FRZ Market Open Trading 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.
  • The EA works on the M5 (5-minute) timeframe. If you attach it to a chart of any other timeframe, it switches that chart to M5 by itself.
  • It trades the symbol of the chart it is attached to. One chart trades one pair – to trade more pairs, open one M5 chart per pair and attach the EA to each.
  • The market open times of Frankfurt, London, New York, Sydney and Tokyo, and their daylight saving (summer time) changes, are handled automatically. You do not need to enter or adjust any times.
  • The EA must be running at the time of each market open. Keep MetaTrader open, ideally on a VPS (a remote computer that runs 24/5).
  • Works on MT5 hedging and netting accounts.
  • Before trading live, run the EA in the Strategy Tester (see Backtesting Steps) 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 a chart of the pair you want to trade and drag the EA onto it. On the Common tab, tick Allow live trading. The chart switches to M5.
  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 a chart of the pair you want to trade and drag the EA onto it. On the Common tab, tick Allow Algo Trading. The chart switches to M5.
  5. Click the Algo Trading button on the toolbar so it turns green.

Backtesting Steps

The Strategy Tester has no real world clock, so the EA needs to know your broker’s server time zone to find the market opens in a backtest. On a live or demo chart this is automatic and setting 11 is not used.

  1. Find your broker’s server time zone in winter. Most brokers, including IC Markets, use GMT+2 in winter and GMT+3 in summer. If you are not sure, ask your broker.
  2. Open the Strategy Tester (MT4: View > Strategy Tester, MT5: View > Strategy Tester) and select FRZ Market Open Trading EA.
  3. Select the symbol and set the period / timeframe to M5. On any other period the EA places no orders and shows a notice (see Troubleshooting).
  4. Use the Every tick model (MT4) or Every tick based on real ticks (MT5) – the orders are placed and triggered within minutes, so the tick data matters.
  5. On the Inputs tab, set 11. Strategy Tester: Broker Winter GMT Offset to your broker’s winter offset (2 for a GMT+2/GMT+3 broker). The EA adds one hour by itself during US summer time, which is when GMT+2/GMT+3 brokers switch to GMT+3.
  6. Start the test. With visual mode on, the panel and the market open lines show where the EA expects each open.

Quick Specifications

Product name FRZ Market Open Trading EA
Platform supported MT4 & MT5 (MT5 hedging or netting account)
Timeframes supported M5 only – the EA switches the chart to M5 by itself
Trading pair(s) Any symbol, one per chart. Major forex pairs such as EURUSD and GBPUSD are most active at the market opens.
Suitable market sessions The Frankfurt, London, New York, Sydney and Tokyo market opens (each can be switched off)
Minimum leverage The higher, the better – use the highest leverage available. However, 1:30 can be recommended as the bare minimum for the default 0.01 lot. 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 Market Open Trading EA panel and market open lines on an EURUSD M5 chart

The panel at the top-left of the chart shows what the EA is doing. Long lines wrap onto the next line. Server time means your broker’s clock – the time shown in MetaTrader’s Market Watch and on the chart.

HUD Item Meaning
FRZ Market Open Trading EA v… Product name and the version you are running.
Status WAITING FOR NEXT OPEN (green) – no orders or trades are open; normal between market opens.
PENDING ORDERS PLACED (green) – the buy stop and sell stop for a market open are waiting to be triggered.
IN TRADE (BUY) / IN TRADE (SELL) (green) – one of the orders was triggered and the trade is open.
NO MARKET OPEN ENABLED (red) – all five market opens (settings 1-5) are switched off, so the EA will never trade. Switch at least one on.
M5 TIMEFRAME ONLY (red, Strategy Tester only) – the backtest was started on a period other than M5 (see Troubleshooting).
Symbol The chart symbol the EA trades.
Balance / Equity Account balance and equity (balance plus the floating profit/loss of all open trades) in the account currency.
Server Time Your broker’s current date and time, and its offset from GMT, e.g. Server Time: 2026.11.02 10:15 (GMT+2).
Next Open The next market open the EA will trade, in server time, with a countdown, e.g. Next Open: New York 15:00 (in 4h 45m).
Frankfurt / London / New York / Sydney / Tokyo The next open of each market in server time, followed by its local time in that city and in GMT, e.g. London: 10:00 server (08:00 local, 08:00 GMT). Shows Off (gray) when that market is switched off, and invalid time (red) when its open time setting is not a valid HH:MM time.
Spread The current spread and the highest spread the EA accepts when placing orders (setting 20), e.g. Spread: 0.6 pips (max 1.0x ATR (4.1 pips)). Shown in orange when the spread is too high to place orders.
Orders How far from the price the orders are placed and when, e.g. Orders: 1.0 x ATR(14, M5) = 4.1 pips from price, 1 min before open.
Lot The lot size of each order (setting 16, adjusted to your broker’s lot limits).
Stop Loss / Take Profit The current stop loss and take profit distances, e.g. Stop Loss: 2.0x ATR (8.2 pips) | Take Profit: 4.0x ATR (16.4 pips), or none when the setting is 0.
Breakeven / Trailing Stop The breakeven and trailing stop distances, or Off (gray) when the setting is 0 (default).
Pending Orders Shown only while orders are waiting: how many, and the server time they are deleted if not triggered, e.g. Pending Orders: 2 (expire 10:04).
Open P/L Shown only while a trade is open: its floating profit/loss including swap (on MT4 also commission). Green when 0 or above, red when negative.
Last The last action, e.g. Last: London orders placed, Last: Pending order deleted (other order triggered), Last: Pending order deleted (expired), Last: Breakeven set, Last: Trailing stop moved or Last: London: spread 5.2 pips too high. Not shown until the first action after the EA is attached.

