FEATURES OF “MT5 FX EXPERT”
See what he can see!
You just saw on the “Method” page how the “MT5 FX EXPERT” works and why it is so good. Now check its exact features, those that you will be able to change, and those that are inside the program code and that will help you make more money or not lose the money you already made.
VARIABLES (you will be able to change them):
Magic Number = 11111;
Allows other Robots to trade or you can trade manually on the same account without any interference.
Comment Field = #1;
For your convenience, you will get 8 different sets of parameters already attached to the Robot, so you can check which orders were placed by which parameter set and use it later to get even better results.
Position Size = 0.1;
It can be changed manually or automatically with increased balance.
Position Auto Increase = true;
When you start making profits, you can switch from manual Order Size to “auto” and the Robot will automatically increase the Order Size.
Position Auto Multiplier = 0.5;
When you turn PositionAutoIncrease to “true”, then this variable determines how big the automatic order will be. Values between 0.5-0.9 are best. Unlike other Robots, you can use the maximal available Position Size, e.g. 2.0, 5.0 lots or even 25.0 lots and more, as the Robot closes orders almost instantly and has a very small Stop Loss, so there is little risk of losing much equity on one trade.
Max Lots = 25; NEW!
Allows to set the upper trading volume limit if you want to restrict the Order Size.
Max Spread = 3.0; (in pips)
Many brokers with variable or floating spreads have different values of the spread during the day, from 0.5 to 2.5 or 3.5 and more. When the spread is too high, it’s almost impossible to make profits on scalping orders. You can set this value even lower, say 1.2, but then very few trades will be open.
Risk Management = 10.0; (percentage of the balance)
If the balance drops by say 10%, the Robot stops trading. This parameter is responsible for safeguarding your deposits and winnings.
Max Lost Positions = 3;
If there are more than e.g. 3 consecutive losses, the Robot stops trading. It will resume automatically after the time you set up in the parameter below MaxLostResumeTime. It’s useful when the market or the platform behaves strangely.
Max Lost Resume Time = 900; (in seconds)
If there are more than 3 consecutive losses, the EA stops trading and resumes after 900 seconds (15 min). You can change it to less or more, same as the MaxLostPositions.
Min Time Close To Open = 600; (in seconds)
Time between positions. Useful when a broker has time restrictions between orders in case of a scalping strategy.
Position Minimal Time = 0; (in seconds)
Some brokers have scalping restrictions as to the minimum time of the position being open, e.g. 2 min (120 seconds). Also in some cases we don’t want to close the order too fast and let it run for another 1, 2, or 5 minutes to make even more profits.
Position Maximal Time = 900; (in seconds)
This is the Maximum time a position will be open. After that it will be force closed.
Trading Period 1, Trading Period 2, Trading Period 3 = 00:00-00:00; NEW!
You can set up to 3 different Trading Periods, when the Robot perform best, e.g. during UK and US sessions, or exclude periods when the market behaves abnormally, e.g. just before or just after the weekend.
Broker Time = true; NEW!
You can use broker time, same as on the chart, or the time on your computer, whichever is more convenient for you.
Entry Gap Add = 0.1; (addition) & Entry Gap Mult = 1.1; (multiplication)
The most important functions of the EA. They are responsible for opening the trades when the price difference (= gap) is big enough.
Opposite Trades = false; NEW!
If you get negative orders, you can reverse them from Buy to Sell or vice versa.
Pending Orders = false; NEW!
With some ECN brokers where the Stops Level is ZERO, Pending Orders work much better than Market Orders, since they are not requoted.
Slippage = 0;
With this system slippage should be set to ZERO, but if there are too many requotes setting to 1.0 or 2.0 enables the trades to be open anyway.
Mode SLTP = 0; (Mode StopLoss/TakeProfit) NEW!
You can set the way Stop Loss or Take Profit is placed, together with the order or after the order has been place. The default value is “Zero”, which automatically detects which way is best for a particular broker.
