How the Gold Hype Expert Advisor Works

tradepanel

Trade Panel and info panel :
1. Trade Panel provides a function to open and close trades manually by pressing the desired button.

Square Button: hide all buttons
BUY Button: Open Buy
SELL Button: Open Sell
X All Button: Close All positions
X Profit Button: Close All positions that are profitable
X Loss Button: Close All losing positions
X Buy Button: Close All all buy positions
X Sell Button: Close All all sell positions
DP Button: Delete all pending orders

2. Information about the total of lots and current profit/loss
3. DWM P/L provides information about daily, weekly and monthly profit/loss accumulation.
4. Drawdown D|M provides information about daily and monthly drawdowns. Monthly drawdowns take peak and lowest equity range data within a certain period of time. Regarding how to calculate drawdown, see the following link Click here and here
5. Equity|Min|Max provides information on current equity, minimum equity and maximum equity data in 1 month for the purpose of calculating maximum drawdown.
6. Spread, provides information on the current symbol spread

Expert input:

1. Manage Open Positions

Enable Strategy 1-6: These settings allow you to enable or disable each of the six different trading strategies within the advisor.
Timeframe Strategy 1-6: Specify the timeframe for each strategy (e.g., 1 minute, 5 minutes, 1 hour, etc.).
Period in bars Strategy 1-6: Define how many bars the strategy should look back to analyze past data and make trading decisions.

2. Manage Lots and Money

Autolot Type: Choose the type of autolot calculation.
0.01 per Equity Amount: Set the amount of equity that determines lot size. For example, if your balance is $1000 and you set the equity amount to $200, the autolot calculation would be 1000/200 = 5 x 0.01 = 0.05. Thus, for every $200 increase in equity, the lot size increases by 0.01.
Fixed Lot size: Set a fixed initial lot size for trading.
Maximal Lots: Define the maximum number of lots per trade.

3. Manage SL-TP Settings

Stoploss & Takeprofit (in pips): Set the levels for stop loss and take profit in pips.
Stop Loss (in pips): Specify the stop loss level in pips.
Take Profit (in pips): Specify the take profit level in pips.

4. Manage Trailing

Trailing: Enable or disable the trailing stop feature.
Trailing Start (in pips): Set the number of pips at which the trailing stop starts.
Trailing Size (in pips): Define the step size for the trailing stop in pips.

5. Manage BreakEven

Break Even: Enable or disable the break-even feature.
Break Even Start (in pips): Set the number of pips at which the break-even point starts.
Break Even Step (in pips): Define the step size for adjusting the break-even point.

6. Manage Monthly Target

Enable Monthly Target: Enable the monthly target feature for prop firm trading.
Monthly Target, %: Set the monthly target as a percentage.

7. Manage Drawdown

Enable Manage Drawdown: Enable the drawdown management feature.
Max Drawdown Daily (0= No Max DD), %: Set the maximum daily drawdown as a percentage.
Max Drawdown Monthly (0= No Max DD), %: Set the maximum monthly drawdown as a percentage.

8. Time Management

Use time control: Enable restrictions on trading hours and days, applicable only for opening new cycles. The timing uses the broker’s server time.
Trade Start Time: Specify the time to start trading.
Trade End Time: Specify the time to stop trading.
Trade in Monday-Friday: Enable or disable trading on specific days of the week.

9. Continue New Cycle Management

Start a new cycle at the specified hour using the broker’s server time.

10. Manage News

Stop Trade by News: Enable or disable the news filter to avoid trading during significant news events.
Show News Only This Chart Currency: Display news related to the current chart/symbol only.
High/Medium/Low Importance News: Classify news based on its importance and set colors for each category.
Stop trade X seconds before the news: Stop trading a specified number of seconds before the news release.
Stop trade X seconds after the news: Stop trading a specified number of seconds after the news release.
Show timer before and after news: Display a timer for the duration before and after the news event.
Period news updates in seconds: Set the interval for news updates in seconds.

11. Manage Others

Max Spread (in Pips): Set the maximum allowable spread in pips.
Max Slippage (in Pips): Define the maximum allowable slippage in pips.
Coefficient (if Freeze=0 Or StopsLevels=0): Enter a value to anticipate volatile market conditions where the broker may increase the freeze level and stop level.
Magic Number: The EA uses this number to identify open positions, ensuring it manages only its own trades.

Prop Firm:

Please check your prop firm rules before buying this EA.

There are some prop firms that do not allow stacked/multiple positions. Solution: You may only be able to activate 1-2 strategies or use higher timeframes and periods to anticipate Gold Hype opening multiple positions at the same time or in close proximity.
There are some prop firms that do not allow trading over news, solution: you can activate news filter.
There are some prop firms that do not allow holding trades over weekends, solution: you can activate time management and only trade during the Asian session on Fridays to avoid the possibility of holding positions over weekends.
There are some prop firms that do not allow profits of more than 30% in one period, solution: you can activate monthly target management.

Please check with your prop firm rules and prop firm support before using this EA on different phases of prop firm accounts.

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