Settings Arrangement for version 4.14 or later updates:
In 4.14 all inputs in parameters window have been rearranged, below are the screenshots of all parameters and soon all will be fully explained under each screenshot. To get to parameters window, right click on your chart that has EA loaded on and Select Expert Advisers > Properties.
Global Settings Section:
Each of the screenshot below contains 8 lines, explained by each screen.
Instrument: In this field you can input instrument that you prepared settings for, or list currencies that this template or preset can be used on.
Global inputs: This is a separator line telling that the following inputs affect all modules of the EA
Default Time Frame Options: This is an explanatory line that shows what inputs can be used for the following field
Default Time Frame: This is where you input time frame to be used by the EA. This EA does not care what time frame you use on the chart you have attached to, It monitors the time frame you input in this field only, Here M1 is used as default time frame so it monitors m1 internally regardless of what time frame you use on the charts. You can change that by inputting other values shown in the previous field. Longer time frames result on less often trading activity and affects overall behavior greatly.
Trade on Sunday: If set to True EA is allowed to trade on Sundays, If set to False EA will not do any trading on Sundays, Usually the Forex market opens up on late Sunday few hours before midnight. You can disable trading at market open by disabling trading on Sundays.
Sunday Absolute No Trading Hours: If previous value is set to true you can then input hours in this field that you do not want EA to trade within. You input should be like this: 20,22 – This format uses 0-23 for the 24 hours and refer to GMT time which is currently automatically determined by the EA. so an input of 22 by itself would disable trading on the hour 22 every Sunday, but will not stop EA from managing existing trades, just not allow any new trades to be taken in the disabled hour. Hour numbers should be separated by commas and no spaces like this: 0,3,6,7
Similar to above, EA has enable / Disable trading and absolute no trading hours for the entire trade week. As shown on the screen shot below
Each weekday can have trading enabled or disabled for the entire day or select hours to prevent trading on those hours. If nothing input on these blank field there is no restrictions. To prevent trading on certain hours input Hour numbers in the absolute no trading hours field separated by commas like this example:
The following parameters are additional inputs that affect all trading modules of the EA:
Trade Comments: Enabled by default. Ea will display a comment in the terminal window showing which trading module is responsible for the trade and for partially closed orders it shows each trade original ticket number, You can disable Trade comments if you do not want your broker to know that you are automatically trading. Mt4 will display comments only if you check that option in terminal window.
Global Riskmax: Because there are so many modules and trades in the EA and each one has its own Riskmax settings, we created this option for those willing to change Riskmax for all modules and all trades in one quick input. If set to True, then EA will use the Global Riskmax Percentage .
Global Riskmax Percentage: If previous Field is set to True then this field input will be used for calculating all trade sizes based on input of this field and account size and leverage used. Default value 0.02 means initial trade size is Your default leverage X Equity X 0.02. Please note that minimum lot requirement by broker can override this or prevail when the resulting trade size is below minimum lot.
Max Spread: You can enable max spread option and set max Spread allowed to a value of 1 or more. EA would not take any trades with initial value greater than allowed in the Max spread Allowed input
Trade on Holidays: All major US and European Holiday for each year are updated in the EA code and if trading on Holidays is disabled the EA would not trade on these days. approximately about 10 days per year.
Use Trail Stop: If you want to prevent EA from using trailing stop you can disable this option, This EA usually uses trailing stop which can have a negative value. Trailing stop follows the market price as long as the market is moving favorably by a distance referred to in each trade or module parameter as TS. you can set TS value for each module and each trade in the Normal Time based module. the distance from market price is in pips. Trailing stop does not move backwards and when market comes back to it, it is hit and the trade is then closed. It requires that your Mt4 is on all the time and connected meaning that is not registered on your broker server except when is hit.
Use Profit Pool: Rather than using profit limits that shows up on broker server or not allowed by some brokers, This EA uses profit pool system which allows the EA to close a percentage of any profitable trade at certain profit in pips value. The other part of the trade that stays after closing a part in profit is then left for its chance with the trailing stop. The value of profit pool is something you can set for each module and each trade of Time module also there you can set the percentage of the trade to be closed.
