Sling Shot FX Pro – User Guide

Sling Shot FX Pro is an automated Expert Advisor for MetaTrader 5 that combines a custom-built trading signal generator with advanced money management and risk control systems.
It’s optimized for AUD/USD and XAUUSD (M15) and performs best on ECN or Raw spread accounts.

SlingShot FX Pro MT5

Parameter Descriptions

Comment for trades
This note appears next to every order opened by the EA in your terminal. It’s used to identify trades made by Sling Shot FX Pro, which helps when reviewing trading history or running multiple EAs simultaneously.

Unique Magic Number for this EA instance
Each EA uses a “Magic Number” to tag its own trades. If you’re running more than one instance of the EA (or different robots), use a unique number for each to prevent interference between them.

Timeframe for signal generation
Defines which chart timeframe the EA uses to analyze price movements and generate entry signals. The recommended setting is M15 for balanced accuracy and signal frequency.

Allow opening buy trades / Allow opening sell trades
These options let you enable or disable long (buy) or short (sell) trades separately. It’s useful if you want to restrict trading direction based on your market bias.

Lot calculation method
Determines how the lot size of each position is calculated. You can use a fixed lot size, or let the EA automatically calculate it based on a percentage of your balance or equity.

Risk per trade in percent (if using auto lot)
Defines the percentage of your account balance (or equity) that the EA will risk per trade when using automatic lot sizing. For example, 3% risk means the EA will size each trade so a full stop loss equals 3% of your capital.

Fixed lot size (if mode is Fixed_Lot)
If you prefer not to use dynamic lot sizing, you can specify a fixed volume for all trades here.

Enable Recovery Mode after loss?
Turns on the EA’s recovery system, which increases the next trade’s size after a loss to help recover drawdown more efficiently.

Lot size multiplier for recovery trade
Specifies how much larger the recovery trade should be compared to the original. For example, 3 means the next trade will use three times the previous lot size.

Maximum lot size limit for recovery
Sets a safety limit on the maximum lot the EA can use during recovery mode, preventing overexposure in extreme situations.

Only one recovery trade after a loss
If enabled, the recovery mechanism will activate only once after a losing trade, then reset to normal trading behavior.

Enable Master Drawdown Stop?
Activates a global protection system that halts all trading if a predefined drawdown limit is reached.

Max Equity DD Percent to stop all trading
Specifies the maximum equity drawdown (in %) that will trigger a full stop of the EA’s trading activity.

Enable Daily Profit/Loss limits?
When enabled, the EA monitors daily profit and loss. Once either limit is reached, trading will pause for the rest of the day.

Daily profit target in percent of balance / Daily loss limit in percent of balance
Set how much daily profit or loss (as a % of your balance) should trigger a trading stop.

Close open trades when daily goal/limit is hit?
If turned on, the EA will also close all open trades immediately when the daily target or loss threshold is reached.

Enable trading only within a specific time window?
Restricts trading activity to certain hours during the day. Useful for avoiding low-liquidity sessions or high-volatility times.

Trading start / end hour (broker server time)
Sets the exact trading window in broker server time. The EA will only trade between these hours.

Calculation mode for Stop Loss and Take Profit
Select whether to use fixed-point SL/TP values or ATR-based dynamic ones. ATR-based levels adjust automatically to market volatility.

Take Profit in points / Stop Loss in points
Fixed-distance TP and SL values. Stop loss size is especially important for accurate lot sizing when risk % is used.

Timeframe for ATR indicator calculation / Period for ATR indicator
These settings control how the EA calculates volatility when using ATR-based stop loss and take profit.

ATR multiplier for Take Profit / Stop Loss
Defines how many times the ATR value is multiplied to determine your dynamic TP/SL distances.

Distance from current price to place pending order (points)
Determines how far from the current price pending orders are placed. Larger values mean more conservative entries.

Max allowed spread in points / Max allowed slippage in points
Protective filters that prevent trades from being opened during periods of high spread or large execution slippage.

Enable/Disable Trailing Stop (moves SL)
Activates automatic trailing stop movement. Once a trade moves into profit, the stop loss will follow at the defined distance.

Trailing Stop distance in points
Specifies how far behind the current price the stop loss should trail.

Pips in PROFIT to activate Trailing TP (0 = OFF)
The profit threshold (in points) that activates trailing take profit.

Trailing TP distance in points
The distance in points between current price and trailing TP once it activates.

Pips in LOSS to activate Recovery TP (0 = OFF)
Specifies how far into loss the trade can go before activating recovery take profit logic.

Recovery TP distance in points
Distance for the recovery take profit mechanism once triggered.

Period / Deviation / Distance for the indicator
These are internal parameters for the EA’s custom indicator, which helps it detect trade opportunities. The period and deviation affect signal frequency; the distance sets how far price must move from the indicator before a trade triggers.

Show Info Panel / Show On-Chart Warnings
Displays the EA’s live performance data and any warnings (like spread or drawdown alerts) directly on the chart.

Font size / Text color / Panel corner / Trade history days
Customize how the on-chart panel looks: text size, color, corner position, and how many days of trading history are shown.

Optimization criterion (1=goodness, 2=magic formula)
Used only for backtesting and optimization. Determines which performance metric the strategy tester prioritizes when searching for the best settings.

Recommended Setup

• Pair: AUD/USD, XAUUSD
• Timeframe: M15
• Minimum deposit: 200 USD
• Account type: ECN or Raw spread
• Leverage: 1:100 or higher

Recommended .set file:

SlingShotFXPro_AUDUSD.set

• Base risk: 5%
• One-time recovery disabled
• Optimized for AUD/USD M15

This setup is tuned for strong, controlled performance. While recovery mode increases lot size aggressively, the strategy’s internal filters make consecutive losses statistically rare.

Recommended Brokers for Using the EA

For the best trading conditions and optimal performance of the SlingShot Fx Pro, I recommend using XM.

In addition, XM provides:

• Low spreads and no commissions, ensuring cost-efficient trading
• Fast order execution, ideal for automated systems
• Reliable customer support with multilingual assistance
• Quick and hassle-free deposits and withdrawals
• Support for MetaTrader 4 and 5 platforms

These conditions make XM an excellent choice to achieve the best possible results with the SlingShot Fx Pro EA.

XM 

XMGlobal for European Clients with trading leverage 1:500 

That said, this EA should work well with other brokers too.

Best Practices

• Always start on a demo account to verify broker conditions.
• Avoid trading during major news events.
• Use a reliable VPS for uninterrupted operation.

If you have any questions or need further assistance, please don't hesitate to reach out. You can find our contact information here. We are always happy to help!

Successful trading!