This manual explains how to configure and use the Neo Gold Expert Advisor (EA) on MetaTrader 5. Each section describes the purpose of the settings and how they affect trading behavior.
1. Trade Comments
Purpose:
Allows you to assign a custom comment to all trades opened by Neo Gold EA. This helps distinguish its trades from those placed manually or by other EAs.
Default Value:
Neo Gold MT5
2. Manage Open Positions
These settings control how the EA manages existing and pending trades.
-
Period in Bars
Specifies how many historical candles (bars) the EA analyzes when making trading decisions. -
Pending Expiration (minutes, 0 = OFF)
Determines how long a pending order remains active before it is automatically deleted.
Set to 0 to disable expiration. -
Maximum Pending Orders (One Side)
Limits the number of pending buy or sell orders that can be placed at the same time.
3. Lot Size Settings
These options define how the EA calculates trade volume.
-
Autolot Type
Choose how lot size is calculated:a) Fixed Money Size
Lot size is calculated based on a fixed capital amount.Example:
-
Account Balance: $1000
-
Fixed Money Size: $200
Lot Size = (1000 / 200) × 0.01 = 0.05
The lot size increases by 0.01 for every $200 in balance.
b) Fixed Lot Size
Uses a constant lot size for every trade (e.g., 0.01).c) Risk Per Trade (%)
Sets the percentage of account balance to risk per trade.
Default: 10% -
-
Note: For leverage 1:500, the fixed money size is filled in as 100, but if the leverage you use is below 1:500, I suggest using fixed money size = 200
-
Maximum Lots
Sets an upper limit on the lot size to prevent excessively large trades.
4. Stop Loss & Take Profit (SL-TP) Settings
Controls how stop loss and take profit are handled.
-
SLTP Type
-
Fixed SLTP: SL and TP are placed directly on pending orders.
-
Virtual SLTP: SL and TP are hidden and managed internally by the EA (not visible to the broker).
-
ECN SLTP: SL and TP are applied only after a trade is opened (used for ECN accounts).
-
-
Stop Loss (pips)
Distance in pips from entry price to place the stop loss. -
Take Profit (pips)
Distance in pips from entry price to place the take profit.
5. Trailing Stop Settings
Automatically adjusts stop loss to protect profits.
-
Trailing
Enables or disables trailing stop functionality. -
Trailing Type
-
Trailing Pips: Trailing stop based on pips (broker-visible).
-
Trailing Money: Trailing stop based on profit amount (hidden from broker).
-
-
Trailing Start (pips)
Minimum profit (in pips) required before trailing starts. -
Trailing Step (pips)
Distance in pips between each stop loss adjustment. -
Trailstart ($)
Profit amount required to start trailing (money-based). -
Trailstep ($)
Incremental trailing adjustment in money units.
6. Break-Even Settings
Moves stop loss to protect trades once a certain profit is reached.
-
Break Even
Enables or disables break-even functionality. -
Break Even Type
-
Break Even Pips: Based on pip movement (broker-visible).
-
Lock Money: Based on profit amount (hidden from broker).
-
-
Break Even Start (pips)
Profit in pips required before break-even is activated. -
Break Even Step (pips)
Number of pips added beyond entry price when break-even is triggered. -
Lock Start ($)
Profit amount required to activate break-even (money-based). -
Lock Stop ($)
Amount of profit locked once break-even is triggered.
7. News Filters
Helps avoid trading during high-impact news events.
-
News Filter
Enables or disables news-based trade protection. -
Stop Trading Before News (minutes)
Time before a news event when the EA stops trading. -
Resume Trading After News (minutes)
Time after the news event when trading resumes.
8. Broker Settings
Ensures trades are executed under acceptable market conditions.
-
Max Spread (pips)
Maximum spread allowed for opening a trade. -
Max Slippage (pips)
Maximum acceptable slippage during order execution. -
Magic Number
A unique identifier that allows the EA to manage only its own trades without interfering with other EAs.
