Expert Advisor Usage Guide
Analytics & Forecasts

Expert Advisor Usage Guide

1 December 2024, 05:33
Hamza Ashraf
Hamza Ashraf
3
2 826

Basic instructions:

How to Run the EA on a Chart:

Run the EA on just one chart. It doesn’t matter which symbol or timeframe you choose, as the EA will automatically trade on the right symbols and timeframe.
To trade different symbols, modify the input section. Avoid adding suffixes or prefixes since the EA handles them automatically. for more details follow the detailed guide provided in the blog :How to Run the EA on a Chart


How to Update the EA When an Update is Available

Keeping your EA updated is crucial for accessing the latest features and bug fixes. You can find the step-by-step process in the blog : How to Update the EA


Where can I find best settings?

The default settings are optimized for most users and serve as the best starting point. However, you can optimize the settings to better suit your broker or trading style. Additional setfiles, if available, will be shared in the Telegram or MQL5 channels.


What Deposit Should I Use?

The EA is flexible with deposits and can be run even on 100 USD account, but I recommend starting with a minimum risk level of 1%  per trade. This ensures better control over potential losses while maximizing returns.


Inputs Details

Below is a detailed explanation of the EA’s inputs:

How to enable news filter in MT4/MT5


    Go to MT4/MT5 and click tools>Options (or press ctrl+o) to open options of your MT4/MT5 terminal.

    Go to the "Expert Advisors" tab.

    Tick the checkbox for "Allow WebRequest for listed URL".

    Add this URL https://nfs.faireconomy.media and click OK.


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  • Enter symbols: defines the list of instruments this EA will trade (separated by commas, no spaces)
  • Magic number: assigns a unique ID to distinguish this EA's trades from others
  • Comment: optional note that will be attached to every order for identification

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  • Dashboard size scale: adjusts the visual scale of the on-chart interface for readability

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  • Medium impact news filter usage: disables trading during medium-tier economic events
  • Low impact news filter usage: restricts operations during low-importance news releases

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  • Not entering new trade when reaching this DD (%): halts new entries once equity drawdown hits this threshold
  • Close open orders when equity DD reached: automatically closes all trades when drawdown exceeds the set limit

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  • RecoveryZone option improves performance: enables logic that attempts to recover losses through calculated positioning
  • Optimize zone distance calculation: selects how distance for the recovery zone is calculated (e.g., fixed points, ATR)
  • Zone calc distance (fixed points): defines a static pip range used when recovery zone is active
  • Timeframe for ATR multiplier: selects timeframe used when calculating recovery zones via ATR
  • Set ATR period for zone calculation: how many candles to consider when computing ATR
  • ATR timeframe multiplier: factor applied to ATR to size the recovery zone dynamically
  • TP pips multiplier for signal direction: scales take profit when recovery aligns with original trade signal
  • TP multiplier for opposite signal: applies multiplier when recovery trade is in opposite direction
  • Recovery setting for profit type: determines whether profit target is in USD or percentage terms
  • Total profit setting USD after recovery: fixed profit target in account currency after recovery ends
  • Total profit % setting after recovery: profit target as a percentage of account size after recovery ends

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  • Set lot calculation method: defines how the trade size is determined (e.g., fixed lot, balance-based, or dynamic based on strategy)

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  • Fixed risk no matter what: if enabled, the EA sticks to a constant risk level regardless of other dynamic calculations

Optimizing the EA for Your Needs
  • Backtesting: MT4's backtest is limited to one symbol at a time, so you need to remove other symbols from the inputs and keep only one, running the test on "every tick." In contrast, MT5 supports multi-symbol backtesting and delivers more accurate results.
  • Customization: Adjust the inputs based on your risk appetite, broker requirements, and trading goals.
  • Live Monitoring: Regularly review the EA’s performance on a demo or live account to ensure it aligns with your expectations.


How Can I Join the MQL5 Channel?

Stay connected for important updates and announcements by joining the MQL5 channel. Here is the direct link:https://www.mql5.com/en/channels/hamzasforexwizards

If you'd like to join our Telegram channel for updates, set files, and discussions, send me a private message on MQL5, and I'll provide you with the link.


This guide is designed to provide a comprehensive understanding of how to use, update, and customize the EA for your trading strategy. For further assistance, reach out via MQL5 private chat.


#EA