Market open lines: the EA draws a dotted vertical line at each market open on the chart, labelled with its name, e.g. London Open. Colours: Frankfurt yellow, London aqua, New York orange, Sydney magenta, Tokyo white. Hover over a line to see its date and time. The lines cover the last few days (setting 25) up to each market’s next open, and skip weekends.

Input Settings

FRZ Market Open Trading EA input settings

How the EA trades: shortly before each enabled market open, it places a buy stop (an order that opens a buy when the price rises to it) above the price and a sell stop (an order that opens a sell when the price falls to it) below the price. When one of them is triggered, the EA deletes the other one straight away. When neither is triggered within the expiration time, both are deleted. Only one pair of orders or one trade is open at a time on a chart.

ATR: most distances are set as a multiple of the ATR (Average True Range – the average size of the last 14 five-minute candles, measured on the last completed candle). ATR grows when the market is busy and shrinks when it is quiet, so the distances follow the market instead of staying fixed. The examples below use EURUSD with an ATR of 4 pips (0.00040).

No. Setting Explanation
Market Open Settings
1 Frankfurt Open true = trade the Frankfurt market open, false = skip it. Default true.
2 London Open true = trade the London market open, false = skip it. Default true.
3 Tokyo Open true = trade the Tokyo market open, false = skip it. Default true.
4 New York Open true = trade the New York market open, false = skip it. Default true.
5 Sydney Open true = trade the Sydney market open, false = skip it. Default true.
Every enabled market is traded every weekday. Opens that fall on a Saturday or Sunday in your broker’s time are skipped, because the market is closed. Because only one pair of orders or one trade is open at a time, a market open is also skipped when the trade from an earlier open is still running.
6 Frankfurt Open Time (Frankfurt Local Time, HH:MM) The Frankfurt market open in Frankfurt’s own local time. Default 08:00. You do not need to change it – the EA converts it to GMT and to your broker’s time for every date, including the European summer time change (last Sunday of March and of October).
Example: 08:00 in Frankfurt is 07:00 GMT in winter and 06:00 GMT in summer.
7 London Open Time (London Local Time, HH:MM) The London market open in London’s local time. Default 08:00. European summer time is applied automatically.
Example: 08:00 in London is 08:00 GMT in winter and 07:00 GMT in summer. On a GMT+2/GMT+3 broker both are 10:00 server time, except for the two weeks in March (and one week around the start of November) when the US and Europe change their clocks on different dates – then it is 11:00 server time, and the EA follows this by itself.
8 New York Open Time (New York Local Time, HH:MM) The New York market open in New York’s local time. Default 08:00. US summer time (second Sunday of March to first Sunday of November) is applied automatically.
Example: 08:00 in New York is 13:00 GMT in winter and 12:00 GMT in summer – 15:00 server time on a GMT+2/GMT+3 broker.
9 Sydney Open Time (Sydney Local Time, HH:MM) The Sydney market open in Sydney’s local time. Default 08:00. Australian summer time (first Sunday of October to first Sunday of April) is applied automatically.
Example: 08:00 in Sydney is 21:00 GMT (previous day) during the Australian summer and 22:00 GMT during the Australian winter.
10 Tokyo Open Time (Tokyo Local Time, HH:MM) The Tokyo market open in Tokyo’s local time. Default 09:00. Japan has no summer time, so this is always 00:00 GMT.
Format for settings 6-10: 24-hour time with a colon, e.g. 08:00, 8:30 or 13:45. Wrong: 8am, 08.00, 0800. With a wrong format the EA skips that market, the panel shows invalid time in red, and the Experts tab shows e.g. [FRZ Market Open Trading EA] London open time is not a valid HH:MM time; this session is skipped.
11 Strategy Tester: Broker Winter GMT Offset (Hours, +1 in US Summer Time) Used only in the Strategy Tester – on a live or demo chart the EA reads your broker’s time zone by itself. Enter your broker’s GMT offset in winter. Default 2.0, which is right for IC Markets and most brokers that use GMT+2 in winter and GMT+3 in summer. The EA adds one hour during US summer time.
Example: broker on GMT+2/GMT+3 -> enter 2. Broker always on GMT+0 -> enter 0 (note: the EA still adds one hour during US summer time, so the backtest times are one hour off for such a broker during that period).
Pending Order Settings
12 Pending Order Timing before Market Open (Minutes) How many minutes before each market open the orders are placed. Default 1. If the spread is too high at that moment, the EA keeps trying until the open time is reached.
