Dear traders, below you will see instructions for setting up the risk of the Waiting Night Expert Advisor
Lot Type – If you have chosen a fixed lot, the EA will work with a fixed lot and will not change it depending on your deposit. If you have selected Automatic Lot Calculation, the EA will calculate the lot based on your balance or equity, depending on the selected next parameter.
Lot Calculation-Balance/Equity – If automatic lot calculation is selected, then you need to specify which lot is calculated by balance or equity.
Fixed lot / Balance/Own lot – if the lot is fixed, specify a fixed volume. If an Automatic lot is selected, then specify the lot for automatic calculation.
The amount of balance/equity to increase the lot – If the lot is set automatically, specify the step of increasing the lot.
Let's look at some examples.
If your deposit is, for example, $3,000 and you want to trade an automatic lot with 0.02 for every $100.
You need to specify this in the Adviser settings:
Then the EA will count as follows: 3000/100*0.02 = 0.6 – this will be the lot that will open trades. The calculation will be made in accordance with the balance. If the balance is, for example, 3425, then it will be calculated as follows: 3425/100*0.02= 0.68. Thus, your lot will be dynamic after each closed transaction, and you will see it on the panel.
You can also calculate your net worth. This is convenient if there are current open trades and you do not want to risk the entire deposit, but are ready to trade only with free funds (equity).
Fine-tuning the risk:
Attention! When using these parameters, the number of transactions may decrease, and the results of your trading may differ compared to the default operation
Maximum number of open orders – the maximum number of simultaneously open orders for all currency pairs. The Expert Advisor will count all orders opened on the account. If the number of open orders is more than available, the EA will ignore all new signals.
The maximum loss in % of the balance (0 - not used) is the maximum drawdown per night. Specify in %.
If the maximum drawdown on closed trades during the night exceeds the specified percentage, waiting for the night will no longer lead to the opening of new trades that night. Attention: the EA takes into account the drawdown on all transactions, even on transactions of other advisors installed on the account.
For example: if your balance is $1,000 and you do not want to open transactions, if you have lost more than 12% of your balance overnight, then you need to specify 12% in the settings. Then, if the balance reaches $880 per night, waiting for the night will not open any more transactions that night. But it will be traded the next night if you do not remove the Expert Advisor from the chart.
The maximum drawdown of equity in % of the balance (0- not used) is the maximum current allowable drawdown for opening new orders.
If you want transactions not to be opened when a certain drawdown on open transactions is reached, specify this in %.
For example, your balance is $2,000 and you don't want new transactions to open if the drawdown on current transactions is more than 3%, then specify 3%. Then, if the equity capital is below 1940, no new deals will be opened. Attention: the EA takes into account the drawdown on all transactions, even on transactions of other advisors installed on the account.
Close all trades when the drawdown is reached (0- not used) – Close all trades opened by the Waiting Night Expert Advisor when the drawdown is reached in %.
If you do not want to allow a drawdown of, for example, more than 5% on your account, you can specify this in the settings. Then, when a drawdown of 5% is reached, all transactions will be closed, but this will not stop the adviser from opening new transactions.
For example, your Balance is $100 and you don't want to lose more than 5%. When the equity reaches $95, all trades will be closed at the current price.
Currency limits:
You can limit the number of transactions for each currency if you want to prevent correlated transactions.
In the standard settings, the EA always opens deals if there are signals to open. In cases where there is news, for example, on AUD, the adviser can open several transactions: on EURAUD and AUDUSD. But if you specify a limit for AUD = 1, then only one AUD transaction will open and other transactions with this currency will no longer open that night until the current transaction closes.
Trade Sunday:
You can limit the work of the adviser on the night from Sunday to Monday. Turn this on and the EA will not trade at night from Sunday to Monday.
Please do not hesitate to contact us with questions.
Sincerely, Marat Bayburin
