AmazingEA: Automated Straddle Trading Expert Advisor

Sir Alan, please can you advice me on what to do with my broker. Am using Amazing ea and my order was click but reverse back immediately, but doesn't hit my stop loss and give 200points =20.0 pips over my stop loss before closing my order. you can see the attachment to understand me better

Hi Alan, i found this information on apari ecn account setting, i hope this information can be useful for me which one should click and which one should i unclick out of these seven listed below:

1. Record of Slippage Size in the MetaTrader 4 Terminal Order Comment

By activating this setting, the size of slippages will begin to be recorded in the Order Comment section.
For pending orders, the slippage is calculated as the difference between the order price and the actual price of order execution. In cases of market orders, the difference is calculated as the price difference between the moment the corresponding order was submitted to the server and the actual order execution price.
If an expert advisor which uses Order Comment in its work is involved in the trade, it is better to turn this setting off.

2. Partial Limit Orders Execution
(option unavailable when Market Execution of Limit Orders setting is on)
By turning this setting on, limit orders are executed like Good-Til-Cancelled (GTC) orders. This means that the order will be executed at the price which is indicated at the volume which is available on the market at that particular moment. This means that the order could be executed partially or fully. In cases where partial execution takes place, the remaining order volume shall be fulfilled when sufficient liquidity at the indicated price is available on the market. There is no time limit for the order to be fulfilled fully. The volume which remains to be fulfilled after partial order fulfillment shall be fulfilled as a pending limit order which can be manually cancelled if necessary.
By turning off the limit order setting, orders will be executed like Fill-Or-Kill (FOK) orders: either immediately and in full at the price indicated, or executed following a waiting period until enough liquidity appears on the market to execute the order in full.
This setting applies to Take Profit, Sell Limit and Buy Limit orders.
Example
When the setting is on, a limit order of 20 lots will be activated at the indicated order price and executed at only half of the volume (10 lots). The remaining volume will remain like a new pending limit order, waiting for enough market supply to partially or fully execute the remainder of the order volume.


3. Market Execution of Limit Orders
(option unavailable when Partial Execution of Limit Orders setting is on)
Turning this setting on means that at the moment of activating a limit order, it will be executed in full as a market order at the current price and this price could differ from the price indicated in the order (in either direction). When using this type of execution, the slippage may not favor the client since the execution price is not guaranteed.
If this setting is off, the limit order will be executed at the order price or at a price better than that stated if the corresponding amount of supply appears on the market.
Attention! This setting works for Take Profit, Sell Limit and Buy Limit orders. When using this setting, Take Profit orders will be executed at the market price, meaning the client may have slippage that does not go in their favor.

4. Cancel Pending Orders when they Fall into a Price Gap
If this setting is on, when a pending order and a Stop Loss or Take Profit price which is set as part of the order are activated in the space of one tick, both of the orders will be cancelled.
As such, this setting helps you avoid financial losses connected with the opening and simultaneous closing of a pending order in cases where a gap or a widening of the spread occurs.
Example
A Buy Stop order with a Take Profit level set up on it falls into a price gap where the price of activating the Buy Stop is above that of the Take Profit indicated in the Buy Stop order. In this case, the Buy Stop with the Take Profit set up on it will be cancelled.
If the setting is off, the Buy Stop order will be opened at the Ask price and, following which, the Take Profit order will be closed at the Bid price. The financial outcome of such would be negative and would cost the trader the spread difference at the opening of the order.
Attention! This setting works for Sell Limit, Buy Limit and Buy Stop orders set with a Stop Loss or Take Profit order.
When using the Cancel Pending Orders when they fall into a Price Gap, Stop Order Market Execution like Limit with Limited Slippage or the Stop Order Activation for Asymmetrical Price settings, the stop order execution priority will be given to the Cancel Pending Orders when they Fall into a Price Gap setting.

5. Stop Order Market Execution like Limit with Limited Slippage of no more than Points1
(permissible value of 1 to 1,000)
If this setting is on, when activating a stop order or when opening a market order, a pending limit order will be sent. The price of the limit order will be corrected according to the size of the permissible slippage in points, indicated by the trader in the settings parameters (from 1 to 1,000).
In cases with a stop order, the correction will take place at a worse price than that expressed when the order was set. In cases with a market order, the correction will take place at a worse price than the price indicated when the instruction is given to the server at the opening of the market order.
The potential negative slippage will be limited by the size of the correction, whilst for positive slippage, there will be no limitation. Moreover, the limit order that has been sent could never be executed with negative slippage. This means that if the market price to execute the order is within the permissible slippage value limit, the order will be executed. If the market price is worse than the price with the permissible slippage, the order will not be executed and will be cancelled. As such, the trader can limit and control risks, especially those which are present when trading during important fundamental events.
Example
This setting is activated and a slippage limit of 10 points is set. A pending stop order to make a purchase is activated at the order price indicated, following which a limit order at a price above the 10 point limit is sent. If the execution price is below that of the limit order, the order will be executed. Otherwise, the order will be cancelled.
Attention! This setting does not work for Stop Loss, Take Profit, Sell Limit and Buy Limit orders.
With this setting turned on, limit orders sent with the simultaneous activation of a stop order, or instead of a market order, are executed according to Fill-Or-Kill (complete in full or not at all). This means that if there is not enough liquidity to execute the order in full at the best price, the order could be executed at a price which is not optimal at that moment in time. Limit orders which are initially set as Sell Limit or Buy Limit orders are executed in accordance with the Market Execution of Limit Orders or Partial Execution of Limit Orders settings.
This option is unavailable when the Stop Order Activation for Asymmetrical Price Setting is on.

