Utility usage
How to execute specific tasks with this EA.
Can I turn off the ticket-entry copilot and only use the close price stop-loss?
Yes, you can turn off the ticket-entry copilot. In other way, if you want to use the trigger-based stop-loss (Close the ticket instantly when the price hits your stop-loss.), you can either:
- Set the time frame code to
0or9: Since there is no mapped time frame for these two codes, it will close the ticket when the price immediately touches your stop-loss. - Turn off close price stop-loss for specific time frames: You can disable the close price stop-loss for individual time frames. For example, if you don't want to execute the close price stop-loss on the H4, D1, and W1 time frames, you can turn off the close price stop-loss by setting
close-price-H4,close-price-D1, andclose-price-W1to off. - Set the close price stop-loss far from the stop-loss price: You can set the close price stop-loss extremely far from the current price and close it manually.
- Turn off the EA: You can turn off the EA after entering your ticket.
Why is Trading with a Fixed Risk Amount Beneficial?
Many traders use a fixed lot size for their trades without considering the distance between the open price and stop-loss. This approach results in varying potential losses for each trade when the stop-loss is triggered, making risk management complex and challenging. The fixed risk amount strategy offered by this utility dynamically calculates the lot size based on your predefined risk per trade. This allows you to maintain consistent control over the amount of money you risk on each individual trade.
How to place a pending limit ticket?
A limit order can be used to enter the market during a pullback. To place a pending buy limit order, set the entry price lower than the current market price. To place a pending sell limit order, set the entry price higher than the current market price.
Can I adjust the Fibonacci code (FB Code) or time frame code (TF code) after the order has been placed?
Yes, you can easily adjust it on your mobile phone by clicking the + and - buttons in your MT4 app.
Fibonacci Code (FB Code) Modification:
If you initially set your goal to enter a position at the 78.6% pullback for a buy order, but later observe a strong uptrend and decide to adjust your entry point to 61.8%, you can easily modify the FB Code. Simply adjust the last decimal using the + and - buttons near the take-profit price in your MT4 app. After you adjust the FB Code, both the entry price and lot size of the pending order will be updated.
Time Frame Code (TF Code) Modification:
In some cases, you may want to change the stop-loss time frame to a larger time frame to give the price more room to fluctuate. For example, if the price is approaching your stop-loss and you wish to allow more time to determine if your stop-loss level has significant support or resistance, you can switch the stop-loss time frame by tapping the + and - buttons near your stop-loss price. This way, the close price stop-loss price remains the same, but it will be executed at a different time frame.
I noticed that the stop-loss is being replaced by the TF Code. Can I still set a new stop-loss or take-profit price?
Yes, the TF Code displayed in place of the stop-loss on your mobile phone is meant to remind you of the time frame you are trading. Your close-price stop-loss will be saved on your Cosy Trader VPS. The take-profit price will remain the same as seen on your mobile phone app.
Adjust close-price time frame: You can adjust the last decimal of the stop-loss directly. Set new close-price stop-loss: Set a new stop-loss with the TF code at the last decimal. Adjust take-profit price: Adjust the take-profit price directly with the FB code at the last decimal. It will appear as a [C] Fibo pending ticket when the FB Code is between 1 and 9, indicating a pending limit ticket. Adjust the Fibonacci retracement ratio: Adjust the TF Code located at the last decimal of the take-profit price.
What can I do if I suddenly decide not to execute the stop-loss for my market order?
There are three ways to turn off the stop-loss execution:
- Increase the Time Frame Code: Set the stop-loss to execute at a extreme larger time frame, giving you more time to decide whether you want to close the order manually.
- Set the Stop-Loss Price Far from the Current Price: Move the stop-loss price far away from the current market price so that it won't be triggered.
- Set the Stop-Loss Price to 0: Clear the stop-loss price by setting it to 0, ensuring that it won't be executed.
Can I set a single order with different stop-loss or take-profit levels, TF Code, or FB Code using this EA?
No, we aim to keep this utility simple for mobile users. However, you can send multiple separate orders with different entry and exit strategies. This also makes it easier for you to manage your positions, as they will be displayed as two separate orders in the MT4 trading app on your mobile phone.
Where do I input the Time Frame Code (TF Code) and Fibonacci Code (FB Code), and how do they work?
