FRZ Currency Strength EA – User Manual

Before You Start

  • Enable AutoTrading (MT4) or Algo Trading (MT5) in your trading platform.
  • The EA is free. It needs no license and no WebRequest (internet URL) setup.
  • Attach it to an H1 (1-hour) chart of one of the 28 major and cross forex pairs made from EUR, GBP, AUD, NZD, USD, CAD, CHF and JPY (for example EURUSD, GBPJPY, AUDCAD). On a live chart with another timeframe, the EA switches the chart to H1 by itself.
  • To measure currency strength, the EA reads 13 pairs: every pair that contains the chart’s two currencies. Your broker must offer those pairs. The EA adds them to Market Watch automatically, including any broker prefix or suffix (for example EURUSD.a or EURUSDm).
  • One chart trades one pair. To trade more pairs, open one H1 chart per pair and attach the EA to each. The Max Pairs Trading at Once setting limits how many of those charts may hold trades at the same time.
  • For MT5, a hedging account is recommended. On a netting account the averaging (DCA) trades merge into one position.
  • Before trading live, run the EA in the Strategy Tester on H1 and on a demo account.

Installation

MT4 Installation

  1. Download the MT4 version of the EA and unzip it.
  2. In MT4, click File > Open Data Folder and copy the .ex4 file into MQL4/Experts.
  3. Restart MT4, or right-click Expert Advisors in the Navigator panel and select Refresh.
  4. Open an H1 chart of a supported pair and drag the EA onto it. On the Common tab, tick Allow live trading.
  5. Click the AutoTrading button on the toolbar so it turns green.

MT5 Installation

  1. Download the MT5 version of the EA and unzip it.
  2. In MT5, click File > Open Data Folder and copy the .ex5 file into MQL5/Experts.
  3. Restart MT5, or right-click Expert Advisors in the Navigator panel and select Refresh.
  4. Open an H1 chart of a supported pair and drag the EA onto it. On the Common tab, tick Allow Algo Trading.
  5. Click the Algo Trading button on the toolbar so it turns green.

Quick Specifications

Product name FRZ Currency Strength EA
Platform supported MT4 & MT5
Timeframes supported H1 only
Trading pair(s) The 28 major and cross forex pairs of EUR, GBP, AUD, NZD, USD, CAD, CHF and JPY – one pair per chart
Suitable market sessions Any (adjustable with Trading Start/End Time)
Minimum leverage The higher, the better – use the highest leverage available. However, 1:100 can be recommended as the bare minimum, because the EA can hold up to 25 averaging trades per pair. Consider increasing your deposit if your leverage is only at the bare minimum.
VPS requirement

This software needs to run 24/7. A Windows VPS is recommended unless you can keep your own PC running continuously 24/7 – For a VPS, we can recommend this VPS provider. You can purchase the cheapest VPS Windows package with this provider (4GB RAM is usually enough as a minimum). More instructions on buying and setting up VPS are given on our VPS page.

HUD / On-Chart Panel

FRZ Currency Strength EA HUD panel on an EURUSD H1 chart

The panel at the top-left of the chart shows what the EA is doing on this chart. Long lines wrap onto the next line.

HUD Item Meaning
FRZ Currency Strength EA v… Product name and the version you are running.
Status MONITORING (green) – waiting for a trade setup; normal.
IN TRADE (BUY) / IN TRADE (SELL) (green) – trades are open on this chart.
OUTSIDE TRADING HOURS (orange) – the current time is outside Trading Start/End Time. Open trades are still managed; no new trades start.
DD STOP LOSS HIT (red) – the Drawdown Stop Loss closed this chart’s trades within the last hour.
WRONG SYMBOL / WRONG TIMEFRAME (red) – see Troubleshooting. No trades are opened.
Symbol The chart symbol the EA trades.
Open Trades Number of this EA’s open trades on this chart (first trade + averaging trades).
Balance Account balance.
Open P/L Floating profit/loss of this chart’s open trades, including swap. Green when 0 or above, red when negative.
Current DD This chart’s floating loss as a % of the balance. Example: a loss of $50 on a $10,000 balance shows 0.50%.
DD Stop Loss The Drawdown Stop Loss setting, or Off when it is 0.
DCA On (3/25) means averaging is enabled and 3 of the maximum 25 trades are open. Off when Enable DCA is false.
Recovery / News Filter Always Not Used – this EA has no recovery module and no news filter.
EUR: +45.2 USD: -38.1 Current strength of the chart’s two currencies, from -100 (weakest) to +100 (strongest).
Delta Strength of the first currency minus the second, with the thresholds from your settings, e.g. Delta: +83.3 (Buy > +110, Sell < -110). It turns green when the gap is beyond the threshold.
Strength Pairs How many of the 13 pairs could be measured, e.g. 13/13. Fewer than 13 is followed by one of these lines:
Missing from broker / Market Watch: (live) or Load H1/D1 history for: (backtest) and the list of pairs – see Troubleshooting.
Waiting for the new D1 range to form – normal for a short time after the daily candle opens.
Last The last action on this chart, e.g. Last: Buy opened, delta 121.4, Last: DCA trade 2 opened or Last: Basket closed: Take Profit.

