Expert Advisor Analysis: Envelopes-Based Trading System
Overview
This is an advanced MetaTrader 4 Expert Advisor (EA) that uses Envelopes indicator to generate trading signals. The EA implements a systematic approach to trading with configurable risk management, money management, and trade execution rules.

Key Features
Envelopes-Based Strategy: Uses price action relative to Envelopes bands for trade entry signals

Multiple Lot Calculation Methods: Fixed lot, money management, or risk-based position sizing

Advanced Trade Management: Includes trailing stops, pending order adjustments, and time-based filters

Comprehensive Dashboard: Visual panel displaying profit/loss statistics

Safety Features: Account licensing and expiry date controls

Trading Logic
Entry Conditions
Buy Signals: When price crosses above the upper Envelopes band

Sell Signals: When price crosses below the lower Envelopes band

The EA places pending orders (BuyStop/SellStop) when these conditions are met, with configurable distance from the bands.

Exit Conditions
Take profit and stop loss levels

Trailing stop functionality

Time-based closure (optional)

Price returning inside Envelopes (optional)

Configuration Settings
Basic Parameters
Magic Number: Unique identifier for EA's trades (default: 66)

Max Trades: Separate limits for buy and sell positions

Max Spread: Maximum allowed spread (in points)

Signal Configuration
Candle Space: Minimum candle size to consider a signal

Pending Order Distance: Distance from Envelopes for pending orders

Pending Update Gap: How often to adjust pending orders

Risk Management
Stop Loss: In points (0 = no SL)

Take Profit: In points (0 = no TP)

Lot Calculation:

Fixed lot size

Money management (lots per $X balance)

Fixed risk (% of account per trade)

Envelopes Settings
Period, method, applied price, and deviation percentage

Additional Filters
Speedometer filter to avoid trading during low volatility

Trading time restrictions

Visual Panel
Customizable display panel showing performance metrics

Adjustable position and colors

How to Use This EA
Attach to a chart (recommended timeframe: M15 or higher)

Configure settings according to your risk tolerance

Enable the visual panel if desired

Monitor performance through the dashboard

Important notes:

The EA includes license controls (account number and expiry date)

Proper backtesting is recommended before live use

Works best in trending market conditions

Slogan
"Envelope Your Profits - Systematic Trading Wrapped in Precision"

Recommended Settings for Beginners
For conservative trading:

Envelopes Period: 10-20

Deviation: 0.2-0.5%

SL: 30-50 points

TP: 100-200 points

Risk: 1-2% per trade

Use money management option

The EA offers sophisticated trading automation while maintaining flexibility through its numerous configuration options. Always test thoroughly in a demo account before going live.