AXILGO PIP PIPER COPILOT – User Documentation (Part 1) – Miscellaneous – May 19, 2024
Part 1 – AXILGO PIP PIPER COPILOT USER MANUAL
Advanced Compliance Manager Expert Advisor (EA) with integrated transaction manager with built-in risk calculator
PipPiper Co-Pilot: Advanced Compliance Manager Expert Advisor (EA) with integrated transaction manager with built-in risk calculator. PP CoPilot is designed for traders involved in prop firm matters where compliance with specific trading rules is paramount. This innovative tool ensures users can trade efficiently while seamlessly complying with the unique requirements set by self-trading firms. PP CoPilot’s powerful built-in features automatically manage trading settings to prevent rule violations, allowing traders to focus on strategy and performance without worrying about management penalties.
1. Strategy name
purpose: Give your trading strategy a unique name for easy identification.
Basic setting: The strategy name defaults to the product name.
yes: If you wish, you can change it to reflect your personal trading style or strategy.
2. Minimum time to close a transaction
purpose: Specifies the minimum period, in seconds, that a transaction must remain open.
Setting details: Enter the time in seconds. For example, setting it to 180 seconds will prevent the transaction from ending before 3 minutes have elapsed.
memo: EA does not restrict manual closings performed through the Meta Trader platform.
3. Pairs not allowed to trade
purpose: Prevent trading with specific currency pairs.
Setting details: Enter disallowed pairs separated by commas. Make sure the symbols match those provided by your broker.
yes: Setting XAUUSD, GBPUSD.xyz as not allowed will block trading of these pairs and the EA will warn users.
4. Close your trade on the weekend
purpose: We automatically close all outstanding trades before the end of the week to comply with prop company or broker rules.
Setting details: set to ‘truthActivate ‘. Prop Firm/Broker Weekly Reset Configure your exact closing time in the trading schedule below.
5. Maximum open position
purpose: Limit the number of simultaneous open transactions.
Setting details: Set the maximum number of public transactions allowed.
yes: If set to 5, any attempt to open a sixth transaction will be automatically blocked by the EA.
6. Maximum open lot size
purpose: Limit lot size for a single transaction.
Setting details: Set the maximum lot size allowed for all transactions.
yes: If the maximum lot size is set to 3, attempts to open trades exceeding 3 lots will be scaled to the maximum limit.
7. Maximum spread
purpose: Filter out trades whose spread exceeds a certain threshold.
Setting details: Set the maximum spread allowed.
yes: If the spread threshold is set to 50, any trade with a spread greater than 50 will not be executed. Right-click in Meta Trader’s Market Watch window and select “Spread” to see the current spread.
1. Use Account Take Profit
- purpose: We will automatically stop trading once your account reaches a certain profit target. This is ideal for prop company concerns or specific profit goals.
- Setting details:
- Account Take Profit ($): Set your profit target in your account currency.
- Terminate EA on your account TP. Switch to ‘truth‘Disable all EA features once the revenue target is reached.
- yes: If your capital is $100,000 and your target is $110,000, this is ‘truth‘When it reaches $110,000, it closes all trades and closes the EA. Check your progress in the Account Monitor panel.
2. Take advantage of daily take profit
- purpose: Once the profit target set for the day is reached, all trades are closed to secure the daily profit.
- Setting details: Enter your daily profit goal. Setting it to “0” disables this feature. Any other value activates the feature.
- yes: If you set it to $1,000, all trades will end when your daily profit reaches $1,000. This calculation time is configured in the trading schedule of the Prop Firm/Broker Weekly Reset.
3. Take advantage of Weekly Take Profit
- purpose: Once your set weekly profit target is achieved, it automatically closes the trade, locking in your weekly profit.
- Setting details: Set a weekly profit goal. Similar to daily profit, set to ‘0‘ disables this feature.
- yes: If the target is set at $2,500, all trades will close when the weekly profit reaches this amount.
4. Set up lots for risk-reward tool targets
- purpose: Manage the distribution of lot sizes across multiple profit targets.
- Setting details:
- Split lots for two Take Profit targets:
- Take Profit 1 Lot Ratio: Specifies the lot size ratio for the first profit target.
- Take Profit 2 Lot Ratio: Specifies the lot size ratio for the second profit target.
- Split lots for 3 take profit targets:
- Take Profit 1 Lot Ratio: Specifies the lot size ratio for the first profit target.
- Take Profit 2 Lot Ratio: Specifies the lot size ratio for the second profit target.
- Take Profit 3 Lot Ratio: Specifies the lot size ratio for the third profit target.
- yes: If you set two Take Profit targets, you can allocate 50% of your lots to the first target and 50% to the second target. You can allocate 30%, 30%, and 40% to each of the three goals.
1. Use Account Stop Loss
- purpose: When your account assets fall to a certain level, we stop trading to prevent excessive losses. This is an important rule in prop company matters.
- Setting details:
- Account Suspension Loss ($): Set the maximum withdrawal amount allowed in your account currency.
