London Breakout MT5 – Detailed settings description – Miscellaneous – February 2, 2024
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“(_____ general parameters _____)”
EA_Active = fact; // Activate expert
Setting to “false” completely disables expert actions.
New_GridAllowed = fact; // Allow new session
If set to “false”, only currently active market trades, including any future scheduled taper trades belonging to that session, will be considered operational. After closing them all, no further trading activity will occur until you set the parameter to “true”.
SoundTradeAction = fact; // Play sound when earnings close
When the session ends, it plays a sound similar to “Ta-ta!”
Sound Trailing = fact; // Play sound while profits are being tracked
Plays a sound similar to a “tick-tick” during the Profit Trailing activity.
display panel = fact; // display panel
Displays a screen panel on the chart. You can set it to show/hide by clicking on the headline “‘LONDON BREAKOUT'” in the chart or by clicking the keyboard key ‘s’ or ‘S’.
display news = false; // display news page
Displays a news events panel next to the on-screen panel. The default setting is disabled, which can be enabled/disabled using the ‘N’ button on the screen panel or by clicking the ‘n’ or ‘N’ key at any time.
Magic number = 231223; // magic number
With a unique magic number, you cannot influence other experts’ trades or manually opened trades. On the other hand, care must be taken to ensure that different experts do not have the same magic number. If you set the magic number to ‘0’, manually opened transactions will also be included!
OrdComment = “London Breakout MT5”; // Order Description
Here, fill in the transaction’s description field with the preset text.
panelcolor = clrNONE; //Panel background color (clrNONE = picture)
Set the panel background to your desired color. If set to ‘clrNONE’, background graphics will be captured.
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“(_____ Money Management _____)”
FreeAmount mode = balance; // Acc. risk mode
When you use Money Management, you pre-set the type of way your available account funds will be utilized. The safest setting is ‘Margin’. However, ‘margin’ is not always appropriate for a 1:30 leveraged account. It is often used in EU countries due to legal restrictions.
positionrisk = 0.00; // Acc. maximum. Risk%/Transaction (0=disabled)
Set the value based on your risk tolerance.
LotSizeMin = 0.01; // lot size minimum (risk% = 0 fixed)
If ‘PositionRisk’ is set to 0, this lot size will be used for all open trades.
LotSizeMax = 5.00; // LotSizeMin max. (Risk% > max 0)
If ‘PositionRisk’ is set higher than 0, this lot size will be the maximum size used for all open trades, even if the free account funds available for trades have not been exhausted.
max spread = 20; // maximum. diffusion
Maximum spread allowed to open or operate a trade. If exceeded, the pending order will be terminated and the market position will stop active trailing profit operations possible during the period of the large spread.
UseSlipProtection = true; // Use anti-slip function
Slippage Protection protects against large losses that may occur during broad market movements that occur during important market news and events. In case of large slippage, small losses are possible as pending orders are liquidated and just entered market trades are liquidated immediately. It is better to take small losses than to remain at a large decline for an extended period of time on open trades or, in the worst case scenario, to close in the red.
slip = 10; // maximum. slide
Refer to previous point. Set the value based on your risk tolerance.
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“(_____ transaction parameters _____)”
DirLong = fact; // allow long positions
If set to ‘false’, long-term orders will not be opened.
DirShort = true; // Allow position short
If set to ‘false’, short orders will not be opened.
MaxOpenPositions = 3; // maximum. restoration including position
Limit the number of transactions you can open, including recovery transactions.
minimum recovery level = 2; // Minimum recovery level (0=disabled)
If set above 1, trades after this level will be closed as the trailing profit start limit is reached. If set to 0, the trailing profit start limit will be reached and all positions will be closed together with an average profit.
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“(_______________ startup parameters _______________)”;
“(_______________ Dynamic Open _______________)”;
TrailEntry_Dist = 2; // open trail distance
It is only used for manually opened market positions and is opened with the ‘Buy’/’Sell’ buttons. In effect, a stop order is placed using a preset distance in points to capture a better entry price. If the price moves further against your chosen trading direction, a virtual order will be opened when the price falls.
TrailEntry_Step = 1; // open trail stage
Refer to previous point. Steps to the point for tracking lagging virtual orders.
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“(______________ closing parameter _______________)”;
“(_____ static section (point) _____)”
Stop loss = 2900; // StopLoss initial position (0=disabled)
Pre-set a fixed maximum stop loss value in points for the initial trade.
Stop Loss Recovery = 1500; // StopLoss recovery location (0=disabled)
There is a preset fixed maximum stop loss value in points for recovery trades.
SL_reduce = 100; // Reduce StopLoss for overnight held positions
The preset fixed reduced Takeprofit value is the point for initial trades that do not close on the opening day, and can also be set to a negative value. The idea is that when the price recovers from a larger decline, it is better to take a small loss than to risk another decline that could lead to another large decline or end with a preset Stoploss.
TakeProfit = 5000; // TakeProfit static (0=disabled)
Preset a fixed maximum Takeprofit value in points for every transaction.
AdjStopBuy = 5; // Adjust Order StopBuy
Quotes and spreads vary by broker and account type and are used to optimize buy stop order placement. It can also be set to negative values.
AdjStopSell = 7; // Adjust StopSell order
Quotes and spreads vary by broker and account type and are used to optimize stop sell order placement. It can also be set to negative values.
“(_____ trailing section (dot) _____)”
TrailBarShiftMode = exponent; // profit tracking mode
Sets the style for trailing profit mode. ‘Index’ follows more aggressive pricing than the other selectable modes.
TrailProfitStart = 50; // Enable profit tracking
Set a minimum profit to trigger trailing profits. The default ATR value can be increased if it exceeds the preset.
TrailMinPercentStart = 80.0; // Activate @Trail to reduce minimum profit (%)
The percentage value of the current profit tracking start that is not yet protected. Depending on the preset profit tracking mode, the difference becomes smaller and smaller.
TrailProfitStep = 1; // profit tracking step
Refer to previous point. Point steps to track virtual profit tracking.
TrailMinDist = 5; // minimum price-to-profit distance
Minimum distance to the hypothetical profit trailing price.
TrailWaitBars = 0; // BarShift wait bar
‘Trail Profit Mode’ further reduces the distance by minutes.
BarShiftMultiplier = 1.0; // barshift multiplier
Refer to previous point. Increases or decreases the speed of distance reduction.
BarShift_TF = PERIOD_M1; // BarShift time frame
Period to increase the value of ‘Barshift Wait Bares’
