Installation Steps
1. Go to MetaTrader>Options>Expert Advisors, tick “Allow automated trading” and allow the following URLs under options:
https://faireconomy.media
https://timeapi.io
https://frzserver.com
2. Copy and EA to the MetaTrader Expert folder
3. Restart/refresh your MetaTrader
4. Load the EA to the Gold pair on M5
5. If your broker’s pair names have any prefix or suffix add them under settings.
6. Change the lot size and other settings as necessary
Video guide (This is from an older version – always consider the written text here as the updated guide):
EA Specifications
| Product name | FRZ Gold Scalper |
| Platform supported | MT4 or MT5 |
| Time frames supported | 5 Minute Charts |
| Trading pair | XAUUSD |
| Suitable market sessions | Works on any session |
| Recommended min. deposit/lot size | $500 Minimum ($1000 better) (considering at least 1:500; if the leverage is lower, the deposit has to increase proportionately). |
Settings
Settings Explanations
1. Lot Size => Here you can set the lot size.
- 0.01 lot size for each $1000 deposit per pair (recommended)
- 0.01 lot size for each $500 deposit per pair (Standard mode)
Examples:
If you put 500 here and your deposit balance is 1000, then the lot size would be = 1000/500*0.01= 0.02 lots
If you put 250 here and your deposit balance is 2000, then the lot size would be = 2000/250*0.01= 0.08 lots
2. Take Profit (ATR Multiplier) => You can set the TP as an ATR multiplier (Not in pips). For instance, if the ATR is 10 pips and if you put 2 here, your actual TP would be 20 pips.
3. Stop Loss (ATR Multiplier) => You can set the SL as an ATR multiplier (Not in pips). For instance, if the ATR is 10 pips and if you put 2 here, your actual stop loss would be 20 pips. Stop loss is virtual and the EA may use an averaging system to optimize the entry price. We usually use an equity-based stop loss or recovery system instead of this hard stop loss which is often get hunted by brokers. So, we usually set the stop loss at a large distance and we do not expect it to hit. In this case, stop loss would largely serve as a formality.
4. Max Spread => Here you can set the maximum spread in pips you can allow. If the spread is more than this amount, the robot will not take trades.
5. Max DD% Allowed => This is the equity-based stop-loss. For instance, if you add 25 here, EA will stop new trades once the drawdown reaches 25%. However, if you are using the drawdown recovery module (Setting 13-16), please do not use a small drawdown limit and you can leave the default as it is.
6. Max Concurrent Trades => You can limit the no of maximum concurrent trades that are taken under DCA method.
7. Max Time (Hrs) to Close Trades at Breakeven => If the original trade takes more than this time, the EA will try to close the trade/s at breakeven rather than waiting for the TP level.
8. Symbol Name Prefix: If our prop firm’s currency pair names include a prefix, you need to add it here. If your prop firm’s pair names have no such prefix, you can simply keep this setting blank.
Example prefixes deEURUSD, dmEURUSD, m.EURUSD => In these cases de, dm, m. should be added under this setting.
9. Symbol Name Suffix: If our prop firm’s currency pair names include a suffix, you need to add it here. If your prop firm’s pair names have no such suffix, you can simply keep this setting blank.
Example suffixes: EURUSD.cc, EURUSDcash, EURUSDm => In these cases .cc, cash, m should be added here.
If your pair name has both prefixes and suffixes, you need to add them both under settings 8 and 9.
10 & 11. EA Start and Stop time => You can adjust the time of operation here. The time is the time used by your broker on the MetaTrader.
12. Enable Advanced S/R Filter => You can enable the advanced support and resistance filer here. This may reduce the no of trades but may increase the entry accuracy.
lllll Drawdown Recovery Settings lllll
13.Drawdown Recovery Threshold % (Current Pair)
This is the drawdown level that activates the recovery module (use it without “%” sign).
14.Auto Recovery Lot Size Factor (1-10) (1=Biggest)
You can have 1 to 10 here. This setting will affect the lot sizes of the recovery trades (1 = higher lot size while 10=lower lot size).
15.Recovery Adjustment for Broker Fees
Here you can adjust the recovery amount for any potential broker fees. Usually trading commissions, slippage, spreads, etc. can impact the total amount recovered and then the total amount recovered can be less than the actual drawdown amount. This setting can be used to minimize this difference. For instance, if you want to increase the amount to be recovered by 1%, then you need to set this as 1.01. If you want to increase it by 5%, then set this as 1.05.
16.Recovery DCA Max for B/E
If the no of recovery trades goes over this number, then the EA will try to close the those recovery trades at breakeven without waiting for the recovery step amount in order to minimize the risk. Please note this does NOT limit the no of recovery trades.
17.Recover Swap Charges
If you enable this, EA will consider the swap charges also to amount to be recovered. Please note swap charges will accumulate on a daily basis depending on your broker.
Magic Number => You can change this if required but not necessary.