The principle objective of this weblog is to explain and clarify the enter parameters of my Momentum Skilled Advisor for MT5. The advisable utilization of this EA is to commerce currencies on bigger actions on account of central financial institution occasions (usually rate of interest choices). It may be used although on different medium and excessive impression information as nicely.
That is an out-of-the-box product which is able to usually not be modified primarily based on request from a single buyer. Please due to this fact first learn this weblog to the tip and/or obtain a demo and check the EA within the technique tester in an effort to perceive what it could possibly and can’t do.
Each time there may be an accessible replace of the EA I like to recommend you to attend with updating till all open positions by the EA have been closed. You may replace it with out eradicating the earlier model from the chart. Earlier than updating I additionally recomend to show off Algo Buying and selling and after the replace please management that the enter parameters haven’t modified on every chart the place the EA is loaded. Then you possibly can activate Algo Buying and selling once more.
Backtest with information knowledge and proper GMT offset
If you’ll not use the Auto settings then I strongly advocate you to do your individual backtesting and wonderful tuning within the technique tester earlier than beginning to commerce on a reside account. For backtesting H1 time-frame must be used. It’s sufficient utilizing ‘1 minute OHLC’ modelling for the reason that EA will deal with occasions solely on opening of a brand new M1 candle. That is legitimate additionally for setting trailing cease and break even. I like to recommend setting an execution delay of 150 ms to simulate slippage.
The information supply used is the Metatrader Calendar. Please guarantee that your VPS has the proper time, else it’d result in MT5 displaying the flawed GMT time. Simply test with the MT5 calendar if the following information occasion that’s displaying on the chart has the proper GMT time.
Observe these steps to do a backtest with information filter from historic information occasions.
- Be sure you know the GMT offset of the historic chart knowledge you bought in your MT5 terminal. If you’re unsure, finest take a look at the latests huge information, which induced a breakout on the chart and test the time with the MT5 calendar in GMT format.
- When putting in the EA the primary time the information file ‘newshistory.bin’ shall be created within the folder Metratrader widespread folder. It is dependent upon your consumer title and is normally situated in C:UsersYOUR_USER_NAMEAppDataRoamingMetaQuotesTerminalCommonFilesnews. In some cased the file may be empty (measurement is 0 bytes). In that case please delete the file change the worth in an enter parameter within the EA. That ought to do the trick.
- Run the backtest in Visible mode and test on the chart whether or not the following occasions are printed within the higher left nook of the chart.
Enter parameters
- GENERAL SETTINGS
- EA mode – Record field with the next picks:
- Commerce usually
- Pause EA – Will pause the EA. No new oders or modifying of current orders (trailing cease and so forth.).
- Multi image mode in tester – If set to True then the all symbols given within the ‘Symbols to commerce’ enter parameter shall be examined.
- Begin date for information in tester (file) – Will create the information file for again testing beginning with information from this date. If you already know that you’ll again check from 2020.01.01 then to get higher efficiency it’s best to delete the file and set this date as an alternative of the default 2015.01.01.
- Symbols to commerce – Every image have to be separated with a comma (,). For buying and selling solely the Margin curreny (the primary foreign money) the image title have to be adopted by by -1. As an example USDCHF-1, which signifies that solely USD occasions shall be traded. For buying and selling solely the Revenue curreny (the second foreign money) the image title have to be adopted by by -2. As an example USDJPY-2.
- Use auto settings –
- GENERAL TRADING FILTERS
- Open purchase order – True or False.
- Open promote order – True or False.
- Permit pending orders for reversal alerts – If set to True (default) then a pending order (purchase or promote cease) shall be positioned in the other way and near the cease loss.
- Permit greater than 1 pending order in similar route – It may be attainable with a number of cease orders in case an order shortly hits break even and a brand new order is opened in the identical route as a result of a constant sign.
- Most allowed unfold in factors (0 = disabled) – May be set to keep away from taking trades with to excessive unfold after a information releases. The default settings is 50, which is appropriate for a low unfold dealer.
- Most allowed slippage in factors (0=disabled) – Please be aware that not all brokers/account varieties help slippage management.