If the chart is not a supported pair, or a backtest is not on H1, a warning also appears at the bottom-left of the chart: WRONG SYMBOL/TIMEFRAME with Works on the 28 major and cross forex pairs only and/or Supports H1 (1-hour) timeframe only.

Input Settings

FRZ Currency Strength EA input settings

A basket below means all of this EA’s open trades on one chart: the first trade plus any averaging (DCA) trades. ATR (Average True Range) is the average size of the last 14 H1 candles – for EURUSD often around 8-15 pips.

No. Setting Explanation
General Trading Settings
1 Risk per Initial Trade (% of Balance) Sets the lot size of the first trade of each basket, as a % of your balance. Default 0.25. The lot is sized so that a price move of one DCA Step (setting 16) against the trade costs this % of the balance. Averaging trades then use the lot from setting 18. Lower = smaller lots and safer; we do not recommend more than 1.
Example: balance $10,000, Risk 0.25 -> $25. ATR is 10 pips and DCA Step is 2 -> 20 pips. On EURUSD 1 lot = $10 per pip, so lot = $25 / (20 x $10) = 0.125, rounded down to 0.12.
If the result is below your broker’s minimum lot (usually 0.01), the EA uses the minimum lot, so the real risk is higher than the setting on small accounts.
2 Trading Start Time (Broker Time) Time of day when the EA may start new baskets, in your broker’s server time (the time shown in Market Watch). Format HH:MM, 24-hour. Default 00:10.
Example: 08:00. Wrong: 8am or 08.00 – an unreadable time switches the time filter off.
The time filter only blocks new baskets. Open trades are always managed, and averaging trades can still open.
3 Trading End Time (Broker Time) Time of day after which no new baskets start. Same format, default 23:50. A window that crosses midnight works too.
Example: Start 22:00, End 06:00 -> new baskets only between 22:00 and 06:00 server time.
If Start and End are the same, the time filter is off.
4 Take Profit (ATR Multiplier) Profit target as a multiple of ATR, measured when the newest trade opened. Default 1.0. All trades of a basket share one take profit, which moves closer to the average entry price as more averaging trades are added: the distance is divided by the number of trades. Once a basket has more than 3 trades, the EA closes it as soon as it is in profit. A basket that has been open for 5 trading days also closes as soon as it is in profit.
Example: ATR 12 pips, Take Profit 1.0. One trade -> take profit 12 pips from entry. Three trades -> take profit 12 / 3 = 4 pips beyond their average entry price.
Higher = bigger but fewer wins. Lower = smaller, more frequent wins.
5 Max Spread (Pips) No new trades (first or averaging) open while the spread is wider than this. Default 5 pips. 0 switches the filter off. Raise it only for brokers with wide spreads on cross pairs.
Example: GBPNZD spread is 6.2 pips, setting 5 -> the EA waits until the spread is 5 pips or less.
6 Max Pairs Trading at Once (All Charts) The maximum number of different pairs that may hold this EA’s trades at the same time, counted across all charts with the same Magic Number (setting 20). Default 2. When the limit is reached, other charts wait; their open trades are still managed.
Example: the EA runs on 6 charts with setting 2. EURUSD and GBPJPY have open baskets -> the other 4 charts start no new basket until one of these closes.
Lower = less total exposure. Raise it only with a larger account.
Currency Strength Settings
7 Trade if Delta More Than (0-200) The minimum strength gap between the chart’s two currencies before the EA looks for a trade. Each currency’s strength runs from -100 (weakest) to +100 (strongest), so the gap (Delta, shown on the HUD) runs from -200 to +200. Default 110. A buy needs Delta above +110, a sell below -110; the EA’s other entry checks must also agree.
Example: EUR +62, USD -55 -> Delta on EURUSD = 62 – (-55) = +117, above 110, so the EA may buy EURUSD.