Stop Loss = true;
You can decide whether to use Stop Loss or not. Having a Stop Loss is safer, so set it to “true”.
Stop Loss Extra = 0;
In this EA the Stop Loss is set automatically to the lowest possible value allowed by the broker, e.g. 2, 3, 5, or 10 pips. However, in some cases brokers have very low Stop Loss level, e.g. 1, 2 or 3 pips and it would be hit instantly, so you can increase the total stop loss using this Extra Stop Loss variable. In case of some ECN brokers the Stop Loss level is always ZERO, so it’s best to use Extra Stop Loss value like 1, 2, or 5 etc. not ZERO.
Take Profit = true;
You can decide whether to use Take Profit or not. Having a Take Profit is safer, so set it to “true”.
Take Profit Extra = 100;
Generally it’s not necessary to use Take Profit, since we want the Robot to make as much profit as possible, so this value should be set to very high. It’s just in case when the platform freezes or there are any other reasons that the orders cannot be closed or modified, but having a Take Profit in place would make the orders close anyway.
Use Exit Gap = true;
If “true”, orders will be closed by Exit Gap (below), the same as Entry Gap, but when closing the orders. However we might want to keep the order longer and exit by Trailing Stop, TP/SL, and not when the prices are same again, so use “false” in such a case.
Exit Gap = 0.2; (in pips)
It’s the same as Entry Gap; when the prices are same again, the order will be closed, unless you set UseExitGap to “false”, so the orders will be closed differently, either by TrailingStopLoss or TP or PositionMaximalTime.
Close Only Positive Positions = true; NEW!
The Robot avoids closing negative positions and will wait till a profit is made before it exits a trade.
Repeat Closing = 30; (in seconds) NEW!
The Robot will check every 30 seconds if the position is profitable, then it closes the trade.
Trailing = true;
You can decide to use Trailing Stop by setting this function to true/false.
Trailing Extra = 3.0; (can be negative)
It’s the same as any other Trailing Stop, but in case of this Robot it can be also negative. E.g. when the Stops Level is usually 5 pips, then this is normally the Trailing Stop. If you set “TrailingExtra” to 5, then it will be 10 pips. If you set it to “- 2”, it will be 3 pips. It cannot be less than the spread of course, like 0 or 1 pips.
All trades are opened using the “ENTRY GAP”, but they can be closed in 4 different ways:
- “Exit Gap” (best)
- “Trailing Stop”
- “SL/TP” or
- “Position Maximal Time”.
Below is a screenshot with those variables after attaching the Robot to a chart:
You don’t have to change most of those variables. They will be preset when you buy the Robot. You will also get a manual with exact explanation of the variables and how to set up the Robot. Variables and built-in functions may change with new versions and updates.
BUILT-IN FUNCTIONS (cannot be changed by you):
Messaging – you will get comments on the trading chart and in the Expert Tab about the orders, problems, causes of stoppage of the trading, etc. so you will know what happened and what actions should be taken if necessary.
Force SL/TP – the Robot will try to force place Stop Loss and Take Profit until it’s successful, so the orders are protected by SL and TP.
Lag Detection – if the broker’s market prices are not the same as other brokers for a longer time (“false feed”), the Robot will be able to deal with it.
Spreads Recognition – the “MT5 FX EXPERT” can deal both with fixed and variable spreads as well as with 5-digit spreads, e.g. 1.48725.
Symbol Recognition – most common symbol is with no extension, e.g. EURUSD, but some brokers have additional marks after or before the symbol, e.g. EURUSD#, EURUSDfx, EURUSDVIP, etc. The “MT5 FX EXPERT” can deal with all those symbols and marks.
Broker Type Recognition – in previous versions it was necessary to manually decide if the broker is ECN or MM, has 4 or 5 digit quotes. Now the EA detects all that information automatically including leverage, account currency, etc. It’s fully automatic now.
With the “MT5 FX EXPERT” you can also succeed and your life will never be the same.
Enjoy your trading and great profits
with the “MT5 FX EXPERT”!
HIGH RISK WARNING :
Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.