The time frame code and fibonacci code are embedded in the last decimal of the stop-loss and take-profit prices, respectively. For example, if you send a pending order with an entry price of 1.0100 for EURUSD, a stop-loss at 1.00002, and a take-profit at 2.00006, the utility will interpret the last decimals, 2 and 6, as the TF and FB Codes to determine their meanings:
Time Frame Code=2
The number 2 from the stop-loss indicates: “Execute the stop-loss on the M5 time frame.
Fibonacci Code=6
The number 6 from the take-profit price indicates: “Enter the position when the price reaches the 61.8% Fibonacci retracement level.
The utility will then dynamically adjust the pending order’s entry price to match the 61.8% retracement level until the order is opened. If the price moves in the opposite direction, it will execute the stop-loss when the close price of the M5 bar drops below the preset stop-loss price.
After setting the stop-loss on my mobile phone, I noticed the stop-loss price was removed from the EA and replaced with a strange number. What is that?
It is a pseudo stop-loss price with the time frame set at the last decimal. After you set your stop-loss using your mobile phone, you'll notice that the stop-loss price is removed from the ticket and replaced with a number. This indicates that the stop-loss has been stored in the EA. The stop-loss you set won’t be displayed in the MT4 app on your phone (to prevent it from being triggered as a standard stop-loss). However, it can still be viewed on the chart where you've installed the EA using the desktop MetaTrader software.
If I want to trade multiple currencies, do I need to open multiple charts in MT4 with different currency pairs?
No, you only need to open one chart with this EA attached. It will monitor multiple currencies and execute the strategy for you.
I noticed that the stop-loss and take-profit prices are being replaced by the TF Code and FB Code. Can I still set new stop-loss and take-profit prices?
Yes, the TF Code and FB Code displayed in place of the stop-loss and take-profit prices on your mobile phone are meant to remind you of the time frame you are trading. Your close-price stop-loss will be saved on your Cosy Trader VPS. You can either adjust the TF Code or FB Code directly to change the time frame or retracement ratio, or you can set new stop-loss and take-profit prices to override them.
The Time Frame Code and Fibonacci Code will be stored in the EA. How can I remove them remotely?
To remove the Time Frame Code and Fibonacci Code remotely, simply send the Time Frame Code 9 from your mobile phone or MT4 software. This action will clear the following parameters:
- Stop-loss price
- Take-profit price
- Time Frame Code (TF Code)
- Fibonacci Code (FB Code)
For a buy order, you can send 0.00009 for EURUSD. For a sell order, you can send something like 5.00009 (where 5.00000 is extremely far from the current market price). The tool accepts 9 as the last decimal to reset everything.
How can I execute the stop-loss in another time frame if I decide to do so?
At any time, you can switch to another time frame for stop-loss execution by selecting your preferred time frame. If the price is approaching the stop-loss and you decide to monitor it on a larger time frame, simply click the + sign next to the stop-loss price to increase the stop-loss execution time frame (e.g., switching from M15 to M30). The stop-loss will then be executed at the close price of the larger time frame.
What will be affected if I switch to another time frame?
For pending orders, the lot size will be recalculated. Generally, if you switch from a smaller time frame to a larger one (e.g., from M5 to M15), the lot size of the pending order will decrease (when you have the calculate-single-bar-length-breakthrough-risk calculation turned on). However, the overall risk for the pending order will remain nearly the same. On the other hand, switching to a larger time frame for market orders may increase the risk of greater losses (since price movements can be larger in higher time frames).
It's advisable to monitor your order more frequently if you switch to a higher time frame for a market order. Generally, it is more suitable to switch to a larger time frame when the price has already moved in the direction of your trade by a certain distance. In this condition, you will not generate excessive loss when you close
Why is my pending ticket being closed after sending it?
It may be because the current number of live market tickets has reached the maximum allowed (max-live-ticket-number, an adjustable parameter). This feature is designed to help you focus on a limited number of trades. You can initially send multiple pending tickets. If some of the pending tickets are triggered and the number of live tickets on the market reaches this limit, it will automatically close all additional pending tickets. This helps you concentrate on fewer tickets and also provides better margin control. You can increase this value if you want more live tickets on the market simultaneously.
Set max-live-ticket-number it to an extremely high value if you don't want to use this feature.
After I reopen or get disconnected from the internet, do I need to confirm the stop loss and take profit for the tickets on the market?
Yes, although the EA will constantly back up parameters for you, it is still better to check and confirm them yourself after reopening the EA or reconnecting to the internet.
When sending a pending order for a Fibonacci retracement, how can I optimize the ticket?