Trade Age Compensation: A trade that becomes a floating losing trade can have a new setting for profit pool, In the Age trigger Days you can input any value above 1 and if a losing trade comes near becoming profitable again after its age exceeds the age value in number of days, it will close at the New Close At PIPS Profit Value. Example if a trade is losing for more than a day and originally is set to close at 20 pips profit, it would close at 7 pips of profits according the inputs shown in the screenshot here, Of course you can experiment in tester with lots of values for each parameter. you can use higher lo lesser value than the original value.
Use Loss Pool: This is a time based stop loss that would close a part or all losing trades after certain hours and minutes have passed while it is still on loss.
If Loss Pool is Enabled then the next filed you can specify what percentage will close of each trade, it can have any value from 1 to 100, and it works in a way that the EA will close another part of the trade each time. In example shown in screenshot EA will close 33% of the losing and every losing trade whenever 24 hours and 0 minutes have passed while still in losing state. so every 24 hours another 33% will be closed until trade is finished. Percentage to be closed, hours and minutes to be closed after are values you can change and experiment with. If a trade that had portions of it already closed while it was a loser and remaining portion somehow runs to profit side closing by time will stop unless it runs back to negative side.
Close Losing After Hours: 0 = not used any other value will enable this option. Losing trades in this example will close after 72 hours in loss.
Close Losing After Min: You can input additional minutes in this filed to be added to Hours in previous filed,
Close Winning After Hours: You can also set hours that will make EA close profitable trades entirely by time, You can also fine tune this option by entering minute values on the minute field.
Max trades to Close: here you can specify how many trades you allow to be closed by this option.
Daily Volatility Table: There are times in the day where the Forex market prices hardly move called choppy market hours. To optimize for these hours as well as for those hours in the trading day when the price move by longer candles we have created Daily volatility table and is a global settings the affect all trades and modules of the EA when enabled. The table consists of 24 hours and each hour can have 0, positive or negative value. When the EA has a trade in profit and the Volatility table option is enabled it will add or deduct the value that applies to the original trade profit pool setting based on time of the day. Times are on GMT and automatically calculated by the EA to correspond with broker time. So the time when the trade closes by its profit pool greatly affect its profit as well as its chance to be closed, only when this option is enabled.
In the example below shown here if the EA has trade that is originally supposed to be closed or partially closed at 10 pips of profit, if Volatility Table is enabled EA would take to account the values shown below and add or subtract to determine what profit it needs to take based on the time of the day:
If it is 2 in the morning it would have to add 14 pips to original 10 in our example so it would require 24 pips to close the trade or a part of it.
If it is 4 then it would be 10+8
If it is 5 then it is original pool setting unaffected.
If it is 7 then it would be 10-6
All these values can be changes to your likings both original and the table.
No need here to list all screenshots of similar nature because you can have the idea.
Right After Volatility Table settings comes AfterNews Trading Module settings:
The separator line Tabled A is followed by After News Trading Module. It contains pages of parameters that affect the behavior of this trading module.
This trading module have 5 trading options to be used as trade type and is explained in details below
AfterNews Trading Module:
News Auto Max Trade: If this option is set to True then the module will allow number of trades based on account size, the larger the account the more simultaneous trades it can have but in that case option 5 can not be used as trade type. More on this later,
Type of order: explained in previous field there are 5 options for trade type for this module explained in details here:
Option 1: when 1 is entered as trade type: The module would only do Buy trades.
Option 2: when 2 is entered as trade type: The module would only do Sell trades.
Option 3: when 3 is entered as trade type: The module would create a hedge of Sell and Buy trade . 2 opposite trades at a time.
Option 4: when 4 is entered as trade type: The trade direction is controlled by an array that contains an input for each hour of the weekday. That array is available down the news trading section if yu scroll down to it, It is labeled Array for Option 4 news trading, all fields in it are set to 1 by default which means Buy. You can can set each field to 2 ( Sell ) or 0 to disable news trading in that hour of the week.