- TIME FILTERS
- NY shut dealer (GMT+2 winter, +3 summer time, US DST) – True or False. If set to True then the two following inputs do not need to be set.
- GMT handbook winter offset – In case you need to set the GMT offset manually your self. Understand that on most brokers the GMT offset will change twice a 12 months due to daylight saving time.
- Dealer Daylight Saving Time (DST) – Record field with the next picks:
- Weekdays to commerce [1-Mon..7-Sun] – In the event you as an example would love the EA to commerce each weekday besides Friday the the worth have to be set to 1234.
- Friday cease commerce time (-1=disabled)
- Friday shut time (-1=disabled) – To keep away from retaining open positions over the weekend.
- NEWS SETTINGS
- Occasion kind – Record field with the next picks:
- Financial institution occasions
- Different occasions
- Each
- Financial institution occasions (impression=excessive, sector=cash) – Record of financial institution occasions. Have to be comma separated. May be put with decrease or higher characters.
- Different occasions (impression=excessive,medium)
- Checking begin minute [0-8] –
- Checking finish minute [4-30] –
- Set off scale issue [0.24-0.48] –
- Set off scale issue for extra order (0=disabled) –
- Minutes to attend for addtional order [15-240] –
- RISK MANAGEMENT (ranges are in factors) – I can not set the danger for you, please contemplate your self what threat you’re keen to take, specifically contemplating your account leverage.
- Lot calculating technique – Record field with the next picks:
- Fastened lot
- Fairness step
- Threat %
- Fastened lot measurement or lot increment step – Fastened lot or how a lot the lot measurement must be elevated each Lot increment fairness step (if Lot calculating technique = Fairness step).
- Lot increment fairness step – 0.01 tons per 400 EUR steadiness is appears to be a good worth based on backtest. The backtest from 2015.01.01 resulted in a 7% steadiness drawdown and a15% fairness drawdown with this setting.
- Threat in share – Used if Lot calculating technique = Threat %. If set to 1% then with 6 concurrent orders you threat 6% of your account steadiness.
- Max. open positions (0=disabled) – Set to as an example 6 and you’ll by no means threat that the EA could have greater than 6 lively trades. Vital to know is that you’re utilizing Threat % and have set it to as an example 1% then with 6 trades your probably risking 6% in case the entire positions ought to hit cease loss.
- Cease buying and selling when Fairness decreased (0=disabled) – won’t open any new orders if the fairness is decreased by this quantity. In the event you put as an example 1000 and your present steadiness is 4000 then the EA won’t open new trades in case your fairness goes under 3000.
- Cease buying and selling when Free margin under (0=disabled) – won’t open any new orders if the free margin goes under this quantity.
- Max allowed steadiness drawdown % (100=disabled)
- Orders with this Magic quantity (0=all) – With the default worth (67) the EA will solely test open order the place the Magic quantity begins with 67. So when you’ve got different EAs working with open orders then they won’t be considered.
- Shut orders – If set to True then all orders, the place the magic quantity begins with the worth you may have set above, shall be closed instantly when the max worth has been reached.
- POSITION MANAGEMENT (ranges are in factors)
- Cease loss scale issue [0.2-0.45]
- Trailing cease scale issue [0.25-0.9]
- Trailing step (<0 = minutes, >0 = factors)
- Break even set off scale issue [0.06-0.24] (0=BE disabled)
- Multiplier for Set off/SL/TS/BE [0.66-1.34] – This parameter is for a fast means of diversification. It can scale the cease loss, break even, trailing cease and entry set off parameters by the multiplier specified. For instance, as an alternative of working one set with 0.03 tons, you could possibly run 3 units with 0.01 tons and scale elements 0.8, 1.0 and 1.2. This manner your entries and exits shall be barely completely different on every set.
- OBJECTS
- Information panel auto colours
- Information panel background colour
- Information panel border colour
- Information panel caption colour
- Information panel textual content colour
- Information panel consideration colour
- Information panel font measurement
- EA SETTINGS
- Magic quantity – Ought to be completely different for those who for some purpose have the EA working on a number of chart with overlapping symbols.
- Order remark
