Forex Franko Scalp MT5 Robot review:
About The Forex Franko Scalp MT5 Robot
Highlights to pay attention to
1. During live operation of the expert the GMT offset parameter is determined automatically based on local time of the computer (GMT_Offset_AUTO=true).
This parameter provides synchronization of the expert settings with the MetaTrader 5 server time.
To ensure the correctness of settings it is necessary:
to compare the GMT time in expert information area on the chart of currency pair, to which the expert is attached, with http://time.is/GMT (or other reliable source).
If the values do not match, then set GMT_Offset_AUTO=false and set a value of GMT_Offset_Manual according to the instructions in https://www.mql5.com/en/blogs/post/682539
2. In order to activate the News filter function, enable “Allow WebRequest” and add https://sslecal2.forexprostools.com/ to the URL list for WebRequest.
To do this, open Tools > Options > Expert Advisors. Check the option “Allow WebRequests for listed URL:”. Add https://sslecal2.forexprostools.com/ and click OK.
3. For this expert, a moderate lot size is 0.01 for 50-100 units of balance or risk per trade 1.5-3%.
You can set a trading lot depending on your preferences. I recommend using a fixed lot (Use_Fix_Lots) or a recovery money management (Use_MM_Reg_1 or Use_MM_Reg_2).
4. The expert works on any timeframe equally well, as it automatically takes the necessary data from multiple timeframes.
Back-testing is recommended on the M1 timeframe.
5. The expert writes information about the jumps of the spread to a file. To write this information, set the parameter Record_Deals = true.
It is necessary for viewing of this information:
go to MQL5/Files in the terminal folder and open the corresponding file (this action can be made in time which isn’t coinciding with time of opening of transactions by the expert and when there is no open transactions of the expert);
after viewing, close the file (that the expert could write down information further).
==== GMT and DST ====
GMT_Offset_Manual – the difference between your broker’s server time and GMT.
GMT_Offset_AUTO – enable/disable the automatic detection of GMT Offset, using the local computer time (does not work in the strategy tester).
Adjust_DST_Universal – enable/disable Daylight Saving Time correction (for the tester).
==== Lot and MM ====
Use_Fix_Lots – enable/disable fixed trading lot;
Use_MM – enable/disable the lot value as a percent of deposit based on StopLoss;
Use_MM_Reg – enable/disable recovery money management (trading lot will not decrease in case of drawdowns);
==== Grid and Martingale ====
Multiplier_of_trade_Lot – multiplier for a trading lot when opening a new position in the positions grid;
==== Days without Trade ====
Use_Holidays_Pass – do not trade during the holidays.
==== Record of deals in the file ====
Record_Deals – enable/disable logging of the EA operation details in a file.
==== First In – First Out ====
FIFO_MODE – enable/disable the First In First Out mode.
==== News Filter ====
Use_NewsFilter – use the news filter;
==== Strategies select ====
use_select_Strategy – select strategy from 1 to 6 using optimization in the Strategy Tester.
==== TIMING ====
GMT_Open_Trade_Hour – hour to start opening trades, GMT;
GMT_Open_Trade_Minute – minute to start opening trades, GMT;
Period_Open_in_minute – time duration for opening trades in minutes;
GMT_Monday_OH – time to start opening trades on Monday;
GMT_Friday_CH – time to stop opening trades on Friday;
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)