Hello visitor! If you're here it's surely because you want to know more about DooZER Input Parameters... well, we got you covered! Grab a drink and sit back, because this is going to be a long post, but after you've read through it you won't probably have too many questions about parameters at all. Anyway, in case you do, because some other users may have the same question as you do, please make sure to ask in the “Comments” tab of DooZER, so that everybody can benefit from the answer. No answers will be provided by private message. Thank you and... happy reading!
EA SETTINGS
Magic number: Default value "20120222". Unique identificator of the EA. This ID should be different from any other ID used by any other Expert Advisor that you're already using in the same Metatrader 4 terminal.
Comment prefix: Default value "doozer". User prefix for each the trade. It's placed along some internal comment that DooZER places to identify the basket ID and that cannot be removed.
Initial lot size: Default value "0.01". Initial volume of every new basket. We strongly recommend you keep this at the minimum volume for the basket opening, which should be a minilot in the majority of brokers.
Risk level: Default value "NORMAL". This is one of the most important parameter. DooZER has two strategies to choose from: NORMAL and AGGRESIVE. Let's look at them in more detail:
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NORMAL: The timeframe should be M30 for this strategy. DooZER will anyway let you trade in any timeframe, but you'll get an alert if you use any timeframe other than M30 since the parameters are optimized for this very timeframe, and any other could not perform in the intended way. In our backtests and forward tests this strategy is giving a very decent return per risk, and is definitely calmer than the other strategy you can choose from. It can be used in two charts (the recommendation is EURUSD and EURCHF). The keyword here is patience. Keep in mind that DooZER will react to the price after every new candle, and that's every 30 minutes. This may seem too slow, but it's the precise reason why it's a calmer and safer strategy, because it doesn't trade as much as the other one. For the lovers of numbers, in our backtests and forward tests this strategy on the EURUSD,M30 chart has been trading around 6-7 times a day. That's 120-140 trades per month. Remember, however, that these are the results of our backtests and forwardtests, and must not be understood as a promise or guarantee. Past performance is not indicative of future results.
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AGGRESSIVE: The timeframe should be M1. As with the previous strategy, DooZER will let you trade in any timeframe, but you'll get an alert if you use any timeframe other than M1 since the parameters are optimized for this very timeframe, and any other could not perform in the intended way. The currency pairs recommended for this strategy are either EURUSD or EURCHF. We recommend only 1 chart if you decide to choose this risk level since this strategy trades a lot more. It has more potential, but it's also riskier since we're dealing with the M1 time period. It's up to you, but keep in mind that there's no strategy out there that will let you increase the profit without increasing the risk as well. During our tests we saw around 19-20 trades per day. That in one month of trading would mean around 380-400 trades. Once more, let us remind you that these are the results of our backtests and forwardtests, and must no be understood as a promise or guarantee. Past performance is not indicative of future results.
Maximum spread (pips): Default value "1.0". Maximum tolerance for the spread, meaning that if the current spread is above this value, the trade won't be placed, and instead DooZER will wait until the spread is within the threshold. For that reason we do recommend a broker with tight spread, especially for either EURUSD or EURCHF or both. The default value 1 pip (or 10 points) was set having in mind the EURUSD pair, when typically a good ECN broker with tight spreads would have for that pair a spread averaging around 0.2 pips (or 2 points). Adjust accordingly.
Maximum slippage (pips): Default value "0.5". Similar to the spread, but for the slippage when your broker is placing the trade, meaning that if the slippage goes above the tolerance (by default 0.5 pips or 5 points) the trade won't be placed and DooZER will instead try its luck again a few more times and in the next tick. A true ECN broker would ignore this parameter, but it can be relevant for other brokers. Adjust accordingly.
NEWS SETTINGS
Use news filter: Default value "true". Select from the dropdown-list either "true" (uses the news filter) or "false" (does NOT use the news filter). If active, DooZER will stop trading when there are news events. We highly recommend that you turn on this filter ("true" value), so that it helps minimize the risk involved to trading news. The news filter is powered by FXStreet Economic Calendar. In order for the news filter to work, make sure that the box next to "Allow WebRequest for listed URL" is checked in the "Expert Advisor" tab in Metatrader 4 options, then add the WebRequest URL "http://calendar.fxstreet.com/" to the list, as shown below:
Minimum news impact: Default value "HIGH". Minimum impact that the news filter will gather news from. Select from the dropdown-list either "HIGH", "MEDIUM" or "ANY". There are no two same Economic Calendars our there. We chose the one from FXStreet because in our opinion is the best out there, but there might be a news that is considered with a different impact than on some other calendar from another website. Likewise, there might be some news not even considered relevant, and therefore they're not on FXStreet calendar, but they might be on another website's calendar. In those particular cases, please refer to the "Additional AutoPause time (server time)" parameter if you want to schedule a pause, so that DooZER won't trade. The three available options in the "Use news filter" dropdown-list are:
- HIGH: Selects only news marked with impact "High" on FXStreet Economic calendar.
- MEDIUM:Selects news marked with impact "Medium" or "High" on FXStreet Economic calendar.
