Troubleshooting Guide

UTM: Troubleshooting Guide - Other - 31 August 2023 - Traders' Blogs (mql5.com)

Quick Access to Other Guides

UTM: Adaptive Risk Management Formula Language - Other - 20 August 2023 - Traders' Blogs (mql5.com)

UTM: Local Trade Copier Installation Guide - Other - 12 September 2023 - Traders' Blogs (mql5.com)

System Requirements and Compatibility Warningss

Getting Started

Before you add the UTM Manager to a chart, please ensure that algorithmic trading is activated in MetaTrader 5. To enable it, either click on the 'Algo Trading' button in the main GUI or activate it from the options menu.

After enabling algorithmic trading, you can add the UTM Manager to a chart by using one of the following methods:

• Method 1: Right-click on the Expert Advisor (EA) and select 'Attach to chart' from the drop-down menu.
• Method 2: Drag and drop the UTM Manager EA from the Navigator window onto the chart.

Trade Levels

Disable the 'Trade Levels' feature in MT5. This step is necessary because the manager already displays all positions on the chart, which might result in overlapping lines if 'Trade Levels' are also enabled. More critically, adjusting or dragging the MT5 'Trade Levels' instead of the UTM lines/trade levels can cause unexpected results. To avoid confusion or unintended outcomes, it is needed to disable the MT5 'Trade Levels'.

To disable 'Trade Levels', follow these easy steps: right-click on the chart and choose the option to turn it off.

 

Or permanently from Tools > Options > Charts.

Chart Shift

Also you need to enable 'Chart Shift' and adjust last price level from the 'upside triangle' so you see all the manager texts correctly.

Verify Text Colors

Make sure your text colors are not same as your chart background color and you are able to see all texts. (default colors come from 'chart property color options')

Manager Settings and Configuration Persistence

In this section, we will explore the nuances of the manager settings and the underlying mechanism that governs the saving of these settings.

Unified Settings Across Instances

The trade manager operates based on a shared settings principle. Essentially, all instances of the trade manager share the same settings, referencing a central configuration when initiated.

Saving Settings: Last Save Takes Precedence

The trade manager's saving mechanism is geared to prioritize the most recent alterations. When changes are enacted in any of the manager instances, these become the "last saved settings". It's crucial to understand that the last manager to enact changes will supersede any preceding settings, ensuring that the freshest parameters are always at the forefront, ready to be implemented in new manager instances.

Settings Persistence and Loading

Despite the unified settings approach, existing manager instances retain their current settings, even when alterations are made in a different instance. These instances persist with their "current settings", holding onto the strategies and parameters that were active at their initiation time.

However, a restart of these instances triggers the automatic loading of the latest saved settings, aligning them with the most recent configuration.

Practical Implications and Best Practices

In practice, modifying the settings in one instance doesn't immediately affect others that are running concurrently. They continue utilizing their existing settings until a restart occurs. Once restarted, they assimilate the latest saved settings, harmonizing their operations with the most recent configurations.

Important Tip: Streamlining Manager Operations

To ensure the persistence of settings and avoid overwriting changes inadvertently, it's advisable to make alterations using a single manager instance at a time, followed by restarting all other instances to synchronize them with the latest configurations.

BIG TIP: To facilitate easier management when operating multiple managers, you can utilize the MT5 market watch feature. This allows you to drag symbols directly from the market watch to the current chart, eliminating the necessity to have more than one manager instance open. This simplifies the settings management process.

Tip: Efficient Symbol Switching to Avoid Multiple Chart Instances

To switch symbols, drag them from the "Market Watch" section directly onto the chart to prevent initiating multiple manager instances or charts (when not really needed).

Trading Features

To initiate trade execution, you will need to enter the 'execution mode' by pressing the execution mode hotkey. In execution mode, you will have the ability to place entry and stop loss lines on the chart. The current SL size will be displayed live on the chart, and once the stop loss line is placed, the trade will be executed. In the scenario of a fixed stop loss, the trade will be executed upon the first placement of the entry line. In the case of a market order, only the stop loss line will appear, and you can only set the stop loss as the trade will be executed at the market price.

While in execution mode, you can also trigger other hotkey events, such as setting all positions to break even, canceling all pending positions at once, or quickly switching the order type (this is useful if you're late for a stop order, for instance, you can quickly switch to a market order). The current live market spread is also displayed in execution mode, as well as other information regarding the current state of the manager.

Spread management is a feature in a manager that allows traders to handle the impact of bid-ask spreads on their trades.

Spread Factor: Adaptive Spread Management

The 'Spread Factor' method provides a dynamic way to handle spreads during trading. By incorporating a specific spread amount to your entry or stop loss prices, it offers added protection against unpredictable spread fluctuations. It's recommended to consult the EMA smoothed spreads to make informed decisions about the correct spread amount to integrate.