- yes: For an account with capital of $100,000, setting the account stop loss to $90,000 means that if your assets fall to this level, the EA will stop and terminate all trading activity. Monitor your withdrawal status in your account management panel.
2. Use Tracking Stop Loss
- purpose: Enhances profit retention by allowing stop losses to automatically adjust when the market moves in your favor.
- Setting details:
- Start TSL: The number of pips the price must exceed the breakeven point before the trailing stop loss is activated.
- Stop TSL: The number of pips a trailing stop follows the price.
- TSL interval: How often, in pips, the trailing stop is adjusted.
- Delete TP when TSL starts: If set to ‘truth‘ removes the fixed take profit setting when trailing stop loss is activated to allow for potentially unlimited profits.
- yes:
- If you set TSL Start to 4 pips and TSL Stop to 3 pips, once the 4 pip profit is reached the trailing stop will be activated, giving you at least 1 pip profit with the possibility of more profit if the price continues to rise. Secure it.
- If TSL Start is 5 and TSL Stop is 5, the worst case scenario is broken even if trailing stop is enabled.
- If TSL interval is set to 10, trail start is 10 and trail stop is 5, the trail stop will move first when profit reaches 20 pips, adjusting to 15 pips behind the current price and continue after 10-10-50 minutes. It will be adjusted. Pip increment.
4: Drop protection
Introducing Drawdown Protection in PP CoPilot
drop protection (DP) Is important features PP CoPilot is specifically designed to meet the stringent risk management requirements of equity trading firms. This feature offers a variety of loss management options to help traders comply with the company’s specific rules regarding maximum allowable losses. Whether losses are calculated based on a fixed loss threshold, a percentage of your account balance, or the highest of your current assets or balance, PP CoPilot provides customizable settings to effectively control your risk. . This allows traders to protect their capital against significant losses and allows them to optimize their trading strategies within the defined risk parameters of their trading assignment or company.
drop protection
- purpose: Protect your trading account by managing your daily maximum allowable loss, which is important to meet prop company requirements.
- Feature details:
- Using the drawdown protector: set to ‘truth‘ Enable Drawdown Protector with configured settings.
- Drawback protection types: Choose a reduction calculation method that suits your prop company’s policies. Settings include:
- Float loss: Close all trades when the outstanding P&L matches the set withdrawal amount.
- account %: Close all trades when your account’s floating loss equals a specified percentage of your account balance.
- Based on daily loss balance: Subject to limits such as FTMO’s “maximum daily loss”, the trade is closed when the sum of the day’s closing P&L and variable P&L matches the predefined maximum daily loss.
- Based on daily loss assets: Based on the starting assets of the day, the transaction ends when the sum of the closing P&L and the current P&L at the start of the day reaches the set drawdown amount.
- Highest daily loss value: similar ‘‘Daily Loss Equity and Balance’However, at the start of each day, it calculates based on the highest value between your current assets or balances and closes the trade when the set drawdown is reached.
- yes:
- For FTMO, use ‘.Based on daily loss balance‘
- For TFF, select ‘.Daily loss equity basis‘
- monitoring: Your current ‘variable profit and loss‘ can be tracked in PP CoPilot’s Account Monitor panel.
Auto-resume option
- purpose: Decide how and when to resume trading activity following a downside event.
- option:
- Without delay: Trading will resume immediately after the downside event.
- next day: Trading will automatically resume at the start of the next trading day.
- next week: Trading will resume from the first day of next week.
- never: Disable auto-resume. Transactions can only be resumed through manual intervention.
1. Prop company/broker’s time zone
- purpose: Ensures all trading activity is aligned with the correct time zone of the prop firm or broker, which is essential for proper compliance and trade execution.
- Setting details:
- Reset Time for Prop Company/Broker:
- hour: Set a daily reset time based on your prop company or broker’s schedule.
- minute: Set the minutes by which daily resets occur to exactly match the operating schedule of your prop company or broker.
1. News filter (pause news event trading)
- purpose: Trading activity is temporarily suspended during major news announcements to avoid market volatility.
- Setting details:
- Activate news filter: Set this to ‘.truth‘ Activate the news filter.
- Disable pre/post news trading (minutes): Configure the number of minutes before and after a news event when trading should be paused.
- Previous high-impact news (minutes): Specify the number of minutes before influential news when trading should be paused.
- Afterwards, the most influential news (minutes): If you wish to continue pausing trading, please specify the number of minutes after influential news.
- Previous (minutes) of medium-impact news: Set a pause period before medium-impact news.
- Later mid-impact news (minutes): Set a pause period after news of moderate impact.
- Previous low-impact news (minutes): Defines the period during which low-impact news trading should be paused.
- Next low-impact news (minutes): Defines the period during which low-impact news trading should resume.
- memo: Setting it to “0” means that trading will not be paused during news events. These settings should be adjusted based on your prop company’s specific compliance requirements.
yes:
- If you are trading the XAUUSD pair and there is high impact news for the USD, your trading will be paused according to your settings. However, if high-impact news affects other currencies such as the Euro, XAUUSD trading will not be paused and will only apply strictly to news related to the chart symbol.
Part 2 of this guide can be found here.
