Abra Kadabra { Full Guide }

Abra Kadabra { Full Guide }

1 June 2018, 16:51
Mohamed Mohamed
0
2 731

Thanks For Being interested in ABRA KADABRA !!

This is Guide is valid for both MT4 and MT5 versions of the EA except the fact that MT5 version doesn't have A News Filter until now 

Note 1 Very Important : Only in the first week of any new account attached , The EA may enter in Hyperactivity episode , it means that the trades will be less accurate so it can give you more trades ,Now In the latest versions this was fixed , To avoid it simply select every pair from all pairs installed, then press on every timeframe from 5M to Daily ( eg : 5M ,, 15M ,, 30M etc..) then keep the chart after that on Daily TF for all pairs 

Note 2Sometimes when you change the Account , you should restart the terminal as the EA breaks down on itself

Note 3 : For the Recommended settings Please read this article

Note 4 : Before attach the EA , Disable AutoTrading Button above in the terminal , then attach EA to all 29 pairs then gives it couple of minutes to install then enable AutoTrading again
If you don't , you may got random trades while installing

Note 6 : Don't test EURUSD Or GBPUSD in Strategy Tester of Live account , it works well with Strategy tester for Demo Accounts or In Live Trading in Live account or Demo Accounts , but the results of both in Strategy tester of Live account is random and it has been done only for verification purposes of work for Moderation , In anyway you should know that EURUSD & GBPUSD are not  important pairs for us , it may give you only one trade per year

Note 7 : 
Ideally you should start EA with opening of London session on Monday and Close it with closing London Session on Friday but you can run it normally 24 hours for all other days of the week just make this precaution Early on Monday and Late on Friday.. as at that time the volume is very small and the moves are unexpected

N
ote 8 : For installation steps, Please read this article from HERE of reading the guide

Note 9 : For Recommended Spreads, Accounts and Brokers, Please refer to this Article from Here




I will talk about the features of the EA then I will teach you how to use every one effectively :)

1) The Strategy :

  • The EA uses multi-level complex Algorithm and multiple Time-Frames analysis to determine when a specific Trend will be exhausted and rebound . When the Price reverse we will scalp easy few pips before the trend continues on its way
  • To make the EA very safe , We add a very strict system to filter the required trades so some pairs will give you may be only one trade per month or even 5-6 trades per year !
  • To Maximize our profit and due to our ultra-accuracy system we will trade 29 Pairs Simultaneously so every day the EA will look at all pairs within all time-frames then give you only 1 or 2 pairs per day which will represent the best of the best 
  • The 29 Pairs are coded in the EA and every one will have a unique strategy to be approached , Also No need to choose the pair in Settings , Once you attached the EA to a valid pair , the EA will recognize the pair and approache it according to its internal Artificial intelligence , and of you attached it to invalid pair , The EA will notify you that " This isn't an Available Pair "
  • The list of those 29 Pairs can be found Here
2) Parameters & its Detailed Explanation
  • Magic Number : All Pairs can have the same magic number but reserve the following 5 number for Martingale trades
    ------
  • TakeProfit
    • Its tested value and the preferred in is 10 Pips
    • It doesn't matter whether your Broker is 4 digits or 5 digits , The EA will understand that and adjust everything for you so just enter the value always in Pips
  • StopLoss
    • Its tested value and preferred one is 250 pips
    • Don't worry from how big the difference between TP and SL for several points :
      1) It's very unlikely that we hit SL , you may end hit it only once or twice in a year or even never
      2) we need that big SL for the strategy as we anaylse all timeframes so if the price didn't rebound on the small one , it will on the big ones , and as we will hunt major trends , we need a big area to move and ranging 
  • Enable Virtual Stops
    • This will make your TP & SL virtual , not TP or SL will be recorded with ur broker or at the order so you can avoid any misplay from ur broker's side , TP and SL will be only lines at the chart and will be activated when the price reach them
    • EA should be opened at the time hit ur virtual stops to be activated, if it was closed , your stops won't be triggered 
  • Add Emergency Stops 
    • This option will add another real ( hard ) stops on ur order in case ur terminal was closed by mistake and ur virtual stops haven't been triggered , so it's a very important safety option
    • This option in Pips , so if you write 10 then your hard stops will be 10 pips more than your virtual stops 
    • make it 0 as the default will disable this option
  • Max Trades
    • You can choose how many trades can be running on the same time on the whole account , eg: If you enter 5 then no more than 5 trades will be running on the same time on the whole account not just for that pair

Lots Calculations

  • Lots Mode
    • Fixed : this will give you fixed lot , and you will going to define it after that
    • Risk % of Balance : in this option you will risk a custom percentage of your capital in every trade ( you will lose this percentage if your trade hit SL )

