Forex Smart Robot Demo MT5 review:
About The Forex Smart Robot Demo MT5
Smart Robot MT5 is an Expert Advisor based on Scalping, Elliot Waves and with filters such as RSI, Stochastic that managed and decided with robot smartly. Large number of inputs and settings are tested and optimized and embedded in the program thus inputs are limited and very simple. Using EA don’t need any professional information or Forex Trading Knowledge.
The EA works with low margin level and thus has low risk.
This is Free Version and limitations is : Trade on EURJPY only with lot size equal to 0.01.
For Full Version use Smart Robot MT4 or Smart Robot MT5
The default inputs in this EA is set to 5-digit accounts. If your account is 4-digit use 1/10 values.
Using EA :
The EA is very simple and without complicated input parameters.
These are main parameters must be set :
Time Frame : Time frame for trading.
Trade Type : Long/Short/Both/No-Hedge
Stop Trading : if true, EA don’t open new position. Only manage already opened.
Minimum Distance to Open New Position : Distance to ignore new signals if older position exist.
Maximum Spread to Open Position : Spread to stop trading
Magic Number : Any constant ID.
Show Panel On Chart : Shows report of positions on chart with the option of manual closing them.
Action for in-Loss Positions : Averaging-Add,Averaging-Multiply, StopLoss, WaitforTP
Take Profit : TakeProfit in Points
Stop Loss : StopLoss in Points. Only acts if Stoploss option selected above.
Averaging Distance : Distance in Points to insert averaging position. Only acts if Averaging option selected above.
Averaging Volume Multiplier : Volume multiplier if averaging selecting above.
Averaging Volume Add : Volume adding if averaging selecting above.
Volume Calculation Method : KLot, Constant.
KLot : KLot equals Balance/Position Volume. This option is ignored is Constant selected above.
Constant Volume : Volume of trading. This option is ignored is KLot selected above.
Trailing Stop Loss : Enable/Disable Trailing Stop
Trailing Start : Trailing Start Distance in Points.
Trailing Stop : Trailing Stop Loss Distance in Points.
Trailing Step : Distance to apply Trailing Stop Loss in Points.
Break Even : Enable/Disable Break Even
Activate Break Even After Loss : Distance to apply Break Even in Points
Day of Week and Time Filters
News Filter Inputs :
Block Trading During Low Impact News
Minutes Before Low Impact News
Minutes After Low Impact News
Block Trading During Medium Impact News
Minutes Before Medium Impact News
Minutes After Medium Impact News
Block Trading During High Impact News
Minutes Before High Impact News
Minutes After High Impact News
* All above points inputs defaults is for 5digit accounts. if your account is 4digit use 0.1x numbers.
Optimizing EA :
(important) Optimize EA for last 6 month before using, and update optimization every 1-2 month.
Optimization of EA is so fast and easy. We recommend these Optimization inputs :
Time Frame : M5 to D1
Action for in-Loss Positions : Averaging-Multiply and Averaging-Add
Take Profit : 100 to 1000 step 100 (10 to 100 step 10 for 4digit accounts)
Averaging Distance : 500 to 8000 step 500 (50 to 800 step 50 for 4digit accounts)
Averaging Volume Multiplier : 1 to 5 step 0.5
Averaging Volume Add : 0.01
Minimum Distance to Open New Position : 1000 to 5000 step 1000 (100 to 500 step 100 for 4digit accounts)
Volume Calculation Method : Constant
Constant Volume : 0.01
Maximum Spread to Open Position : 100 (10 for 4digit accounts)
Show Panel On Chart : false
Trailing Stop Loss : false
Break Even : false
It is recommended that do backtest with constant volume to find largest profit with low drawdowns. Then run optimization again on KLot only, to determine best volume. (KLot=1000 to 200000)
It is recommended that optimize Custom Parameter.
News Filter will not work in tester because of MQL limitations.
Recommendations and Using Conditions :
EA Only work on Hedge Accounts (netting is not supported)
You can run EA on several charts and symbols. Try to use different Magic Number input for each chart.
If you attach EA to multiple charts, increase KLot to reduce your risk.
EA work on Hedge accounts.
Activating News Filter :
Enable “Allow Webrequest” on Tools/Options/Expert Advisors and add http://ec.forexprostools.com/to the list.
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)