Generally anything under $2000 is best traded on a micro/cent account, highly recommended to try to find a broker that will offer you this account type if you plan to trade under this amount. Otherwise $2000+ would be minimum for an ECN/STP account.
Recommended Brokers
HotForex - Use this link to get a 100% deposit bonus. If trading under $5000 go with a micro account, otherwise go with a premium account. Great broker, been doing business with them since 2014 with not one issue. Withdrawals always come out with no hassle!
Hostwinds has been by far the best bang for buck VPS cloud service I've found that works for MT4 trading. The prices are cheap, and the servers aren't overcrowded lag boxes like a lot of other places I've tried. You can get a Tier 1 windows VPS which is 1gb ram and 1 cpu core which is usually enough to run 1 MT4 terminal. If you want to run anything more, you should start moving up some tiers. Every additional tier should be good for an extra 2-3 additional MT4 instances.
InterServer is another good option. You can get a 1 slice windows VPS which is 1gb ram and 1 cpu core which is usually enough to run 1 MT4 terminal. If you want to run anything more, you should start adding more slices. Every additional slice should be good for an extra 2-3 additional MT4 instances Make sure to select HyperV platform.
FTMO version MUST be used on prop firm accounts, you can use either version for regular non prop firm accounts but make sure to turn off FTMO Mode if using the FTMO version on any non prop firm account!
Timeframe: H1 or H4 are good for any of the built in strategies. If you're using any of the optimized .set files, the timeframe is usually labeled in the name of the file.
Currency Pairs: You can trade just about any non exotic curreny pairs with reasonable spread. These have been the best performers: GBPUSD, EURUSD, USDJPY, USDCHF, USDCAD, AUDUSD, EURGBP, EURJPY, EURCHF, NZDUSD
DO NOT TRADE: EURNZD, GBPJPY, EURAUD, EURCAD, GBPCHF
Currency Pairs for optimized .set files: Go to its respective myfxbook page, click the summary tab (right above the green/red profitability bar) in the advanced statistics box. You will see all the pairs being traded for that account.
The latest version of MetaTrader 4 now saves your expert advisors, indicators, profiles, etc. in a different location on your computer. If you do not see your EAs and indicators in the navigator folder, your MT4 files are most likely still saved in the old folder location and are not recognized by the new version build of MT4.
Please follow the instructions below to move your files to the correct directory on build 600+ of MT4.
1. Open MT4 > click on File > Open data folder > then double click the MQL4 folder. This will show you where your experts, indicators, etc. should be saved on your computer. Unless you have UAC settings disabled the folder location will be C:\Users\[user name]\AppData\Roaming\MetaQuotes\Terminal\[32 character long MT4 ID]\MQL4
2. Copy the Forex-Flex-EA.ex4 to the Experts folder and the FlexNewsIndicator.ex4 to the Indicators folder seen below.
3. Now login to your forexflexea.com account and go to your profile page, enter your forex account number from your broker at the bottom of this form and click 'Save Profile'. This is for real money accounts only, demo accounts don't need activation!
4. Load up MT4 and go to Tools -> Options -> Expert Advisors and make sure it looks like this...
5. Now go load your MT4 terminal, and drag the Forex-Flex-EA from the navigator window to a chart. Enter your forexflexea.com user id where it says Username to activate it. You should only need to activate one chart, the rest will follow the first chart. Demo accounts don't require activation unless using the FTMO version. If you don't see the navigator window go to View menu at the top and turn on Navigator. If you don't see Forex Flex EA in the Navigator, right click in there and refresh.
6. Once you have Flex installed, when you attach it to a chart a box will appear, under the inputs tab there will be a Load button, click it and browse to where you downloaded the .set files. Select the one you want, then when you're brought back to the inputs box, enter your username. If its a challenge account make sure to edit the appropriate settings like Daily Loss Limit, Profit Target etc. Once you make all these changes, click save and save the .set file as a new file so you can simply load it for the rest of your charts.
Access Denied?
Make sure the Expert Advisors button is turned on in the top tool bar
Make sure Allow Live Trading and Allow DLL imports is checked on the common tab when you attach Flex to a chart
Make sure Allow automated trading and dll imports is checked under Tools -> Options -> Expert Advisors
Make sure to enter your username(not email address) into flex settings when attaching to a chart.
Make sure account number is entered into your profile on our site.
Restart your MT4 if all else fails.
Make sure antivirus is not blocking the wininet.dll or MT4
Try downloading latest version of flex and try it on a fresh install of MT4.
Most of the recommended settings come in the form of .set files which you can download below. These are basically just text files containing all the settings and their values for that specific strategy. Once you have Flex installed, when you attach it to a chart a box will appear, under the inputs tab there will be a Load button, click it and browse to where you downloaded the .set files. Select the one you want, then when you're brought back to the inputs box, enter your username if its not a demo account and press ok. Do this for each chart you want to run it on, you only need to enter your username on the first chart.
Download .set (right click save link as if its not downloading)
Timeframe: H1
Recommended Version: v5.3 or newer
Pairs: EURUSD, USDJPY, USDCHF, USDCAD, AUDUSD, EURGBP, EURCHF, GBPUSD, NZDUSD. If you want more trades you can add pairs like AUDCAD, GBPCHF, EURNZD, EURCAD, GBPJPY, AUDNZD and others, but it would be a good idea to run lower Risk (less lots).
Trades sharp moves that breach the upper and lower bbands across multiple timeframes.
Rating: Safest for current market conditions.
Download .set (right click save link as if its not downloading)
This is a very aggressive strategy that scalps tight ranges on lower timeframes and will use martingale baskets to try to protect against breakouts from the range. This requires larger balance, low risk setting (small starting lots) or trading on a cent account.
Rating: One of if not the riskiest strategies but highest profitability.
Download.set (right click save link as if its not downloading)
Timeframe: H4
Recommended Version: 4.95 or newer
Pairs: EURUSD, USDCHF, USDCAD, GBPUSD, AUDUSD, EURCHF, EURGBP, NZDUSD, USDJPY (Riskier pairs like EURCAD, GBPCHF, AUDCAD can be added)
Similar to EMA far apart v3 but takes slightly different entries and manges baskets slightly different.
Rating: Medium risk profile
Download .set (right click save link as if its not downloading)
Timeframe: H1
Recommended Version: 4.66
Pairs: EURUSD, USDJPY, USDCHF, USDCAD
Uses Default settings with low risk now, trading 4 pairs. (Note: This setup will only trade a few times per month)
Rating: Medium risk profile
Download .set (right click save link as if its not downloading)
Similar to the stoch grid strategy above this almost always has open trades. This account was not using a stop loss but it ran for 2+ years taking $5000 to $950,000 before hitting a major loss.
This is the out of the box settings, on a large 15k account running a lot of pairs including some risky ones. Use a large account size or micro/cent account.
Rating: Medium risk profile
Backtesting
Please note that because of the way the virtual trading technology works within Flex EA, backtesting will not provide accurate results. You should use backtests only to see how a strategy trades, but it's actual entry/exit points can and will differ from actual forward testing.
Settings Guide
Mouse over any part of the image below to get a detailed description of what each part of the GUI means.
