Downloads for the Level Trade Assistant for both MT4 and MT5
The Level Trade Assistant is just that, an assistant for making trades. It does not have any logic to help with deciding when to trade, it is not an automated trading expert.
This expert will allow you to place trading points on your chart, a take profit, stop loss and a pending order entry level. You then have the choice to trade a pending order at the set level or to place a market trade at the current market price.
Buy and Sell are determined based on positioning of the stop loss and take profit levels and the pending order switches between stop and limit depending on the relative position of the current market price.
This small tool can help to set trade levels by allowing you to drag price levels to support and resistance levels that you identify on your chart. Then with a single click you can place a trade with the stop loss and take profit automatically added.
The download is free and you can use it on any demo account. You can also use it on live affiliate accounts with no cost to you. See the Licencing section for more information on setting up the affiliate account.
Inputs
Snap increment in points: When dragging price levels you may want to snap the level to rounded price values. Use this setting to set the size of the snap grid. For example with a snap value of 10 points, dragging the price level to 1.23456 will cause the level to snap to 1.23460 (rounded up in this case).
Hide delay in seconds: When a price line is dragged onto the chart the line will remain extended for a number of seconds set by this input. At the end of that time the line will revert to a short line on the right hand side of the chart. This delay also applies to extending lines to full width and hiding trade details.
Minimum starting separation between levels: This value is in points. When first loading the expert to a chart the lines are set at pivot points based on bar number 1 and aligned for a buy trade. It is possible that bar number 1 is small and the price lines would be close together and difficult to use. The minimum separation input will force the lines to be at least this distance apart on startup.
Instructions
Before using the expert you must enable Auto Trading. Without Auto Trading the expert will not be able to place trades or orders.
If using on a live account follow the instructions in Licencing to allow the expert to run.
When you drag the expert onto a chart it will create a trading panel and 3 price lines. By default these are initially set for buying mode with the price levels being based on pivot points of bar or candle number 1.
The trading panel looks like this
The top edit box is for entry of trading volume in lots. The default initial value is 0.01. You can change the value at any time by clicking inside the box and entering a new value. This expert performs only rudimentary validation of the entered value, there is no check to ensure that the volume is a valid volume for the current chart symbol.
The top button is a market trade button. The caption on the button changes to reflect the take profit and stop loss price set by the price lines. If the take profit line is above the stop loss line then the button is set to Buy. If the take profit line is below the stop loss line then the button is set to Sell. If the current market price is outside the range of the take profit and stop loss prices then the button is set to Invalid because no trade can be taken outside this range.
The lower button is a pending order button and follows similar rules to the market trade button. Buy or Sell mode is determined by the relative setting of the take profit and stop loss price levels. If the entry price level is outside the range od the take profit and stop loss levels then the mode becomes invalid. If the entry price is between current market price and stop loss then the mode is Limit Mode and if the entry price is between current market price and take profit price then the mode is Stop mode.
There are no checks on validity of the prices for the market or order buttons. For example if the take profit or stop loss prices are too close to the market or entry price then the expert will still attempt to place the trade but will fail and an error will show in the log.
There are 3 level lines, similar to this
These are of course to set the trade price levels for Take Profit, Entry Price (for a pending order) and Stop Loss price. Each line shows the label to indicate the purpose of the line and the price level where the line has been placed.
The lines initially are selected, you can see by the handle at the left of the line. This allows you to use the mouse to grab that handle and move the price level. If you drag the handle to the left the line will extend allowing you to align with price action levels on the chart. At the end of dragging the line will remain where you left it for some seconds before reverting to the right hand side of the screen.
If a line has become unselected just use the usual techniques of double clicking to select the line again.
These lines will scroll off the screen to the right if you scroll the chart to the left.
Once an order has been placed there will normally be trade lines on the chart at the entry price, take profit and stop loss prices. Since these trade lines will be at the same level as the price lines it can be difficult to drag the price lines to a new location because you may inadvertently drag the trade lines. To avoid this click once on any of the price labels. This will hide all trades from the screen briefly and will also extend the line associated with that label to full screen width. (For MT4 this will only be to the width of the currently visible bars)
We recommend using chart shift to create a blank space at the right of the chart to allow room for the trade panel and the price lines.
Version History
V3.1
* First public release
V3.2
* Added free use licence for affiliate customers
V3.3
* Bug fix with level lines becoming angled instead of horizontal
* Bug fix, unlicenced version appeared to be operational leading to confusion.
Licencing
This product is free to use on demonstration accounts but requires IB Licencing to use on live accounts. Note that due to the nature of the expert (requiring interactive trading through on screen elements) it cannot be used in backtesting.
IB Licencing allows you to use this product on a live account if that account is registered through one of our IB affiliations. Here’s how to set up, and some of the things you need to know.
Simply open an account through one of our affiliated brokers using the links below.
In Metatrader from the menu go to Tools -> Options and select the Expert Advisors tab. Make sure the checkbox to Allow Web Request for listed URL is checked and add the following URL to the list:
https://lapi.orchardforex.com
Your live trading account will be updated in our licencing system usually within 2 business days and then you are ready to use the expert with the affiliated account.
Note: Currently we can’t verify the account until you have placed and closed at least one trade. Sorry. This has to be a live trade, not just a cancelled pending order.
Note: For your security we do not have your account numbers in our system. We have only an encrypted value.
How does this work?
An Introducing Broker (IB) is an affiliate commision with a broker. When you sign up with a broker using one of our links (you may see an attached code in the link) that associates your account with our affiliation.
Each time you trade then the broker pays part of their fee to us as a commission. This does not affect the amount you pay to the broker. The broker fees, commissions, spreads, etc are the same as for everyone. (Actually OX Securities are even offering a discount on their pro accounts) All payments to us come from the broker.
If you are already trading with one of these brokers but did not use our affiliate link then your accounts will not work. Youe may be able to contact the broker and change your IB but that will be entierly up to the broker. For obvious reasons of privacy the broker will not take any instruction or provide information to us about your account. If you do contact the broker these are the Ib codes we use:
OX Securities: 7004253
IC markets: 51463
More in the FAQ about this
Affiliate Links to open accounts:
OX Securities: https://oxsecurities.com/orchard-forex/
IC Markets: https://icmarkets.com/?camp=51463
FAQ
The expert is not running or does not place trades
Check the Journal and Experts tabs in the terminal window for error messages. If you do not have a terminal window on screen go to the menu and select View\Terminal or press Control+T.
Licence error: Invalid
Your account is not recognised as an affiliated IB account. If your account is not with one of our affiliated brokers see the information in the Licencing tab. If you registered only recently it may take 2 business days for our systems to update. If your account is with IC Markets then we will not be advised of the account until you close at least one trade on the account.
If the account is not recognised after a few days then it may be that you are not correctly associated with our IB. That can happen if you signed up to the broker earlier without our affiliate link, if you followed our link but possibly browsed some other pages before registering and lost the link code, or possibly something else. You maye be able to contact the broker and change the IB associated with your account but we cannot help with that. See the Licencing page for more information.
Licence error: Checksum
There has been a problem in downloading the licence information and the licence file is corrupted. The system will retry soon or you can restart Metatrader to access the licence server again.
The panel or price lines don’t show on screen.
The panel remains in place but the lines will scroll horizontally with the chart. If you have scrolled the chart or did not use the chart shift (from the menu Charts\Chart Shift) then the lines may simply be off screen to the right. Also, if you ahve changed the chart, like from a daily chart to a minute chart then the lines may still be in their original locations but outside the price range shown on screen. You can either reduce the scale to look for the lines or just remove the expert and load it again to redraw the lines in the default location.
