FRZ No Nonsense Trading Assistant – User Manual

Video Guide

(This is from an older version – always consider the written text below as the updated guide. A new video is planned.)

Before You Start

  • The tool is free. It needs no license and no WebRequest (internet URL) setup.
  • Enable AutoTrading (MT4) or Algo Trading (MT5) – the buttons place real trades.
  • It works on any symbol and timeframe. It trades only the symbol of the chart it is attached to.
  • Keep the EA running on the chart while you have open trades. The automatic partial close at the take-profit line and the trailing stop only work while it runs (a VPS is ideal). The stop loss is placed with your broker, so it works even when MetaTrader is closed.
  • For MT5, a hedging account is recommended. On a netting account, several trades in the same symbol merge into one position.
  • The MetaTrader Strategy Tester cannot click chart buttons, so the tool cannot be backtested. Try it on a demo account first.

Installation

MT4 Installation

  1. Download the MT4 version 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 symbol you want to trade and drag the EA onto it. On the Common tab, tick Allow live trading.
  5. Click the AutoTrading button so it turns green.

MT5 Installation

  1. Download the MT5 version 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 symbol you want to trade and drag the EA onto it. On the Common tab, tick Allow Algo Trading.
  5. Click the Algo Trading button so it turns green.

Tip: save a chart template with the EA attached (right-click the chart > Template > Save Template) to open new charts with the tool ready.

Quick Specifications

Product name FRZ No Nonsense Trading Assistant
Platform supported MT4 & MT5
Timeframes supported Any (the ATR is read from the chart timeframe – the No Nonsense method uses D1)
Trading pair(s) Any symbol – the tool trades the chart symbol
Suitable market sessions Any – you decide when to trade
Minimum leverage The higher, the better – use the highest leverage available. Each trade risks only the set % of the balance.
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.

Buttons & On-Chart Panel

FRZ No Nonsense Trading Assistant buttons and info panel on a BTCUSD chart

Four buttons sit at the top-right of the chart. Each one can be dragged anywhere on the chart (double-click it to select, then drag; switch AutoTrading off while you move BUY/SELL so a stray click cannot open a trade).

Button What it does
BUY / SELL Opens one market trade on the chart symbol. The lot size risks Risk per Trade (setting 1) of your balance over the stop loss. The stop loss (ATR x setting 2) is placed with your broker. A dotted green take-profit line is drawn at ATR x setting 3 from the price – it is a line on the chart, not a take profit at your broker.
CLOSE Closes all trades of this tool on the chart symbol.
P/CLOSE Closes Partial Close % (setting 5) of every trade that has not been partly closed yet, and moves the stop loss of the rest to breakeven + 1 pip. A trade too small to split (for example 0.01 lots) is left open, and the panel shows Last: Lot too small to partially close.

The panel at the top-left shows:

Panel Item Meaning
Status READY – no open trade. IN TRADE (BUY) / (SELL) / (BUY + SELL) – trades are open. – BREAKEVEN is added after a partial close; – TRAILING once the trailing stop has moved the stop loss past breakeven.
Symbol / Open Trades / Balance / Open P/L / Current DD The chart symbol, the number of this tool’s open trades, the account balance, their floating profit/loss, and that loss as a % of the balance.
ATR (Pips) ATR of the last closed candle, in pips.
Spread (Pips) Current spread.
Risk per Trade Setting 1.
New Trade SL (Pips) The stop loss a trade opened now would get (ATR x setting 2).
Trade SL (Pips) / TP Line Shown while a trade is open: its stop loss distance from the entry and the price of its take-profit line (reached after the partial close).
Auto Partial Close / Trailing Stop Settings 5-8, or Off.
Last The last action, e.g. Last: Buy 0.50 lots opened or Last: 0.25 lots closed, rest at breakeven.

Pips: on 5- and 3-digit symbols (most forex pairs) 1 pip = 10 points. On other symbols 1 pip = 1 point, so symbols like BTCUSD or indices show large pip numbers.

Input Settings

FRZ No Nonsense Trading Assistant input settings

ATR (Average True Range) is the average candle size over the last ATR Period candles of the chart timeframe, measured on the last closed candle.

