Matrix Arrow EA MT4/5© Settings Overview

• Use Panel: True/false of the option to use or not to use the on chart Trade Panel. The Trade Panel allows you to trade the Matrix Arrow Indicator’s MT4/5© signals, manually or 100% automatically with the 100% Algorithmic Trading option. WARNING: You cannot migrate the Trade Panel settings onto your MQL5 VPS. If you want to trade automatically on the cloud, using the Matrix Arrow EA MT4/5© on the MQL5 VPS, you must put Use Panel: false and adjust the inside settings of the EA, as they are presented below. Then you can click the Auto/Algo Trading button on your MT4/5 terminal and synchronize/migrate with your MQL5 VPS.

• Used Indicator: By default the Matrix Arrow EA MT4/5© uses a Moving Average indicator, in order to pass the MQL5.com Market validation. If you have already purchased the Matrix Arrow Indicator MT4/5©, in order to trade its Arrow signals, you should change this setting to: Matrix Arrow Indicator.

• Allow Long: True/false for opening only long/buy trades.

• Allow Short: True/false for opening only short/sell trades.

• Lot Size: The Lot Size of opened trades.

• Use Risk %: True/false of the Risk % option.

• Risk %: The % of account's balance that it will be risked in each trade. The Risk % is calculated on the Stop Loss in Points setting below, when Use SL/TP Levels in=Points is selected. The Risk % is calculated on the Stop Loss in % of ADR further below when Use SL/TP Levels in=Percentage of Average Daily Range is selected.

• Magic Number: The Magic Number assigned in every trade.

• EA Comment: The comment all trades of the Matrix Arrow EA MT4/5© will have in the comments section of the Terminal/Toolbox window of your MT4/5 terminal.

• Use Opposite Logic: True/false of the option to open the reverse trade for each valid signal or button pressed, for example a buy trade instead of a sell and vice versa.

• Working Timeframe: The Timeframe that the EA will function and open trades. ATTENTION: This timeframe setting only applies when you trade with Use Panel=false. When Panel is used (true) the timeframe that the EA will use, will be the timeframe of the chart the EA and the Trade Panel are attached onto.

• Use Entry Confirmation: True/false of the option to use a second Matrix Arrow Indicator timeframe, in order to confirm the Working Timeframe's Matrix Arrow Indicator entry signals. For example if your Working Timeframe is M5 and your Entry Confirmation Timeframe is H1, when there is a new Matrix Arrow Indicator entry signal on the M5 timeframe, the EA will check if the Matrix Arrow Indicator entry signal on H1 timeframe is in the same direction, in order to open the appropriate buy/sell trade.

• Entry Confirmation Timeframe: The Timeframe that EA will use to confirm the Matrix Arrow Indicator signals, as it is described above. This will only be used if the above Use Entry Confirmation setting is true.

• Use Exit Confirmation: True/false of the option to use a second Matrix Arrow Indicator timeframe, in order to confirm the Working Timeframe's Matrix Arrow Indicator exit signals. For example if your Working Timeframe is M5 and your Exit Confirmation Timeframe is H1, when there is a new Matrix Arrow Indicator exit signal on the M5 timeframe, the EA will check if the Matrix Arrow Indicator signal on H1 timeframe is in the same direction, in order to close the appropriate buy/sell trade.

• Exit Confirmation Timeframe: The Timeframe that EA will use to confirm the Matrix Arrow Indicator exit signals, as it is described above. This will only be used if the above Use Exit Confirmation setting is true.

• Start Time: The Time the EA will start working. TIP: If you want to trade manually or automatically using the Trade Panel at any time of the day, you should leave/put the Start Hour to 00:00 and End Hour to 23:59 in order to allow the Panel to work all day long. The same thing applies for the days of the week below. If you want to trade manually or automatically using the Trade Panel on a specific day, you should put that particular day to true.

• End Time: The Time the EA will end working.

• Trade on Monday: True/false option for opening new trades on Mondays.

• Trade on Tuesday: True/false option for opening new trades on Tuesdays.

• Trade on Wednesday: True/false option for opening new trades on Wednesdays.

• Trade on Thursday: True/false option for opening new trades on Thursdays.

• Trade on Friday: True/false option for opening new trades on Fridays.

• Trade on Saturday: True/false option for opening new trades on Saturdays.

• Trade on Sunday: True/false option for opening new trades on Sundays.

• Max Spread in Points: The Maximum Spread allowed.

• Max Slippage in Points: The Maximum Slippage allowed.

• Use SL/TP Levels in: Points/Percentage of Average Daily Range. When Points are selected the EA uses the below Stop Loss / Take Profit / Break Even and Trailing Stop Loss levels in points for trading. When Percentage of Average Daily Range is selected the EA uses the further down Stop Loss / Take Profit / Break Even / Trailing Stop Loss in % of ADR (Average Daily Range) levels for trading. These levels that are express in percentage of the average daily range of the instrument that is trades helps the EA in being more responsive to the changes and volatility of the market.

