Guide to Configuring and Understanding EA Input Settings
How Can I Join Telegram Channel?
Please ask me in a private MQL5 chat, and I will send you the link.
The best setfile is the default. However, you can optimize it or find the best setfile suited to your broker. If there are additional setfiles, they will be shared in our channels.
How to Run EA on Chart
You can find full details in the blog below:
https://www.mql5.com/en/blogs/post/751762
One chart is all you need for the EA to function. It will automatically identify the correct symbol and timeframe for trading.
To trade on other symbols, go to the inputs section and add the base name of the symbol, leaving out any suffixes or prefixes.
How to Backtest the EA:
Backtesting on MT4 comes with limitations, as it only allows testing one symbol at a time. Ensure you remove extra symbols from the inputs and run the test on "every tick."
For multi-symbol support and better accuracy, switch to MT5.
How Can I Join MQL5 Channel?
You can find the link directly below:
https://www.mql5.com/en/channels/forexautomoneymaker
What Risk and Deposit Should I Use?
The minimum deposit can be anything, but I recommend a risk level of 1% or 2% for safer trading.
How Can I Ask for New Options and Inputs?
You can contact me through MQL5 message chat. I am always open to feedback and suggestions.
Inputs Details Set Up General Options
Trading Symbol List: Specify the symbols the EA will trade on, such as EURUSD, EURJPY, etc.
Magic Number: A unique identifier for the EA's trades to prevent conflicts with other EAs or manual trades.
Custom Orders Comment: Add a custom note or comment to orders for better identification.
Arrange Risk Setup
Lot Calculation Method: Choose how the lot size is calculated (e.g., based on balance or fixed lot size).
Choose Risk Percentage for Each Trade: Set the percentage of your account balance to risk on each trade.
Fixed Lot Value: Specify a fixed lot size to use for trades.
Lot Size Based on Balance: Define the balance required for each lot size, e.g., one lot per $5,000.
Specify Same Order Parameters
No More Than One Order Per Pair May Be Placed: Restricts the EA to one open order per symbol at a time.
Minimum Distance Setup for Trades of the Same Pair in Points: Sets the minimum distance between trades for the same symbol.
Arrange Trailing Setup
Apply Trailing Stop for Order Management: Enables or disables trailing stop functionality for managing trades.
Specify Trailing Stop Strategy: Choose the trailing stop method, such as ATR-based or fixed pip trailing.
Apply Removing TP After Trailing Stop Is Activated: Automatically removes the take profit when the trailing stop is active.
Customize Closing Part of Order Preferences
Apply Closing Part of Order and Trailing the Rest: Activates partial closing of trades while trailing the remaining position.
Specify Lot Percentage to Close at Start of Trailing: Set the percentage of the position to close when trailing starts.
Set Up Fixed Pip Trail Parameters
Specify Trailing Start in Pips: Set the profit level (in pips) required to activate the trailing stop.
Specify Trailing Distance in Pips: Define how far behind the price the trailing stop should remain.
Specify Trailing Step in Pips: Determine the incremental step for adjusting the trailing stop.
Set Up ATR-Based Trail Parameters
Specify ATR Period for Trailing: Set the period for calculating the Average True Range (ATR) for trailing.
Specify ATR Timeframe for Trailing: Select the timeframe used for ATR-based trailing calculations.
Specify Multiplier for ATR-Based Trailing: Adjust the ATR value using a multiplier to determine the trailing stop distance.
Set Up PSAR-Based Trail Parameters
Specify Step for PSAR-Based Trailing: Define the step size for the Parabolic SAR indicator used in trailing.
Specify Maximum for PSAR-Based Trailing: Set the maximum value for the Parabolic SAR indicator.
Specify Timeframe for PSAR-Based Trailing: Choose the timeframe for PSAR-based trailing adjustments.
Set Up TrailRatioSL-Based of SL Trail Parameters
Specify Ratio of SL for Trailing: Set the ratio of the stop loss level to activate the trailing stop.
Specify Start After Ratio of SL for Trailing: Define the percentage of the stop loss level at which trailing begins.
Set Up Moving Average-Based Trail Parameters
Specify Period for Moving Average-Based Trailing: Set the period for the moving average used in trailing.
Specify Method for Moving Average-Based Trailing: Choose the moving average calculation method, such as EMA or SMA.
Arrange LastCandleHL-Based Trail Setup
Specify Timeframe of Candle for Trailing Based on Last Candle High or Low: Use the high or low of the last candle as a reference for trailing, based on the selected timeframe.
Arrange Profit-Based Trail Setup
Specify Trailing Start Profit: Set the profit level at which the trailing stop activates.
Specify Trailing Step Profit: Define the step size for trailing stop adjustments based on profit.
Specify Trailing Distance Profit: Set the distance between the price and the trailing stop during profit-based trailing.
How to Update the EA When Update Is Available
You can find full details in the blog below:
https://www.mql5.com/en/blogs/post/757291