The lot size is calculated upon 3 things : Deposit, Stop Loss and Risk% The simple explanation for it is : You will lose the Risk Percentage from your deposit each time your trade will hit Stop loss 
To give an example for our default trades, our default SL is 250 , default risk% is 25 
So for 1000 USD Deposit , the auto calculation will give us 0.1 lot size ,, Why ? 
As if 0.1 lot size hit our stop loss which is 250 pip that will equal 250 USD which is 25% from our deposit 
So we lose Risk Percentage ( 25 % ) from our deposit ( 1000 USD ) each time our trade hit SL ( 250 pip )

    • Freeze % of Balance : this option will give you a lot size that will lower ur free Margin by that specific Percentage . For Example : If you entered 30% and ur Capital is 1000 $ , your free Margin will be lowered by 300 $

  • Volume Upper Limit : This will define the Maximum Lot you can get by Auto Calculation

Trailing Settings 

  • Trailing Activation : This define after how many pips in profit you want the upcoming " Trailing Level " to be activated
  • Trailing Step : How frequency you want the Trailing level to be modified 
  • Trailing Level : How far in pips you want the trailing level to be from the Current Price

Example : Trailing Activation > 10 pips ,,, Step > 1 pip ,,, Level > 4 Pips
That means if we open a buy order at 1.20100 , The trailing settings will be activated when we achieved 10 pips in profit at 1.20200 to make the Trailing level at distance of 4 pips from the Current price which means it will move SL to 1.20160 , and if the price keeps going higher , the SL will be updated every 1 pip ( Trailing Step ) to maintain that 4 pip distance , but it will never go back , just forward 


BreakEven Settings

  • BreakEven Activation : This define after how many pips in profit you want the upcoming " BreakEven Level " to be activated
  • Breakeven Level : How far in pips you want the breakeven level to be from the Open Price

Example : Brekeven Activation > 20 pips ,,,, Level > 5 pips
That means if we opened a buy order at 1.20100 , The Brekeven settings will be activated when we achieved 20 pips in profit ar 1.20300 to make the brekeven level at distance of 5 pips from the Open Price which means it will move SL to 1.20150 , and if the price keeps going higher , SL WON'T be changed and it will stay at that level


Martingale Settings

  • Max Number of Trades : This define how many martingale trades you want , but note that maximum number allowed is 4

  • Multiplier : This number will be multiplied in last trade lot size to give martingale lot size , Whether you use fixed lot size or Automated lot size , the last lot size of current trade will be taken so If you enter 2 and your initial trade lot is 0.1 , then 4 Martingale trades will have the following lot sizes : 0.2 , 0.4 , 0.8 , 1.6

  • MartingaleStep : After how many pips the EA should open Martingale trade instantly or start looking for a signal to open one

  • Upon Signal : if you make this true then opening of Martingale trades will be upon signal as initial trade ( after the previous Martingale Steps hit, EA will start to look for another signal to ente)
    If you make it false then EA will open another trade instantly after Martingale Step

  • Accumulative Stops : TP and SL will be the sum of all Martingale trades plus the original one
  • Accumulative TP : This number is in Currency, If you make it 10 for example this mean the EA will wait until the sum profit of all running trade ( Initial trade and MArtingale ones ) will equal 10 Dollars ( not pips ) and then it will close all of them immediately, This mode is the prefered one for me by far ( Don't ever make it zero as it will make the trades to be closed immedately )
  • Accumulative SL : As above but for loss
    Note : The Accumulative Stops will override all TP of all trades even the initial one so make numbers be in harmony please , also If you want to disable this option please make the lable " Accumulative Stops " false but never make these option equal zero

  • Separated TP : Each Martingale trades will have its separated TP in pips so it's the opposite for the previous option ( To Disable these option you just have to make it Zero like default )
  • Separated SL : As above

  • Comment1 : Comment for 1st Martingale trade

Correlated Pairs

That's a unique option in Abra Kadabra , You can limit the number of buy orders or sell on specific currency across the whole pairs 
For example : If you enter in "Max_USD" parameter just 2 then you can only buy USD just 2 times and sell USD just 2 times at the same time across all 29 pairs so we can put a buy order for USDCAD and then another buy order on USDJPY ( We bought USD 2 times ) then EA won't be able to make another buy position on USDSGD for example or sell position on 
EURUSD ( sell on EURUSD means we buy USD ) and the same will go for sell positions and there are parameters for all Pairs

  • MAX_USD : how many times we can buy or sell USD at the same time
  • There are parameters for all other currencies
  • USD Base Pairs : Here are all the pairs which have USD as a base ( USD is the first half of the pair ) as USDCAD ,, you have to edit those pairs to be exactly as your broker ,, eg: if your broker have USDCAD typed as USDCAD.e then you have to edit the pair with that suffix 
  • USD Quote Pairs : Here are all the pairs which have USD as a quote ( USD is the second half of the pair ) as EURUSD
  • There are paramters for all pairs