Higher = fewer trades in only the strongest moves. Lower = more trades.
8 Strength Timeframe (H1 or Higher) The candle period over which strength is measured. Default D1 (daily). Values below H1 are raised to H1. With D1, a currency is strongest when its pairs trade near the top of today’s range.
9 Strength Candles in the Range How many candles of the Strength Timeframe make up the range. Default 1 = the current candle only (today, for D1).
Example: Strength Timeframe D1 and 3 candles -> strength is measured within the high-low range of the last 3 days.
Higher = slower, steadier strength readings.
Entry Filter Settings
10 Use Momentum Filter true (default) adds an extra momentum confirmation before a first trade opens. false skips it, which gives more trades.
11 Trend Filter: D1 EMA Period (0 = Off) When above 0, buys only start while the last closed daily candle is above an EMA (exponential moving average) of this many days, and sells only while it is below. Default 0 = off.
Example: 50 -> with EURUSD’s last daily close at 1.1650 and the 50-day EMA at 1.1600, only buys are allowed.
12 Check Signals on the Closed Candle false (default): the entry checks run on the current, still-forming H1 candle, so a trade can open during the hour. true: they run once per hour on the candle that just closed. true gives fewer intra-hour entries and backtest results that match more closely between tester modelling modes.
13 ADX Filter: Minimum ADX (0 = Off) A first trade only opens when the H1 ADX(14) – a measure of trend strength from 0 to 100 – is at least this value. Default 22. 0 switches the minimum off. Averaging trades are not affected.
14 ADX Filter: Maximum ADX (0 = No Maximum) A first trade only opens when the H1 ADX(14) is at most this value. Default 49. 0 removes the maximum.
Example: Minimum 22, Maximum 49. ADX is 18 -> no new basket. ADX is 30 -> allowed. ADX is 55 -> no new basket.
DCA Settings
15 Enable DCA DCA (dollar-cost averaging) adds trades at better prices when the market moves against the basket, which lowers its average entry price. true (default) = on. false = each basket is a single trade that closes at its take profit (or the Drawdown Stop Loss).
16 DCA Step (ATR Multiplier) How far price must move against the newest trade before the next averaging trade, as a multiple of ATR at the time the newest trade opened. Default 2.0. The EA also waits for a short confirmation, and opens at most one averaging trade per H1 candle.
Example: ATR 10 pips, DCA Step 2.0 -> the next buy opens about 20 pips below the newest buy.
Higher = fewer, wider-spaced averaging trades (safer). Lower = tighter grid, more trades.
17 Max Trades per Pair (incl. Initial Trade) The maximum number of trades in one basket, counting the first trade. Default 25. When reached, no more averaging trades open; the basket waits for its take profit (or the Drawdown Stop Loss).
18 DCA Lot Multiplier Each averaging trade’s lot = the previous trade’s lot x this value. Default 1.0 = every trade uses the same lot. Values above 1.0 grow the lots (martingale-style) and raise the risk quickly.
Example: first lot 0.10, multiplier 1.1 -> 0.11, 0.12, 0.13 … (each rounded down to your broker’s lot step).
Drawdown Stop Loss Settings
19 Drawdown Stop Loss (% of Balance, 0 = Off) Closes all trades of this chart’s basket when its floating loss (including swap; on MT4 also commission) reaches this % of the balance. Default 0 = off: baskets are never closed at a loss. It applies per chart, not to the whole account. After it triggers, no new basket starts on the same H1 candle, and the HUD shows DD STOP LOSS HIT for one hour.
Example: balance $10,000, setting 10 -> the basket is closed when it is $1,000 down.
Misc Settings
20 Magic Number An ID number the EA writes on its trades so it only manages its own. Default 7711. Use the same number on every chart so that Max Pairs Trading at Once counts all of them. Change it only if another EA on the same account also uses 7711.