Option 5: when option 5 is entered as trade type the EA would switch trading direction from Buy to Sell based on one or 2 conditions that available under the Sell section of the AfterNews Trading Module, This option requires that the AfterNews module AutoTrade max feature is disabled which will allow the EA to take the second trade, the third trade, the fourth trade and the fifth trade of each direction based on the location of the trailing stop of the previous trade.
Each side, Buy or Sell in this module has its own settings for :
SL: Stop Loss , 0 disables SL, any positive value activates it.
TP: Take Profit , 0 disables TP, any positive value activates it.
TS: Trailing Stop of the first trade in each direction. First trade is the trade that occurred first in the Buy direction by this module, and it only counts trades made by this trading module. completely unaware of other trading modules in this EA, meanwhile other modules of the EA may be aware of After News trading modules and count its trades in the trade Max allowed.
Second Buy Trade TS1: works when option 5 is used as trade type the value here will trigger a second trade in the Buy direction, in our example here the module will create a second Buy trade when the first Buy trade is 2 pips in profit according to settings here.
Third Buy Trade TS2: The value of the second Buy trade trailing stop at which point the EA will create the third Buy trade, in example in screenshot EA would create third trade when 2nd Buy trailing stop trade is 77 pips in profit.
Fourth Buy Trade TS3: The value of the 3rd Buy trade trailing stop at which point the EA will create the Fourth Buy Trade by this module, in this example 2o pips in profit, so when third Buy trade is 20 pips in profit the this trading module would create another Buy trade for a total of 4 trades in the Buy direction at this point.
Fifth Buy Trade TS4: when the previous trade is also in profit and its trailing stop equal or exceeding value in this filed, EA module AfterNews will trigger last Buy trade for a total and maximum of 5 Buy trades when the settings in the previous field are all met by the market and none of the trailing stops have been hit, Trailing will continue for as long as the market is a way from the trailing stop of the first trade in the sequence. when price collapse and TS is hit all trades will be closed and a new sequence from scratch will get started unless trading direction is changed by trend detection mechanism which its inputs will follow.
Buy News Close at Pips Profit: If trailing stop is allowed in Global parameters then this and the following input are very important for every module and every trade in the Time module; Since EA will close a portion of every trade this input tell how much profit to close the first portion of the trade at. in this example 11 pips, and if volatility table is enabled in global settings this 11 would not be the final profit for this closed trade but it will be less or more depending on time of day and values in the volatility table.
Buy News Close What Percentage: if 100 is used here then EA would close entire trade on the previous field value of required profit ( +/- volatility table value for closing hour ). Any other value less than 100 can be used here to tell EA to split the trade. EA would close portion of the trade specified here at pips value specified in previous field, Remaining portion of trade will then be left for the trailing stop and trailing stop inputs of the buy side of the module will be in effect until trade is closed.
Buy News Use AutoRiskmax: AutoRiskmax is a feature of the EA that enables trading at very high risk for very small accounts and gradually reduces risk and use of leverage as account grows. It eliminates errors or inability to trade for small accounts ranging from as low as $50 and up. Auto Riskmax feature can baby sit account all the way to $500 000 size and only then the Riskmax will be fixed and not changing dynamically as account size change. This input can be Enabled or Disabled, If disabled then you must input manual Riskmax in the following field.
Buy News Manual RiskMax: If previous field is disabled ( set to False ) this means this field is activated and the Riskmax value here would indeed be used by EA to calculate your trade size for the Buy direction of the AfterNews trading module ( Every trade module has its own settings in regard to this matter ). The Riskmax is used by EA to calculate trade size in the following manner:
Trade = Default leverage X Equity X Riskmax.
Example : default leverage is 100 and equity is 5000 and Riskmax is 0.02, So trade size would be 100 X 5000 X 0.02 = 10 000 which is mini lot. If Riskmax is set to 0.2 instead of 0.02 then the trade would be 100 000 which is standard lot which is 10 times riskier on an account this size than mini lot.