News Settings

  • To use the News Filter you have to add an URL to your Terminal Settings so EA can access those websites to retrieve the news 
  • This URL is : http://ec.forexprostools.com/
  • To add them follow the steps : 
    1) From Tools menu from your Terminal , Please select Options
    2) Choose " Expert Advisors " Tab
    3) Tick " Allow WebRequest for the listed URLs"
    4) Add below both Abovementioned urls sperately , each on a separate row 


  • News Source : Choose whether you want the News to be retrieved from Investing.com or Dailyfx.com

Note : The first url we added which was http://ec.forexprostools.com/ is the basic version of economic calendar of investing.com so don't worry and you don't have to add investing.com as well

  • You Can select which type of News you want to avoid : Low - Medium - High and NFP ( Non-Farm Payrolls ) News 

  • You Can select How many minutes before and after each type of news inwhich the EA will not be trading 

  • Reminder for URL : If it was ture , Then The EA will keep reminding you of adding the URL to the settings

  • I Suggest Enable only High and NFP news as the EA is very accurate and can't be affected by Low or Medium News

  • Remember Disabling Totally News Filter in strategy tester as it can't work in tester and it will hugely slow down the testing process


Time Settings

  • Start Time : Choose in which hours you want the EA to start trading
  • Stop Time : Choose in which hours you want the EA to stop trading

  • Both above inputs are in hours only and in 24 hours format amd related to Server time not to your local time

  • eg: If you want the EA to start trading at 8 AM ( Server Time ) and to stop trading at 6 PM ( Server Time ) so I will enter Start Time >>> 8 and Stop Time >>> 18 

  • If I want the EA to be trading 24 hours , I will put both values as default >>> 0

  • Monday : Allow trading on Monday
  • Tuesday : Allow Trading on Tuesday
  • Wedensday : Allow Trading on Wedensday
  • Thursday: Allow Trading on Thursday
  • Friday : Allow Trading on Friday


Other Options

  • Max Spread : This will be your Max Spread to open a trade , if your current spread was higher than this one then the Trade won't be opened
  • Max Slippage : This will be your Max Slippage to open a trade
  • Comment : Enter Here your preferred Comment
  • Spread Meter : A meter to measure the Current , Max , Min and Average spread
  • Status : Show the Status of the EA
  • SL Threshold : Define a specific SL level which if was reached , The EA will notify you on mobile so you can review the situation manually
  • Notification for SL Threshold : Use this to send notifications to MetaTrader 4 installed on yout smartphone. In order to do this, first you need to set up "Notifications" in the options of your desktop version of MetaTrader 4.


FAQ :

Q1: Do you use default settings for all pairs ? Do you have any set files ?
A1 : Please Refer to this Article 

Q2 : What TF you should use ?
A2 : You can use any TF you want , Abra Kadabra will analyze all TFs anyway

Q3: What the minimum deposit I can start with ?
A3: According to settings 

  • If you risk 20 % , you can start as low as 150 $
  • if you risk 10% , you can start as low as 250 $
  • If you risk 5%, you can start as low as 500 $


Q4 : Why do u test on the recent years only , I want an EA who does well for 10 years 
A4 : The Market here is full of hundreds of EAs and most of them do great for 20 years not just 10 year so why when you turn them on online they do bad on Live ?? Is Backtesting enough as a prove for live results ?
I tried to save my traders here from the tragedy and traps I fall in before learning programming , The EA does great on 1000 years so your eyes would shine and you quickly buys it then bad things happen
I realized after that , that optimization of the EA to give great backtesting results are very easy and you already know the conditions and have just to avoid them but make the EA does great on live is very very hard
That's why I added that Artificial intelligence in the EA

what I have done is trying to make the EA thinks like a human,  No matter how many times I tell the people to support their EA with Fundamental analysis to help the EA,  very few people do,  So what I have done is to integrate the current pattern for Each pair in the code,  Once u choose that pair in settings, the code will be loaded automatically,  How is that done??  Each Pair has its specific attitude,  some pairs tend to break resistance and support and some respect them, some pairs tend to respect pivot, some like to trend, other to range, some respect specific Fibonacci levels, specific pairs respect specific indicators,  I analyzed all that for the past 10 years and arranged the years in descending order and give each year its weight in the strategy depending on that order and so the EA now not only do technical analysis but also to some extent some Fundamental analysis that's why testing on recent year is more realistic 


Thanks for Sharing The Journey and Wish you all Proftable Journey !!

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