MT4/5 EA Variables Explained


TradingView to MT4 and TradingView to MT5 EA has several variables that make trading easy. Let’s look at what each does.

Webhook URL: Enter your Webhook here that you will use together with your alerts.

Default Trading Lot Size: This is the lot size that will be applied in cases where you send orders without quantity (q) specification. For example, Buy EURUSD.

Default Stop Loss Point: The stop loss that will be applied when orders are sent without a stop loss in the command. When it is set to 0, default stop loss is disabled.

Default Take Profit Points: The Take Profit that will be applied when orders are sent without a take profit in the command. When it is set to 0, the default take profit is disabled. Note that it is passed in points and 1point=0.1pips

Slippage Allowed: The maximum points by which the price is allowed to deviate from the specified one.

Trailing Enabled: This enables the trailing of orders when turned to true. To disable trailing, turn it to false.

Default Trailing Trigger: This is the Trailing Trigger that will be applied to all orders sent without trailing trigger commands when the trailing above is set to true. It is the points after which the order will start trailing.

Default Trailing Distance: This is the default points by which your stop loss will be placed away from the market price.

Default Trailing Step: These are the default points by which the market moves for your stop loss to be adjusted as above.
NB. For Trailing to work, you must combine Trailing Trigger (TT) Trailing Distance (TD), and Trailing Step (TS).

Confirm Trades Before Execution: When set to True, it allows you to confirm orders in your Telegram channel before they are placed. Orders will not become active without your confirmation.

Pending orders Duration: Duration after which pending orders will be automatically canceled if they are not filled. You can edit this for a longer duration.

SL Percentage Risk Type: When set to true, stop loss is used to calculate the position sizing. Your orders must have a stop loss in this case. When turned to false, the order sizing is calculated based on equity and leverage. You do not need a stop loss in this case.

Hedging: This allows you to open both a long and a short position of the same pair at the same time when turned to True. If turned to false, a long will close a short and a short will close a long before opening a new position.

Capitalize Symbol Names: When set to true, it capitalizes each of your symbol names. It is advisable to turn it to false where the broker has symbol extensions and for trading Indices that are a combination of upper and lower case characters.

Pyramiding: This limits the number of positions opened in one direction of a given pair symbol.

EA Refresh Rate: This is the duration after which the EA should refresh.

Symbol Extension: This is anything added beyond the pair symbol as contained in TradingView. For example,, .pro is an extension and can be added in this field.

Notify Trade Events On Telegram: If set to true, a summary of each trade is sent to your Telegram channel