User: Enter your ForexFlexEA.com user id in the Username field to activate it. This only needs to be done for real money accounts, and should only need to be done on one chart, the rest of the charts will activate themselves.
Strategy ... Set this to what ever strategy you want Flex to trade, and it will do the rest for you using backend pre-configured settings. The strategy you select here will be displayed on the chart with it's associated settings so you know which one you're running. Using one of these pre-configured strategies means it will use pre-configured settings for these 8 variables (RealTakeProfit, RealStopLoss, PipStep, VirtualTrades, VirtualTakeProfit, LotMultiplier, MaxBuyTrades, MaxSellTrades). If you edit any one of these 8 settings, the strategy will use that new configured value for that variable only.
UseVirtualTrading ... can be toggled on/off to turn off the virtual trading. Turning it off with otherwise default settings should make Flex trade immediately. This should only be used for testing purposes or if running strategies based solely on indicators and virtual trading isn't needed./li>
RealTakeProfit = 29.0 ... The take profit used for real trades
AddToTP ... will progressively increase the RealTakeProfit amount in pips by this amount depending how many trades are open in the basket. If set to 2, it will increase your RealTakeProfit by +2 after one trade, then another +2 at the next trade and so on. You can also set this to a negative number.
AddToSL ... Works the same as AddToTP above but for your RealStopLoss (if being used)
RealStopLoss = 0.0 ... The stop loss used for real trades. It's recommended leaving this at 0 for the default settings and using the DD_StoplossPct setting as a stoploss instead.
PipStepMultiplier: This will multiply the PipStep for each consecutive trade opened in a basket. If this is set to 1.5 and your Pipstep is 10, the pipstep used for your 3rd trade will be 10*1.5= 15, then it will be 15*1.5=22.5 and so on.
LotStepMultiplier ... This will multiply the lot size of each additional trade in a basket on top of the LotMultiplier. If your 1st trade is 0.10 lots, your 2nd would normally be 0.17, but if you set this to say 1.5 it would make that 2nd lot size like so: 0.10 * 1.7 * 1.5 = 0.25
PipStep = 21 ... How many pips away from the opening price of the previous trade the market has to move before an additional trade is opened.
VirtualPipStep = 21 ... The virtual trades will only use this pipstep, and the one above is used strictly for real orders.
VirtualTrades = 6 ... The amount of virtual trades Flex will use in the background to monitor market conditions to determine a safe entry point. The higher the number, the less frequently it will open real trades. Setting this to something like 8 with a VirtualTakeProfit of 34 will result in very rare, but very precise trades. Setting this to something like 2 or 3 will result in higher trading frequency, but the percentage of winners will drop dramatically. Setting this to zero will result in a trade opening immediately. This works hand in hand with the VirtualTakeProfit below.
VirtualTakeProfit = 34.0 ... The take profit used for the virtual trades in the background that you never see. It's best to just leave this as is, unless you plan on doing extensive testing with it first. Lowering this will result in lower trade frequency and look for sharper movements for a retrace. Raising it will result in a higher trading frequency and look for longer drawn out movements for a retrace.
LotMultiplier = 1.9 ... If any additional real trades are required, the lot size of the last real trade opened will be multiplied by this value for the next trade to open in order to salvage profits.
Accuracy = 100 ... The default 100 means it will follow the virtual buy and sell signals 100%. If you lowered this to say 50%, that means the buy or sell signal would only have to get 50% of the way for real orders to be triggered. The lower you set this, the higher the trading frequency. Setting this to something like 75% or higher is reasonable if you want a little more action. (Minor 1.1 Bug - If you set this lower to 100 and have VirtualTrades set to zero, it will not trade. This must be left at 100 if you're trading with no virtual trades until we patch this in 1.11)
MaxBuyTrades = 5 ... The max amount of buy orders that can be opened on the each respective currency pair.
MaxSellTrades = 5 ... The max amount of sell orders that can be opened on the each respective currency pair.
UseMultiplierForSingleTrades = false ... This should only be used if you're running a single trade strategy (MaxBuy and MaxSell set to 1) if you want the next trade after a loss to have a multplied lot size from the previous trade.
UseSameTP ... This will control whether your basket of trades are modified to always share the same TP or use individual TPs.
UseSameSL ... This will control whether your basket of trades are modified to always share the same SL or use individual SLs.
WaitForNextBar ... setting that will wait for the current bar to close before entering a trade if one is ready to open. Good for waiting out market spikes where Flex may get in too early.
WaitForEndOfBar ... A slight variation of WaitForNextBar except this one waits for the final few seconds of the current bar before allowing a trade (if turned on)
ResetDataOnFriday ... Added ResetDataOnFriday which will reset all virtual data for that chart every Friday at the CloseHour set.
LOT CONTROL
MM = on ... If you want Flex to calculate your Lot sizes based on your account balance. This only controls the starting lot size of the first trade in a basket. Turn this off if you want to use the ManualLot setting below.
NewMM = off ... This is a slightly different calculation for the starting lot size than the original MM above. This should really only be used for trading on things other than forex, like gold, silver, crypto etc. Turn MM off if you're going to turn this on.
Risk_ = 0.3 ... 0.1 - 0.3 is low risk, 0.4 - 0.9 is medium risk, 1.0+ is high risk. Risk controls your starting lot size based on your account balance and leverage. It has no effect on how often Flex will trade. Some micro accounts with high leverage may require a higher number here than usual. You should always start out with the starting Risk of 0.3 or lower and then increase slowly from there if you want a bit more profits. This setting only controls lot sizes, not the frequency of trading.
Risk_Type = Account_Balance ... By default this will base the risk off your account balance. Change this to Account_Equity to base risk of your account equity. Switching to equity will make Flex open smaller lot sized trades during large draw downs.
ManualLot ... To use the lot size inputted here, you must turn MM to off.
SPREAD & SLIPPAGE
MaxSpread = 7 ... This is the max number of pips in spread allowed on a currency pair for Flex to trade.
CheckSpreadForAdditionals = true ... This will force Flex to check the spread for any additional trades in a basket instead of just the first trade.
Slippage = 6 ... Slippage is defined as the difference in pips between the order price and the execution price for a particular transaction.
CheckVirtualDataOnRestart = true ... Whether or not you want to check the virtual data saved to disk and compare it to current prices after a restart/downtime. If you turn this off your Virtual data should never reset. Turning this off will provide more trades over the long term but you will be prone to less accurate entries.
RestartSlippage = 10 ... Flex will now save any built up virtual trades incase of a MT4 crash or reboot, but upon restart if the price that was logged when MT4 closed and the price when you load your MT4 back up differs more than this settings amount in pips, it will reset the counts. Setting this too high can seriously affect the accuracy of that signal.
RestartHours = 10 ... Same thing as the RestartSlippage but this is the amount of hours your MT4 was down. Setting this too high can seriously affect the accuracy of that signal(unless it was a weekend)
TP & SL CONTROLS
Some important things to know about using multiple TP and or SL functions. The lowest value will always close the trades first unless its a trailing function like EqutyTrail or TrailingMode. At that point it will trail the TP up until it reaches the next highest value TP like FloatingTP PCT or RealTakeProfit (if either are being used) in which case either of those would close the trades.