Set Files

FRZ Currency Strength EA does not use .set files. Most settings (lot sizing, ATR-based distances, drawdown thresholds, etc.) are dynamic and adapt to your account balance and current market conditions, so a fixed .set file would not reflect the correct values for your account. Use the Input Settings table above as your starting configuration instead.

Troubleshooting

Issue What to check
EA is attached but opens no trades 1. AutoTrading / Algo Trading is on (green button) and live trading is allowed on the EA’s Common tab.
2. The HUD Delta is beyond the threshold (setting 7). Most of the time it is not – waiting is normal; the EA trades only clear strength gaps.
3. Status is not OUTSIDE TRADING HOURS (settings 2-3).
4. Max Pairs Trading at Once (setting 6) is not already reached by other charts.
5. The spread is below Max Spread (setting 5).
6. The ADX filter (settings 13-14) and the other filters can hold back a setup – set them to 0/false to test.
7. Strength Pairs on the HUD shows 13/13.
HUD shows WRONG TIMEFRAME / “Please backtest on H1” The Strategy Tester period is not H1. Select H1 in the tester’s Period box and start again. On a live chart the EA switches to H1 by itself (“Switching chart to H1…”).
HUD shows WRONG SYMBOL / “Please use a major or cross forex pair” The chart symbol is not one of the 28 pairs of EUR, GBP, AUD, NZD, USD, CAD, CHF and JPY (for example gold, indices or USDSGD). Attach the EA to a supported pair.
HUD shows “Missing from broker / Market Watch:” and a list of pairs Your broker does not offer those pairs, or they have a different name. Check that they exist in View > Market Watch > Symbols (Ctrl+U). The EA keeps working with the pairs it can read, but the strength is less accurate.
Backtest HUD shows “Load H1/D1 history for:” and a list of pairs The tester has no price history for those pairs. MT4: open Tools > History Center, select each listed pair, double-click H1 and D1 and click Download (or open an H1 and a D1 chart of each pair and scroll back). MT5 downloads the history automatically – restart the test.
“Waiting for the new D1 range to form” Normal. Shortly after the daily candle opens, the day’s range is too small to measure. It clears within the first hour.
MT5 visual backtest opens many extra chart tabs Normal. The MT5 visual tester opens a chart for every pair the EA reads (the 12 other pairs of the two currencies). They do not affect the result. Tests without visual mode open no extra charts.
Lot size is bigger than expected on a small account The calculated lot was below the broker’s minimum lot, so the minimum lot is used. Increase the deposit, use a cent account, or reduce Max Pairs Trading at Once.
MT5: only one position although several DCA trades opened The account is a netting account, which merges trades in the same symbol. Use a hedging account.
Settings look wrong after updating the EA MetaTrader can keep old input values when a new version is attached. Remove the EA from the chart, attach it again and click Reset on the Inputs tab before changing any setting.
Experts/Journal tab shows [OrderSend] Failed (MT4) or [OrderSend] Failed ... retcode= (MT5) The broker rejected the trade. The error/retcode number explains why – most often not enough margin, the market is closed, or trading is disabled for the symbol.

Get Support

Online AI chat: https://t.me/FRZSupportBot
Discord Forum: https://www.frzsoftware.com/discord

Recommended VPS: https://www.frzsoftware.com/getvps
Join VIP Club: https://www.frzsoftware.com/vipclub
Social Links: https://www.frzsoftware.com/socials

Disclaimer

Our software is provided “as is”, without any warranty or condition of any kind, express, implied or statutory. You are advised to do necessary testing on demo accounts before using the software on a live account. Trading carries a high level of risk to your capital and you should only trade with money you can afford to lose. Past performance of any trading system is not necessarily indicative of future results.

Was this page helpful?
Still need help? Technical support bot Ask on Discord Open a support ticket (paid customers)
0
0
Your Cart
Your cart is emptyReturn to Shop
Continue Shopping