Trading utilities for MetaTrader 5
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MetaTrader 5
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Overview
Automated Gold Trading System (M5 Timeframe, 2 Decimal Points
This is an automated trading system designed to trade gold (XAUUSD) using the M5 (5-minute) timeframe. All prices are calculated using 2 decimal places. The system enters trades based on the detection of M and W chart patterns, with clearly defined entry, take profit (TP), and stop loss (SL) levels.
Entry Conditions:
- Buy Order:
- Triggered when a W pattern is detected (bullish reversal signal).
- Confirm the second low of the W is not lower than the first low.
- Price breaks above the neckline (resistance level between the two lows).
- Sell Order:
- Triggered when an M pattern is detected (bearish reversal signal).
- Confirm the second high of the M is not higher than the first high.
- Price breaks below the neckline (support level between the two highs).
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Other conditions
- All entries and exits use 2 decimal precision
- Trade only once per pattern confirmation.
- No re-entry until a new valid M or W pattern is formed.
- Optionally include a filter such as RSI or moving average to confirm trend.