DD_SL_Mode: This is a new setting that can be set to 'thisChart' or 'allCharts'. If set to 'thisChart', the DD_StopLossPct on that chart will be used for that charts trades only. If you change this to 'allCharts', the DD_StopLossPct of that chart will be used for ALL open Flex trades from all charts. Same thing goes for the PauseAfterStopOut depending on what you set it to. It will pause 'thisChart' or 'allCharts' if the DD_StopLosPct is triggered.
DD_TP_Mode: This is a new setting that can be set to 'thisChart' or 'allCharts'. If set to 'thisChart', the FloatingTP_Pct on that chart will be used for that charts trades only. If you change this to 'allCharts', the FloatingTP_Pct of that chart will be used for ALL open Flex trades from all charts.
WaitForNewDirectionAfterStopout = false ... Turning this on will force Flex to only wait for a buy if the last trade closed in a loss was a sell, and vice versa if the last trade closed was a buy in a loss it will only wait for a sell next. It will return to normal once it has a winning trade allowing to trade either direction again until the next loss.
DD_StoplossPct= 35 ... This is the percentage each chart Flex trades can potentially use of your account balance. If reached by a single chart, all of it's corresponding trades will close. You're welcome to lower this on each chart to a more reasonable level just don't go too low. 10-30 is a good range with a low risk number.
UseLotBased_SL = false ... Whether or not you want to use the lot based SL below.
UseLotBased_SL = 2.0 ... Will set a dynamic SL in the background based on the following formula: TotalLots/AccountBalance*(10000*LotBased_SL_Multi);
CloseEverything = false ... This will close ALL trades regardless of magic number or symbol if any of the SL or TP functions are reached. This only works for losses if DD_SL_Mode = allCharts and only works for TP if DD_TP_Mode = allCharts.
DollarSL: A stop loss based on the dollar amount a basket of trades is in loss before it closes. Whether or not it calculates trades from each chart separately or all together depends on if you have the DD_SL_Mode set to thisChart or allCharts.
DD_Pause= 15 ... This setting will prevent new charts from opening trades if your current total draw down is equal to this percentage or more. So if you have -25% draw down and EURUSD Flex wants to open a trade, it will be rejected and it's virtual trade data reset. This is a good way of controlling exposure.
FloatingTP_Pct= 1 ... The percentage in floating trade profit of your account balance to close all open trades.
DollarTP: A Take profit based on the dollar amount a basket of trades is in profit. Whether or not it calculates trades from each chart separately or all together depends on if you have the DD_TP_Mode set to thisChart or allCharts.
PauseBasketsAtDD ... will prevent additional trades of a basket from opening until DD is back under the DD_Pause value
PauseAfterStopout= true ... If the DD_StopLossPct happens, then that chart will not be allowed to trade again for the number of hours entered below.
HoursToPauseTrade= 48 ... This is the number of hours to pause trading on the currency pair that had the stop out occur.
TRAILING MODES
TrailingMode = off ... Toggle trailing mode on or off. When turned on, this will be used to protect any gains on open trades, and starting trailing both SL and TP as much as possible until the price finally reverses to hit the SL (which will still be a profit). This feature can turn a little bit of profit into a lot of profit by continuously increasing the TP as the market continues to move in favor of your trades.
TrailingStep = 3 ... How close in pips to the TP the price needs to get for a TrailingTP and TrailingSL to be put on orders.
TrailingTP = 6 ... Your current TP on your orders will be increased by this many pips.
TrailingSL = 6 ... Your current SL on your orders will be reduced by this many pips.
TrendTrailTrigger: This is only used when trailing mode is turned on with trendMode. By default this is set to 5 which means when trendMode has 5 or more trades open with the trend, the trailing mode will kick in for all 5 of those trades to protect their profit and try to squeeze out more.
UseNewTrailingStop = false ... Whether or not you want to use the new trailing mode. This is a highly sensitive pip based trailing SL that will modify your trades RealStopLoss everytime the price moves further away from your SL. There is no step, it is tick based so as long as price is continuing to move away from your SL it will continue to modify the SL up to break even and then beyond. *NOTE* some brokers may not like the amount this modifies orders and may freeze your account until you turn this back off!
NewTrailingStop = 10 ... The amount of Pips to trail from your RealStopLoss or if your RealStopLoss = 0 then it will set the trail -10 pips or whatever value you set this to from the current price.
EquityTrail A new trailing stop mode based on the floating profit of open trades. With an EquityTrailTP of 1.0% and EquityTrailSL of 0.1%, once your open trades hit a profit of +1.0%, the EquityTrailTP of 1.00% will increase to whatever the profit reached at its peak. If that was say 1.12% then both the EquityTrailTP and EquityTrailSL will move up 0.12%. If it moves up further a few ticks later to 1.20% then both will again move up 0.08%. This will continue to happen until the profit drops back down far enough to hit the EquitySL. This function is very useful when you turn the RealTakeProfit to 0, and turning the FloatingTP PCT to 0, so all profits will be controlled by this EquityTrail. When this is triggered for a chart with open trades in profit, it will display in green text showing how much profit is currently locked in. Read how the EquityTrailSL is calculated below so you know when it will be hit.
UseDynamicEQTP will toggle on/off this feature that creates a dynamic EquityTrailTP based on total lots opened using this formula ( TotalLots/AccountBalance()*(10000*DynamicEQTPMulti); ). This feature will work with DD_TP_Mode so it can look at all trades across all charts if you want it to. Turning this on will take precedence over the other EquityTrail values and it will only use this one regardless of what you set the other stuff to below.
DynamicEQTPMulti = 1.0 ... Based on the formula above, a general rule of thumb is that 1.0 will net on average 5-15 pips, 2.0 will be around 10-25 pips, 3.0 will be 15-35 pips.
DynamicEQTPTrailPCT = 25 ... This is the percentage of the TP you want to lock in and start trailing from. For example with the default values, it will lock 25% of your profit and have a 75% buffer to trail by. This allows more room to hang on for potentially longer, but its obviously giving up quite a bit. Usually 50% to 70% works best for this setting.
EquityTrailStep: This is how much to increase the percentage of the EquityTrailTP once it's triggered, and is used to calculate the EquityTrailSL indicated below. Note this is old tech now and in 99% of cases isn't needed, better to leave this 0.00 and use the EquityTrailSL instead.
EquityTrailTP: This is the percentage of your account balance in profit you want the EquityTrail to start working at.
EquityTrailSL: This is the percentage you want to trail the EquityTrailTP by. If EquityTrailTP is set to 5.00 and you set this to 1.00, then the SL would be set to 4% because it would always trail the TP by 1% difference. If you set this to 0.00 then it will use the EquityTrailStep calculated with the following formula: EquityTrailSL = EquityTrailTP - (EquityTrailStep * 5). If you don't have that set either then it will default to trailing the EquityTrailTP my half.
EQTP1 - 6: these are used to custom define the EquityTrailTP you want to use for a basket of certain sizes. EQTP1 means the TP % for 1 trade basket, EQTP5 means the TP % for a 5 trade basket. It will always trail exactly half the amount of the TP if these are used. If left at 0, it will use the original EquityTrailTP.