No. Setting Explanation
Trade Settings
1 Risk per Trade (% of Balance) How much of the balance a trade loses if its stop loss is hit. Default 2.0. The lot size is calculated from this and the stop loss distance, rounded down to your broker’s lot step (never below the minimum lot).
Example: balance $10,000, Risk 2 -> $200. ATR is 80 pips and Stop Loss 1.5 -> 120 pips. On EURUSD 1 lot = $10 per pip, so lot = $200 / (120 x $10) = 0.16 lots.
2 Stop Loss (ATR Multiplier) Stop loss distance as a multiple of ATR. Default 1.5 (the No Nonsense rule). The stop loss is placed with your broker.
Example: ATR 80 pips -> stop loss 120 pips from the entry.
3 Take Profit Line (ATR Multiplier) Distance of the take-profit line as a multiple of ATR. Default 1.0. The line is drawn on the chart; it is not sent to your broker.
Example: ATR 80 pips -> the line is 80 pips from the price at the moment you click.
4 ATR Period Number of candles in the ATR. Default 14. Affects settings 2, 3 and 8.
5 Partial Close % The part of a trade closed at the take-profit line (setting 6) or with the P/CLOSE button. Default 50. The closed part is rounded down to your broker’s lot step.
Example: 0.16 lots, 50% -> 0.08 lots closed, 0.08 lots keep running.
6 Auto Partial Close at the Take Profit Line true (default): when price reaches the take-profit line, the tool closes Partial Close % of the trade and moves the stop loss of the rest to breakeven + 1 pip. If the trade is too small to split (both parts must be at least the minimum lot), the whole trade is closed instead. false: nothing happens at the line – close manually with CLOSE or P/CLOSE.
7 Trailing Stop for the Remaining Trade true (default): after a partial close, the stop loss of the remaining part follows the price (setting 8). false: it stays at breakeven + 1 pip.
8 Trailing Stop (ATR Multiplier) Trailing distance as a multiple of the ATR at the time the trade was opened. Default 1.5. Trailing starts once the trade is further in profit than this distance, moves only in your favour, and in steps of at least 1 pip.
Example: ATR 80 pips -> 120 pips. A buy at 1.1000 starts trailing above 1.1120; at 1.1150 the stop loss is 1.1030.
Button & Panel Settings
9-12 Buy / Sell / Close / Partial Close Button Color Colours of the four buttons. They are applied when the EA is attached; to change them later, remove the EA and attach it again.
13 Panel Horizontal Position (Pixels) Distance of the info panel from the left edge of the chart. Default 10.
14 Panel Vertical Position (Pixels) Distance of the info panel from the top of the chart. Default 20.
Misc Settings
15 Magic Number An ID the tool writes on its trades so it only manages its own. Default 5796. Two charts of the same symbol with the same number manage the same trades – give each a different number if you want them separate.

Set Files

FRZ No Nonsense Trading Assistant does not use .set files. Most settings (lot sizing, ATR-based distances, 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
Clicking BUY or SELL does nothing AutoTrading / Algo Trading must be on, and live trading allowed on the EA’s Common tab. Check the panel’s Last row and the Experts tab – e.g. Buy failed, error 134 (MT4, not enough money) or retcode (MT5).
Panel shows “No ATR value yet – load more chart history” The chart has fewer candles than the ATR Period. Scroll the chart back or wait for more history to load.
The trade was not partly closed at the green line The EA must be running on the chart when price reaches the line, and setting 6 must be true. The line is checked against the Bid price.
The whole trade closed at the line instead of half The trade was too small to split – both parts must be at least your broker’s minimum lot (e.g. 0.02 lots for two 0.01 parts). Increase Risk per Trade or the account size.
“Lot too small to partially close” after P/CLOSE Same reason – the trade is left open. Use CLOSE to close it fully.
Lot size is bigger than expected The calculated lot was below your broker’s minimum lot, so the minimum is used and the real risk is higher than setting 1.
The tool does not work in the Strategy Tester Normal – the tester cannot click chart buttons. Use a demo account.
Settings look wrong after updating MetaTrader can keep old input values. Remove the EA, attach it again and click Reset on the Inputs tab.

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.

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