For instance, if you set a spread factor of 0.2 pips, during a sell action, this extra 0.2 pips will be added to the stop loss price to compensate for the spread. This approach ensures your stop loss activates closer to the 'candle price' on the chart, preventing premature triggers caused by the spread alone. Similarly, for buy actions, 0.2 pips will be added to the entry price, ensuring your trade is executed closer to the desired 'candle price'.

When the 'Spread Factor Auto or Pips:' is set to 0, the system will automatically use the EMA-smoothed spread, transitioning it to the 'Auto factor' mode. This mode permits real-time spread adaptations in line with current market dynamics without any manual input. However, for traders who prefer a more hands-on approach and desire to manually specify a value, it becomes crucial to be well-versed with the prevailing market spread. Ensuring that your custom spread factor aligns well with the ongoing market conditions and your unique trading methodology is essential. For a deeper understanding of EMA Smoothed spread and insights on fine-tuning it to your requirements, please refer to the guide below.

Ignore Spread: Refined Spread Management Mimicking Manual Market Execution

Note: To avoid confusion, the "Ignore Spread" mode is intended for advanced traders who understand how bid, ask, and spread work in trading.

The 'Ignore Spread' functionality offers an advanced approach to managing spreads. Instead of accommodating the spread, this mode lets traders operate as if there's no spread at all. Essentially, it emulates manual market execution at the candle's bid price, acting as a fully-automated Spread Factor mode without manual tweaks.

Using this mode brings several advantages:

• Trading on LTF: Allows trading on higher spread pairs without the regular constraints.
• Precision: Ensures trades are entered at the exact candle prices.
• Risk Management: Minimizes the chance of premature entries and exits caused by spread shifts.

When using 'Ignore Spread', both entry and stop loss prices are consistently executed at the bid price.

For buy positions, this mode employs the EMA Smoothed Spreads in the lot size calculation to anticipate the spread during the potential execution of a pending trade. The goal here is to approximate the spread costs when the trade is activated. This "forecast" system can sometimes cause the anticipated risk on buy orders to appear slightly lower than intended, especially during high spreads. For instance, it might show a risk of 0.7% when your target is 0.8%. However, the actual executed risk often aligns closely with the desired value. There are times, though, where a combination of unexpected spreads or additional slippages can push the risk slightly above the target.

For the best outcome, traders are advised to adjust the smoothed spread value to establish a consistent average spread, reducing significant spikes or drops. The aim is to align this value closely with typical trading conditions, ensuring that the forecasted spread aligns with actual market behavior.

Nonetheless, it's crucial to recognize that 'Ignore Spread' doesn't actually eliminate spreads. In a losing sell trade scenario, the spread cost is factored into the stop loss size, which might slightly inflate the loss. For buy trades, the order executes at the ask price, positioning the 'real' entry a bit higher than the bid price. This pattern is similar to the Spread Factor mode's behavior. The primary advantage with 'Ignore Spread' is the consistent achievement of the perfect candle price during execution, devoid of manual tweaking.

To summarize, it's a balancing act: the benefits of precise candle prices come at the cost of marginally higher losses on adverse trades. However, the 'Ignore Spread' mode promises a streamlined experience, empowering traders to work with higher spread pairs on LTF without worrying about spread-related interferences.

Important! A stable internet connection is crucial as most orders are market executed, not directly entered to the broker. Delays can occur with a poor connection. Please ensure a reliable internet connection when using this mode.

When employing the 'Ignore Spread' method, you can fine-tune the feature using several checkboxes:

• 'Ignore Spread: Enter Failsafe Stop Loss': This checkbox allows you to set an additional failsafe stop loss (2x original stop loss size) at the broker's end, in addition to the 'Invisible' stop loss set by the manager. This can be handy in instances where the manager doesn't place the stop loss at the broker's end (such as in sell situations) or in case of network errors, computer crashes, or specific prop firm requirements.
• 'Ignore Spread: Use Original entry prices for Formula Calculations': This checkbox allows you to base 'Trade Management Formula' calculations on the original entry price, as opposed to the 'positional' entry price that factors in spread and slippage. For instance, if your initial entry price was 100, but your 'positional' entry price, including spread and slippage, is 110, the formula will use 100 for its calculations. Activate this setting to ensure your trading strategy aligns with backtesting conditions, effectively enabling a 'true ignore spread mode'
  
• 'Ignore spread: Use original entry prices for TP calculation': This checkbox allows you to calculate take profit levels based on the original entry price rather than the final (positional) entry price. This keeps take profit levels in line with backtesting and enables a 'true ignore spread mode'.
• 'Ignore Spread: Invisible Mode': This checkbox allows all orders and stop loss levels to be fully invisible to the broker by executing them through the manager. This can help in avoiding your trading strategy from being detected by the broker. Note that all 'Ignore Spread' orders are managed by the manager queue system, instead of half of them, as required for the regular 'Ignore Spread' mode.