FullBasketEquityTrail: when turned on it will allow Flex to start an EquityTrail at a defined loss pct (WhenToStart_FBET) for a full basket (reached max trades). This can be useful if you want to try to get out of a full basket as quickly as possible even if it means at a loss. It will only kick in if you have a max trade basket, and it's DD comes back above the (WhenToStart_FBET) value. WhenToStart_FBET must be a negative (-) value only!
WhenToStart_FBET: This is the negative drawdown % you want the FBET to kick in. If you set this to -5% and you have a full 5 trade basket at say -10%, the FBET will kick in if that basket reaches the -5% or higher, and it will then start trailing upwards until it reverses back 3%. FBET is capable of reaching profit.
INDICATOR FILTERS
These indicators can be used to either filter out new baskets from starting, or to trigger new baskets. If you want these indicators to just filter out trades, no special changes are required. If you want these indicators to trigger trades, turn on the ones you want, and set VirtualTrades to 1 and VirtualPipStep to 1.
Reset Virtual Data If Indicators Not True But Accuracy is 100% ... If you turn on any of these indicators on top of a strategy that uses virtual trades (most do), then it will require accuracy to be 100% or higher (virtual trade data) as well as whatever indicators you turned on to have met their requirements. Sometimes accuracy will get to 100%, but the indicators have not met their requirements and may not even be close. This can make the virtual trading algorithm hang on to its signal for too long and then the entry may no longer be good when the indicators finally become true. Turning this setting on will reset the virtual data back to 0% if the indicators aren't ready. Note that turning this on can drastically reduce trading frequency.
DynamicAdditionals ... A toggle which will require any indicator filters used for entries to be used for additional trades in a basket. Whatever PipStep you have will also need to be met. If you turn this on, and have the RSI indicator also turned on, that means Flex would only add aditional trades while the RSI is above 70 (for sells) or below 30 (for buys) and the PipStep gap is met.
RequireAllIndicatorRules ... With this turned on, it will require all indicators that are turned on below to open a starting trade. For example if you turn UseEMA and UseRSI on, it will require both of those indicators to meet their rules before a trade is opened. Now if you were to turn this setting off, it will allow a trade if either of those indicator rules are met. This is a good way to run multiple strategies within one chart.
MaxADR: ADR (Average Daily Range) MaxADR=200 which means any pairs that have an ADR over 200 won't be allowed to trade. You will see the ADR being displayed on your charts now, and a warning for pairs that are too high. This will help pick and avoid dangerous pairs that are prone to large drawdowns.
MinADR: Won't allow an initial trade if ADR is below this minimum value.
ADR Days: The number of days for MaxADR to look back and calculate the Average Daily Range for.
ADRDynamic_Multipliers ... These are ONLY used if the strategy = ADRDynamic
adrVirutalTradeDivider = 25 ... Divides the current ADR by this value and the result will be the number of VirtualTrades.
adrPipStep = 0.4 ... This will take 40% of the current ADR and make it your PipStep
adrVPipStep = 0.3 ... This will take 30% of the current ADR and make it your VirtualPipStep
adrRealTakeProfit = 0.6 ... This will take 60% of the current ADR and make it your RealTakeProfit
adrRealStopLoss = 0.8 ... This will take 80% of the current ADR and make it your RealStopLoss
adrVirtualTakeProfit = 0.6 ... This will take 60% of the current ADR and make it your VirtualTakeProfit
adrLotMultiplier = 0.005 ... This will take 0.5% of the current ADR and make it your LotMultiplier + 1.1. So an ADR of 150 will give you a LotMultiplier of 1.1 + 0.75 = 1.85
CloseTradesAtADR: will close that charts trades if ADR goes over MaxADR. This will almost always result in a loss, just so you know.
PauseBasketAtADR: will not allow additional trades in a basket to open if ADR goes over MaxADR. The trade will be opened if ADR returns to normal.
UseSR... This is a Support/Resistance filter which will prevent new baskets from starting near these levels
TradeSR... If turned on this will trigger trades at the Support/Resistance levels. It will buy at the support and sell at the resistance. To flip this turn ReverseMode on.
CustomSupport = 0.0 ... setting these to anything other than 0.00000 will activate them instead of Flex looking for the S&R itself. To set these properly you need to set it to the exact price you want the Support and or resistance to be placed at. For example if you want EURUSD support at 0.95000 then you set it to exactly that.
CustomResistance = 0.0 ...
NumOfBars... The number of bars that is used to look back and find the support and resistance lines. Timeframe plays a big factor here, if your on something like M1 it is only going to look back the last 25 minutes to find a support and resistance. It's recommended to use at least H1 or H4 timeframe when using the SR indicator.
PipsAwayFromSR... How many pips away from the Support & Resistance lines before we block Flex from trading. If set to 30 pips, and Flex wants to trade but is within 30 pips of either the Support or Resistance lines, no trade will be opened. SR_Timeframe = current ... Set the timeframe you want the SR to work on.
UseEMA... This is your standard Exponential Moving Average based on median price of the current time frame using the two EMA values you enter below in EMA1 and EMA2. This will only allow a buy if EMA1 is above EMA2 and vice versa for a sell. You can however make EMA1 a larger value than EMA2 to reverse this so then is EMA1 is below EMA2 it will sell instead of buy.
UseEMACross... Turning this on will only allow a buy when EMA1 crosses above EMA2 and sell when EMA1 crosses below EMA2. Just like above, you can reverse this function by using a larger EMA1 value than EMA2.
Avoid_EMA_Gap_Greater_Than = 0.0 ... This is a pip based value and will tell Flex to avoid buying if EMA1 gap above EMA2 is greater than this value, and avoid selling if EMA1 gap below EMA2 is greater.
Avoid_EMA_Gap_Less_Than = 0.0 ... This is a pip based value to tell Flex to avoid buying if EMA1 gap above EMA2 is less than this value and avoid selling if EMA1 gap below EMA2 is less.
EMA1 = 20 ... The value of your EMA1
EMA2 = 40 ... The value of your EMA2. As mention above EMA1 should always be less than EMA2 unless you want to reverse how these EMA functions work.
EMA_Timeframe = current ... The timeframe you want EMA1 to run on
EMA2_Timeframe = current ... The timeframe you want EMA2 to run on
UseStochastic... This is your standard Stochastic of the current time frame which will filter trades based on the 4 stoch settings below. If you don't want to use the first two, then set them to 0 and give the bottom two a value. BuyAboveStoch... A starting buy will only open if Stoch is above 50 SellBelowStoch...A starting sell will only open if stoch is below 50 BuyBelowStoch... A starting buy will only open if Stoch is below 50 SellAboveStoch...A starting sell will only open if stoch is above 50 Stoch_K... Period of the %K line. Stoch_D... Period of the %D line. Stoch_S... Slowing value.
Stoch_Timeframe = current ... The timeframe you want the Stochastic indicator to use.
UseMACDCross ... Whether or not you want to turn the MACD indicator on to only allow buys when MACD crosses bullish but in an oversold spot and opposite for a sell.
MACDPct ... This is the percentile you are telling the MACD indicator to look for a cross in based on the average highest and lowest signals over the past MACDLookBackBars. For example setting this to 30 with LookBackBars set to 100 means it will look back over the past 100 candles and average out the lows, and average out the highs. It will then only trade crosses that are within 30% of those values. The lower this MACDPct value, the less it will trade but the trades may be more accurate.
