AlienTrader Pro: User Guide
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Free Demo & Installation Guide
Welcome!
Welcome to the AlienTrader Pro User Guide—your ultimate resource for mastering this powerful trading tool for MetaTrader! Whether you’re a beginner or an experienced trader, this guide is designed to walk you through each feature step-by-step, empowering you to trade with confidence, precision, and efficiency.
Quick Start: Begin Trading in Minutes
- Install the Tool: Add AlienTrader Pro to your MetaTrader platform.
- Load Your Chart: Drag AlienTrader Pro onto the chart you wish to trade on.
- Configure Your Settings: Adjust inputs in the Inputs tab to match your strategy.
- Master the Hotkeys: Practice using the hotkeys on a demo account for smooth, efficient trading.
- Start Trading: Once confident, transition to live trading with precision and confidence.
Have Questions? We’re Here to Help!
As you explore AlienTrader Pro, you may have questions—especially if you’re new to trading or this tool. Don’t worry!
- Reach out to us: Visit our profile on MQL5 and send a private message.
- Stay connected: Your feedback and questions help us improve AlienTrader Pro, so don’t hesitate to reach out.
Pro Tip: Bookmark this guide—it’s your go-to resource for unlocking AlienTrader Pro’s full potential and taking your trading to the next level.
Table of Contents:
Part 1 (this blog post):
Part 2 (another blog post):
1. Installation & Setup
AlienTrader Pro simplifies your setup process with step-by-step instructions.
1.1 Requirements & Compatibility
Ensure your system meets the following requirements to use AlienTrader Pro effectively:
- Platform: MetaTrader 4 or MetaTrader 5
- Assets Supported: Forex, crypto, stocks, indices, commodities, bonds, and futures
- Broker Compatibility: Any MT4/MT5 broker
- Operating Systems: Windows, macOS, Linux
MetaTrader Installation Guides:
1.2 Installing AlienTrader Pro
Comprehensive installation guides are available to help you set up either the full version or the demo version of AlienTrader Pro.
Follow the link for your MetaTrader version to get started:
1.3 Demo Version
This Demo version of AlienTrader Pro offers full functionality, but is limited to demo accounts and the EURUSD pair for 7 days.
Important Note:
The demo version available on the product page is restricted by MQL5 to work only in the Strategy Tester. For a more hands-on experience, we recommend downloading the demo version provided in this blog post. Unlike the product page version, this demo works outside the Strategy Tester on demo accounts, allowing you to test the tool in real-time conditions.
2. Navigating the AlienTrader Pro Interface
AlienTrader Pro features an intuitive and organized interface designed for functionality and clarity. Once running on your chart, you’ll notice the following key elements:
2.1 Interface Overview
Key Interface Components:
-
1) Top-Left Information:
- Current Time: Displays the current local time.
- Candle Closes: Countdown until the current candle closes.
- Current Spread: Indicates the spread in points (with the filtered threshold).
- Partial Close %: Displays the percentage set for partial take-profit levels.
-
2) Trading Panel:
- Movable Panel: Drag to reposition or minimize for convenience.
- Buy/Sell Buttons: Open market positions with a single click.
- Close All Buttons: Instantly close all buy or sell positions on the chart.
- Position Counter: Indicates the current position (e.g., “1/2”).
- Arrow Buttons: Cycle through open trades.
- 3) Spread Filter Message:
Alerts you if the spread exceeds your allowed threshold, preventing unfavorable entries. (The spread is the difference between the Bid and Ask price, representing the cost of entering a trade—the wider the spread, the higher the cost.) - 4) Lock Icon:
Indicates that the keyboard is locked, disabling hotkeys to prevent accidental actions. - 5) Logo:
Clicking the AlienTrader Pro logo opens the hotkeys manual for quick reference.
Additional Features When a Position is Open:
(Users can later customize which metrics to display through the settings; details provided in Section 4.8.)
2.2 Visual Themes & Resolution Settings
AlienTrader Pro allows you to customize the visual interface to suit your environment and preferences, ensuring an optimal trading experience.
Themes:
- Dark Mode: Ideal for low-light environments, reducing eye strain.
- Light Mode: Crisp and clear, perfect for bright conditions.
Resolution Adjustments:
- High Resolution (~4K): Enlarges the panel for ultra-high-definition displays (e.g., 3840×2160).
- Medium Resolution (~2560×1600): Adjusts the panel size for standard desktop monitors.
- Low Resolution (~1920×1080): Scales the panel for smaller screens, such as laptops.
Pro Tip:
- If the panel appears too small, try selecting a lower resolution setting.
- If the panel appears too large, try selecting a higher resolution setting.
2.3 Chart Synchronization Features
Enhance your trading efficiency with seamless synchronization across multiple charts:
Multi-Chart Synchronization
- Trades: Open positions, modifications, and closures are reflected across all linked charts of the same symbol.
- Lines and Alerts: Drawing alerts, vertical lines, or partial Take-Profit lines appear on all synchronized charts.
- Take-Profit and Stop-Loss Adjustments: Modifications apply across all synchronized charts.
Crosshair Synchronization
- Hotkey C: Activates a synchronized crosshair, aligning price and time levels across all charts of the same symbol.
- Example: Hovering over a candle on a 1-hour chart highlights the corresponding candle on a 15-minute chart.
Symbol Synchronization
The Symbol Sync feature ensures that changes to the trading symbol on one chart automatically update all other charts running AlienTrader Pro with the same symbol.
How it works:
- If you have multiple charts open and “Synchronize symbol changes across charts?” is set to true, any change you make on one chart will also update other charts running AlienTrader Pro for the same symbol.
- Example: If you have 5 charts open and 3 of them are for EURUSD with AlienTrader Pro running, changing the symbol on one of these 3 charts will automatically update the other two EURUSD charts.
