Hello everyone, I’m Esmaeil and here I will explain the inputs and how to run the EA properly to get the most out of it so stay with me 🙂
There are 3 steps to run the EA properly :
- the Chart you should run the EA on
- the URL you have to add for the News filter
- set the correct risk and inputs
now details:
1. you have to run on gold chart some brokers have it as name of Gold and some have XAUUSD , if your broker has both you should consult with your broker support to know which chart is tradable and the timeframe should be H1 and you only have to run this EA once on one chart .
Link to Youtube video on how to attach it to chart properly:
when you attach it you have to enable two things to allow the Metatrader to run the robot and open trades:
First check the box of “Allow Algo Trading ” in the Common tab of the expert when you try to attach it to chart as shown below:
Second Click on the “Algo Trading” button on top of your metatrader window and make it green as show below:
After this the icon of the EA should be a smiley face on the Metatrader4 or a blue icon on metatrader5 like below:
2.you have to add the https://nfs.faireconomy.media to the URL section so the EA can download the latest upcoming news. here is where you should add it:
first click on Tools on top of the Metatrader window:
then click on Options as shown in the picture below:
then click on expert advisors tab and the check the box of “Allow WebRequest for listed URL” and then enter the address and click OK as shown below:
3.here is the details of the inputs but i have to mention the default input is suitable for most traders , im running it on a default and a custom setfile on my signals ,i will attach the set file at the end of this article feel free to download it(the custom set file has the filter trading by RSI on and it has one more layer of protection)
for the risk if you set the risk by percentage since the more risk you take you can have lower balance (because each broker has minimum lot):
| Minimum possible Risk% | Balance |
|---|---|
| 1 | 1000 USD |
| 2 | 500 USD |
| 0.5 | 2000 USD |
| 5 | 200 USD |
- Main Magic Number: This unique identifier helps the robot distinguish its trades from those of other robots or manual trades. Each robot operating on your account should have a different magic number. For example, “80874” is a specific identifier for this robot’s trades.
- Order Comment: This allows you to attach a custom comment to each trade the robot makes. It’s useful for tracking and identifying trades in your trading history. The field is left blank by default, allowing you to choose your comment.
- Lot Calculation Method: Determines how the robot calculates the lot size for each trade. Options like base on balance adjust the lot size based on the current balance in your trading account, ensuring a dynamic approach to risk management.
- Risk Percentage per Trade : This sets the risk exposure for each trade as a percentage of your total account balance. For example, “2.5” means the robot will risk 2.5% of your account balance per trade.
- Fixed Lot Size: Specifies the lot size to be used for each trade if you’re not using a dynamic lot calculation method. A value of “0.2” means each trade will use a fixed lot size of 0.2.
- Fixed Lot Size per Balance: Determines the fixed lot size based on a specific balance amount. For instance, “500” could mean a fixed lot size is used for every $500 of account balance.
- Maximum Lot Size: The upper limit for the lot size the robot can use for a single trade, ensuring trades do not exceed a certain size, for example, “40” lots.
- Minimum Lot Size: The smallest allowable lot size for trades, set at “0.05” lots, ensuring the robot does not place trades below this size.
- Maximum Spread Allowed: This input limits the spread (the difference between the buy and sell price) at which trades can be opened, set at “100” points, to avoid entering trades during highly volatile or illiquid market conditions.
- One Trade Per Symbol: When enabled (true), this ensures the robot only has one open trade per symbol (currency pair) at a time, promoting diversification and risk management.
- Minimum Distance Between Trades: Sets the minimum allowable distance between trades for the same currency pair, in points, to avoid clustering of trades too closely, set at “100” points.
- RSI Filter: When enabled (false by default), this uses the Relative Strength Index (RSI) as a filter for trade signals, considering the market’s overbought or oversold conditions before entering a trade.
- RSI Filter Period: The length of the RSI period to be used if the RSI filter is enabled, with “24” indicating the number of bars used for the RSI calculation.
- RSI Filter Timeframe: The chart timeframe for the RSI filter, such as PERIOD_W1 for weekly. This determines over what period the RSI is calculated.
- High Impact News Filter: When enabled (false by default), the robot will avoid trading during times of high-impact news releases, which can significantly affect market conditions.
- Medium Impact News Filter: Similar to the high impact filter, but for medium impact news events. When true, the robot avoids trading during these times.
- Low Impact News Filter: This setting, when enabled, causes the robot to skip trading during low impact news announcements, minimizing risk from market fluctuations during these events.
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