MACDLookBackBars ... As mentioned above, this is the number of candles you want to look back to calculate an average high and low for the MACDPct to trade within.
Fast ... Usually 12 is the default value for most MACD indicators
Slow ... 26 is usually the default value for most MACD indicators
Length ... This is referred to as the signal line and default is usually 9
MACD_Timeframe ... The timeframe you want the MACD indicator to run on
UseTDI... This is an indicator similar to Traders Dynamic Index using 3 Simple Moving Averages (2, 7, 25) using a typical price. This will buy when TDI1 is above TDI2 and both are above TDI3. It will sell when TDI1 is below TDI2 and both are below TDI3.
TDIPeriods ... These are the 3 periods for the moving averages used in the TDI indicator. You can change the TDI1 and TDI2 if you want to use a custom TDI cross below. The TDISlope is based on the TDIPeriod3.
UseTDICross... This will buy when TDI1 crosses above TDI2 and both are already above TDI3. This will sell when TDI1 crosses below TDI2 and both are already below TDI3.
UseSlopeCross... This will buy when both TDI1 and TDI2 have crossed above the TDI3 line and sell when they cross down. UseTDI must be turned on for this to work.
CheckTDiSlope... This will buy when TDI3 has been moving up for TDISlopeBars in a row and sell when it has been moving down for TDISlopeBars in a row. UseTDI must be turned on for this to work.
TDISlopeBars... The number of bars on the current timeframe for the CheckTDISlope to use.
TDIFarApart ... Buys when TDI1 is HowFarApart above TDI2 and sells when TDI1 is HowFarApart below TDI2. This is a good filter to find sharp fast spikes in the market with a value of 40 on H1 timeframe.
HowFarApart ... The number of pips for TDI1 to be away from TDI2 for the TDIFarApart to return true.
TDI_Timeframe = current ... The timeframe you want the TDI indicator to run on
UseRSI ... Whether or not to use the Relative Strength Indicator. If you want your entries based on this, you should set the VirtualTrades to 1.
UseRSiCross ... Will allow a buy when RSi1 crosses above RSi2 and sell when it crosses below. You need to set RSi2 timeframe to something lower than the RSI_Timeframe for this to work.
CheckRSiSlope ... Compares the last two closed bars for RSi to measure the difference, will only allow a trade if the difference (steepness) is greater than the RSiSlope value below.
RSiSlope ... The value of how far apart the RSi needs to be from the last 2 candles compared against each other. For example if RSI was 50 at the last closed candle and 45 at the candle before that then the value would be 5 which would not be enough to allow a trade if RSiSlope is set to 10.
RSi_Slope_Timeframe ... The timeframe you want to measure the slope from.
WaitForRSIExit ... Turning this on will make the RSI filter wait for the value to drop back down below the the SellAboveRSI period before it sells and turn back above the BuyBelowRSI value to buy. This is a good feature to find the reversal of a swing, just because RSI is oversold below the 30 mark doesn't mean it won't keep going for awhile. Turning this on will only buy when the RSI starts to return back above the oversold line and vice versa.
UseRSIx3 ... This will run an RSi across the 3 timeframes you set below and require all 3 to be above or below the threshold you set for BuyBelowRSI and SellAboveRSI
RSIPeriod ... The period for the RSI filter to use.
BuyBelowRSI ... Will allow a buy when RSI is below this value.
SellAboveRSI ... Will allow a sell when RSI is above this value.
RSi_Timeframe ... Timeframe of the RSi indicator
RSi2_Timeframe ... Timeframe of the RSi2 indicator
RSi3_Timeframe ... Timeframe of the RSi3 indicator
CheckVolume ... This is not currently working properly, it won't do anything.
VolumeLevel ... This is not currently working properly, it won't do anything.
CheckCandleSize... This will only allow a trade if at least one of the previous NumberOfCheckedCandles is larger than this value in pips. This is based on the current timeframe, so becareful using larger numbers on smaller timeframes otherwise it will never allow a trade.
CheckCandleSizeSmaller... This will only allow a trade if ALL of the previous NumberOfCheckedCandles are smaller than this value in pips. This is based on the current timeframe, so becareful using small values on lower timeframes otherwise it will never trade.
CheckCandleMode ... OpenToClose means it will measure the candles from the open to close (the body of the candle). HighToLow will measure from the highest point to the lowest point of the candle. HighToLow always produces larger values.
CandleSize ... The last closed candle must be bigger than this value in pips in order for a trade to be allowed on the next candle.
NumberOfCheckedCandles... The number of candles for the CheckCandleSize filters to look back on.
UseMomentumFlatline ... This uses the Momentum indicator and compares the last close bar with the 2nd last closed bar. If the difference is less than the value below, it will allow a trade. A small value is good for finding a flatline in the market where a retrace might be happening soon.
MomentumDifference ... The maximum allowed difference between the last two closed bars value in Momentum.
DontBuyNearTopOfCandle ... Won't allow a buy if price is within HowClose value in pips of the top of the current candle.
BuyNearBottomOfCandle ... Will allow a buy if price is less then HowClose value in pips away from the bottom of the current candle
DontSellNearBottomOfCandle ... Won't allow a sell if price is within HowClose value in pips of the bottom of the current candle.
SellNearTopOfCandle ... Will allow a sell if price is within HowClose value in pips of the top of the current candle.
HowClose ... Value in pips used for the 4 options above.
UseBBands ... Toggle the use of the BBands indicator that will buy when price goes above the upper band and sell when price is below the lower band.
BBandsPeriod = 20 ... The period used for the Bollinger bands indicator
BBandsDeviations = 2 ... The number of deviations used in the bollinger band indicator settings
BBands_Timeframe ... The timeframe the BBands indicator will run on
BBands_Timeframe2 ... You can have BBands indicator looking at a 2nd timeframe for signals to increase trading frequency.
BBands_Timeframe3 ... You can have BBands indicator looking at a 3rd timeframe for signals to increase trading frequency.
CANDLE STICK PATTERNS
UseCandleStickPattern ... The timeframe the BBands indicator will run on
CandleLength=5; //Candle must be at least this many pips big
MaxNoseBodySize = 0.33; // Max. Body / Candle length ratio of the Nose Bar
NoseBodyPosition = 0.4; // Body position in Nose Bar (e.g. top/bottom 40%)
LeftEyeOppositeDirection = true; // true = Direction of Left Eye Bar should be opposite to pattern (bearish bar for bullish Pinbar pattern and vice versa)
NoseSameDirection = false; // true = Direction of Nose Bar should be the same as of pattern (bullish bar for bullish Pinbar pattern and vice versa)
NoseBodyInsideLeftEyeBody = false; // true = Nose Body should be contained inside Left Eye Body
LeftEyeMinBodySize = 0.1; // Min. Body / Candle length ratio of the Left Eye Bar
NoseProtruding = 0.5; // Minmum protrusion of Nose Bar compared to Nose Bar length
NoseBodyToLeftEyeBody = 1; // Maximum relative size of the Nose Bar Body to Left Eye Bar Body
NoseLengthToLeftEyeLength = 0; // Minimum relative size of the Nose Bar Length to Left Eye Bar Length
LeftEyeDepth = 0.1; // Minimum relative depth of the Left Eye to its length; depth is difference with Nose's back
CandleStick_Timeframe2 ... You can have Candlestick indicator looking at a 2nd timeframe other than the current for signals to increase trading frequency.
