Basic instructions:
How to Run the EA on a Chart
To set up the EA on your MetaTrader chart, follow the detailed guide provided in the blog :How to Run the EA on a Chart
Keeping your EA updated is crucial for accessing the latest features and bug fixes. You can find the step-by-step process in the blog : How to Update the EA
The default settings are optimized for most users and serve as the best starting point. However, you can optimize the settings to better suit your broker or trading style. Additional setfiles, if available, will be shared in the Telegram or MQL5 channels.
What Deposit Should I Use?
The EA is flexible with deposits and can be run even on 100 USD account, but I recommend starting with a minimum risk level of 1% per trade. This ensures better control over potential losses while maximizing returns.
Inputs Details
Below is a detailed explanation of the EA’s inputs:
- Pairs to Trade On: Define the trading pairs the EA will operate on, such as USDCHF, USDJPY, XAUAUD, etc.
- Main Magic Number: This unique identifier helps the EA track and manage its trades without interfering with other strategies.
- Order Comment: Add a custom note or label to your trades for better identification.
- Manual Stop Loss (Points): Set a specific stop-loss level in points. If set to -1, the EA will not apply a manual stop-loss.
- Manual Take Profit (Points): Define a take-profit level in points. If set to -1, no manual take-profit will be used.
- Lot Management Method: Choose how lot sizes are calculated, such as based on balance or a fixed size.
- Risk Percentage Per Trade: Specify the percentage of your account balance to risk on each trade.
- Fixed Lot Size: Use a static lot size for trades, defined in this input.
- Daily Loss Limit: Set a cap on daily losses in your account’s currency to stop trading after a specific threshold is reached.
- Trailing Stop Activation: Enable or disable the trailing stop feature.
- Trailing Stop Method: Choose the method for trailing stop adjustments, such as ATR-based.
- Trailing Start (Pips): Define the number of pips in profit required to activate the trailing stop.
- Trailing Distance (Pips): Set the distance between the current price and the trailing stop.
- ATR Period for Trailing: Specify the ATR period used to calculate trailing stop levels.
- ATR Timeframe for Trailing: Select the timeframe for ATR-based trailing stop adjustments (e.g., daily).
- ATR Multiplier for Trailing: Adjust the ATR multiplier to widen or tighten the trailing stop distance.
- Backtesting: Run backtests on historical data to understand how the EA performs under different market conditions.
- Customization: Adjust the inputs based on your risk appetite, broker requirements, and trading goals.
- Live Monitoring: Regularly review the EA’s performance on a demo or live account to ensure it aligns with your expectations.
Stay connected for important updates and announcements by joining the MQL5 channel. Here is the direct link:https://www.mql5.com/en/channels/hamzasforexwizards
If you'd like to join our Telegram channel for updates, set files, and discussions, send me a private message on MQL5, and I'll provide you with the link.
This guide is designed to provide a comprehensive understanding of how to use, update, and customize the EA for your trading strategy. For further assistance, reach out via MQL5 private chat.
