In MetaTrader, an Expert Advisor (EA) is a program that automates trading operations based on pre-defined criteria and algorithms. The parameters of a MetaTrader EA are the configurable settings that traders can adjust to customize the behavior of the EA according to their preferences and trading strategies. These parameters are set by the trader when attaching the EA to a chart.
Here are all Forexero Copier EA parameters and their explanations:
| Use Symbol blacklist | This feature enables or disables the option to ignore some assets in the “Black Listed Symbols” if you want the copier to ignore some assets set it to “true” else set it to “false”. |
| Blacklisted Symbols | Here you can enter the assets that you don’t want the copier to copy, such as EUR/USD or GOLD. separate the assets by semicolon. |
| Open trades with no SL levels | The EA will ignore signals sent without Stop Loss, if you want the copier to ignore trades without stop loss set it to “true” else set it to “false”. |
| Open trades with no TP levels | The EA will ignore signals sent without Take Profit, if you want the copier to ignore trades without take profit set it to “true” else set it to “false”. |
| Print Parsing Errors | If there are any mistakes in the trade management process, the EA will send you alerts and notifications. |
| Max Trade Deviation (In points) | Set the points deviation. 10 points = 1 pip, so for example if you set the deviation to 100 points and receive signal for EUR/USD with an entry price of 1.0800 but the market price is 1.0811, the signal will not be copied because it is outside the deviation range, but if the price is between 1.0790 and 1.0810, the trade will be copied. |
| Max Deviation to Telegram Signals (In pips) | Set the pips deviation. for example if you set the deviation to 100 points and receive signal for EUR/USD with an entry price of 1.0800 but the market price is 1.0811, the signal will not be copied because it is outside the deviation range, but if the price is between 1.0790 and 1.0810, the trade will be copied. |
| Symbol Prefix | Some brokers have prefixes with their pair names like oct.GBPJPY In that case, you have to put the prefix only in the prefix box. |
| Symbol Suffix | Some brokers have suffixes with their pair names like GBPJPY.m .In that case, you have to put the suffix only in the suffix box. |
| Move SL to BE when TP1 hit | When TP1 is reached, the copier will automatically adjust the stop loss to the entry price. |
| High Risk Management | Adjust the % lot size for trades marked with đź”´HIGH RISKđź”´ in the VIP channel, You can choose between 0% (don’t copy signals with high risk indication),25%,50%,75% and 100% (trade normally). |
| Lot Size | Choose between “fixed lot size” and “% from the account balance” per trade. |
| Fixed lots | Set the lot size for each trade, will be 0.01 by default. The option will be enabled only if you select “fixed lot size” in the “Lot Size” parameter |
| Risk % for every signal | Set the % for each trade from the total account balance, will be 2% by default. The option will be enabled only if you select “% from the account balance” in the “Lot Size” parameter |
| TP activation mode | Choose which take profit levels to enable, for example, if you only select TP1, all trades will close at TP1 and not go beyond, if you allow TP1,2,3, the trade will run until either TP3 is reached, the trade reaches SL, or the trade is manually closed. |
| Lots % closed at TP1 | Percentage of the trade closed at TP1 from the total lot size; for example, if you put 50% here, once TP1 is reached, the EA will close 50% of the trade, so if we opened a trade with 0.1 lot size, after reaching TP1, 0.05 lot size will remain. |
| Lots % closed at TP2 | Percentage of the trade closed at TP2 from the total lot size; for example, if you put 30% here, once TP2 is reached, the EA will close 30% of the trade, so if we opened a trade with 0.1 lot size, after reaching TP1, 0.05 lot size will remain, and then another 30% will be closed at TP2. |
| Lots % closed at TP3 | Percentage of the trade closed at TP3 from the total lot size; if you enter 20%, for example, once TP3 is reached, the EA will close 20% of the trade, so if we open a trade with 0.1 lot size, 0.05 lot size will remain after reaching TP1, 30% will be closed at TP2, and the remaining 20% lot size at TP3. |
| =====> Trailing Settings | |
| UseTrailing | This feature enables or disables the trailing stop. if you want to enable trailing stop set it to “true” else set it to “false”. If you want to move SL after a certain pips profit, you can use this option. Example: Trailing start (pips) 200 Trailing step (pips) 50 Trailing distance from the current price (pips) 100 200 points of profit achieved SL placed at +100 250 points of profit achieved SL placed at +150 and so on 3 parameters It’s better than 2 because you can choose to move SL really frequently without staying too near to the current price. |
| Trail start (In Points) | Points of profit needed to start trailing. |
| Trail distance (In Points) | Distance from the current price to SL. |
| Trail step (In Points) | On every X-point move SL. |
| =====> Time Paramters | Set up at what days and hours of the week the copier will function. If you want the copier to work 24/7 set it to “false” else set it to “true” and select operating hour. |
| Start time – 1 | Starting hour of the day 1. Set up intervals during the day with “Start time 1/2” |
| End time – 1 | Ending hour of the day 1. |
| Start time – 2 | Start hour of the day 2. Set up intervals during the day with “Start time 1/2” |
| End time – 2 | Ending hour of the day 2. |
| Operating on Monday | Copier will be operate on Monday, If you want the copier to work 24/7 set it to “true” else set it to “false”. |
| Operating on Tuesday | Copier will be operate on Tuesday, If you want the copier to work 24/7 set it to “true” else set it to “false”. |
| Operating on Wednesday | Copier will be operate on Wednesday, If you want the copier to work 24/7 set it to “true” else set it to “false”. |
| Operating on Thursday | Copier will be operate on Thursday, If you want the copier to work 24/7 set it to “true” else set it to “false”. |
| Operating on Friday | Copier will be operate on Friday, If you want the copier to work 24/7 set it to “true” else set it to “false”. |