Example: London opens at 10:00 server time, setting 1 -> the orders are placed at 09:59.
13 Pending Order Distance from Price (x ATR) How far above the price the buy stop and how far below the price the sell stop are placed, as a multiple of ATR. Default 1.0. Higher = the price must move further before a trade opens (fewer, more decisive breakouts); lower = trades open on smaller moves.
Example: ATR 4 pips, setting 1.0, EURUSD Ask 1.08504 / Bid 1.08500 -> buy stop at 1.08504 + 0.00040 = 1.08544, sell stop at 1.08500 – 0.00040 = 1.08460.
14 ATR Period (M5) How many five-minute candles the ATR averages. Default 14 (the last 70 minutes). Higher = smoother, slower-changing distances; lower = distances react faster to recent candles. This ATR is used by every “x ATR” setting.
15 Pending Order Expiration (Minutes, 0 = Never) The EA deletes both orders if neither is triggered within this many minutes after they were placed. Default 5. 0 = the orders are never deleted by time and wait until one is triggered.
Example: orders placed at 09:59, setting 5 -> both are deleted at 10:04 if the price has not reached either of them.
Trade Settings
16 Lot Size The fixed lot size of each order. Default 0.01. If it is below your broker’s minimum lot or above its maximum, the EA uses the minimum or maximum, and it is rounded down to your broker’s lot step.
Example: on EURUSD, 0.01 lot = about $0.10 per pip, so an 8-pip stop loss risks about $0.80.
17 Stop Loss (x ATR, 0 = None) The stop loss distance from the order price, as a multiple of ATR. It is fixed when the orders are placed, using the ATR at that moment. Default 2.0. 0 = no stop loss (not recommended).
Example: ATR 4 pips, setting 2.0, buy stop at 1.08544 -> stop loss at 1.08544 – 0.00080 = 1.08464 (8 pips).
18 Take Profit (x ATR, 0 = None) The take profit distance from the order price, as a multiple of ATR, fixed when the orders are placed. Default 4.0 (twice the default stop loss). 0 = no take profit – the trade then closes only at the stop loss, breakeven or trailing stop.
Example: ATR 4 pips, setting 4.0, buy stop at 1.08544 -> take profit at 1.08544 + 0.00160 = 1.08704 (16 pips).
19 Slippage (x ATR) The largest price difference the EA accepts between the requested and the filled price when it sends orders, as a multiple of ATR. Default 1.0 (4 pips when ATR is 4 pips). Most brokers fill pending orders at the market price when they are triggered, so this rarely matters.
20 Spread Filter (x ATR) The EA does not place the orders while the spread is at or above this multiple of ATR. It keeps checking until the open time; if the spread stays too high, that market open is skipped and the panel shows e.g. Last: London: spread 5.2 pips too high. Default 1.0.
Example: ATR 4 pips, setting 1.0 -> the orders are placed only while the spread is below 4 pips.
Spreads often widen around 22:00-23:00 GMT, close to the Sydney open, while the ATR is small at that hour. If the Sydney open is often skipped, raise this setting (e.g. 2.0).
21 Breakeven (x ATR, 0 = Off) Moves the stop loss to the entry price once the trade is in profit by more than this multiple of the current ATR, so the trade can no longer lose (apart from spread, commission and swap). Default 0 = Off.
Example: ATR 4 pips, setting 1.5, buy at 1.08544 -> when the Bid rises above 1.08544 + 0.00060 = 1.08604, the stop loss moves to 1.08544.
22 Trailing Stop (x ATR, 0 = Off) Once the trade is in profit by more than this multiple of the current ATR, the stop loss follows the price at that distance and only moves in the trade’s favour, in steps of at least 1 pip. Default 0 = Off.
Example: ATR 4 pips, setting 2.0, buy at 1.08544 -> when the Bid reaches 1.08630 (8.6 pips profit, above 8 pips), the stop loss moves to 1.08630 – 0.00080 = 1.08550, and it keeps following the price up.
Misc Settings
23 Magic Number An ID number the EA writes on its orders so it only manages its own. Default 6978. Each chart manages only its own symbol, so charts of different pairs can share the same number. If you attach the EA to two charts of the same pair, give each chart a different number, e.g. 6978 and 6979. Also change it if another EA on the same account and pair uses 6978.
Chart Settings
24 Show Market Open Lines true = draw a dotted vertical line at each enabled market open on the chart (see HUD / On-Chart Panel). false = no lines. Default true. The lines are for information only and do not affect trading.
25 Market Open Lines – Past Days to Show How many past days of market open lines are drawn, in addition to today and each market’s next open. Default 5. 0 = only today and the next opens.
Past lines are placed with today’s broker time zone, so a line from before a summer/winter time change can sit one hour off. Today’s and upcoming lines are always correct.

