Thread: Newbie Guide: How to use EA

How to Enable the EA

After download the file, put all the relevant files to right folders.



Then restart your Trading Platform and go to Tools > Options do following setting.



Lastly is to enable the EA




I'm newbie, wish to share to newbies as well...

This is the very 1st step of putting EA into platform.

ENJOY it!




Hehe.....My questions coming



.

My questions:


1.Izit all EA suitable for all pair of currency?
2.I found Sir Funyoo did share a lot of EAs with file extension .set , izit the setting for the EA, where should user put the file?
3.Some EAs shared here named with (magic)? what the different with original?
4.Some EAs shared here named with (hedge)? what the different with original?


Sorry for my English, broken one^^



Fairylord

Just found the answer for question no.2 #post 2

Originally Posted by funyoo

Try to compile it (into MetaEditor) before to run MT4.

The set file has to be put in expert/presets for the forward test or in tester/ for the strategy tester.

How to use File_Name.set for EA

Preset files (.set) is the setting file for the particular EA, it has been tested and created by the creator or modifier, and of course those presetting file with good backtesting result would be encourage

Originally Posted by fairylord

My questions:


1.Izit all EA suitable for all pair of currency?
3.Some EAs shared here named with (magic)? what the different with original?
4.Some EAs shared here named with (hedge)? what the different with original?


Sorry for my English, broken one^^



Fairylord

Hi fairylord,

1. No, each pair is different, some are more range, others are wilder, some do more retracements, etc...
2. That means that the magic number parameter is available. The magic number is needed if you want to apply different settings on a same pair. For each unique presets, you have to put a different value for the magic parameter.
3. That means that the hedge option is available. If enabled, the EA will enter an opposite position. The two positions will be closed only if their respective stoploss or takeprofit are reached.

Originally Posted by fairylord

1. I conclude that the setting for EA for every pair of currency is different since different pair of currencies have different nature of movement due to dynamic market

2. Sir's explanation meant that when we use different EA or same EA with different setting on same pair within same acc/platform should have magic number for each opened position for the EA's regconization. In other word, if we have different EA running on same pair, magic number is needed as id for each position traded.

3. Sir, I think i understand what u meant. "Hedge" parameter is for those broker that allow hedging activities, some broker like IBFX doesn't allow hedge trading, the setting would not affect anything.

1.2.3. That's correct.

Originally Posted by fairylord

Hello senior members, Sir and Madam,


I have some questions again?

1. Izit EA which does not have magic number would go crazy while I using the same platform/account testing the same pair of currency?

2. What is the "slippage" mean in EA inputs, I found the value in some EA are 0 or 3 respectively? What's the different?

3. MM is Money Management, Izit all EA which MM with "false" setting giving meaning that the MM is not activated or depending on the creator's default setting?

4. The MM cover what setting (so called parameter?)? I found that majority are "risk", "lot size", SL,TP and TS but not sure which else included for particular EA, besides referring to creators, is there anyway actually we can read in the input list?

5. What is the "risk" mean? some value in 3, some in 10, sorry really not understand?

6. What is "slippage", izit within MM as well?

1. If you use two different settings with an EA on two charts of the same pair, with the same magic number, yes the EA will go crazy.
2. The slippage is the maximum difference in pips, between the price when the signal is generated and the price when the order is entered, allowed by the EA to enter an order.
3. Yes that's right.
4. Only the risk parameter is considered, and sometimes minlot, maxlot.
5. The risk is determined in percentage of the account free margin.
6. No it isn't, it is for the order settings. See 2.

Originally Posted by funyoo

1.2.3. That's correct.


1. If you use two different settings with an EA on two charts of the same pair, with the same magic number, yes the EA will go crazy.
2. The slippage is the maximum difference in pips, between the price when the signal is generated and the price when the order is entered, allowed by the EA to enter an order.
3. Yes that's right.
4. Only the risk parameter is considered, and sometimes minlot, maxlot.
5. The risk is determined in percentage of the account free margin.
6. No it isn't, it is for the order settings. See 2.

Sir, thanks for your fast reply. Something i'm still in blur, I would like to give some further questions and some examples, may could clarify my illustration for statement you made, thanks in advance.


1. Sir, some EA doesn't have the magic number, izit they are designed without permission to edit, or totally without magic number, is encouraged to used EA with magic number, or else get away from them?


2. I'm confused with this, what i understand from sir's explanation is....
If i set slippage:0 the EA would get signal of all conditioned met and directly entry order, if the slippage: 3, the EA would place an pending order at the price in advance with 3 pips different from the price which all-condition-met signal are going present?


3. Sir's "Yes, that's right" meaning to MM is not activated or depending the EA creators' default setting? Would the default setting with "False" is actually meaning that MM is activated?


4. Sir, the Risk's parameters are those stated (viz. risk, Lotsize, TP,SL,TS,minlot, maxlot), oh i see..thanks for teaching new things...what i asked was how to know which risk parameter are under MM setting?

Allowed me to take setting Pseudocarcharias (Modified) V103's default setting for MM as example: (EA as attachment for reference purpose)

RiskMM:False
Risk Percent:1.0

If i set to TRUE, the risk percent 1.0 would be activated then. If not the Lot size for every order would be as default setting (which is 0.1).

OldMM:False

Under the OldMM covering the risk parameters, viz. szpar1,2, Multiplier1,2,3, minlots and maxlot, rite? Is that mean this parameter setting would only be taken if I set OldMM to TRUE

Indeed, the parameter that covered by Pseudocarcharias EA was very clear which brought by Funyoo Sir.

Yet, I would like to get another EA as example that i confuse about: Daily Scalping EA (as attachment for reference purpose)

Under the UseMoneyManagement, it is cover the parameter of "Risk" i'm sure, but do it include the slippage , trailing stop and maxlossestradeperday. May Sir have a look with it for me?
(for the slippage, Sir has told me that this is order setting,but why exist under MM in this EA, izit the creator did not make it clear in the input list only?)



5. I see, thank you very much. Sir, 1.0 denotes 1% of risk or.....?


6. Slippage is not within the money setting, but order setting. Sir, i think ur answer would be clarify in question No.4 already)




Sir, sorry for long wording make you tired, i just wish to learn, written in details is hoped this thread would help the newbie like me for better understanding.


Sorry,thank you, and thank you again.....

Admin: Fairylord is crazy




Following attachments are for further understanding of explanation purposes, newbies are suggested to download and study with the questions asked and answered professionally