6. Cancel Stop Orders when Order Price and Activation Price Differs by or more Points1
(permissible value of 1 to 1,000)
If the difference between the stop order price and the first quote which activates the order after a gap is equal to or exceeds the limit indicated by the trader in the settings (from 1 to 1,000) and this option is turned on, the order will be cancelled.
Example
The number of points between the price which is set to activate the Buy Stop and the first quote given after a gap exceeds the setting indicated to cancel the activation of an order. The order in such a case would be cancelled, thereby helping to avoid financial losses which are related to slippage.
Attention! The Company cannot control the order execution if it has been sent to the contractor. This means that, the terms of its activation are fulfilled, but the slippage could reach an amount which exceeds that which the trader specified as the limit in their settings. As such, this setting does not serve to guarantee the absence of slippage which exceeds the point limit indicated since it can only cancel the sending of an order when there is a difference between the order price and its activation price which exceeds the indicated amount of points.
This setting is valid for Buy Stop and Sell Stop orders; not for Stop Loss.
When using the Stop Order Market Execution like Limit with Limited Slippage of no more than N Points or the Stop Order Activation for Asymmetrical Price settings, the stop order execution priority will be given to the Cancel Stop Orders when there is a Difference Between Order Price and Activation Price setting.

7. Stop Order Activation for Asymmetrical Price
(option unavailable when Market Execution and Stop Orders like Limit with Limited Slippage setting is on)
If this setting is turned on, stop orders will be activated and sent for execution according to the following principle:

1. Buy Stops are sent for execution when the Bid price meets the order price;
2. Sell Stops will be sent for execution when the Ask price meets the order price;
3. Stop Losses are activated when the Ask (for Buy) / Bid (for Sell) meets the Stop Loss level.

As such, this setting could prevent the activation of stop orders when the spread widens, something pertinent when important economic news is released or during times of low liquidity.
It is used for Buy Stop, Sell Stop and Stop Loss.
Example
A Buy Stop order with a Stop Loss set up on it falls into a gap with a widened spread, whereby the Bid remains below the Stop Loss and the Ask meets the Buy Stop level. When this setting is turned on, the order isn’t activated and remains pending until the Bid meets the order level. If, however, in such a situation this setting is not activated, the order is activated when the Ask price is met and the order is sent to be executed as a market order. Following which, the order will close at the Bid price in the same tick. The negative financial outcome will be equal to that of the spread difference.
As such, this setting allows you to prevent the activation of stop orders when the spread is widened, which often takes place when important economic news comes out or during times of low liquidity.
Attention! This setting works for Buy Stop, Sell Stop and Stop Loss orders. This setting does not apply to Take Profit, Sell Limit and Buy Limit orders.
In some cases, activating this setting could lead to larger slippages when the order is executed than when the setting is not activated; for example, in cases with a price movement in the direction of the order opening when Ask and Bid both meet the pending order level.

So the 20 pip difference in SL is due to a price gap. You set your SL at 0.70084 but price jumped straight past it to 0.70290. It's also known as slippage. That is normal - every broker would do the same. They have to get a price from their Liquidity Provider and 0.70084 is not available. If you want to buy (in order to stop out your sell trade), someone else has to sell and the first available price is 0.70290. I don't know what version of the EA you are using but even from about V3 I made it possible to save price data, so you can see how often this happens - you'd be surprised that this is quite normal.

When straddle trading, the worst thing that can happen is that your order is executed in the wrong direction, as yours was.

The reason for this is you set Pointsaway far too close. From the chart it looks like 6 pips from Sell Stop to Buy Stop which means about 3 pips Pointsaway, and your SL is too close as well. Even if the price had dropped, you might still have been stopped out due to sudden spread widening.

What currency is your account in ? Judging by the loss of 17,000 - is that Yen?

I would use either options 5 or 6, depending on whether I am OK to be in the market longer than just a few minutes. If I want to cancel when there is too much slippage use 6, otherwise use 5 and wait

5. Stop Order Market Execution like Limit with Limited Slippage of no more than N Points

That is a great option to limit Slippage. In MT5, it's possible to have a Stop Limit Order. But I never programmed it because it's not common for people to use MT5 and not many brokers implement that Order Type. But if you can get the same option in MT4, that's gold

Effectively, once the Stop Order is activated and there is a gap beyond your threshold, the order is turned into a Limit Order.