Order Flow in Ignore Spread Mode:

In the 'Ignore Spread' mode, only half of the orders and stop losses are sent to the broker. This is how it works:

1. BUY Orders: The manager executes the entry using the BID price, and the stop loss is sent to the broker.
2. SELL Orders: The entry is directly sent to the broker, and the stop loss is executed by the manager using the BID price.

If you enable the 'Invisible Ignore Spread' mode, all orders and stop losses are executed solely by the manager, meaning no orders are sent to the broker.

Spread Smoothing (EMA)

Spreads in trading can fluctuate rapidly. Our "Spread Smoothing" feature assists in presenting a more consistent view of these spreads, employing the Exponential Moving Average (EMA) technique.

With the "Spread Smoothing (EMA)" setting, you can determine the desired consistency for the spread visualization. This adjustment ranges between 0 and 1:

• Value 1: No smoothing. Spreads are showcased in real-time.
• Value 0: The spread remains static and unchanging.

A typical recommended range might be between 0.1-0.001, with the default set to 0.01. The duration and type of your orders can influence the optimal setting:

• For short-term averaging: Opt for a higher value to reflect more immediate spread shifts.
• For long-term averaging: A diminished value yields a steady, prolonged average.

The EMA-smoothed spread finds its application in:

• Chart Display: Ensures a more stable visual representation on the chart.
• Lot Size Calculator: Useful in both 'Spread Ignore' mode for buy positions and 'Spread Factor' mode when the amount to factor is set to zero.
• Spread Factor Mode: Employed to factor average spread values into trades when the amount to factor is set to zero.
  

Select a value congruent with your trading routine and the insights you aim to gather.

You can review your active smoothed value here.

Trade Settings

Set Partial Take Profit Levels

In the 'Take Profit Settings' section of the manager, you can tailor the take profit levels. Each level can be set with a specific risk-to-reward ratio and a partial close percentage. Remember, these take profit points are handled by the manager, not the broker, due to broker limitations with partial closures.

Partial Close 'Profit' Percentage:

The partial close percentage dictates the portion of the trade volume/lot size to close at each take profit level. For instance, setting TP1's partial close percentage to 50% means half of the trade volume/lot size will close when the profit hits TP1. If you want to close the entire position at TP1, set the percentage to 100%.

IMPORTANT: If you only set TP1 with a 100% close percentage and don't select 'Ignore Spread Invisible Mode', the manager will send the TP level to the broker. If not, the manager must be running to execute the TP points as it oversees their management.

Enable Trailing TP Level:

Activates a dynamic Take Profit line that can be used with or without fixed TP levels. Set and manually adjust the TP line to a specific RR level below the current price. When the price retraces to this TP line, a predefined percentage of the position is secured as profit. The TP line is then available to be repositioned below the SL line, allowing for continuous adjustment.

MA Close Mode:

The 'MA Close Mode' offers an exit strategy based on the Moving Average (MA) indicator. When enabled, this mode will close a trade when the last completed candle's closing price is below the MA level, essentially serving as an MA-based trailing stop loss. Importantly, this feature will only activate under certain conditions specified by the "Start MA Close At" setting. Note: This feature is not compatible with Custom Symbols / Seconds charts.

Start MA Close At:

The 'Start MA Close At' setting specifies the event triggering the activation of the MA Close Mode. You can select from the following options:

1. 'First Automated SL Move': MA Close Mode initiates when the first condition-based Stop Loss movement occurs, as dictated by the 'Trade Management Formula'.

2. 'First Take Profit': MA Close Mode activates when the first Partial Profit is realized.

MA Close Level:

This setting configures the level for the Moving Average (MA) used in MA Close Mode.

Add RR to Break-Even:

Allows to add additional RR to the break-even point, when using Hotkey to BE.

Remove Pending Stop Orders on SL Hit

Trade Management Formula

Quick Overview:

In its simplest form, the Trade Management Formula can automate the process of moving your trades to break-even. In a more advanced setting, it allows for a robust trailing stop-loss system based on Risk-Reward (RR) ratios. This feature brings your trade management to the next level, offering both simplicity and complexity to suit your trading needs.

Read More:

For an in-depth guide on how to create and implement your own Trade Management Formulas, please refer to the full 'Trade Management Formula Language Guide'.

Risk Management

Trade Copier

Slave Settings: Stop Loss Mode

In this section, you can choose the type of stop-loss that the Slave instances will use. Here are the available options:

1. Master + Failsafe: In this mode, the Slave instance will follow the Master's stop-loss settings. If the Master's stop-loss is hit, the Slave will also close the trade. Note that only a failsafe stop-loss, which is twice the size of the normal stop-loss, is entered with the broker for extra security.

