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Time-Based Pending-Order Strategy With Timed or Profit Exits

Article MQL5 code base
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Summary

This Expert Advisor places two pending orders at a specified time. When either order is triggered, it cancels the other, creating a time-based entry setup that can follow a move in either direction. The position exits at its take-profit level or after a configured time interval, whichever occurs first.

The document credits the trading idea to Maksim Zerkalov and the MQL5 implementation to Vladimir Karputov, and notes that a later version supports two time intervals. It gives a EURUSD five-minute test period spanning June to December 2016, but reports no performance figures or detailed test results. The description does not specify how the pending-order prices, direction, risk limits, or interval lengths are selected, so those details cannot be assessed from the available information.

Key ideas

  • The Expert Advisor submits two pending orders at a configured time.
  • Once one pending order triggers, the other is removed.
  • A triggered trade exits at take profit or after a set time interval, whichever comes first.
  • The described test uses EURUSD five-minute data over a stated historical period, without reporting performance metrics.

Tags

ForexExecutionBacktesting

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.