This tool was designed to assist in managing trades in forex currency pairs. Below are the initial settings in the EA. The starting lot size of the first trade in the series of trades, the stop loss and take profit desired in pips, as well as whether you want the EA to re-enter if it gets stopped out.
Trades 2-15 will be taken with the lotsizes you specify. These lotsizes will allow EA to make a profit when it finally reaches a take profit in either direction. If you change your stop loss/take profit relationships you will want to modify these lotsizes.
If you do not want to use the manually chosen lot sizes, you can automatically have the EA increase the lot size by a certain multiplier by setting it to true and choosing the mulitplier. Just be aware that if you start at .01 and have the multiplier set at 1.5, it will not be able to place a .015 trade. It will instead round it up to .02. Then the next trade would be .03. There can be no .045 so it will be rounded up to .05 and so on.
You can also schedule a trade to take place when you think there is apt to be some movement in the market whether it be at market opens or major news events. Be careful however to not be caught in volatile times when spread is very wide and erratic movements can make the price jump over orders and stop losses. It's best to enter before of after an event and not on the exact time of the event.
It is important to enter the difference in hours between your broker's server and GMT. This will allow the EA to adjust your trades to the correct time. The EA will use this amount and compare it to your local computer's time as well. When you schedule a trade, schedule it to be placed using the time of the computer that the EA is running on. If this is your home computer use it's time.
If you want to trade at 7:00am then select that time. If the EA is on a VPS then use that vps' time. I keep my vps and home computer set on the same time. It is best to schedule a trade in a demo account to make sure it get's placed at the appropriate time before using a live account. You can not place scheduled trades in the tester.
You also see expiry settings here. There are two ways a trade can expire. Either by the time that has passed since the first trade in the series was placed, or by how many trades in the series has been placed. When a trade expires, it is looking to close the trade when the profit above the TOTAL LOSS thus far is met. In the example we see it is set to 1 dollar. If you set it to expire in 12 hours but also set it to expire after the 3rd trade, it will be trying to get out with a dollar when it enters the 3rd trade even though your 12 hours may not have passed.
When you place a scheduled trade, you have to choose a direction to enter. BUY or SELL. You may be scheduling a trade to fire off while you are asleep and do not really know which direction you would like to enter. If you want to let an indicator choose for you, you can change the "no" to one of the choices. The settings below show how to configure your indicators that will be used to choosed the direction.
First of all we see an MACROSS. Here you choose two moving averages. A slow one and a fast one. If the fast is above the slow at scheduled trade time it will enter a buy. If fast is below slow it will enter a sell. These are calculated at the time of trade. The indicators do not need to be on the chart. However, it is a good idea to put them on the chart in the tester and see that your settings are working like they are supposed to. This only determines the direction of the first trade in the series.
The MA_Bias simply uses on moving average. If the BID price at trade time is above the MA then it will buy. It will sell if the BID is below the MA.
If you choose STOCHASTIC_Bias. It will choose based on the K-Line and D-Line. If K is above D it buys. IF K is below D is sells.
MACD_Bias relies on whether the MAIN line is above or below the SIGNAL line in order to buy or sell. The MacdSmaPeriod can not be set to 1. This would make the MAIN and SIGNAL the same amount and the EA will then use the RSI below as it's signal instead.
RSI_Bias Uses 2 different RSI's a slow and a fast to determine direction. If the fast is higher than the slow it will buy and vice versa...
I typically do not use any of these settings accept in the tester where they can be a lot of fun. In my live trading I usually make my choice and just hit the buy or sell button and let it go.
Above you see some settings that should probably be removed. These apply to the first trade in the series only. You can choose to move the trade to breakeven+ a pip or two after the trade moves so many pips into the money. In this instance at 41 pips it will lock in 1 pip. I usually leave this set to false.
Below that you see the settings for a trailing stop which again.. only applies to the first trade in a series. In this example it is set to start a regular trail at 42 pips. 40 pips behind current price. Again, I don't use this.
You can also use a different type of trail. A 'candle' trail. You choose how many candles to look back and and how many pips above or below the lowest or highest candle to place your stop... depending on whether you are buying or selling. This will not come into effect until it can place a stop in the money. Again, It is a setting I don't use. I leave UseTrailingStop on false.
Note: THERE IS NEW INFO BELOW ABOUT MAGIC NUMBER GENERATION
Below the Candle Trail Settings we see the sound settings. You can have the Ea play a sound or send a notification when something happens to your account. First of all you can have it notify your phone when it places a trade. Secondly you can have it make a noise when the trade that is open right now gets positive. Thirdly you can have it make a sound when the profit of the currently open trade is enough to be more than the entire accumulated losses of the current trade series. If you have lost 12.00 so far in 2 trades and now the 3rd trade is at $12.01 it will make a noise in case you would like to know it.
We also see here the way to make it take a trade in the tester every day on the same hour if there is not already a trade open. You set it to true and choose the hour on your BROKER'S server that you want to open the trade. In this picture you see it is set to false however, in order to get it past the metaquotes automatic EA tester in the Mql5 market I had to make the default true. Otherwise it would never take a trade and Metaquotes kept rejecting it. This setting does NOT apply to live trading. It only works in the tester so when you start the tester and do nothing to the settings it will take trades on it's own at the 8th hour on your BROKER'S Server.
Excessive spread can be a problem around news time. This is another setting that I do not use. It is more trouble than it is worth. However, you can set it to the maximum amount of POINTS of spread that you allow and if it's wider than that it will keep trying every 1000 milliseconds for 30 times in this example. I leave this turned off.
We can choose the color of our chart backgrounds when we are in a buy, sell or no trade.
If you have a broker that will not let you send along the stop loss and take profit price when you open a trade but demands that you place the trade first and then set the prices. Then you should set "Enter Order then modify?" to true.
Finally we can turn off our tool tips that show up when we mouse over objects if they annoy us.
In version 5.99 I have added the ability to turn off the auto-generation of the magic number. This number is generated whenever you drop the EA on a chart. It is based on the currency pair and the time frame. If you drop the EA on a 15m EURUSD chart it will have a different magic number than an EA dropped on the 60EURUSD chart.
This number is how the EA identifies which trades on the server were placed by it. In this way it can keep track of what trade it is in and what it has done in the past. Some have expressed a desire to be able to set their own magic number. For instance if you wanted to load the EA on a 15mEURUSD with a certain stoploss and takeprofit setting and then wanted to open another on the 15mEURUSD with different settings both EA's would be using the same number and gettting confused.
Therefore you can disable that automatic assignment of a number and make up your own if you wish. Personally I just place trades on two different time frames and let the EA keep track of the numbers on it's own.
There are times when you could be trying to trade some exotic pair that the EA does not recognize and can not come up with a magic number. In those cases you could designate your own number.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
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Risk warning: I must warn you that trading foreign exchange and futures on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you, as well as to your advantage. Before deciding to invest in foreign exchange or futures, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange and futures trading, and consult with an independent financial advisor if you have any doubts.