Expert advisor Manhattan PRO
Let’s check out the multi-currency expert advisor Manhattan PRO. The expert advisor is trading on the strong pulse of the market movements using the principle of smart averaging to increase the rate of profit. The expert advisor trades on the currency pairs EURUSD, GBPUSD, AUDUSD. The recommended timeframe is M5. The minimum deposit for dollar accounts is $10,000, and for cent accounts – $100. Leverage from 1: 500. Read this article below for a more detailed overview of the expert advisor.
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Trading strategy:The expert advisor analyzes the trading chart, looks for a pattern of strong impulse movement of the market and opens a position in the opposite direction, waiting for a corrective movement. If Take Profit was not reached, the expert advisor looks for the next pattern and averages the position. It is worth noting that the expert advisor does not just build a classic averaging grid, but waits for a trading signal to enter the market. This is a fundamental difference from a large number of daily expert advisors. The expert advisor opens positions at the same time as for buying and selling.
Main parameters:SECTION OF OPERATING MODES
- TPandClose – mode to bring a series to profit and not open a new one. If TRUE, the expert advisor will bring the trade to TakeProfit and will not open a new series. If FALSE, the expert advisor works without stopping.
- Reverse is a classic expert advisor entry against the movement, but if this parameter is set to TRUE, the expert advisor will enter in the same direction as the momentum was.
- Infinity — If this mode is enabled (TRUE), when a new entry signal occurs and the maximum number of open orders has already been reached, the expert advisor will close the first order and open a new one instead.
SECTION OF THE TRADING SYSTEM AND MONEY MANAGEMENT
- Lotsize is the size of the first lot, and all subsequent lots are multiplied by Factor. If the Lotsize parameter is set to “0”, the trading robot will use risk to calculate the first lot.
- Risk is a percentage of the free margin for calculating the first lot. For example: Your deposit is 100 USD and Risk = 0.2, so the initial lot will be 0.02 (with the standard contract size of 100,000 units).
- MaxLot – this parameter sets the value for the maximum lot, the lot will not be higher than this value, so you can reduce the risks inherent in the martingale principle.
- Count is the most important risk/return parameter. This parameter indicates the number of candles for analysis. the smaller the Count, the more frequent the entry, which means that the profit increases, but the risk also increases.
- UseTrend – whether to take the D1 trend into account when entering. If TRUE, the expert advisor will take into account the trend based on the parameter below. The expert advisor will only buy — if the Trend is bullish, only sell – if the Trend is bearish, and will work both ways – if the market is flat.
- TrendPower – specifies the number of analyzed candlesticks to determine the trend on D1.
- Factor is the order multiplier, and each subsequent lot is the current lot multiplied by Factor.
- MaxOrders is the maximum number of orders in a series that the expert advisor will open.
- Takeprofit is the number of pips before Take Profit, specified as for a 5-digit account.
- StepPips is the minimum distance from the current order to the next one. The Manhattan expert advisor is not a grid expert, therefore, this value does not mean that the next order will be opened in exactly so many pips, it can be opened in 1000 pips, this value only indicates the minimum distance between orders.
- DynamicStep – this parameter enables (TRUE) or disables (FALSE) the dynamic size of the minimum step of StepPips.the calculation is based on the formula StepPips = StepPips * order number. For example, if StepPips is 50, the minimum distance between 10 and 11 orders will be 50*10 = 500 pips. This parameter makes sense to reduce risks when trading on small deposits and on the M15 timeframe.
LOSS LIMITATION SECTION
- SmartDD-Enables(TRUE) or disables (FALSE) order closing mode when the drawdown exceeds MaxDD. Not all losing orders are closed, but the first in a series, until the drawdown is no more than MaxDD.
- MaxDD — maximum allowable drawdown. this parameter is used when SmartDD mode is enabled (TRUE).
- Slippage — the number of pips per slip. With super volatile news, it will not allow you to open an order further than this value.
- Magic – unique number of the expert advisor on the chart. If you trade more than one pair in MetaTrader 4, you must specify a unique Magic for each chart. This number allows the expert advisor not to mix orders from different charts/symbols when calculating.
- DisplayInfo — if TRUE, the expert advisor will display technical information in the upper-left corner.if FALSE, nothing will be displayed.
- DisplayButtons – enables (TRUE) or disables (FALSE) the display of trading buttons on the chart.
- FontSize – sets the font size for displaying the dashboard on the chart. It can take values from 10 to 16 pins.
- TextColor – sets the font color of the informational panel.
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