- ANY: Selects all news on on FXStreet Economic calendar, regardless of their impact.
Additional news currency: Default value "DO_NOT_USE". By default the news filter only gathers news relevant to the symbol you're trading. In other words, if you're trading the EURUSD pair, the news filter will grab news related to either USD or EUR. Likewise if you're trading the EURCHF, the news filter will collect news from EUR or CHF. This parameter lets you pick all news relevat to a currency other than the ones you're trading. For example, if you're trading the EURCHF and are also concerned about the USD news affecting your trading, select "USD" from the dropdown-list and the news filter will now gather news for EUR, CHF and USD. You can select from in the dropdown-list all major currencies: AUD (Australian Dollar), CAD (Canadian Dollar), CHF (Swiss Franc), EUR (Euro), GBP (Pound Sterling), JPY (Japanese Yen), NZD (New Zealand Dollar) or USD (US Dollar).
Minutes AutoPause before news: Default value "60". Minutes that DooZER will consider dangerous to trade in, and therefore it will not. With the default value (60 minutes), one hour before the news DooZER will stop placing new trades until at least 60 minutes after the news by default (or the number of minutes you decide to enter in the "Minutes AutoPause after news" parameter, see next). During this time before and after news DooZER will monitor if the basket has reached the desired profit, and in that case, it will close the basket, but it will not place any new trades in order to reach the profit. This is a concious decision we made during the design phase because in case the price jumps in a direction against our trades, the last thing you want is having more trades open. So, just so that it's clear, DooZER will not trade at all during news (before and after according to "Minutes AutoPause before news" and "Minutes AutoPause after news" parameters), but it will monitor if the basket profit is reached in order to close the basket.
Minutes AutoPause after news: Default value "60". This parameter is a complement to the previous one, but for the minutes after the news. Not only the market can be a bit chaotic before the news, but usually it is even more so after them. Nobody can tell exactly how long a past news can affect the market, but 60 minutes seems reasonable as an average default value. As explained for the above parameter, DooZER will not trade during this number of minutes after the news. Change accordingly if you prefer another number of minutes after the news have happened.
Use AutoBrE/AutoClose on news: Default value "true". Select from the dropdown-list either "true" (uses the AutoBrE/AutoClose feature) or "false" (does NOT use the AutoBrE/AutoClose feature). Our beloved AutoBreakEven and AutoClose features. The idea, in a nutshell, is to get rid of any open basket before we hit the news. With that in mind, the first one to come into play is the AutoBreakEven feature, which takes into account the minutes before a news occurs. Let's take as an example the default value of "Minutes AutoPause before news", that is 60 minutes. In this example, one hour before the news DooZER will start looking at breaking even the current open basket as tight as possible, unless the desired basket profit is hit. So, in case the floating P/L is positive, DooZER will place what we like to call a Stop-Loss Break Even (no real stop-loss is placed, though), which means that the basket will close if the positive floating P/L falls back to zero. If, on the other hand, the floating P/L is negative, DooZER will place a so-called Take-Profit Break Even (no real take-profit is placed either), which means that the basket will close if the negative floating P/L rises to zero. Since no real stop-loss or take-profit are placed by a design decision, DooZER will try to break even as fast and as tight as possible, but keep in mind that in the event that the price is moving very fast the realized profit might not be exactly zero but a few cents above or below. All this starts to happen 60 minutes before the news by default (or the number of minutes you decide to enter in this parameter). If despite all this, if 5 minutes before the news the basket is still open, then the AutoClose feature kicks in, and the basket will be inmediately closed if the current floating P/L is equal or above the amount you've entered in the "AutoClose on news trigger P/L" (see next parameter). If the floating P/L is lower than the amount in that parameter (in other words, if the floating P/L is "more negative") then the basket will not be closed before the news.
AutoClose on news trigger P/L: Default value "-1.01". If "Use AutoBrE/AutoClose on news" is active (value is "true") and 5 minutes before the news the current basket is still open, DooZER will close it if the floating P/L is equal or higher than the value of this parameter. The default is "-1.01" in your account currency, so for example, if you have a trading account in USD, DooZER will close the basket if the floating P/L is, say, $-1.01, $-0.35 or $+3.20. If the unrealized P/L is lower than the value in this parameter, for example $-2.55, DooZER will not close the basket before the news. Change according to your preference.
SAFETY SETTINGS
Use AutoPause on Non-Farm Payroll day: Default value "true". Select from the dropdown-list either "true" (DooZER will NOT trade on NFP day) or "false" (DooZER will trade normally on NFP day). Decide whether DooZER will trade or not on NFP day, that is the first Friday of each month. The NFP day is usually a very chaotic day. The market is a bit crazy, prices jump all over the chart during the news, and there are very steep trends right after the news that can last for hours or in some cases days. We've decided that by default DooZER should not trade on this day at all, and leave everything for the next Monday (or next trading day), and that is our recommendation.
