Guide to Using and Customizing Your Expert Advisor
How to Update the EA When an Update is Available
To ensure your EA operates with the latest features and fixes, keep it updated. You can find step-by-step instructions in the blog linked below:
How to Update the EA
How to Run the EA on a Chart
Running your EA correctly on the chart is essential for proper functionality. Full details and setup instructions can be found in the following blog:
How to Run the EA on a MT4 Chart
How to Run the EA on a MT5 Chart
How Can I Join the MQL5 Channel?
For updates, announcements, and additional resources, you can join the MQL5 channel. Here is the direct link:
[Join MQL5 Channel]
How Should I Send My Account Name for a Custom Version?
If you need a custom version of the EA, you can find your account name in the MetaTrader Navigator section. Refer to the image below (to be added) for detailed guidance.
What Risk and Deposit Should I Use?
The minimum deposit can vary depending on your broker, but I recommend using a risk level of 1% or 2% per trade for better safety and control over your account.
What’s the Best Setfile?
The default settings are often the most reliable starting point. However, you can optimize or adjust them to suit your broker’s specifications. If additional setfiles are available, they will be shared in the respective channels.
How Can I Ask for New Options and Inputs?
If you have suggestions or requests for additional options and inputs, feel free to reach out to me in the MQL5 private chat. Your feedback is always welcome and appreciated.
Inputs Details
The EA’s inputs allow you to customize its behavior according to your trading style. Detailed descriptions of each input are provided in the guide to ensure you can configure the EA effectively.
Trading Symbols and General Setup
- Specify Trading Symbols: Choose the symbols for the EA to trade on (e.g., XAUUSD). Ensure the symbols are available with your broker.
- Determine Main Magic Number: This unique identifier differentiates the EA’s trades from others, including manual trades.
- Comment: Add a custom comment to orders for better identification and trade tracking.
Lot Management and Risk Control
- Determine Lot Calculation Method: Choose how lot sizes are managed, such as based on balance or fixed sizes.
- Risk Percentage Per Trade: Set the percentage of your account balance to risk for each trade. A common setting is 1-3%.
- Fixed Lot Size: Specify a fixed lot size for trades if you prefer manual control over position sizes.
- Maximum Lot Size: Define the largest allowable lot size for trades. This helps cap exposure in volatile markets.
- Minimum Lot Size: Set the smallest allowable lot size, ensuring trades remain executable even with low balance or tight conditions.
Spread and Trading Schedule
- Maximum Spread Allowed for Opening Trades: Trades will only open if the spread is below this value, ensuring better execution and reduced slippage.
- Enable Monday Trading: Decide whether the EA trades on Mondays. This can be useful for avoiding volatile market openings.
- Enable Tuesday, Wednesday, Thursday, and Friday Trading: Toggle trading activity for each weekday to fit your strategy.
- Daily Lost Trades Count Restriction: Limits the number of losing trades allowed per day to control risk and avoid overtrading.
- Employ High Impact News Filter: If enabled, the EA avoids trading during high-impact news events to minimize risks.
Martingale Features
- Martingale Feature Active: Enable or disable the martingale strategy, which increases position sizes after losses to recover.
- Set Method for Martingale Distances: Choose how the distance between martingale orders is calculated, such as ATR-based or fixed pips.
- Set Method for Calculating TP: Specify the take-profit calculation for martingale orders, e.g., averaging or fixed levels.
- Set TP Percentage of Distance: Determines the take-profit as a percentage of the distance between martingale orders.
- Set Fixed Points Distance for Martingale: Defines a constant pip distance between martingale orders.
ATR-Based Martingale Settings
- ATR Period for Martingale: Sets the ATR calculation period, determining volatility-based distances for martingale orders.
- Multiplier of ATR for Martingale: Adjusts the ATR value used to calculate martingale distances, increasing or decreasing sensitivity to volatility.
Martingale Profit Control
- Max Percent of Initial Lot to Add: Caps the maximum additional lot size as a percentage of the initial lot for martingale trades.
- Set Profit Type for Martingale: Choose between profit types, such as fixed USD or percentage of balance.
- Total Profit (USD) for Martingale: Define the total profit target in USD for closing martingale trades.
- Total Profit (% of Balance) for Martingale: Set the total profit target as a percentage of account balance.