Functions Glossary

Single functions

MagicNumber

This number is necessary in order to identify exactly the orders position management. Enter a unique number that you assign to just this one chart exclusively. Through individual magic numbers in each chart, you can use the Expert Advisor several times in various currency pairs, time frames or settings (Metatrader 4 only). Set a different magic number each time you use two or more Expert Advisors on the same Symbol.

TakeProfit

This is used for achieving a profit with each individual position. The value is expressed in pips. When this pip value is reached, the Expert Advisor automatically closes the position.

StopLoss

This is the “safety net” of each individual trade. When the stop loss is reached, the Expert Advisor closes the position immediately in order to avoid further losses. This occurrence is almost always associated with a big minus. Therefore, the stop loss plays an important role. ALWAYS SET A STOP LOSS! The continuation of your trading account may depend upon it. Remember that technical problems (e.g. Internet connections, computer failures etc.) can complicate or even prevent you from accessing your broker. Or your Metatrader crashes… Then the Expert Advisor’s monitoring functions no longer work. If during this time your trade goes against you, then it is wise to have a stop loss in the market. The broker takes over and closes the positions. How far you set it depends on your personal situation. Use the strategy tester or a demo account in order to find a suitable setting. The stop loss should be neither too wide, nor too small. Although a small stop loss would significantly reduce the risk on the trade, it would also be triggered more often. For as many small profits lead up to a big one, so do many small losses result in a big loss.

LotSize

It is with this lot size value that the EA will open a new position.

Slippage

Set the maximum difference (in pips) you want to allow between the expected price (the price the EA tries to enter) and the actual executed price. Slippage can occur during busy trading hours when there is high volatility. Reasonable values are from 1 up to 3.

MaxOpenOrders / MaxOpenTrades / MaxOpenPositions

This function prevents the EA from opening too many positions and consuming the available margin, which could lead to a costly margin call. It is a limitation of the number of open positions for each EA. When this number is reached, the EA will only open a new position if an existing one is closed. This function is not FSA/FIFO compatible.

InverseStrategy

If the InverseStrategy function is set to True, the EA turns the entry logic around. If the EA gets a buy signal, it will now open a sell position instead, and vice versa.

ShowComment

This will print some useful information on the chart. Set the value to False to speed up your backtests.

ReverseOnOppositeSignal / ReverseOnSignal

This function reverses the open position(s) if there is an entry signal in the other direction. If for example, you have a 2 buy order open and a sell signal is generated, the EA will automatically close both buy order and open a sell order. The new trade will always have the same lot size as the last one.

CloseOnSignal / Exit Strategy

Some EA’s have an Exit Strategy. Set this to True in order to use it.

TradeOnNewBar

Set this to True if you want to trade only on the opening of a new bar. If for example the EA is on an H1 chart and a signal is generated at 09:42, the EA only opens the trade at 10:00.

Trade max. once per bar

Set this to False if you want your EA to trade multiple times per bar. It is recommended to set this to True.

Trade Direction

Choose whether you want to trade long or short positions only or both.

Open New Positions

If this is set to false, the EA will not open new position but still manage the remaining open positions. If you EA has the capability to send Notifications, it will still send them on each signal.

Spread Filter

MaxSpread

Here you define the maximum spread you want the EA to trade with. This is a safeguarding function. If for example, the market moves very quickly with much volatility, the spread can be very high. You do not want your EA to trade under such conditions.

Send Notifications

This allows the EA/Indicator to send Alerts, Email, and Push-Notification to your MetaTrader Mobile App

Money Management

UseMoneyManagement

If this parameter is set to True, the lot size will be adjusted automatically. The EA then risks only a certain percentage of your trading account. If for example the trading account is $2,000 and RiskPercent is set to 2, then the EA risks only $40 (2000 * 2/100) per trade. If the stop loss is set at 50 pips, the EA will open the next position with 0.08 lots.

RiskPercent

Set the maximum you want to risk on the trade, expressed in a percentage of your account equity.

Moving Average (MA) Trend Filter

If the MA trend filter is set to True, the EA will only enter long positions if the current price is above the MA. Vice versa for short.

ADX filter

UseADXFilter

Set this to True if you want to use the ADX filter. The ADX filter is based on 3 lines: the ADX main line, the +DI line and the -DI line.

ADX Period

The ADX Period.

ADX Level

The EA trades only if the ADX main line is above this level.

+DI/-DI Level

The EA enters a long (buy) trade only if the +DI line is above this level. -DI must be above this level for a short (sell) trade.

