Opening Bell Algo for MT5 trades Nasdaq-100 futures (MNQ and NQ) and recognises the usual Nasdaq-100 CFD names. This post covers installation from the Market, the first check on the chart, and every input you can change.
1. Install from the Market
Open MetaTrader 5, go to the Market tab in the Toolbox, find Opening Bell Algo for MT5 and install it. It appears in the Navigator under Expert Advisors, in the Market folder. No files to copy and no web addresses to allow: the Market edition has no licence check of its own.
2. Attach it to the right chart
Open the chart of the current front-month contract: MNQ or NQ with the nearest expiry (March, June, September, December). Any timeframe works, the program reads the timeframes it needs by itself. On a CFD account, open your broker's Nasdaq-100 symbol (often NAS100, US100 or USTEC).
Drag the program onto the chart. In the Common tab, allow algorithmic trading. Click OK, then turn on the Algo Trading button at the top of MetaTrader.
3. Check the panel
The status panel on the chart shows:
- the symbol it detected and the account type (netting or hedging);
- which strategies are on and the trade size;
- the broker clock and the time in New York;
- the trading window, today's result and the open position;
- the status line, which says why it is waiting or why it skipped a trade.
Compare the New York time on the panel with a reliable clock. If it is wrong, the broker clock input is the first thing to check (see below). The Experts tab of the journal shows the start message and any problem in plain words.
4. The inputs
Strategies
- Strategy 1: trend (on/off).
- Strategy 2: New York opening breakout (on/off).
Stops, targets and trading hours are fixed. They are the tested rules, so they are not inputs.
Money management
- How to size each trade: fixed lots, risk % of balance, or a fixed amount at risk.
- Fixed lots: 0 means the default, 1 MNQ contract, or about $2 per index point on a CFD.
- Risk per trade in % or in money: the size is calculated at the stop and always rounded down to your broker's lot step, so the risk is never above what you chose. If even the smallest lot would risk more, the trade is skipped and the panel says so.
Prop firm limits (off by default)
- Max daily loss in money: closes the position and stops for the day.
- Stop if equity falls below a level.
Broker clock
- Detect automatically (recommended), or a fixed GMT offset if your broker's clock is unusual.
Display
- Show the status panel, and in which corner of the chart.
5. When the contract rolls
Futures expire every three months. A few days before expiry, close the chart of the old contract and attach the program to the new one. On a CFD symbol there is nothing to roll.
6. Before you trade real money
Run the free demo in the Strategy Tester first: every tick based on real ticks, your broker's commission, and the period you want to check. Then run it on a demo account for a few weeks. Leveraged futures and CFDs carry a high risk of loss; this is software, not investment advice.
