1. How PoundShorter works

PoundShorter trades the symbol of the chart it is attached to. It does not open buy positions. Choose your broker’s desired trading symbol in Market Watch.

1. Check the weekday: New entries are enabled only on the selected weekdays from Monday to Friday.
2. Wait for the entry minute: By default, entry is possible only between 07:45:00 and 07:45:59 broker time.
3. Apply the optional filter: With the MA filter off, no moving-average signal is required. With it on, the relevant price must be below the moving average; equality does not qualify.
4. Open and manage a sell: When the conditions are met, the EA opens a sell position using your chosen position size. The configured stop functions and timed exit then manage the position.

By default, the MA uses the current bar of the chart timeframe and may change while that bar is forming. With the filter enabled, Bid must be below the MA. No filtered entry is made without sufficient MA data.

PoundShorter is designed for one entry per trading day. It identifies its trades using the symbol and your configured magic numbers. An existing associated position or order prevents another entry.

After a restart, today’s account history must be loaded in the terminal so that entries already closed can be recognised.

2. Quick start

1. Install the EA: In MetaTrader 4, select File → Open Data Folder. Place the supplied EA file in MQL4/Experts and refresh the Navigator.
2. Choose a chart: Open the desired broker symbol and attach the EA. With PERIOD_CURRENT, the chart timeframe also determines the timeframe of an enabled MA filter.
3. Enable trading: Turn on AutoTrading and the EA’s trading permission.
4. Allow the licence connection: Under Tools → Options → Expert Advisors, allow WebRequest for https://market-trader.de. Use the trading account authorised for your licence.
5. Review defaults: Set weekdays, lots or percentage risk, stop distances, broker time and magic numbers. Enable at least one desired trading day; all days are disabled by default.
6. Check the workflow: First check the EA in the Strategy Tester and on a demo account with your broker. MetaTrader must remain open and connected for ongoing management.

3. Understanding the settings

The expandable table contains all 29 inputs for this platform version. The overview explains the settings and their defaults. The input window may display descriptive labels instead of field names. true means enabled; false means disabled.

Lots and percentage risk

With WhatIlikeMost=Risk_in_Fixed_Lot, Lots sets the position size. Risk_in_Prozent calculates volume from myRisk, current equity and the stop distance.

The EA rounds down to the broker’s volume step and caps volume at the maximum. If the result is below minimum volume or margin is insufficient, entry is skipped.

This is a price-risk calculation, not a guaranteed loss limit. Fees, gaps and execution differences are not covered. Percentage risk requires a stop greater than 0.

Pips are not broker points

For symbols with three or five decimal places, the EA uses ten points per pip; otherwise it uses one point per pip. On a five-decimal quote, for example, one pip is 0.00010 and 80 pips is a price distance of 0.00800.

The requested price deviation for order requests is fixed at three broker points and is not an input.

4. Trading times and missed ticks

No late entries: If there is no eligible tick during the entry minute, the entry is not made up later. Failed or not-yet-qualified attempts may be checked again within that minute after at least ten seconds.

Overdue exits are retried: The closing time refers to the opening day. If no tick arrives during the closing minute or a close request fails, the EA retries on later ticks, including after a restart or day change. This requires an available terminal, connection and trading access.

Use HH:MM and an entry time before the exit time on the same day. Overnight sessions are not supported. Broker time can differ from your local time; daylight-saving changes also matter. Changing the exit time also affects the management of existing positions.

5. Position protection and identification

• Stop loss: Sets an initial stop above the sell price. 0 disables the initial stop in fixed-lot mode.
• Take profit: This version does not set a fixed TP and has no input for it. A TP already present on an existing order is preserved when stops are updated.
• Trailing stop: Tracks Ask and moves the stop only in the favourable direction. It is not a profit-threshold switch and may activate before the position is profitable.
• Break-even: Once the entry price is at least the configured pip distance above Ask, the stop may be moved to the entry price. A better existing stop is not moved backwards. Fees and swap can still result in a net loss.
• Timed exit: Requests closure of all associated short positions from the configured end time. A stop or TP can close a trade earlier.

The EA manages only the current symbol, short positions and one of its five magic numbers. It checks all five numbers regardless of the current weekday. Do not change these identifiers while associated positions remain open; give each independent instance its own set of five positive, distinct values.

Stop distances must meet broker rules. The EA skips invalid entries or stop changes, or logs a rejection. Immediate execution cannot be assured when disconnected or when the market is closed.

6. Activation and support

PoundShorter uses an account-based licence. Activation is recognised automatically – there is no licence key to enter.

1. Allow the connection: In MetaTrader, open Tools → Options → Expert Advisors and allow WebRequest for https://market-trader.de.
2. Start the EA: Attach PoundShorter to your chosen chart and check the licence status.
3. Ready to trade: VALID means your licence is active. The EA can trade according to your settings.

If your licence is not shown as active, check your internet connection and WebRequest permission. For help activating your trading account, contact Market-Trader support.

7. Frequently asked questions