+DI above/below -DI

If this is set to True, then the EA trades only if the +DI is above the -DI for a long trade (buy). -DI must be above the +DI for a short trade (sell).

ADX Applied Price

The applied price for the ADX indicator.

Breakeven

The Breakeven function secures your trade by moving the stop loss to a profitable area once your trade has moved a certain number of pips. Example: If BreakEvenPoint is 20 and PipsToLockIn is 5, then the EA will automatically move the stop loss to +5 pips once the trade has moved +20 pips. This function requires a stop loss greater than zero!

UseBreakEven

Set UseBreakEven to True if you want to use break even

BreakEvenPoint

This determines when you want your position to break even. This parameter will activate the break even function if the value is set above 0.

PipsToLockIn

Determine the pips you want to save after reaching the break even level.

TrailingStop

UseTrailingStop

Set this to True if you want to use a trailing stop

TrailingStop

Here you set the number of pips you want to trail. If the distance is too great, you give away too much of the profits gained. If it is too small, you will be stopped out too often with only small profits. This function is inactive when set at 0.

WhenToTrail

This tells the Expert Advisor at what point (expressed in pips) it must start trailing. If you enter 30 for example, the EA trails this position when it reaches +30 pips. This value can also be negative (if for example, you have a wide spread).

TrailingStep

No description yet. Set it to 1.

CandleTrail

This trailing function trails the high/low of a certain number of candles/bars. Example: If CandlesBack is set to 10 and PadAmount to 5, the EA moves the stop loss to 5 pips below the lowest low of the last 10 candles/bars, and above the highest high for a sell trade. This function requires a stop loss greater than zero!

PadAmount

This gives you a small margin above or below the CandleTrail.

CandlesBack

Here you determine how many CandlesBack the CandleTrail function should count back.

ATR Trail

This is a trailing function based on the ATR (Average True Range) indicator, which is integrated into Metatrader. This function trails your position by the result of the ATR period multiplied by its multiplier (divisor).

Use ATR Trail

Set this to True if you want to use this function.

ATR Period

Set the period for the ATR indicator.

ATR Multiplier

Multiplies the ATR level with this value.

Martingale

Sophisticated Martingale options allow a perfectly coordinated position management for your lot size. This determines how to deal with the lot size after a loss or profit. You can widen the positions as well as reduce them. Martingale positions can easily become an uncontrollable risk.

UseMartingale

Set this to True if you want to use Martingale.

MaxMartingale

Determine how often you want to change the lot size in order to prevent it from increasing infinitely, which would lead to a margin call.

Reset after Max Martingale

This function resets the lot size and restarts the Martingale sequence after Max Martingale is reached.

MartingaleValue

With this value the Martingale function will increase or reduce your lot size

IncreaseOnLoss

Set this to True if you want to increase your lot size after a loss, or False if you want to increase it after a profit.

UseMultiplier

Select whether you want to use a Multiplier to increase/reduce your lot size with the MartingaleValue or not.

Day/Time Filter

Use Timer

Set this to True if you want to use this filter

Use Local Time

Set this to True if you want to use your computer’s local time and to False if you want to use your broker’s server time.

Day To Trade

Choose the days you want your EA to trade

Time To Trade

Choose the time you want your EA to trade

Time formats:

Hours: 0 – 23 Minutes: 0 – 59

6 thoughts on “Functions Glossary”

  1. VAuser says:

    How does martingaleValue and Usemultiplier work?

    If I have .1 lot and martingaleValue at 2 will next order be .2 lot?

    If so what does the multiplier do?

    1. Yannick says:

      Yes, if you use the multiplier, the lotSize will be .1,.2,.4,.8 .. (multiply by 2)
      If the multiplier is off, the lotSize will be .1,2.1,4.1 .. (increase by 2)

  2. Denis says:

    Max Spread is in pips or points?

    1. Yannick says:

      All values are in Pips

  3. Tony Whyte says:

    Hi Yannick (1) Curious Chameleon input…Max Open Orders…when does EA open extra trades if set for ..4..?
    (2 )How do I control extra trades to open (say) every 50 pips ?
    (3) I would like a Pyramid EA opening trades every (say) 25/ 50 pips & let Trail Stop manage it, do you have one please ?

    1. Yannick says:

      1. On each signal, the EA opens a new trade. If for example the EA opens the first trade (buy) on a cross and there is a second crossover, the EA will open a second order.
      2/3. This is not possible. The EA has no such function as Pyramid or Grid built in.

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