Welcome to OverSeer, your trusted Expert Advisor designed to transform how you trade indices. To help you get started, here’s a detailed guide on setting up the EA and understanding its input parameters.
Input Parameters Explained
OverSeer offers a wide range of input parameters grouped into categories for easy configuration. Each group focuses on a specific aspect of trading, ensuring flexibility and control over your trading strategy. Here are the parameter groups and their purpose:
- General Settings: Configure core operational settings like trading mode, and the instruments you want to trade.
- Trade Setup: Define how trades are entered, including approach type and confirmation settings.
- Position Management: Manage trades dynamically with features like trailing stops.
- Risk Management: Control risks by setting limits on trade size, daily wins, and losses.
- Instrument Broker Namings Settings: Map broker-specific instrument names to OverSeer for compatibility.
1 – General Settings
The General Settings group defines the foundational configuration of OverSeer, including trading modes, magic numbers, and instrument clusters.
Parameters:
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EA_MODE (Default: SINGLE)
- Description: Determines the trading mode.
- Options:
- SINGLE: Trades one instrument at a time.
- MULTI: Trades multiple instruments simultaneously.
- Recommendation: Use SINGLE if you are focusing on a specific index, or MULTI for a diversified approach.
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MAGIC (Default: 12235)
- Description: A unique identifier for trades placed by OverSeer. This prevents interference from other EAs or manual trades.
- Recommendation: Use a different number for each instance of OverSeer on the same account.
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CLUSTER (Default: CUSTOM)
- Description: Defines the cluster of instruments to trade.
- Options:
- DEFAULT: Uses preconfigured clusters.
- CUSTOM: Allows you to define your own basket of instruments (see CUSTOM_BASKET ).
- Recommendation: Select CUSTOM to specify instruments tailored to your strategy.
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CUSTOM_BASKET (Default: “CA60, E35, GER40, UK100, JPN225, FRA40, US30, EUSTX50, US500, AUS200”)
- Description: A comma-separated list of instrument symbols to trade.
- Usage: Enter instrument symbols as they appear on your broker’s platform.
- Example: “US500, NAS100, GER40, FRA40”
2 – Trade Setup
The Trade Setup group allows you to define OverSeer’s trading style, confirmation logic, and trade placement rules. Note that OverSeer only trades based on the Daily timeframe, regardless of the chart timeframe on which it is applied.
Parameters:
- Trading Approach Type (Default: Long Term Trading)
- Description: Selects the trading style for OverSeer.
- Options:
- Long Term Trading: Focuses on capturing larger market movements and holding positions for extended periods.
- Medium Term Trading: Balances between frequent trades and longer holding periods, making it ideal for swing trading.
- Short Term Trading: Targets quicker trades with smaller price movements, designed for more active strategies.
- Recommendation: Choose a trading approach that aligns with your goals. All trading decisions are based on the Daily timeframe for consistent results.
- Confirm Bottom for Trades (Default: true)
- Description: Enables the confirmation logic to identify and validate market bottoms before placing buy trades.
- Purpose: Helps filter out false signals and ensures OverSeer only places trades when conditions strongly favor upward movement.
- Recommendation: Keep this enabled to increase trade accuracy, especially in uncertain or volatile markets.
- Position Status Check (days) (Default: 5)
- Description: Specifies the number of days OverSeer waits before re-evaluating an open trade.
- Purpose: Allows trades ample time to develop while avoiding premature decisions.
- Recommendation: For OverSeer’s Daily timeframe-based strategy, use 5–7 days for balanced setups or adjust according to your preferred trade duration.
- Last Placed Space (Default: 2)
- Description: Determines the minimum spacing (in bars) between two consecutive trades.
- Purpose: Prevents OverSeer from placing trades too close to each other, reducing overtrading during clustered price movements.
- Recommendation: For daily charts, the default value of 2 works well. Adjust higher if needed to suit your market conditions.
How Position Management Works in OverSeer
OverSeer’s position management system evaluates trades in real-time using a machine learning model trained for specific instruments. The focus is on optimizing trade outcomes by dynamically adjusting TP and SL levels based on the current market conditions.
- Key Benefits:
- Maximizing Profits: Trailing stops are applied to profitable trades to capture additional gains.
- Minimizing Losses: Stop-loss levels are adjusted for losing trades to reduce exposure.
- Ensures that every trade is managed based on market-specific insights, rather than static rules.
3 – Position Management
The Position Management group enables OverSeer’s intelligent system to evaluate open positions dynamically. This feature is powered by an instrument-specific model that identifies optimal moments to manage trades, whether they are in profit or loss.
Parameters:
- Enable Trailing Model (Default: true)
- Description: Activates the instrument-specific model for managing open positions.
- Purpose: Ensures that open positions are evaluated at key moments, as determined by the model, to maximize profits or minimize losses.
- How It Works:
- The model identifies when it’s a good time to evaluate open positions for a specific instrument.
- If the position is in profit:
- The fixed take profit (TP) is removed.