CandleStick_Timeframe3 ... You can have Candlestick indicator looking at a 3rd timeframe other than the current for signals to increase trading frequency.
INDICATOR CLOSURE RULES
UseIndicatorClosure = false; ... Toggle whether or not you want to use some of the indicators below to close your trades.
ReverseClosureRules = false; ... This will force the closure rule of all indicators turned on below to reverse their logic for closing buys and sells.
CloseBothWays = false; ... This will make the indicator closures you turn on close either both buys and sells if either logic is hit. For example if you have CloseRSI on and set to CloseBuyAboveRSi of 70, it would close sells at this level as well with this setting turned on.
RequireAllClosureRules = false; ... If you turn more than one indicator closure rule on, whichever one is triggered first will close the trades. However if you turn this on it will require all your closure rules you turned on to be triggered for the trades to close.
OnlyCloseAtLoss = false; ... Turning this on will force it to wait for a minimum loss of LossPCT or below before closing the trades.
LossPCT = -2; ... The percentage in of your balance you want the OnlyCloseAtLoss setting above to wait for before using the indicator closures.
OnlyCloseInProfit = false; ... Turning this on will force it to wait for a minimum profit of ProfitPCT or above before closing the trades.
ProfitPCT = 2; ... The percentage in of your balance you want the OnlyCloseInProfit setting above to wait for before using the indicator closures.
CloseSR = false; ... This will make buys close if price falls below support and sells close if price goes above resistance.
CloseEMA = false; ... This will close buys if price is below EMA2 and close sells if price is above EMA2
CloseEMACross = false; ... This will close buys if EMA1 crosses below EMA2 and close sells if EMA1 crosses above EMA2
CloseStochastic = false; ... Closes buys if Stochastic is above SellAboveStoch or below SellBelowStoch and closes sells if Stochastic is above BuyAboveStoch or below BuyBelowStoch
CloseTDI = false; ... Will close buys if TDIPeriod1 is below TDIPeriod2 and both TDIPeriod1 and 2 are below TDIPeriod3, will close sells if TDIPeriod1 is above TDIPeriod2 and both are above TDIPeriod3.
CloseTDICross = false; ... Will close buys if TDIPeriod1 crosses below TDIPeriod2 and vice versa for sells.
CloseTDiSlope = false; ... Closes buys if TDIPeriod3 has been sloping down for TDISlopeBars amount of candles and close sells if its sloping up.
CloseTDIFarApart = false; ... Closes buys if TDIPeriod1 is below TDIPeriod2 and the difference between the two is greater than HowFarApart setting
CloseRSI = false; ... Closes buys if RSI is above CloseBuyAboveRSi and sells if RSI is below CloseSellsBelowRSi
CloseRSI_Exit = false; ... Will closes buys if RSi has gone above SellAboveRSI and is now currently back below it, and will close sells if RSi has gone below BuyBelowRSi and is now back above it.
CloseRSi_Timeframe; ... The timeframe you want the CloseRSi to run on
CloseRSIPeriod = 14;
CloseBuyAboveRSi = 50;
CloseSellBelowRSi = 50;
CloseRSiSlope = false; ... Will close buys if RSi has come down in the past 2 closed candles and will close sells if RSi has gone up in the past 2 closed candles.
CloseCandleSize = false; ... Will close either buy or sell if the current and previous 2 closed candles are all larger than the CandleSize setting in pips.
CloseSlopeCross = false; ... Will close buys if price falls below TDIPeriod3 and close sells if price goes above TDIPeriod3.
CloseBBands = false; ... Will close buys if price goes above the upper band and close sells if price goes below the lower band.
CloseCandlePatterns = false; ... Will close buys if there is a bear pin/bearish hammer and close sells if there is a bull pin/bullish hammer.
TIME & DAY FILTERS
Mins_Between_Trades = 1 ... Number of minutes to wait to open another trade on the same chart. This helps prevent dangerous situations during flash crashes where a few trades could be opened very quickly resulting in large draw down.
StartingTradeDay = The first day of the week you want Flex to start trading.
EndingTradeDay = The last day of the week you want Flex to trade. If this is set to Thursday, it will stop trading from Friday on. Most of Flex strategies don't trade Friday's because they have been historically the riskiest day for Flex.
StartHour = The starting hour (24 hour clock) for Flex to start trading from each day.
StopHour = The last hour of each day for Flex to stop trading. By default most strategies trade 24 hours of each day.
StartMinute = The starting minute of each hour you want to allow trading.
StopMinute = The minute of each hour you want trading to stop until the start minute of the next hour.
CloseBasketAfterXmins... Once a trade has opened on a new pair, it is considered the start of a new basket. Turning this setting on will close this trade, and any additional trades that may be opened after it once the CloseMinutes time has been reached from the time the first trade was opened.
CloseMinutes... The number of minutes to keep baskets open before forcefully closing them automatically regardless of their profit/loss.
CloseTradesBeforeMarketClose... Will close all trades on Friday at the CloseHour set below regardless of the current profit/loss.
CloseHour... The specific hour on Friday for the above setting to close trades. This must be set to at latest an hour before market close. If in doubt about GMT times, set it a few hours early.
CloseInProfit ... Will only CloseTradesBeforeMarketClose if they are in profit with this turned on.
PauseAfterProfit... Will prevent any trading for HoursToPauseAfterProfit
HoursToPauseAfterProfit... The number of hours to pause further trading from when the last profitable trade was closed.
TRADING SESSIONS
TradeAustralian... Whether or not to trade the Australian session. Setting to false means Flex won't start new trades in that session but will manage existing trades/baskets.
TradeAsian...Whether or not to trade the Asian session.
TradeLondon...Whether or not to trade the London session.
TradeNewYork...Whether or not to trade the NewYork session.
RECOVERY MODE
UseEarlyRecoveryMode ... All this does is turns the LotMultiplier off for the first few trades depending what you have StartRecovery set to.
UseLateRecoveryMode ... This will turn the LotMultiplier off once you reach the StartRecovery number of trades open from one pair. So if you have 0.1, 0.2, and 0.3 lot trades open, and a StartRecovery of 3, the 4th, and 5th trades would both open at 0.3 lots. WARNING: If you use either this or EarlyRecoveryMode, there is a very good chance your baskets will still close in a loss because there is no longer enough lots to cover the losses. These modes are best used with a '0' RealTakeProfit and letting the EquityTrail or FloatingTP_PCT control all the profits.
StartRecovery ... The number of trades to start or stop the recovery mode depending on whether you have early or late mode turned on.
HEDGING
UseHedging ... Whether or not to hedge against an open basket of trades in the opposite direction. The hedge trade will only kick in once you have reached your MaxBuys or Sells on a chart.
HedgeOnce ... If you set a HedgeTP of say 50 pips, and that is reached, the Hedge will close at 50 pips profit and hedging will be done, but your basket will still be left open still in a loss. If you set this to false, another hedge will open once that 50 pip first hedge closes in profit. Same thing if it hits a HedgeSL you have set.
