Frequently Asked Questions
Is it a martingale or grid strategy?
No not at all, it may open some orders from same pair but its purely because it saw opportunities for another entry but non of the positions are related and they are all separated from each other.
How many activations do I get?
Vela comes with 10 activations, usually this amount is enough as we’ve never had a situation were someone needed more but if it happens we can figure something out
What kind of account should I use?
Preferrably, a low spread (ECN, Raw) account with at least 1:100 leverage is adviced.
What pairs does it support?
It works best with these pairs as it was trained with them
CADJPY, GBPUSD, EURCHF
Can Vela pass the FTMO challenge?
The ai is not trained specifically for the prop firm challenges but in backtests. From this year (2022) shows DD below 5% with 1% risk and around 100% profit until 19th of November, Having said that, YES, it could possibly pass the challenges but with your own responsibility
My symbols have prefix or suffix, what do I do?
Leave symbols to trade as they are and in the inputs below add your suffix or prefix. For example if EURUSD is xEURUSD then put “x” in the prefix input. If it’s EURUSDx, then put “x” in the suffix input
How much profit can I make per month?
It is usually around 10 percent with 1 percent risk (some fluctuations could occur due to market conditions)
Does it support hedge accounts only?
Yes. Vela MUST be run on hedge account only for optimal performance
What is an approximate drawdown per month?
Usually below 5% if 1% risk per trade is used
Drawdown in the backtest is low, should I use a higher risk percent?
it is your choice but we recommend keeping it at 1% risk in case the market starts acting abnormally
What if my account is in a different currency than USD?
It doesn’t matter, Vela handles it automatically including uncommon currencies but if there was a new currency that the EA has problems with, we will fix it immediately
Can Vela run alongside other experts?
Yes, but make sure that all your expert advisors have different magic numbers
Is there a Telegram group?
Yes, there is a Telegram customer support group. Please private message me to get an invitation or leave a comment in the comment section after purchase
Is Vela available to purchase anywhere else?
No, Vela is available only on MQL5, if found anywhere else, it is most definitely not original
What timeframe should I use?
CADJPY H1 chart is optimal. Vela will automatically trade all the symbols it's been trained for
How often do you plan updates?
Vela is perfect as it is right now. However, if need be, we make updates based on market trends
How to Use The Expert?
How to start the expert:
Run Vela just on the first chart – (timeframe only H1). Once it’s attached to a chart, it will automatically scan charts of other currency pairs and open positions accordingly.
How to fix error 4752?
This error indicates that you’ve not enabled auto trading. In order to fix this, you need to perform two tasks:
Firstly, the “Algo Trading” button on top of your Metatrader terminal should be green (enabled)
Then in expert settings in “Common” section, the “allow Algo trading” box should be checked as well
Are the default settings good?
The default settings are great but you can change them according to your style of trading.
What is the minimum recommended start balance?
This is put at $500 for every 0.01 if you go for the fixed lot in lot sizing method. If you choose lot sizing method: based on the balance, then the risk percentage should be something like this:
0.5% min. $3000
1% min. $1500
5% min. $300.
How to fix error “Indicator ‘Average True Range’ cannot load”?
It means the history of charts are not loaded, to fix this, open all the charts of the symbols you included in the symbol list and let the charts load
How to increase traded lot sizes?
One of the simplest ways to increase the traded lot size is by increasing the Risk of each trade (%) or to make use of fixed lot.
What determines the T/P?
The ai is trained through out the market and base on what it learned it will decide on how much profit it can get from any position
What determines the S/L?
Just like the T/P, stop loss is determined by how much room a position needs to hit the target.
Detailed description of Vela’s inputs:
Symbols that you like to trade on , we recommend the default ones , remember to add pairs all with capital letters and without any space and separated by a comma
This is a comment section which some users find quite useful. You can easily edit it by double clicking on the comment that is currently set as “VAI” which means Vela Artificial Intelligence
if your broker requires this, please ensure to include it. For example if EURUSD pair with your broker is EURUSDx, you MUST put “x” here
if your broker requires this, please ensure to include it. For example if EURUSD pair with your broker is xEURUSDx, you MUST put “x” here
This is where you set your magic number if you need to. please ensure that it is different from other magic numbers being used in other charts
If you set it to zero it means that it will automatically calculate the lot based on risk percentage from the input below it ,but if you set it to any number it will use that as lot value for all orders.
Risk % in case of automated lot:
For example if you set it to 1 percent it will lose exactly 1 percent if any order hits stoploss
Max open positions
Vela will not have more than 20 positions open at any time based on default
Max spread for market order in pips
This is the maximum spread that is allowed for the EA to open a position. In case Vela would want to place a trade but the spread is too high, the trade will not be placed. 0 means it doesn’t filter any trades
Close all when reach equity DD:
If this is On it will close all orders when reaching the drawdown set by input below
Equity DD :
If you set the above to true, then you can set the actual drawdown limit, For example if your Equity is $1000 and you set the value to 10, then all your open trades will be automatically closed once the total drawdown hits -100 USD. Currently it's set to 35%
For example if you set it to 1 then if you make 1 percent profit in a day it wont trade anymore until tomorrow ,zero means its disabled
Close all when hit daily target:
If the above input is not zero and this input is on, when the daily target is achieved (including equity) it will close all orders , otherwise it will only calculate the balance and not includee the open positions
Here, you can indicate what should be the distance of trailing stop and current price
Zero means its disabled.
Here, you can indicate after how many pips of profit the trailing should start