- Charts with different symbols or those not running AlienTrader Pro will not be affected.
How to change the symbol:
- Press the spacebar on the chart and enter the new symbol’s name in the dialog box.
- Alternatively, open a new chart by right-clicking a symbol in the Market Watch window and selecting Chart Window.
Important: Ensure the input “Synchronize symbol changes across charts?” is set to true for this feature to work.
3. Hotkeys Overview
AlienTrader Pro’s hotkeys are designed with simplicity and logic in mind. Hotkeys are keyboard shortcuts that let you quickly perform specific actions without navigating menus or clicking buttons. This makes trading faster and more intuitive.
Each hotkey in AlienTrader Pro corresponds to a specific action, often chosen to match its mnemonic association (e.g., U for “Up” to open a Buy position). Here’s how you can streamline your trading experience by harnessing the power of intuitive hotkeys.
3.1 Executing Market Orders
| Hotkey | Function | Description |
|---|---|---|
| U | Open Buy Position | Opens a Buy position at the current market price. (U for Up, reflecting price increase). |
| D | Open Sell Position | Opens a Sell position at the current market price. (D for Down, reflecting price decrease). |
The tool will automatically calculate the Stop-Loss (SL) and Take-Profit (TP) distances based on the selected SL and TP methods in the Inputs tab. This ensures that when you press the hotkey, the position is opened with SL and TP values tailored to your preferences, simplifying trade execution.
Note: If spread inclusion for Stop-Loss (SL) or Take-Profit (TP) is enabled, the SL/TP price will be adjusted accordingly when opening the position.
3.2 Placing Pending Orders
| Hotkey | Function | Description |
|---|---|---|
| S | Place Sell Pending Order | Places a SellStop or SellLimit at the cursor’s price. (S for Sell). |
| B | Place Buy Pending Order | Places a BuyStop or BuyLimit at the cursor’s price. (B for Buy). |
The tool will automatically calculate the Stop-Loss (SL) and Take-Profit (TP) distances based on your selected methods in the Inputs tab when placing the pending order. This ensures the pending order includes SL and TP values that align with your trading preferences, making it easier to manage risk and potential profits.
Important Notes:
By using Point distance as a fallback, the tool ensures your pending orders are equipped with a reliable Stop-Loss distance, maintaining consistent risk control.
3.3 Managing Positions
| Hotkey | Function | Description |
|---|---|---|
| M | Move Stop-Loss | Moves the Stop-Loss to the cursor price (M for Move SL). |
| T | Move Take-Profit | Moves the Take-Profit to the cursor price (T for Take-Profit). |
| P | Partial Take-Profit | Sets a partial Take-Profit line at the cursor price (P for Partial). |
| E | Break-Even | Moves Stop-Loss to the Break-Even price (E for Even). |
| R | Reverse Position | Closes the selected position and opens one in the opposite direction (R for Reverse). |
| X | Close All Positions | Closes all open positions on the current chart instantly (X for Exit). |
3.4 Position Selection
| Hotkey | Function | Description |
|---|---|---|
| → | Select Next Position | Selects the next open position (Right arrow for Next). |
| ← | Select Previous Position | Selects the previous open position (Left arrow for Previous). |
| H | Hide/Unhide Position | Hides or unhides the currently selected position on the chart (H for Hide). |
3.5 Chart Navigation
| Hotkey | Function | Description |
|---|---|---|
| I | Zoom In | Zooms in on the chart (I for In). |
| O | Zoom Out | Zooms out on the chart (O for Out). |
| ↑ | Next Higher Timeframe | Switches to the next higher timeframe (Up arrow for Higher). |
| ↓ | Next Lower Timeframe | Switches to the next lower timeframe (Down arrow for Lower). |
| Shift | Next Chart | Switches to the next chart running AlienTrader Pro. |
3.6 Lines
| Hotkey | Function | Description |
|---|---|---|
| A | Add Alert Line | Adds an alert line at the cursor price (A for Alert). |
| V | Add Vertical Line | Places a vertical line at the cursor time (V for Vertical). |
| C | Activate Crosshair | Activates synchronized crosshair for multi-chart alignment (C for Crosshair). |
3.7 Spread Consideration for SL/TP Adjustments
Stop-Loss Adjustments (for Buy and Sell Positions):
- Moving the SL to the cursor price using the M hotkey adjusts the SL to include the spread.
- Result: The SL line may not align exactly with the cursor position.
Take-Profit Adjustments (for Sell Positions Only):
- Moving the TP to the cursor price using the T hotkey adjusts the TP to trigger at the bid price, accounting for the spread.
- Result: The TP line may not match the cursor’s price precisely.
Important Note:
- If you attempt to move the SL/TP to a specific price level using the M or T hotkey and notice the line isn’t placed at the cursor price, this is not a bug.
- This behavior occurs because the spread inclusion setting is enabled in the inputs, and the lines are placed accordingly to reflect real market conditions.
- To align the SL or TP lines exactly with the cursor price, disable the Add Spread to SL/TP option in the tool’s settings.
These adjustments enhance precision under real trading conditions. Understanding their effect is essential when reviewing the tool’s behavior.
Quick Reference for Hotkeys:
If you ever need to review the hotkey functions while trading, simply click on the tool’s logo at the bottom-left corner of your chart. This will open the hotkey manual directly on your chart, providing quick and easy access without leaving the platform.
End of Part 1 – Continue to Part 2
You’ve now completed the first part of the AlienTrader Pro User Guide, covering installation, interface navigation, and hotkeys.
In Part 2, we will dive into detailed settings, risk management features, and advanced trade management tools to maximize your trading efficiency.
Take your time exploring these features—AlienTrader Pro is designed to make manual trading easier and more precise!