Sell News TP: First input on Sell side of AfterNews module : Profit Limit: 0 = unused.
Sell News SL: Initial Stop Loss limit: 0 = unused. Any other positive value can be used, as soon as Trailing stop is triggered Stop loss is overridden by Trailing stop value. this rule applies to all trades.
Sell News TS: The distance at which Sell trailing stop must stay from the market price for AfterNews module. Trailing Stop of the first trade in Sell direction. First trade is the trade that occurred first when there are no Sell trades by this module, and it only counts trades made by this trading module. completely unaware of other trading modules in this EA, meanwhile other modules of the EA may be aware of After News trading modules and count its trades in the trade Max allowed.
Sell News TS Trigger: is the trigger pip value for trailing stop to be generated in News Sell direction applies for first Sell trade.
Second Sell Trade TS1: works when option 5 is used as trade type the value here will trigger a second trade in the Sell direction, in our example here the module will create a second Buy trade when the first Sell trade is 2 pips in profit according to settings here.
Third Sell Trade TS2: The value of the second Sell trade trailing stop at which point the EA will create the third Sell trade, in example in screenshot EA would create third trade when 2nd Sell trailing stop trade is 77 pips in profit.
Fourth Sell Trade TS3: The value of the 3rd Sell trade trailing stop at which point the EA will create the Fourth Sell Trade by this module, in this example 2o pips in profit, so when third Sell trade is 21 pips in profit the this trading module would create another Sell trade for a total of 4 trades in the Sell direction at this point.
Fifth Sell Trade TS4: when the previous trade is also in profit and its trailing stop equal or exceeding value in this filed, EA module AfterNews will trigger last Sell trade for a total and maximum of 5 Sell trades when the settings in the previous field are all met by the market and none of the trailing stops have been hit, Trailing will continue for as long as the market is a way from the trailing stop of the first trade in the sequence. when price returns and TS is hit all trades will be closed and a new sequence from scratch will get started unless trading direction is changed by trend detection mechanism which its inputs will follow.
Trend Detection Hours: Fifth trade occurrence on both direction is used as a part of trend detection mechanism active only when option 5 is used as trade type in AfterNews module. In this input you can specify how many hours is allowed to pass and the EA is trading in a direction without reaching 5 trades maximum allowed per direction. having 5 trades in a direction by this module means the EA is actually trading with the trend. but here you can specify to the EA that it must switch direction of trading to the opposite side when no fifth trade has occurred for a particular number of hours, entering 0 in this field disables this option and allow using the option in the next field by itself as trend detection mechanism. similarly having 0 in the following field allows the EA to depend entirely on this input to determine trend without taking into account losing trades in a raw.
Consecutive Losses: You can specify a number of consecutive losses for the EA to switch trading direction. in this example is set to 3 meaning EA would switch trading from Buy to Sell and from Sell to Buy after 3 consecutive losses. if set to 0 no switching based on consecutive losses will occur and EA would watch for hours without Fifth trade occurrence to switch trading direction.
Sell News Close at Pips Profit: If trailing stop is allowed in Global parameters then this and the following input are very important for every module and every trade in the Time module; Since EA will close a portion of every trade this input tell how much profit to close the first portion of the trade at. in this example 11 pips, and if volatility table is enabled in global settings this 11 would not be the final profit for this closed trade but it will be less or more depending on time of day and values in the volatility table.
Sell News Close What Percentage: if 100 is used here then EA would close entire trade on the previous field value of required profit ( +/- volatility table value for closing hour ). Any other value less than 100 can be used here to tell EA to split the trade. EA would close portion of the trade specified here at pips value specified in previous field, Remaining portion of trade will then be left for the trailing stop and trailing stop inputs of the buy side of the module will be in effect until trade is closed.
