Since the EA settings tab in MetaTrader has a static structure(settings menu doesn’t change based on user selections) some users may find hard to understand how settings are organized in the Expert Advisor(EA).
The sections below explain the concepts in EA settings in order to provide a better understanding of how the settings relate to each other.
1.0 Understanding EA settings
1.1 Sections
Sections in settings cover different different aspects of operations in the copier. Settings are divided in to groups to help the user navigate through each setting.
In the above image, the sections are highlighted with the use of red rectangles. For an example, the section TP Hit Events(top rectangle) is where the user can set what actions should be taken by the copier if Take profit level 1 and 2 is hit.
1.2 Numbered settings
Some EA settings include numbers enclosed in box brackets (example: [1],[2],[3]). Having such next to the setting name means that those numbers correspond to or relate to another setting if selected.
Example 1
In trading options, there are three open modes in the drop down menu.
Based on signal [1]
Place pending order [1]
Enter at market priceNotice that “Pending order expiration time” and “Pending order expiration unit” options have “[1]” before them. This means that these options are only used if open mode “Based on signal [1]” or “Place pending order [1]” is selected.
Likewise, If open mode “Enter at market price” is selected, options “Pending order expiration time” and “Pending order expiration unit” will not be used.
Example 2
Shown below is a more advanced example in Lot size section.
There are 3 lot sizing modes available.
Fix lot sizes [1]
Risk based 0 - 1.00 [2]
Money ratio for every 0.01 lot [3]
If Lot sizing mode “Fix lot sizes [1]” is selected(Highlighted in red) , Fixed lot sizes need to be entered into the next three rows for each TP level.
If Lot sizing mode “Risk based 0 – 1.00 [2]” is selected(Highlighted in purple) , Risk% (between 0.00-1.00) need to be entered into the next three rows for each TP level. Since this mode uses a calculation, The user can limit the highest the lot size that can be used. The highest lot size allowed can be set in “[2],[3] Max lot size” option.
If “Money ratio for every 0.01 lot [3]” is selected (Highlighted in yellow) , money ration for every 0.01 lots need to be entered into the next three rows for each TP level. Since this mode uses a calculation, The user can limit the highest the lot size that can be used. . The highest lot size allowed can be set in the “[2],[3] Max lot size” option.