURRENT`	ATR timeframe

Show all 40 inputs

Name	Type	Default	Description
`ATRMultiplierSL`	`double`	`2`	ATR multiplier for stop-loss
`ATRMultiplierTP`	`double`	`3`	ATR multiplier for take-profit
`Comment_a`	`string`	`==========`	Risk Management Settings
`RiskDefaultSize`	`ENUM_RISK_DEFAULT_SIZE`	`RISK_DEFAULT_FIXED`	Position size mode
`DefaultLotSize`	`double`	`0.1`	Position size (if fixed or if no stop loss defined)
`RiskBase`	`ENUM_RISK_BASE`	`RISK_BASE_BALANCE`	Risk base
`MaxRiskPerTrade`	`int`	`2`	Percentage to risk each trade
`MinLotSize`	`double`	`0.01`	Minimum position size allowed
`MaxLotSize`	`double`	`100`	Maximum position size allowed
`MaxPositions`	`int`	`1`	Maximum number of positions for this EA
`Comment_b`	`string`	`==========`	Stop-Loss and Take-Profit Settings
`StopLossMode`	`ENUM_MODE_SL`	`SL_FIXED`	Stop-loss mode
`DefaultStopLoss`	`int`	`0`	Default stop-loss in points (0 = no stop-loss)
`MinStopLoss`	`int`	`0`	Minimum allowed stop-loss in points
`MaxStopLoss`	`int`	`5000`	Maximum allowed stop-loss in points
`TakeProfitMode`	`ENUM_MODE_TP`	`TP_FIXED`	Take-profit mode
`DefaultTakeProfit`	`int`	`0`	Default take-profit in points (0 = no take-profit)
`MinTakeProfit`	`int`	`0`	Minimum allowed take-profit in points
`MaxTakeProfit`	`int`	`5000`	Maximum allowed take-profit in points
`Comment_c`	`string`	`==========`	Partial Close Settings
`UsePartialClose`	`bool`	`false`	Use partial close
`PartialClosePerc`	`double`	`50`	Partial close percentage
`ATRMultiplierPC`	`double`	`1`	ATR multiplier for partial close
`Comment_d`	`string`	`==========`	Additional Settings
`MagicNumber`	`int`	`0`	Magic number
`OrderNote`	`string`		Comment for orders
`Slippage`	`int`	`5`	Slippage in points
`MaxSpread`	`int`	`50`	Maximum allowed spread to trade, in points

How to install it

1Download the sourceUse "Download source (.zip)" above, or clone Covenantmondei/Expert-Advisor from GitHub, and unzip it.

2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL5/Experts.

3Copy the filesCopy the .mq5 file into Experts, and any .mqh files into the Include folder the code expects.

4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.

5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.

Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.

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