Sell News Use AutoRiskmax: AutoRiskmax is a feature of the EA that enables trading at very high risk for very small accounts and gradually reduces risk and use of leverage as account grows. It eliminates errors or inability to trade for small accounts ranging from as low as $50 and up. Auto Riskmax feature can baby sit account all the way to $500 000 size and only then the Riskmax will be fixed and not changing dynamically as account size change. This input can be Enabled or Disabled, If disabled then you must input manual Riskmax in the following field. Please refer to example mentioned earlier regarding manual Riskmax input.
Pips Trigger: In After News trading module trading is based on time frame used internally in the global settings and pips trigger. If M1 is set as default time frame in global settings of the EA ( regardless of time frame you set in your charts ) then EA would trigger an after News trade whenever a one minute candle exceeds the Value of the Pips Trigger input. If set to 0 then EA would not wait after trade is closed and will trade immediately unless the volume trigger is also used. but if Pips trigger is set to 10 for example EA After News Module would not trade until a 10 pip candle has occurred.
Wait for Volume Trigger: This and the next 2 parameters that follow set the Mt4 volume data to be used as trade trigger for AfterNews trading module. If set to True then the next two lines can be active.
Number of Volume Bars: If previous filed is set to True then EA will watch Mt4 volume bars. It will compare any number of bars value to the preceding number. Here you can set the number of volume bars to watch over for comparison with the previous similar set of volume bars. It works in conjunction with the next field value and an explanatory example will be given after explaining the next field.
Vol Multiplication Factor: A good value for this input would be between 2 and 4. This tells the EA how when to trigger the trade when this whole option is used and works in the following manner. like in this example;
Number of Volume Bars is set to 1 and Multiplication Factor is set to 4: EA would trigger trade when current volume bar is 4 times taller than the previous volume bar !
Another example and more extreme;
Number of Volume Bars is set to 20 and Multiplication Factor is set to 2: EA would constantly track total volume of last 20 volume bars and compare to the total volume of the previous 20 bars preceding the last 20 bars. and when the last 20 equal or exceeds twice the total of the preceding 20 volume bars that is when the trade is triggered in that case. of course this can require lots of experimentation in the tester to come to useful values.
News Back Test Solo: This option works only in tester and only applies for testing in the Mt4 strategy tester. It works like solo function in the Audio mixer which mutes all other channels in the mixer so this channel can be heard clearly and checked for flaws. With this EA you can disable trading of all other trades and modules by checking the Backtest Solo on, this is very useful for research time and settings preparation specially when more than module is used particularly the Time based Normal trading module.
Option 4 settings array: This works when After News Trade type is set to 4 thus this is called option 4 trading array:
This array consists of Monday Thru Friday trading days and a slot for each hour in this time span of the trading week. If trade type is set to 4 it means EA will pick up trade direction from this array based on day of the week and time of the day. Each hour slot can have one of 3 values; 1 = Buy , 2 = Sell, and 0 = No trade will occur in that hour in that day of the week.
In the default settings ( 4.14 ) you will see that all values of the array are set to 1 which will make it behave just like if the trade type of the AfterNews module is set to 1 or Buy only. As you can see you can edit and change the settings as you like. in our template the trade type is set to 5 which means option 4 settings array is completely over-passed. Go back in explanation of option 5 as trade type for more details. Similarly using 4 as trade type will disable all option 5 functionality and the max trades for module will work normally.
Below are setting arrangement and explanation for versions 4.12 or earlier:
Though the EA comes with ready to use template with settings, the details below may help you understand how to change settings on your own. Trade settings should only performed after extensive back testing and research is done on your broker Mt4 platform.
There are hundreds of options and parameters in the Forexbody EA, the most important parameter that should not be missed in any setup is the HourShift. This should adjust EA time to make it GMT for non GMT Mt4 brokers. HourShift setting has been removed since version 411 and the EA calculates and figures out automatically, Restart of your Mt4 is required after each market open is required ( once per week ) and your local computer must have correct time set and correct time zone selected. When done correctly the EA will display the correct GMT time on the bottom left corner of your chart during market open hours.
The MinuteShift is also removed and automated as long as your computer clock is set to correct time even if your broker server time is not correct..