• Stop Loss in Points: The Stop Loss level for every trade.

• Take Profit in Points: The Take Profit level for every trade.

• Break Even Profit in Points: The profit level for every trade, in which the EA will move the Stop Loss level to Break Even.

• Trailing Start in Points: The level that the EA will start Trailing the Stop Loss for every trade.

• Trailing Stop in Points: The Trailing Stop Loss distance for every trade.

• Trailing Step in Points: The Trailing Stop Loss Step for every trade. 

• Average Daily Range Candles: The number of daily candles that are used by the EA for the calculation of the average daily range for the Stop Loss / Take Profit / Break Even / Trailing Stop Loss in % of ADR (Average Daily Range) levels.

• Stop Loss in % of ADR: The stop loss level used by the EA for each trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 30 is inserted in this setting and the average daily range of it is 1000 points, the stop loss level that will be used by the EA will be 300 points.

• Take Profit in % of ADR: The take profit level used by the EA for each trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 50 is inserted in this setting and the average daily range of it is 1000 points, the take profit level that will be used by the EA will be 500 points.

• Break Even in % of ADR: The profit level for every trade, in which the EA will move the Stop Loss level to Break Even. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 20 is inserted in this setting and the average daily range of it is 1000 points, the profit level at which the Stop Loss will be moved to Break Even will be 200 points.

• Trailing Start in % of ADR: The level that the EA will start Trailing the Stop Loss for every trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 40 is inserted in this setting and the average daily range of it is 1000 points, the stop loss level that will be used by the EA will be 300 points.

• Trailing Stop in % of ADR: The Trailing Stop Loss distance for every trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 30 is inserted in this setting and the average daily range of it is 1000 points, the Trailing Stop distance will be 300 points.

• Trailing Step in % of ADR: The Trailing Stop Loss Step for every trade. This level is calculated as a percentage of the average daily range of the instrument that is traded. For example if 10 is inserted in this setting and the average daily range of it is 1000 points, the Trailing Stop Loss Step will be 100 points.

• Close Trade Before New One: True/false of the option to close any previous trade before opening a new one. This only applies to the same Magic Number trades.

• Close by Exit Signal: True/false of the option to close the running trade, when an exit dot signal has appeared. 

• Close by Opposite Signal: True/false of the option to close the running trade and open an opposite direction one, when a valid opposite signal has appeared. 

Average Directional Movement Index Settings

• Use ADX for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• ADX Period: The period of the indicator.

• ADX Applied Price: The applied price of the indicator.

Commodity Channel Index Settings

• Use CCI for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• CCI Period: The period of the indicator.

• CCI Applied Price: The applied price of the indicator.

• CCI Threshold: The level of the indicator that will determine the uptrend or downtrend signal. Above the threshold level, the indicator will give a buy signal and below the threshold level will give a sell signal (blue or red square in the Matrix).

Heiken Ashi Settings

• Use Heiken Ashi for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation. Classic Heiken Ashi candles are used in Matrix Arrow Indicator MT4/5.

Moving Average Settings

• Use MA for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• MA Period: The period of the indicator.

• MA Shift: The shift of the indicator.

• MA Method: The method of the indicator.

• MA Applied Price: The applied price of the indicator.

MACD Settings

• Use MACD for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• MACD Fast EMA: The Fast Exponential Moving Average of the MACD indicator.

• MACD Slow EMA: The Slow Exponential Moving Average of the MACD indicator.

• MACD SMA: The Smoothed Moving Average of the MACD indicator.

• MACD Applied Price: The applied price of the indicator.

Relative Vigor Index Settings

• Use RVI for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• RVI Period: The period of the indicator.

Relative Strength Index Settings

• Use RSI for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• RSI Strategy: RSI Crossing/RSI Smooth. With this setting the user selects which RSI indicator strategy will be used for the Matrix Arrow signals calculation.

• RSI Period: The period of the indicator.

• RSI Applied Price: The applied price of the indicator.

• RSI Crossing Threshold: The level of the indicator that will determine the uptrend or downtrend signal for the RSI Crossing strategy. Above the threshold level, the indicator will give a buy signal and below the threshold level will give a sell signal (blue or red square in the Matrix).

• RSI Smooth Period: The period of the RSI Smooth indicator.

• RSI Smooth Fast Period: The fast period of the RSI Smooth indicator.

• RSI Smooth Slow Period: The slow period of the RSI Smooth indicator.

• RSI Smooth Oversold Level: The oversold level of the RSI Smooth indicator, under which the RSI Smooth strategy will give a sell signal.

• RSI Smooth Overbought Level: The overbought level of the RSI Smooth indicator, over which the RSI Smooth strategy will give a buy signal.

