Complete Configuration & Usage Guide
This manual explains how to configure and use the Monas Expert Advisor (EA) on MetaTrader 5.
Each parameter is described based on its function, impact on trading behavior, and best usage practices.
1. Timeframe
Purpose
Defines the timeframe used by the EA to analyze market conditions and execute trades.
Default
H2 (2 Hours)
Explanation
- It is recommended to keep the default H2 timeframe
- Timeframe affects:
- Trade frequency
- Signal sensitivity
- Strategy stability
👉 Lower timeframe = more trades (more aggressive)
👉 Higher timeframe = fewer trades (more stable)
2. Trade Comments
Purpose
Assigns a custom label to all trades opened by the EA.
Default
Monas
Benefits
- Easily identify EA trades
- Separate them from:
- Manual trades
- Other EAs
3. Manage Open Positions
Controls how the EA manages active and pending orders.
Pending Expiration (minutes, 0 = OFF)
Defines how long a pending order remains active before being deleted.
- Example: 60 = order expires after 60 minutes
- 0 = no expiration
👉 Useful to avoid entries when market conditions have changed.
Maximum Pending Orders (One Side)
Limits the number of pending BUY or SELL orders at the same time.
👉 Purpose:
- Prevent overexposure
- Control risk during volatile conditions
4. Lot Size Settings
Defines how trade volume is calculated.
Autolot Type
a) Fixed Money Size
Lot size is calculated based on a fixed capital portion.
Example:
- Balance: $1000
- Fixed Money Size: $200
➡ Lot = (1000 / 200) × 0.01 = 0.05
👉 Meaning:
Every $200 increases lot size by 0.01
✔ Scales with account growth
✔ Flexible and adaptive
b) Fixed Lot Size
Uses a constant lot size (e.g., 0.01 per trade)
✔ Simple and consistent
❌ Does not adapt to balance growth
c) Risk Per Trade (%)
Defines risk as a percentage of account balance.
Default: 10%
👉 More professional approach:
- Consistent risk exposure
- Better capital management
⚠️ Note: 10% is considered aggressive. Use carefully.
Leverage Note
- Leverage 1:500 → use Fixed Money Size = 100
- Lower leverage → recommended 200 or higher
👉 Ensures proper margin and risk balance.
Maximum Lots
Sets the maximum allowed lot size.
👉 Purpose:
- Prevent excessive trade size
- Protect account from over-risk
5. Stop Loss & Take Profit (SL/TP)
Controls how trades are exited.
SL/TP Type
• Fixed SLTP
SL and TP are placed directly on pending orders
✔ Transparent
✔ Suitable for standard brokers
• Virtual SLTP
SL and TP are hidden and managed internally by the EA
✔ Not visible to broker
✔ Can reduce risk of stop hunting
⚠️ Risk: If EA or VPS stops, protection is lost
• ECN SLTP
SL and TP are applied after the trade is executed
✔ Suitable for ECN accounts
✔ Prevents execution errors
Stop Loss (pips)
Distance from entry price to stop loss
👉 Defines maximum loss per trade
Take Profit (pips)
Distance from entry price to take profit
👉 Defines profit target and risk-reward ratio
6. Trailing Stop
Automatically locks in profits as price moves in your favor.
Trailing Start (pips)
Minimum profit required before trailing begins
Trailing Step (pips)
Distance between each stop loss adjustment
👉 Smaller step:
- Locks profit faster
- But may be too sensitive
7. Break-Even
Protects trades by eliminating risk after reaching a certain profit.
Break Even Start (pips)
Profit required before moving SL to break-even
Break Even Step (pips)
Extra pips added beyond entry when break-even is activated
👉 Example:
Entry at 1000 → BE Step 2 → SL moves to 1002
8. Risk Control
Max Drawdown Daily (0 = OFF)
Defines maximum allowed daily drawdown.
If exceeded:
- All open positions are closed
- All pending orders are deleted
👉 This is a critical account protection feature
9. Friday Exit
Reduces weekend risk exposure.
Friday Close All
- ON → closes all positions on Friday
- OFF → keeps trades open
Friday End Time
Defines when trading stops on Friday
👉 Helps avoid:
- Weekend gaps
- Late-week volatility
10. News Filters
Avoids trading during high-impact news events.
News Filter
Enable / Disable
Stop Trading Before News
Minutes before news when trading stops
Resume After News
Minutes after news when trading resumes
👉 Purpose:
- Avoid sudden spikes
- Reduce slippage risk
11. Broker Settings
Ensures safe execution under broker conditions.
Max Spread (pips)
Maximum spread allowed for opening trades
👉 If exceeded → no trade
Max Slippage (pips)
Maximum acceptable slippage during execution
Magic Number
Unique ID for the EA
👉 Allows:
- Managing its own trades only
- Avoiding conflicts with other EAs
📌 Final Notes
Monas is designed for:
- Structured trading
- Disciplined risk management
- Real market adaptability
Not designed for:
- Overtrading
- High-risk gambling
- Unrealistic profit expectations
⚠️ Risk Warning
Trading involves significant risk.
Always:
- Use proper money management
- Test on a demo account first
- Trade only with funds you can afford to lose
Past performance does not guarantee future results.