Trade mode is also removed in later version and each module has its own on / off selection, ECN broker setting has also been removed and all other important functions are fully automated.
Loss pool closes parts of or entire trades that have been in losing zone for a certain amount of time defined in hours in the setting. We have used 3 weeks period previously but recent market should that trends are lasting even longer. current setting is 1500 hours.
Slippage amount tell the EA when to stop attempting to open a trade or close one in fast moving market if initial price no longer available. 3 slippage means the EA is allowed to open trades within 3 pips from original quote.
MaxTrade is the maximum number per direction allowed, a setting of 3 means the EA can only have 3 buy and 3 sell trades open for a total of 6 trades., the lower the number the lower the risk and lower the returns, the higher the higher the risks and the returns, too low numbers may result with no trading at certain times.
Max spread tells the EA not to trade if higher than allowed spread is detected.
TradeOnHolidays: The important future bank holidays are coded in the EA for the next 2 years, and if trading on holidays is not allowed then the EA will not trade on these days.
UseBackTestSolo: Due to the many options available this feature enables market researchers to to disable all trades but 1 during back testing. This option must be set to False for normal trading. but in back testing it must be combined with BacktestingSolo option located under every trade in order to be used.
UseTrailingStop: This feature is used extensively with most trades and should be enabled.
UseProfitPool: Is the feature that allows the EA to close parts of profitable trades as set per each trade profit pool option.
TradeAge Compensation is method for the EA to change profit pool settings for those trades that do not win after certain days. The days number is controlled by the DaysTrigger for that option, So if DayTrigger is 3 and this option is enabled, and the AgePips is 10, for example, A losing trade that was originally set to make 40 pips in profit to be partially closed, would now require only 10 pips to be closed after 3 days have passed while in the losing zone. Same thing can be done to increase the pool settings instead of decreasing, long time research is the only way to find out best settings for this feature.
Auto Close allows closing of all or some trades based on time. this not used in the settings we provide loss pool use instead.
This is a trade limiting option, It results on less trading but more selective. The nature of the EA is high activity, but the market is risky and this option reduces the number of trades the EA will do. by waiting for bullish pattern before Buy trade and bearish pattern before sell trades the EA will end up with much less trading but higher profitability. Each pattern enabled will result in further reduction in trading activity. Disabling this option as a whole will result on all trades will be places and immediate trading if trade mode is 1 or 2. The patterns are well known throughout the Forex community.
Here is one of the trade modules that user can program. There are 9 trade modules for each weekday and 3 for Sunday.
Each trade has it own settings, like its own assignable TP, SL, trailing stop, Profit pool settings, Riskmax settings, whether fixed or changing, and weather to disable all other trades during back testing option. Each of these trades here will be repeated every week at the same time, and will happen unless max trade option does not allow or WaitforCandlstickPattern is enabled.
The scalping module does a lot of unpredicted trading based on volume patterns. The user can control many aspects of the behavior and can provide hours when not to trade with this module, Also the module trading frequency is affected by its own settings and the WaitforCandlStick option mentioned earlier.
The news trading module also has its own trade settings and trade delimiter. it is also affected by the WaitforCandleStick options discussed earlier.
News trading is riskier than all other modules so a manual RiskMax of 0.02 is used and AutoRiskmax is disabled by default, also another condition is in place, according to settings here the last 10 volume bars must be twice bigger than the previous 10, and a 20 pip candlestick must occur before the trade can happen and it is subject to all other settings of the News trading module and the global settings of the EA. sell and buy trades can have each its own settings. If delay time is entered then the delay time must pass before the trade is taken.
In back testing, you can set BacktestSolo to true to disable all other modules during the backtest and see the news trading module by itself, very helpful if you want to create a news strategy for your broker.
Mt4 may stop responding when attempting to backtest for the first time using this EA. if that happens all you have to do is close Mt4 from the X button and restart it. load the settings to the tester again and select your test period and time frame and try again. This issue was not experienced more than once at any Mt4 platform.