– If you’ve never purchased an EA from the MQL5 Market before and you’re unsure about the process, please check the installation guide below. It goes over everything you need to know!
Entry settings:
“Auto-detect US opening hour” = If you switch this input to “true” the EA will automatically detect the opening hour for the US30 based on your broker’s timezone. Beware that this setting does not work in strategy tester so you can’t use it for testing purposes. It does however work for real trading. I would recommend enabling the “Show US opening time on Chart” setting as well if you plan on enabling this feature.
“US opening hour for current broker” = The hour of the day where the US stock market opens based on your broker’s time. The broker’s time is the time you see on your chart. The US stock market opens at 09:30am New York time, so use that for reference.
“Entry Diviation” = This input decides how much the market must go above/below the range in order to trigger the pending order. (A value of 100 equals 1 point in the Dow index)
“Entry Diviation InsideBar trades“ = This input decides how much the market must go above/below the inside bar in order to trigger the pending order. (A value of 100 equals 1 point in the Dow index)
“Entry Diviation Breakout trades” = This input decides how much the market must go above/below the trading range in order to trigger the pending order. (A value of 100 equals 1 point in the Dow index)
Risk management:
“Percentage of Balance risked per trade” = Here you decide how many percent of your account balance you’re willing to risk on every trade. (A value of 1 means that 1% of the total account balance is risked per trade)
“Risk per trade on days with big news events” = You can use this setting to differentiate the risk taken per trade on days where there are big news events coming up. (A value of 1 meants that 1% of the total account balance is risked per trade)
“Enable Manual Lot Size” = This input is used to turn the manual lot size on and off. If the input is set to “true” the manual lot size is on and if the input is set to “false” the manual lot size is turned off and the EA will use the percentage based risk input instead.
“Manual Lot Size” = This input determines the lot size of every order the EA opens if the manual lot size option is enabled.
Exit Settings:
“ATR Stop Loss (mon-tues)” = This input determines how far away the stop loss should be in terms of the current ATR value, for normal trades taken on Mondays and Tuesdays.
“ATR Stop Loss (wed-thurs-fri)” = This input determines how far away the stop loss should be in terms of the current ATR value, for normal trades taken on Wednesday, Thursdays and Fridays.
“ATR Take Profit (mon-tues)” = This input determines how far away the take profit should be, in terms of the current ATR value, for normal trades taken on Mondays and Tuesdays.
“ATR Take Profit (wed-thurs-fri)” = This input determines how far away the take profit should be, in terms of the current ATR value, for normal trades taken on Wednesdays, Thursdays and Fridays.
“ATR Take Profit InsideBar trades (mon-tues)” = This input determines how far away the take profit should be, in terms of the current ATR value, for InsideBar trades taken on Mondays and Tuesdays.
“ATR Take Profit InsideBar trades (wed-thurs-fri)” = This input determines how far away the take profit should be, in terms of the current ATR value, for InsideBar trades taken on Wednesdays, Thursdays and Fridays.
“ATR Stop Loss InsideBar trades (mon-tues)” = This input determines how far away the stop loss should be, in terms of the current ATR value, for InsideBare trades taken on Mondays and Tuesdays.
“ATR Stop Loss InsideBar trades (wed-thurs-fri)” = This input determines how far away the stop loss should be, in terms of the current ATR value, for InsideBar trades taken on Wednesdays, Thursdays and Fridays.
“ATR Take Profit Breakout trades” = This input determines how far away the take profit should be, in terms of the current ATR value, for Breakout trades.
“ATR Stop Loss Breakout trades” = This input determines how far away the stop loss should be, in terms of the current ATR value, for Breakout trades.
“ATR Stop Loss – Time Based Reversal trades” = This input determines how far away the stop loss should be, in terms of the current ATR value, for Time Based Reversal trades.
“ATR Take Profit – Time Based Reversal trades” = This input determines how far away the take profit should be, in terms of the current ATR value, for Time Based Reversal trades.
Trailing Stop Loss Settings:
“Enable Trailing Stop Loss” = This input enables the Trailing Stop feature. The input is set to “false” by default which means it is disabled. If you want to enable the feature you need to change the input to “true”.
“Trailing Stop Loss trigger” = This input determines how far the market needs to move in the direction of the position before the Trailing Stop Loss feature starts working. This input requires the Trailing Stop Loss input above to be enabled.
“ATR based Trailing Distance” = This input lets the user decide the Trailing Stop Loss distance in terms of the ATR value of the last 5min bar.
“Point based Trailing Distance” = This input lets the user decide the Trailing Stop Loss distance in points.
General Settings:
“Show US opening time on Chart” = You can enable this feature by switching the input setting to “true” which will make the EA show the opening time of the US30 based on your broker’s server time. Beware that the feature does not work correctly in the strategy tester as the strategy tester doesn’t support GMT time.
“Enable Buy Orders” = If this input is set to true the EA will open Buy orders but if the input is changed to false the EA will stop opening Buy orders.
“Enable Sell Orders” = If this input is set to true the EA will open Sell orders but if the input is changed to false the EA will stop opening Sell orders.
“Enable Normal Trading” = This input is set to “true” by default. Switching it to “false” will stop the EA from opening all “normal” orders which is the majority of orders.
“Enable InsideBar Filter” = This input decides whether the EA applies the inside bar filter. The inside bar filter makes the EA deal with inside bars around the open in a more effective manner.
“Enable InsideBar Trading” = This input gives the EA the green light to place orders around the inside bar’s range on top of the normal opening range orders.
“Enable InsideBar Breakout Trading” = If this input is set to “true” it will allow the EA to place breakout orders outside of the InsideBar range. If this input is set to “false” the EA will not place breakout orders.
“Enable Time Based Reversal Trading” = If this input is set to “true” it will allow the EA to take Time Based Reversal trades. If this input is set to “false” the EA will not take Time Based Reversal trades.
“Enable Splintering of orders” = If this input is set to true the EA will split the original orders into smaller orders. The smaller orders all vary slightly as they have different stop loss levels, different take profit levels and different entry levels. They also have different position sizes but the total risk of all the small orders combined will be the amount that is allocated for a position in the “Percentage of Balance risked per trade” input setting. This option can help the user lower drawdowns and increase win rate slightly through the diversification of having multiple orders with different settings.
“Number of Splinter Orders” = This input gives the user the option to choose how many orders they want the EA to open for each of the levels. The minimum is 1 and the maximum is 7. This input only works if the “Splintering of orders” input is enabled.
“Random pip modifier for orders (100 = +/- 1 US30 point)” = This input adds/subtracts a random amount to orders. The input decides the maximum that can be added/subtracted to the order levels.
“Comment for trades taken by the EA” = A unique comment for the EA so you can easily identify the trades taken by the EA.
“Magic Number for the EA” = This is just an EA identification number, but you should make sure that this number is unique from any other EAs you’re using!
It may have been a market holiday or there may have been big news releases coming out, the EA will not open orders in those cases. If you have multiple days in a row without orders being opened, please check your “journal” tab for potential errors or DM me on MQL5 for support.
Yes, the EA is constantly checking for upcoming financial news releases and in some cases it may stop trading because of big news. You can also adjust the risk per trade around news releases in the “risk management” section of the EA inputs.
Yes, for that you should use the prop trading set-file. But please make sure that you read through the rules of your prop firm in regards to automated trading etc.