Friday AutoPause time (server time): Default value "_1500". Select from the dropdown-list either "DO_NOT_USE" (DooZER will not pause trading on Friday, unless this is in conflict with the previous parameter") or the time after which DooZER will wait to pause. The time format is military, so for example "_0400" is 4:00 AM and "_1500" is 15:00 or 3:00 PM. Please note that all times are server time or, in other words, your broker time. It's the time you can see at the bottom left corner of the Market Watch of your Metatrader 4 (see below). If this feature is active and the time is reached on Friday, DooZER will not open any new basket after it has closed the current one. DooZER will still open new trades if needed in order to achieve the desired profit, but once done, DooZER will pause for the weekend until market open.
Use AutoClose before weekend: Default value "true". Select from the dropdown-list either "true" (uses the AutoClose feature) or "false" (does NOT use the AutoClose feature). Similar to what the AutoClose feature does before news, and explained in the "Use AutoBrE/AutoClose on news" parameter. If despite all efforts to close the current basket in profit, if 1 hour before market close, that is at 20:00 GMT the basket is still open, then the AutoClose feature kicks in, and the basket will be inmediately closed if the current floating P/L is equal or above the amount you've entered in the "AutoClose before weekend trigger P/L" (see next parameter). If the floating P/L is lower than the amount in that parameter (in other words, if the floating P/L is "more negative") then the basket will not be closed before the weekend.
AutoClose before weekend trigger P/L: Default value "-5.01". If "Use AutoClose before weekend" is active (value is "true") and 1 hour before market close, that is at 20:00 GMT the current basket is still open, DooZER will close it if the floating P/L is equal or higher than the value of this parameter. The default is "-5.01" in your account currency, so for example, if you have a trading account in USD, DooZER will close the basket if the floating P/L is, say, $-4.66, $-2.09 or $+1.58. If the unrealized P/L is lower than the value in this parameter, for example $-16.20, DooZER will not close the basket before the weekend. Change according to your preference.
Additional AutoPause time (server time): Default value "DO_NOT_PAUSE". Select from the dropdown-list either "DO_NOT_USE" (DooZER will not do schedule any additional pause) or the time after which DooZER will wait to pause. The time format is military, so for example "_0400" is 4:00 AM and "_1500" is 15:00 or 3:00 PM. Please note that all times are server time or, in other words, your broker time. It's the time you can see at the bottom left corner of the Market Watch of your Metatrader 4 (see screenshot in the "Friday AutoPause time (server time)" parameter). This feature was designed to make DooZER pause on command in case there's a news that FXStreet Economic Calendar hasn't considered or in case you want DooZER to pause at a given time for whatever reason. With that in mind, we had the feature take into account the "before" and "after" number of minutes set in the "Minutes AutoPause before news" and "Minutes AutoPause after news" parameters. It's important to understand that a pause scheduled with this feature is treated as if it was an extraordinary news, and that's the reason why DooZER will not trade at all during the pause (before and after according to "Minutes AutoPause before news" and "Minutes AutoPause after news" parameters), but it will monitor if the basket profit is reached in order to close the basket. If the time set is before the current server/broker time the pause will happen in the next trading day. All scheduled pauses are treated as one-off extraordinary events, meaning that once they happen, DooZER will not pause again the next day at the same time. See below some examples of how scheduled pauses work:
- Example 1: the current server/broker time is 15:30, "Minutes AutoPause before news" is 60 and "Minutes AutoPause before news" is 60. The parameter "Additional AutoPause time (server time)" is set to "_1800". DooZER will stop placing trades from 17:00 (18:00 minus 60 minutes before) through 19:00 (18:00 plus 60 minutes after). However, DooZER will close a basket reaching the basket profit during the pause.
- Example 2: the current server/broker time is 15:30, "Minutes AutoPause before news" is 60 and "Minutes AutoPause before news" is 60. The parameter "Additional AutoPause time (server time)" is set to "_1600". DooZER will stop placing trades inmediately, since it should have started from 15:00 (16:00 minus 60 minutes before) and it won't place any trades until at least 17:00 (16:00 plus 60 minutes after). However, DooZER will close a basket reaching the basket profit during the pause.
- Example 3: the current server/broker time is 15:30, "Minutes AutoPause before news" is 60 and "Minutes AutoPause before news" is 60. The parameter "Additional AutoPause time (server time)" is set to "_1400". DooZER will stop placing trades from 13:00 (14:00 minus 60 minutes before) of the next trading day through 15:00 (14:00 plus 60 minutes after). However, DooZER will close a basket reaching the basket profit during the pause.
UI SETTINGS
Button background (pressed): Default value "Tomato". Color of the UI buttons when they're active.
News event object: Default value "Tomato". Color of the chevron-shaped event objects at the bottom of the chart, containing news events.
Status and news message: Default value "Gold". Color of the status/information messages as well as news information below the status messages.
Positive profit text: Default value "LimeGreen". Color of the floating P/L info panel at the top of the chart when P/L is positive. Also color of the text label above/below a candle when a basket is closed at profit.
Negative profit text: Default value "Tomato". Color of the floating P/L info panel at the top of the chart when P/L is negative. Also color of the text label above/below a candle when a basket is closed at loss.