6. Cancel Stop Orders when Order Price and Activation Price Differs by N or more Points.

This setting kills your orders in case there is too much slippage

Both 5 and 6 are great options that make it a bit fairer for News traders.

Alan, and Tickboy35,

Haven't used this for awhile but read from time to time. The NZ comments caught my eye; you really must caution the users of this EA for NZD trading when the NZ 7 am or 8 am news release coincides with New York 5 pm close.

This is when many brokers reboot, or whatever they do, the servers to calculate the days' trading and send out the statements.

Now of course this doesn't mean all brokers, and all new releases, and all time of the year, because things are dynamic eg. daylight savings etc.

The interest rate news is obviously the most dangerous; you are trading the news with an EA and the server has no response for 2 minutes!

Next time is May 11, 2017 - check it out.

Hope that helps, John

Hi John

Thanks for still being interested ! Yes I agree, many brokers are now set to NY close so midnight on the broker platform = 5pm NY time = 9am NZ time. Most of these brokers reboot their servers at this time which means that if you manage to get orders in before they go down, you may end up losing a lot by the time the server comes back up.

Luckily the newer versions of the EA (the ones that have PointsGap) open their orders 200 pips away from current price and move them a few seconds before the News. These versions are safe as it's extremely unlikely your orders will be moved into position just before broker midnight and executed.

In the case discussed above this was the type of NZ news that comes out 1hr45 after broker midnight so wouldn't have been affected.

Thanks for your comments though John - you're welcome here any time.....

By the way, the sister AmazingFiboEA trades 5 minutes after news (at the earliest), so can trade NZ Interest Rate news etc. without issues

Alan

Thanks, am really appreciate, i thought i can drag my broker to forex court but if you said i should not i will bear the lose. My pointsway is too close and my stop loss because i just want to catch little pips with trailing stop and i dont wan to lose more. please what is the good settings for this amazing e.a? so that i can catch little pips without lose more.
My account is Naira account because am Nigerian.

Thanks, i think that 5. will be good for me as a short time trader. I hope this broker is good but the only problem is their minimum deposit for ecn account is usd300 which close to #120,000 for now and am a student i cant bear it

Hi Alan,
I have heard, that an order-execution on MT5 is 2 to 5 times faster than on MT4?! Is that right?

Best regards,
Chris

Chris

I don't know. I have a demo account for testing but never used MT5 for live.

With MT5, you have to be aware that the original was non-hedging, but now some brokers offer a hedging version that is no different from MT4. Even then it looks weird when it opens and closes orders.

Alan

Hi Alan, please what is the good settings for this amazing e.a? so that i can catch little pips without lose more. And i want to know if Amazing e.a can be use on mt5 platform

Hi Alan,
the Amazing EA is not running on my"Admiral.Markets"-Live account...
th EA works on my other broker live-account. Do you have any suggestions?

Chris

Hi Chris

It uses your last name to verify that the account is yours. There may be a slight variation in the name causing an issue. I emailed you personally asking for more information so you don't have to post it here

Alan

Hi Chris

After viewing your logfiles, it seems you have logged in with the investor password. You need to log out and login with the normal one and trading would then function OK. The EA is loading up and trying to trade but the login is preventing it from opening anything.

Alan

Hi Alan,
thanks for great an fast help again!
Indeed it was the wrong password...
I didn´t know, that I have 2 passwords for the same account.
Bevore I wrote you, I called them and they didn´t mentioned it!

Best wishes
Chris

Hi Alan,
I´ve set "OCO" to false for hedging, now I´ve 2 open position at the same time in the same currency pair (buy and sell)
opend with 3 Seconds delay.

I thought that the EA just opens one position per pair at a time, is that right?

Chris

Hi Chris

With OCO=false, you may end up with a Buy and a Sell open at the same time. With OCO=true, it will attempt to delete the Pending Order once the other trade activates, but this isn't guaranteed. If both trades are opened milliseconds apart it may still happen.

I use OCO=false, where I think there may be a whipsaw, and I am using a reasonable sized Stop Loss. So for example, if Pointsaway=100, allowing for spread you may end up with Buy and Sell 30 pips apart. Let's assume SL is 30 pips, so if the initial move is the wrong direction, the first trade will stop out but the other will activate but hopefully keep going in the correct direction.

Alan

Thanx for your help again, Alan

And here is the next problem :-(

Win10 updated while the AE was running, is the AE still running, when I start the MT4 again (is TP / TrailPoints still working)?

Hi Chris

Unfortunately , no the Magic Number is random. The TP will still work but Trailing won't.

Alan

Hi Alan,
I plan to trade the german DAX / EurStoxx50 / DOW / NSDQ and SP500,
but I´m not shure how to configurate the Amazin EA.

I need 10.00 SL / 5.oo PoAw

Best wishes
Chris