2. Spread Ignore + Failsafe: This mode uses a virtual 'Spread Ignore' stop-loss, which disregards the spread when calculating the stop-loss. Additionally, a failsafe stop-loss, which is twice the size of the normal stop-loss, is entered with the broker to provide an extra layer of security.

3. Broker-Entered: This is the standard stop-loss mode where the stop-loss is directly entered with the broker. This is the most straightforward and conventional method of setting a stop-loss.

Note: The failsafe stop-loss is twice the size of the original stop-loss and is entered with the broker. Choose your stop-loss mode based on your risk management strategy.

Slave Settings: Additionally Always Follow Master's Stop Loss

This checkbox allows you to add an extra layer of risk management to your Slave instances. When enabled, the Slave will always follow the Master's stop-loss settings, in addition to whatever stop-loss mode you've selected in the "Slave Stop Loss Selection."

For example, if you've selected "Spread Ignore + Failsafe" in the "Slave Stop Loss Selection," enabling this checkbox will make sure that the Slave also closes the trade if the Master's stop-loss is hit, providing an extra layer of alignment with the Master's trading strategy.

Slave Settings: Enter Master's TP to Broker

This checkbox allows you to synchronize the Take Profit (TP) settings between the Master and Slave instances. When this option is enabled, the Slave will enter the TP price it receives from the Master directly to the broker.

Slave Settings: Use Stop Loss Size instead of Price.

Symbol Matching in the Trade Copier

The trade copier now features an enhanced symbol matching mechanism to ensure precise synchronization between the master and slave accounts. The process is as follows:

Auto-Matching Logic:

1. User-Defined Raw Symbol Matching: If a 'Raw Symbol Suffix' is specified in the Copier settings, the copier prioritizes matching symbols that end with this suffix. For example, entering '.i' will match symbols like 'EURUSD.i'. This is particularly useful for brokers with specific naming conventions for raw spread symbols.

2. Exact Match: If no 'Raw Symbol Suffix' is specified or no matching suffix is found, the system then attempts to find an exact match for the symbol sent from the master. For instance, if the master sends "EURUSD", it will look for "EURUSD" on the slave.

3. Fallback to Standard Symbols: If no exact match is found, the system will attempt to map with standard symbols, usually represented with six characters, such as "EURUSD". This acts as a fallback when no user-defined suffix or exact match is available.

If the auto-matching logic fails to find a match under these conditions, an alert will be triggered, notifying the user of the mismatch. In such cases, manual symbol mapping may be used as a remedy.

Custom Symbol Mapping:

For instances where the default auto-matching logic does not suffice, or when the symbols have different names across accounts, you can resort to the "Custom Symbol Mapping" feature. This tool permits to manually pair master symbols with corresponding slave symbols, overriding the default mapping process.

Format:

MasterSymbol1=SlaveSymbol1;MasterSymbol2=SlaveSymbol2

Examples:

• If the master uses 'XAUUSD' but the slave employs 'GOLDx', the mapping should be 'XAUUSD=GOLDx'.
• For 'NASDAQ' on the master and 'Tech100' on the slave, the mapping should read 'NASDAQ=Tech100'.

Please note, multiple mappings should be separated with semicolons without any spaces. This custom mapping ensures that trades are replicated accurately even when symbol names vary between accounts.

On Chart Slave Status

Following text on chart, displays the status of connected slave accounts in the master account. Shows the number of currently connected slaves and open positions across all slaves on that specific pair. This function allows quick monitoring of all slave trade activity and helps to ensure that all trades are opened and closed as the master did.

Trade Insights

Settings

Trade Notification Sounds: 

1. Entry Alert: This sound plays when a new trade is successfully initiated. It serves as a confirmation that your position has been opened in the market.

2. Stop Loss Alert: This alert goes off when your trade hits its stop loss level. This ensures you're aware that the trade has exited. If the trade exited while in profit, you would also hear the Take Profit alert sound. If not, only the Stop Loss sound will play, signaling that the trade ended out of favor.

3. Take Profit Alert: This sound is triggered when your trade reaches or surpasses its take profit level. It either indicates that the trade has achieved a certain profit target, or that the position has been closed at a profit. This alert ensures you're updated on the progress of your trade.

4. Missed Pending Order Alert: This alert is activated when a pending order doesn't get executed due to price reversals. Instead of the order being triggered, the price moves in the opposite direction, surpassing the stop loss level for that order. This sound acts as a notification to inform you that the order was missed, so you may want to review and potentially adjust the position.

Hotkeys:

Quick switch order type: Useful if late for stop order, e.g quick switch to market. Hotkeys work only in 'execution mode'.