1. Introduction
- What is an EA and how does it work: An Expert Advisor (EA) is automated trading software used to monitor and execute trades in the forex market without human intervention.
- Trading Strategy of 'Way To Stars': ‘Way To Stars’ employs a night scalping strategy that capitalizes on minimal price fluctuations during the forex market's quieter hours. This strategy leverages low volatility and slight price differences for quick entry and exit, aiming for stable gains with minimized risk.
2. Installation Guide
- Please refer to the article on how to purchase and install a trading robot from the MetaTrader Market: [Installation Guide](https://www.mql5.com/en/articles/498)
3. Parameter Settings
【Strategy Settings】
1. Symbols list [with suffix if it has]: Enter the list of currency pairs to trade, separated by commas. Include any suffixes if applicable.
2. Lot-sizing Method: Choose between fixed lot sizes or auto-adjusting lot sizes based on account balance.
3. Fixed lot: The number of lots to trade when using fixed lot sizing.
4. Auto lot (balance based): Automatically calculates the lot size based on account balance, 0.01 lots for every $30 of balance for example.
5. Number of orders to place: Determines the number of orders to be placed.
6. Max Takepoint: Sets the maximum take profit points.
7. Smart TP: Enables smart take profit, automatically adjusting the take profit points.
8. Stoploss in pips: Establishes the stop loss level in pips.
9. Max floating drawdown [1 means 100%]: Sets the maximum allowable drawdown; e.g., 0.2 for a 20% drawdown.
10. Filter level [1--extreme]: Sets the filter level, where 1 is the most stringent.
11. Slippage in pips: The acceptable level of slippage in pips.
12. Close all trades with profit when end?: Specifies whether to close all profitable trades at the end of trading hours.
【Time Settings】
13. Server GMT: The server's GMT offset, usually +2.
14. Auto GMT detection: Whether the EA should automatically detect the server's GMT offset.
15. Time to place orders: Specifies when to start placing orders.
16. Trade duration hours: The duration for which orders can be placed, in hours.
17. Max hours holding a position: The maximum duration a position can be held, after which it is automatically closed.
18. Trade on Friday: Specifies whether trading should occur on Fridays. It is recommended to avoid.
【Other Settings】
19. Magic number: The EA's unique identifier for distinguishing between different EAs' orders.
20. Comment: Allows you to set a comment for each order placed.
4. Risk Management
"Way To Stars" provides several key risk management settings to ensure trading occurs within controlled risk conditions:
Lot-sizing Method: Offers the choice between fixed lots and lots adjusted based on account balance, allowing traders to manage their risk based on their capacity and strategy. Fixed lots provide certainty and control, while balance-based lots adjust with account changes, protecting funds from significant fluctuations.
Number of orders to place: Limiting the number of orders helps manage exposure and avoid potential losses due to too many open positions. This parameter can be adjusted according to market conditions and personal risk preference.
Max floating drawdown [1 means 100%]: Sets the maximum allowable drawdown, automatically closing positions if a specified percentage of the account balance is lost, e.g., 0.2 for a 20% drawdown.
Close all trades with profit when end?: This feature allows the EA to automatically check and close all profitable trades at the end of trading time, securing profits and preventing losses from potential market reversals.
5. FAQ
- Why are there no trades after hanging for a day or two?
The EA places orders daily, but not all placed orders reach the execution price daily. Proper placement is more critical than trading frequency for accuracy and win rate.