Set Files

FRZ Market Open Trading EA does not use .set files. Most settings (order distances, stop loss, take profit, spread filter, etc.) are dynamic and adapt to current market conditions, and the market open times adjust to daylight saving automatically, so a fixed .set file would not reflect the correct values. Use the Input Settings table above as your starting configuration instead.

Troubleshooting

Issue What to check
EA is attached but places no orders 1. AutoTrading / Algo Trading is on (green button) and live trading is allowed on the EA’s Common tab.
2. Waiting is normal: orders are placed only in the last minutes before a market open (setting 12). Check the Next Open row on the panel for the countdown.
3. At least one market open (settings 1-5) is switched on – otherwise the status shows NO MARKET OPEN ENABLED.
4. No trade or orders from an earlier open are still open on this chart – only one is allowed at a time.
5. The Last row does not show spread ... pips too high (see below) or ATR not ready yet (the chart’s M5 history is still loading – wait a few minutes).
6. The open does not fall on a Saturday or Sunday in your broker’s time.
Panel shows Last: [market]: spread ... pips too high The spread was at or above the Spread Filter (setting 20) when the orders were due, so that open was skipped. This is common at the Sydney open, when spreads are wide. Raise setting 20 if you still want to trade that open.
Backtest places no orders and the panel shows M5 TIMEFRAME ONLY The test was started on a period other than M5. The panel and the Journal show FRZ Market Open Trading EA works only on the M5 timeframe. Please set the Strategy Tester period to M5 and start the test again. Set the period to M5 and start again.
Backtest orders are placed at the wrong hour Setting 11 does not match your broker’s winter GMT offset. Check it (see Backtesting Steps). On a live or demo chart this setting is not used.
The chart switches to M5 by itself Normal – the EA works on M5 and moves the chart there when it is attached to another timeframe.
Only one of the two orders is left, or both disappeared Normal. When one order is triggered the EA deletes the other (Last: Pending order deleted (other order triggered)). When neither is triggered within the expiration time, both are deleted (Last: Pending order deleted (expired)).
Market open times look different from last month Normal after a summer/winter time change in Europe, the US or Australia, or at your broker. The EA follows these changes automatically – compare the local and GMT times shown on the panel’s market rows.
Panel shows invalid time for a market That market’s open time (settings 6-10) is not in HH:MM format. Enter it like 08:00, or click Reset on the Inputs tab.
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 Pending order failed (MT5) The broker rejected the order. The error number (MT4) or Retcode= number (MT5) at the end of the line explains why – most often the order is too close to the price for the broker (raise setting 13), not enough margin, or the market is closed. The EA tries again 10 seconds later until the open time is reached.

Get Support

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

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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.

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