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. Place the EA file in the Experts folder of your MT4.
3. Refresh/restart MT4.
4. Open any currency chart and load the EA.
5. If your pair name has any prefix/suffix, add the pair name without such prefix/suffix under setting 6/7.
6. Now add more pairs in the same way
|Product name||FRZ Prop Buster EA|
|Time frames supported||5 Minute Charts|
|Trading pairs||Forex pairs involving EUR, USD, GBP, JPY, CAD, AUD, and CHF|
1. Account Size: This is the account size of your prop account such as $25,000, $50000, $100,000, etc.
2. Profit Target: This is the target profit amount you need to make. E.g. if your account size is 10000 & profit target is 10%, then add 1000 here.
3. Maximum Loss Limit: This is the maximum loss you can have in the account. For instance, if you have a 10000 account and your max loss is 1000, then your equity or balance can never go below 9000 at any time.
NB: Some prop firms might have a per-pair daily drawdown limit in addition to the overall account level drawdown limit. E.g. Overall daily drawdown is 5% but on a single pair, the daily drawdown limit is 2.5%. Our EA does not track drawdown on a pair level but only on an account level. In this case, a recommended approach would be using the lower drawdown limit (e.g. per-pair drawdown limit) as the account drawdown limit. In that case, we can further recommend you reduce the lot size also to a lower level (e.g. half of the normally recommended size).
4. Maximum Daily Loss Limit: You need to add your daily loss limit here. This EA by default follows the maximum daily loss concept followed by FTMO. The maximum daily loss is not a simple equity drawdown.
Maximum daily loss = result of closed positions of this day + result of open positions.
Example: Assume your maximum daily loss is 5,000. Your first two trades for the day closed with a 4,000 profit. Now your third trade goes into a drawdown of -6,000. In this case, the maximum daily loss rule is still not violated as your loss for the day is still -2,000.
NB: There is one caveat here, if your trade in the above case continues to the next day, then your result of the positions of the day becomes zero as it is a new day and your maximum daily loss becomes -6,000 and then your daily loss limit becomes automatically violated. Therefore the EA will check the result of the ongoing trades (without considering closed trades for the day) at the overnight check time (Setting 7) to see if the current trades continued to the next day, the maximum daily loss could be violated. If this is the case, the EA will close the trades at overnight check time.
NB: If your prop firm does not consider the results of the closed positions of the day, then you can set setting 13 as true
5. Buffer % on Loss Limits: You can use a buffer on the daily loss and max loss here. For instance, if your max loss is 1000 (on a 10000 account) and you use 10 here as a buffer, then the EA will consider the max loss as 900. It is recommended that you add at least 5-10% of the actual limit as a buffer to be on the safe side.
6. Daily Loss Disregards Closed Trades: If your prop firm does not consider the results of the closed positions of the day for the maximum daily loss calculation, then you should set this as true. Under this method, the maximum daily loss is equal to the result of open positions. In other words, the daily loss is simply your equity drawdown.
Example: Assume your maximum daily loss is 5,000. Your first two trades for the day closed with a 4,000 profit. Now your third trade goes into a drawdown of -6,000. In this case, you have simply violated the daily loss limit as now the EA does not consider the closed trades’ profit for the daily loss calculation.
7. Close Trades at Friday End: Enabling this, you can automatically close any existing trades on Friday night at the time specified under “Overnight check time”. This is useful if your prop firm does not allow keeping trades over the weekends. If your prop firm allows keeping trades over the weekend, then you should set this as false.
8. Symbol Name Prefix: If our prop firm’s currency pair names include a prefix, you need to add it under Settings 6. 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 setting 6.
9. Symbol Name Suffix: If our prop firm’s currency pair names include a suffix, you need to add it under Settings 7. 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 under setting 7.
If your pair name has both prefixes and suffixes, you need to add them under both prefix/suffix settings.
10. Lot size: We recommend you start with 1 lot per each $50,000 balance. For instance, if your account is $100,000, then start with 2 lots. You may increase the lot size gradually if you see you will not reach the target within the given time period. This is the conservative approach. However, you can always have a bigger lot size if you want to speed up things. Please note higher lot sizes can increase the risk of reaching the loss limits.
11. Take Profit (as ATR Multiplier): Take profit is set as 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 your ATR at the time of trade entry. That means if the ATR was 15pips at that time, then the take profit would be 30pips.
12-13. EA Start/Stop Time: You can set the EA operation time here. For instance, if you want to use the EA only during a particular forex session such as London, you can simply add London start and end time based on your broker time.
14. Max Spread Allowed (Pips): If the spread is more than the amount set here, the EA would not take new trades (not applicable for DCA additional positions).
15. Maximum Concurrent Trade Pairs: This is the maximum no of pairs that you can have trades on.
16. Maximum Concurrent Trades per Pair on DCA: You can limit the no. of trades per pair on DCA. If you set this as 1, then DCA will be switched off.
21. Enable DCA Mode: If this is enabled, you may have more than one trade on a single pair.