Parabolic SAR Settings

• Use PSAR for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• PSAR Step: The step of the indicator.

• PSAR Maximum: The maximum of the indicator.

Stochastic Oscillator Settings

• Use Stochastic for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• Stochastic %K Period: The %K period of the indicator.

• Stochastic %D Period: The %D period of the indicator.

• Stochastic Slowing: The slowing value of the indicator.

• Stochastic Price Field: The price field levels of the indicator.

• Stochastic Method: The method of the indicator.

Williams’ Percent Range Settings

• Use W%R for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• W%R Period: The period of the indicator.

• W%R Threshold: The level of the indicator that will determine the uptrend or downtrend signal. Above the threshold level, the indicator will give a buy signal and below the threshold level will give a sell signal (blue or red square in the Matrix).

EMA Crossing(s) Settings

• Use EMA Crossing for: Nothing/Entry Only/Exit Only/Entry & Exit. This setting will instruct the Matrix Arrow EA MT4/5© what use will make of that specific indicator. If Entry Only is selected, it will be taken into account for entry signals calculation only, if Exit Only is selected, it will be taken into account for exit signals calculation only and if Entry & Exit is selected, it will be taken into account for entry and exit signals calculation. If Nothing is chosen, this indicator will neither be used for entry or exit signals calculation.

• Use EMA 1: True/false of the option to use or not this Exponential Moving Average's crossing(s) with the other 3 EMAs into the Matrix Arrow signals calculation.

• EMA 1 Period: The period of the first EMA. It is 5 by default.

• Use EMA 2: True/false of the option to use or not this Exponential Moving Average's crossing(s) with the other 3 EMAs into the Matrix Arrow signals calculation.

• EMA 2 Period: The period of the first EMA. It is 10 by default.

• Use EMA 3: True/false of the option to use or not this Exponential Moving Average's crossing(s) with the other 3 EMAs into the Matrix Arrow signals calculation.

• EMA 3 Period: The period of the first EMA. It is 20 by default.

• Use EMA 4: True/false of the option to use or not this Exponential Moving Average's crossing(s) with the other 3 EMAs into the Matrix Arrow signals calculation.

• EMA 4 Period: The period of the first EMA. It is 50 by default.

Video Guide: How to Setup Matrix Arrow EA MT4/5© and Matrix Arrow Indicator MT4/5© with provided set files

You can find the Matrix Arrow EA MT4/5© set files and the Matrix Arrow Indicator MT4/5© corresponding set files, along with detailed instructions and advice at this page.

If you want to see the same Matrix Arrows that the Matrix Arrow EA MT4/5© will trade on each different symbol and timeframe, you should load the Matrix Arrow Indicator MT4/5© corresponding set files.

Before you begin to setup your Matrix Arrow EA MT4/5© and Matrix Arrow Indicator MT4/5© on your MT4/5 terminal, make sure that you have lowered the number of max bars in MT4/5 >> Tools >> Options >> Charts >> Max Bars in Chart >> 1000 because if you have a setting of thousands or millions of max bars in chart, your Matrix Arrow Indicator MT4/5© will be too slow, since it's calculating 10 standard indicators over all these bars and that takes a lot of time in thousands of bars.

Also check the server time of your broker in the Marketwatch window, because all Matrix Arrow EA MT4/5© set files have been optimized on ICMarkets GMT+3 servers and if your broker is not GMT+3 during the summer and GMT+2 during the winter, you need to adjust the trading hours of all provided set files to fit your broker. If your broker's server time is GMT+0, you need to adjust all the trading hours 3 hours back, for example if:

Start Hour: 12

Start Minutes: 00

End Hour: 22

End Minutes: 50

you need to change it to:

Start Hour: 9

Start Minutes: 00

End Hour: 19

End Minutes: 50

Notice: If you load the Matrix Arrow Indicator MT4/5© on the chart with the default settings, you will see different arrows from those the Matrix Arrow EA MT4/5© will trade with each different symbol set file, so its advisable to load the corresponding indicator set files, as explained above.

Warning! If you plan to trade only 1 of the provided set files, you could leave the Risk % per trade to the default 5%, if you want to trade a few of the suggested set files, I suggest to lower the Risk % to 1% - 2% but if you would like to trade all set files, I strongly suggest to put the Risk % per trade to 0.5% - 1% per symbol.

Video Guide: How to Setup Matrix Arrow EA MT4/5© and Matrix Arrow Indicator MT4/5© for trading with the on chart Panel, Manually or 100% Automatically, but with no set files

Attention!

If you want to trade the Matrix Arrow signals with your Matrix Arrow EA MT4/5©, you must purchase the Matrix Arrow Indicator MT4/5© separately! Otherwise the Matrix Arrow EA MT4/5© will work as a manual trade panel only. 

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