CloseTogether ... Turning this on will force the basket to close if the Hedge reaches its TP or SL, and vice versa the Hedge will close if the basket is closed for any reason.
HedgeAfterPips ... pipstep for the Hedge trade to choose when to place it instead of immediately after the last trade in a basket. This will open 'x' number of pips if the price continues to move away from the basket.
HedgeTP ... Pip based takeprofit to be used for the Hedged trade.
HedgeSL ... Pip based stoploss to be used for the Hedged trade.
HedgeMultiplier ... This multiplier will be used to calculate the lot size of the hedged trade based on the total number of lots open from the basket. If the total lots of a 5 trade basket is 0.50, then the hedge trade would trigger after the 5th trade is open and use a lot size of 0.50 if this HedgeMultiplier is 1.0. You should be setting this to something like 0.50-0.75 or 1.25-1.50 range.
SPECIAL MODES
ECN = TRUE ... Used to trade on ECN accounts where orders are not allowed to be placed with a TP or SL and require modification after being opened.
newMode = off ... This switches to a more relaxed algorithm of how the virtual trading works which increases trading frequency. Depending on the pair and market conditions, this can increase trading frequency by over 100%.
ReverseMode = false ... This will make Flex open buys instead of sells and vice versa. If you know a market is going to be trending in one direction for awhile, you should set reverse mode to TRUE on this pair. This will make most of Flex strategies go with the trend instead of against it looking for a retrace which most of the strategies are built to do.
trendMode: This will make Flex open trades going with the trend, and continue to do so until your Max trades setting is reached or your FloatingTP_Pct is hit. With this on, if a trade is opened and goes into profit 21 pips, a 2nd trade will open in the same direction with a multiplied lot size.
trendHybrid: This will make Flex add its additional trades with a multiplied lot size like normal, but allow it to happen in both directions. If the price goes in favor of the previous trade 21 pips it will add a trade, and if the price goes against the last trade opened 21 pips it will also add a trade.
TrendPipStep: As described above, this is the PipStep used for when to add trades when the price moves in favor of the last trade opened. This is only used if trendMode or trendHybrid is turned on. It does not need to be the same as the original PipStep.
LotMultiplierTrend ... Separate lot multiplier used for trades added to a basket through the trend mode (where price moves in favor of the last trade instead of against it).
DynamicAdditionalsTrend ... Just like the DynamicAdditionals above, this will require any indicator filters you have turned on to have their entry logic be true for any additioan trades added to the trend.
EA INFORMATION
ChartDisplay = True ... To display information on your charts or not.
EA_Name: The name to be used in all the comments of each trade opened by Flex.
CustomSetFile: setting which is just a way to name custom strategies and have them displayed on your chart as the strategy.
MagicNumber = 29988 ... You only need to change this if you are running Flex on two of the same charts. Example: If you want to run default settings on 1 GBPUSD chart, and the x3Retrace settings on another GBPUSD chart, they need to have different magic numbers! Otherwise you can leave the magic number the same for all charts.
HideFromBroker: Chose whether or not you want comments in your trades. By default it will show FlexEA and the strategy being used in each trades comments.
ChartDisplay: Show or hide all text displayed on chart by Flex
ShowButtons: Show or hide the 3 buttons at the top of each chart (Close, CloseAll, On/Off) buttons.
Font: The font for Flex to use for the text it displays on charts.
Color: The color of the text Flex uses to display information on charts.
Size: The size of the text to use displayed on each chart.
CURRENCY PAIR FILTERS
Global_Filters ... Turning this on will make the filters below count all trades across all magic numbers
Max_Charts = 3 ... Max number of charts that can have open trades at the same time. By default most strategies have this set to 3, so if a 4th chart is trying to open a trade it will be rejected, and it's virtual data will be reset. This should be left low unless you're running extremely low risk on a big account size. This doesn't mean you can only put Flex on 3 charts, it just means a max of 3 pairs can have open trades at the same time. If you're running two different strategies on the same account, each with its own magic number, then this 3 will become 6 because its magic number dependent. Be careful running m
Currency Pair Filters: At the very bottom of the settings list, you will see a list of the 8 major currencies and a 2 or 1 set for them. What this means is only 2 EUR charts can trade at the same time, and 2 GBP charts, etc. If you have open trades with EURUSD, and EURGBP, any other EUR pairs that want to open trades will be blocked. This will be a key factor going forward to protect against disastrous market conditions where every pair spikes/crashes at the same time like we seen on Monday Aug 24th.
NEWS FILTER
UseNewsFilter... Chose whether or not you want Flex to watch news and avoid trading before and after it.
MinsBeforeNews... How many minutes before news will Flex avoid opening new trades.
MinsAfterNews... How many minutes must pass after news before Flex will start trading.
NewsImpact... What kind of News do you want to look at? 3 means it will only look at major (important news). 2 Means it will include medium news, 1 means it will include all news. Generally this should be left at 3 to only watch Major news.
OffsetHours... If you find your news being reported on your chart is not in sync with when the news is slotted to arrive at http://forexfactory.com/calendar.php you can use this setting to offset the hour forward or back using -1 or 1 or however many hours you need.
ShowNewsPanel... Whether or not you want the news box in the bottom left to be shown or not.
ShowBG... Hide just the background (box) of the news panel.
CloseBasketsBeforeNews... If you have an open basket of trades on AUDUSD for example, and there is major AUD news coming out within your MinsBeforeNews value, this will make Flex close that basket of trades whether they are in profit or loss.
CloseAbovePCT ... Turning this on will make the above CloseBasketsBeforeNews only close if the baskets are in profit
AbovePCT ... Set how much of a threshold you want to close the trades (percent of account balance)
PauseBasketAtNews ... Turning this on will prevent any additional trades to be added to existing baskets until after your avoid times have been passed.
ResetVirtualDataAfterNews... Choose whether or not to reset virtual data for this pair after any high impact news. Turning this on can drastically reduce trading frequency.
FTMO Settings
FTMO_Mode... Toggle FTMO mode on or off with true or false
FTMO_Acct_Size... Set this to the starting account size of your FTMO account
FTMO_Profit_Target... Set this to the profit target required by your prop firm challenge
FTMO_Max_Daily_Loss... Set this to your prop firm challenge max daily loss. By default Flex will take this value and use a value 3% lower just to be safe.
FTMO_Max_Total_Loss...Set this to your prop firm challenge max total loss. By default Flex will take this value and use a value 3% lower just to be safe.
FTMO_Min_Trading_Days...Set this to the minimum number of days your prop firm challenge requires an open trade on.
FTMO_Max_Trading_Days... Set the max number of trading days allow by your prop firm to complete the challenge.
Desperation_Risk... There is a desperation mode built in that will force trades open if you reach a point in your challenge where you only have a few days left and are not close to your profit target. The trades lot size will be based on the traditional Risk/MM settings, so if you have a Risk of 0.1 but this Desperation_Risk is set to 1.0 it will open lot sizes 10x the size if it enters desperation mode.
This strategy looks for retracements in the market and trades it in a grid fashion up to 5 trades deep. It is quite accurate in finding these retraces, but doesn't trade often. It's recommended to run 10-15 major pairs with low risk on this strategy. There is no stop loss used on this strategy so the hard stop of your DD_StopLossPct is used if required.