Below are suggestions for setting the ticket:
- Send the ticket during the pullback after the first wave has nearly formed: The retracement tracking algorithm may be overly sensitive to price movement when the price has just broken out of the previous trend. The EA can more accurately locate the retracement position after a new high has formed and the price begins to pull back to a new low. (Though, we will not know for certain if it is a new high until all the bars have closed.)
It is recommended to use the Fibonacci retracement tool after at least 3 bars have formed following the breakout from the previous low.
- Ensure the stop-loss is within the
knearest bars: When sending the Fibonacci retracement ticket, the stop-loss bar will initially be located and recorded based on the time you set your close-price stop-loss. The stop-loss bar will be searched for within thenumber-of-bars-to-search-stoploss(k) nearest bars (adjustable, default = 60 bars). To accurately locate the stop-loss point, ensure it is within thekmost recent bars.
If the stop-loss bar is outside the k most recent bars, it is advisable to send the ticket using a higher time frame or adjust the number-of-bars-to-search-stoploss(k) parameter to a higher value.
How is the Fibonacci retracement price calculated?
At the time you set the stop-loss, this tool will search for the bar with the lowest(buy ticket) or highest(sell ticket) price of each bar closest to your stop-loss price, which we refer to as the stop-loss bar. The program stores the time point of that bar for you. For example, for a buy ticket, it will search the lowest price of each bar until it finds the bar with the lowest price closest to the stop-loss you set. The default search area is 60 bars, so you need to ensure the bar you want to use as the stop-loss is within 60 bars. If you're unsure, simply send the pending order using a slightly higher time frame (e.g., if there are too many bars in M5, use M15 or M30 instead) to ensure it is within 60 bars. After the pending ticket is converted to a market ticket, you can switch the time frame back to the one you are trading. Once the stop-loss bar is set, it will only change if you adjust the time frame or reset the close-price stop-loss. After the ticket is converted to a market ticket, the stop-loss bar will no longer be used.
- You can clear the stored time point of the stop-loss bar by sending the time frame code
9. - The stop-loss bar (Default = 60 bars) search region parameter can be adjusted using the variable
number-of-single-bar-length-to-be-counted.
What broker should I choose for this EA?
We recommend choosing a broker that offers fractional pricing. Choosing a broker that provides fractional pricing can significantly minimize the impact of using the last decimal when sending the TF and FB codes. Fractional brokers generally use 5 decimal places for EURUSD and 3 decimal places for XAUUSD and USDJPY. For example:
- For EURUSD, a fractional broker will show a price like 1.01232 (five decimals), whereas a non-fractional broker may display 1.0123 (four decimals).
- For XAUUSD: 2300.18 (two decimals) → 2300.182 (three decimals)
- For USDJPY: 150.35 (two decimals) → 150.352 (three decimals)
What currencies are supported?
Please
| Feature | Description |
|---|---|
| Close price stop-loss | The close-price stop-loss supports all currencies and commodities. |
| Auto lot size calculation | - The auto lot size calculation supports currencies and commodities where USD is either the base or quote currency. - For example, EURUSD and USDJPY, which use USD as the quote and base currency, respectively. - If you encounter any currencies or commodities with USD as the base or quote currency that cannot be identified, please feel free to contact us. |
We found that the last decimal in some brokers' systems may not be usable (you will see the last decimal always as 0 in these situations). Please do not trade that currency with this EA at this moment. We will provide an upgraded version with functionality that allows you to set the number of decimals for specific products.
When will excessive loss occur?
- Trading with too small risk amount or too large a stop-loss distance: When the stop-loss distance is too far or the risk amount(
money-to-risk-per-ticket) is too small, it may result in overloss. Since Cosy Trader will not remove the ticket when the calculated lot size is below the minimum lot size, it will enter the trade using the minimum lot size. - Highly volatile market: During periods of high volatility, such as news events, significant price movements can occur. Be cautious with your trades during these times.
- Strong breakouts: Traders often set their stop-loss and take-profit levels close to key price levels. When many SL or TP levels are triggered by market price movement, it can cause substantial price swings at those levels.
- To avoid overloss in various market conditions, we recommend enabling the
average-breakthrough-bar-length-lotandforce-liquidation-foldsettings. - The
average-breakthrough-bar-length-lotslightly reduces the lot size by incorporating the average bar length into your stop-loss distance. - Meanwhile,
force-liquidation-foldwill automatically close your trade when the overall floating loss reaches(money-to-risk-per-ticket) * (money-to-risk-per-ticket).