- A dynamic trailing stop is applied to allow the position to run and capture additional gains while protecting profits.
- If the position is in loss:
- The stop-loss (SL) is moved closer to the entry price.
- This reduces the potential loss if the market hits the stop-loss level.
- Recommendation: Keep this enabled to leverage OverSeer’s data-driven approach to trade management, especially in volatile or unpredictable markets.
How Risk Management Works in OverSeer
OverSeer’s risk management system dynamically adapts based on your input parameters, ensuring that trades are sized appropriately, and account losses are controlled. By setting clear limits on daily wins and losses, the EA helps maintain long-term sustainability and discipline in trading.
4 – Risk Management
The Risk Management group allows you to define and control the level of risk OverSeer takes on each trade and manage daily win and loss limits to protect your account from excessive exposure.
Parameters:
- Risk Mode (Default: Percentage)
- Description: Determines how the trade size is calculated.
- Options:
- Percentage: Lot size is calculated as a percentage of your account balance.
- Fixed Lot: A specific lot size is used for every trade.
- Recommendation: Use Percentage for dynamic risk management that adapts to your account size or Fixed Lot if you prefer consistent trade sizes.
- Risk per Trade (%) or Fixed Lot (Default: 0.5)
- Description: Defines the amount of risk for each trade:
- When using Percentage: The percentage of account balance risked per trade.
- When using Fixed Lot: The lot size to be used for each trade.
- Recommendation: For percentage-based risk, a value between 0.5%–2% is generally safe. Adjust based on your risk tolerance.
- Risk Tolerance Threshold (Default: 0)
- Description: Specifies the maximum allowable deviation between the user-defined risk and the actual risk of a trade. This ensures that the EA can adjust to account-specific constraints (e.g., minimum lot size, lot steps, or instrument contract size) while respecting the user’s risk tolerance.
- Purpose:
- If the calculated lot size cannot precisely match the user-defined risk due to broker limitations (e.g., minimum lot size is too large), this parameter defines how much higher the actual risk can be compared to the defined risk.
- For example, if the user sets a risk of 0.5% and a threshold of 2, the EA is allowed to risk up to 2 times the defined risk (e.g., 1%) if necessary to meet broker constraints.
- How It Works:
- If the EA calculates a lot size such that the actual risk exceeds the user-defined risk but is still within the allowed threshold, the trade will be placed.
- If the actual risk exceeds the threshold, the trade will not be placed.
- Example:
- Account balance: $100.
- Risk: 0.5% → Desired risk: $0.50 per trade.
- Broker minimum lot size causes the actual risk to be $1.00 (double the desired risk).
- If the threshold is set to 2, the EA will allow the trade since the actual risk ($1.00) is within 2x the defined risk ($0.50).
- If the threshold is 1.5, the trade would not be placed since $1.00 exceeds 1.5x $0.50 ($0.75).
- Recommendation:
- Leave at 0 if you want the EA to avoid placing trades where the actual risk exceeds the defined risk.
- Set a threshold (e.g., 1.5 – 2 ) to allow some flexibility, especially when trading small account balances or instruments with larger contract sizes.
- Position Max Daily Win (%) (Default: 0.00)
- Description: Limits the profit that can be realized from open positions on a single trading day.
- Purpose: Locks in gains once this percentage of the account balance is reached, pausing trading for the rest of the day.
- Recommendation: Set this if you want to secure profits after reaching a specific daily target.
- Position Max Daily Loss (%) (Default: 0.00)
- Description: Limits the maximum loss allowable from open positions on a single trading day.
- Purpose: Prevents excessive losses by halting trading if this percentage of the account balance is lost in a day.
- Recommendation: Use this to define a strict daily loss limit, typically between 2%–5% of the account balance.
- Account Max Daily Wins (%) (Default: 0.00)
- Description: Sets the maximum profit that can be achieved across all trades for the account in a single day.
- Purpose: Stops trading for the day once this target is reached, ensuring gains are preserved.
- Recommendation: Use this to set a daily profit-taking goal for your overall account.
- Account Max Daily Loss (%) (Default: 0.00)
- Description: Defines the maximum loss allowed for the account in a single trading day.
- Purpose: Ensures that losses are capped at a predefined level, protecting the account balance from significant drawdowns.
- Recommendation: Set this to a value you’re comfortable with losing in a day, typically no more than 5%.
5 – Instrument Broker Namings Settings
This section ensures compatibility between OverSeer and your broker’s instrument names. Since different brokers may use variations of standard instrument symbols (e.g., “US500” vs. “US500.pro”), these settings allow you to map OverSeer’s instrument list to the names used by your broker.
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How It Works:
For each instrument, you can specify the exact name your broker uses. For example:- If your broker lists the S&P 500 as “US500.pro,” update the US500_S parameter to “US500.pro.”
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Why It’s Important:
Proper mapping ensures OverSeer can recognize and trade the correct instruments in your account. Without accurate names, the EA may not function as intended. -
Recommendation:
Verify your broker’s instrument names in the Market Watch panel and update the parameters in this section accordingly.