This is just like the Default strategy above, but slightly different entry points more suitable for more volatile market conditions. It will trade a retrace up to 6 trades deep.
SuperPrecise is looking for market retracements too, but only after much bigger movements. It will only trade a retracement twice with a stoploss in use on both trades. This strategy doesn't trade very often but tends to be quite accurate. This can be traded on most pairs, even some high ADR ones.
TrendSurfer will open trades going with the trend, and continue to do so until profit is locked in and then trailed up by the EquityTrail feature. No pip based TP is used.
Scalper looks for smaller sharp market movements, and tries to scalp some small 5-12 pip trades going with the movement. It will open up to 7 trades if the price reverses, 17 pips apart. This is only recommended on very low spread pairs like EURUSD, GBPUSD, USDJPY, EURGBP.
This is actually quite similar to the Default strategies, but will open trades sooner, and trade up to 6x instead of 5 but uses a slightly lower LotMultiplier.
Shotgun strategy looks for moderate sized movements to enter and will start trade in grid fashion, but using a 200 pip SL on each trade. This is a bit of a wildcard strategy that can do very well at times, but can get into trouble very quickly if things go bad.
FlexHybrid is looking for market retraces, but in a very different manner from the Default strategies. It's first trade is opened similar to the Default strats, but then any additional basket trades after that are only opened after those same strict conditions are met again, and again. This results in trades being very spread apart in a dynamic fashion within the basket allowing to survive in the worst of times. It will open only a max of 3 trades deep, but it rarely ever needs a 2nd trade as the first is often closed in profit. This is a very safe strategy to use, however expect to have trades left open for days, maybe even weeks in rare cases. You can use FlexHybrid and just about any currency pair with reasonable spread.
Update: FlexHybrid was changed in v3.5x and higher to turn new mode off. If you want it to trade like the description above in later versions, turn NewMode back on in the settings.
This strategy waits for slightly bigger market movements than Default would, and will only open a max of 3 orders in it's basket while looking for a retrace. Usually quite accurate with it's entry points, but no stop loss is used so adjust your DD_StopLossPCT accordingly. This can be traded on the same 10-15 majors.
Very similar to the 3xRetrace, with more accurate entries, but limited to 2 max trade baskets, and uses a SL on all trades. Much safer but not as profitable.
Trades just like Default strats, but on a much bigger scale. It looks for bigger movements, and tries to find bigger retracements. Usually good for high volatility conditions.
ADRDynamic
FloatingTP PCT = 0
TrailingMode= On
MaxBuyTrades= 5
MaxSellTrades= 5
Trades similar to default, but most of it's settings like RealTP, VirtualTP, virtual trades, pipstep etc. are all dynamically calculated based on the current ADR of that pair. As it increases so will these values, and decrease when the ADR lowers. It uses the TrailingMode to hang on to trades longer to try to earn more profit, and has the FloatingTP PCT turned off.
FAQ
1) My Flex EA hasn't opened any trades in a week, what gives?
Flex EA trades the most during volatile conditions or at the end of big swings/trends. If you want to do a quick test to make sure it's capable of opening up a trade try doing the following:
Try adding it to a fresh chart (something with a low spread) and set risk to 0.01 and VirtualTrades to ZERO. It should open a trade almost right away if there is nothing wrong. Now close this chart, and then trade. If it doesn't open a trade after a few minutes, check the logs to see if there are any errors and e-mail us at support@forexflexea.com
2) Access Denied? Check these outlines:
The most common cases of access denied are; Not entering your forex account number in your Flex profile page, or not entering your Flex username into Flex settings when you attach it to a chart.You need to do this for at least one active chart to activate the rest. Once you do this it will look up your username on our site, and check if the accout number your trading on matches the account number you entered in your Flex profile page.
Demo account don't need to follow the above steps for activation. However, there are a few brokers that have demo accounts that appear as real accounts. So if your demo account doesn't activate right away, then you may be on one of those brokers. Either email us or try another broker.
3) Is there anything I need to do once the EA is running? ie check the logs etc over the days?
When starting out on a fresh account, it can take up to a few days to see some trades, so just be patient. Watch for the buy and sell signal percentages on chart, when they near 100% is when trades may open. If it's been a week with no trades, and you're trading at least 6+ pairs then check your logs for errors and/or email us.
4) Can I close trades manually, if so is there anything special I should know?
You can, but you should always turn off the Expert Advisors button in the top toolbar within MT4 while closing trades. Otherwise Flex may open a replacement trade immediately after you close a trade manually. If you have for example 4 EURUSD trades open all from the same strategy, its recommended to either close them all, or leave them. You should never just close 1 or 2 trades from a basket of trades.
5) Is trading 10+ currency pairs too much? Will the EA be smart enough not to get into too many trades at the same time?
There are a few filters in place to limit our exposure, so it is generally safe to trade 10+ pairs. The two main filters are the MaxCharts and Currency filters. MaxCharts will allow only 3 different charts from trading at the same time by default. The Currency filters will allow only 2 charts of one currency at the same time. So you may see something like EURUSD, EURGBP and GBPUSD all open. Note that EUR, USD, and GBP are only exposed twice.
6) Why do I need to have more than 1 live account if the EA is flexible enough to change the lot size? Any reason to buy license for 2 or even 4?
A lot of traders including myself like to split their capital (exposure) across many accounts, and trade a different strategy and combination of different pairs on each. This helps give each strategy and pair a lot more breathing room as everything is more spread out.
I like to spread my capital across 15-20 different accounts, each trading a different strategy and mix of different pairs. I will then use a 100% DD Stoploss on each account so if one blows, it's not a big deal.
7) Can I try on demo first before purchasing the EA?
We don't have a free demo trial sorry.
8) If I purchase 1 license first, can I later purchase more license with better discount?
Yes, extra licenses are $150 each after coupon code.
9) What is the minimum deposit required and what is the recommended?
$10 on a micro account or $1000 on standard account is generally a good place to start.
10) What is the return I can expect per month?
You can theoretically set it up to make as much as you want per month, however there is risk involved, obviously. The out of the box settings on 10 pairs can net you 10-25% per month depending on market volatility.
11) How often will there be an update on the EA?
On average there is an update once a month, sometimes a bit more often, sometimes a little less.
12) Do I need to stop trades for Major News such as FOMC, US job data or NFP to avoid volatility? Or the EA will handle it?
We generally trade right through most news as we thrive on the volatility. However if there is MAJOR news that you know or think will cause huge movements, it won't hurt to shut things down the day of to stay out of the market.
Overall deciding whether or not to avoid major news is more of a subjective thing which comes down to personal preference. There is a lot of money that can be made on major news days, but there can also be a lot of inherited risk involved.
13) Can I use a different broker than the recommended?
Yes pretty much any MT4 broker will work, but FXOpen and HotForex have been proven winners for our EA.
14) If I go with FXopen as recommended, which account should I open? I presume the ECN account?
Depends on account size. If you're under $2000 USD I would recommend a micro account. If over then yes an ECN.
15) If I am going to use a VPS, which location should the VPS be opened?
I would chose a VPS location near your broker server location.
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