NB: If you are using related pair avoidance (setting 10 true), then even if you use the EA on all the pairs at once, the EA will not open trades on more than 3-4 pairs at once. Therefore we recommend you use the EA on at least 10 pairs to get frequent trades. If you use it on one or few pairs, you may not get frequent trades as the EA uses some strong algorithm to filter false entries.
Backtesting: Backtesting would not provide accurate results as some of the functions of the EA do not work well on backtesting. However, you can do a back-testing to get a rough idea.
|Product name||FRZ No Nonsense Forex EA|
|Timeframes supported||Any (M5 or M15 recommended)|
|Recommended pairs||Any currency pair|
EA works with any forex broker. EA is FIFO compliant and supports US brokers as well.
However, we can recommend ICMarkets. You can get 30% lifetime discount on spreads and commissions if you use our IB code: 23649 in ICMarkets new registrations or transferring existing accounts. However, if you want to join our VIP Club, then you need to use ICMarkets IB Code: 60207.
FRZ No Nonsense EA – User Manual
|Recommended deposit||$500 Minimum on 500:1 leverage. If leverage is less than this, you may have to increase the minimum deposit. Cent accounts can also be used.|
You need to run the EA 24/7. VPS is recommended unless you can keep your PC running 24/7. We can recommend this provider as a VPS provider, which is fast and affordable. 4GB RAM VPS is enough for this EA.
FRZ No Nonsense EA – User Manual
1. Go to MT4 => Options=>Expert Advisers and allow automated trading, DLL imports, and Web Requests and add the following URLs to allowed URLs.
2. Copy the EA to the Experts folder.
3. Refresh or restart the platform
4. Load the EA to each of the charts as necessary.
5. Change settings if necessary.
NB: the default settings will have no hard stop loss; if you need to have hard stop loss please disable setting 9.
1. Lot Size => Here you can set the lot size as a % of your account size. We recommend up to 2% per trade. However, if you have enabled the entry price optimization (setting 9), then it is better to reduce this to 0.25% or 0.1% (low risk).
2. Stop Loss (ATR Multiplier) => Stop loss is set a multiplier of the ATR (Average True Range) (not in Pips). For instance, if you put 2 here, that means your stop-loss is two times of your ATR at the time of trade entry. That means if the ATR was 15pips at that time, then the stop loss will be 30pips. (Default SL is 1.5xATR that is what is recommended by NNFX method but you can change it if necessary).
3. Take Profit (ATR Multiplier) => Take profit is also set a multiplier of the ATR (Average True Range) (not in Pips). For instance, if you put 2 here, that means your take profit is two times of your ATR at the time of trade entry. That means if the ATR was 15pips at that time, then the take profit will be 30pips. (Default TP is 1xATR that is what is recommended by NNFX method but you can change it if necessary).
4. Partial Close % up on TP => NNFX method recommend to close 50% of the trade upon reaching initial TP and then moving stop loss to break even. However, if you need it, you can use a different percentage (please use without “%” sign). Generally, in ranging or low volume markets, it can be better to increase this percentage.
5. Trailing Stop (ATR Multiplier) => Once a trade reaches set TP level set under setting 3, it closes a part of the trade set under setting 4, and then stop loss is moved to breakeven. Thereafter, you can set a trailing stop for the remaining portion.
6. Max Spread (Pips) => 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.
7. EURO VIX => Here you can specify a value of EURO VIX Index. If the index is less than the value given here, the EA will close the trade fully upon reaching TP instead of half closing. This is something recommended in the NNFX method. The EA will update this index from barchat.com frequently.
8. Maximum Concurrent Trades => You can limit the account-wise maximum no. of trades in order to reduce the risk (This is limit not used when price optimization is on under Setting 9).
9. Optimize Entry Price => If enabled, the EA may use DCA averaging techniques to optimize the entry price. If enabled, the EA will not have a hard stop loss, instead, the EA will keep adding new positions when the price turns the other way.
Please note DCA is not a rule in NNFX trading. However, this can increase profitability while increasing the risk as well.
10. Avoid Concurrent Trades on related Pairs => If enabled, the EA will not take trades on related pairs. E.g. If you have a EURUSD trade, the EA will not take any trade on any pair that has EUR or USD.
NB: We are NOT connected nor affiliated with NNFX creators and the indicators we use are decided by us based on our own research and there can be modifications to the original rules based on our testing and optimizations.