Smart Signals EA

General EA Settings

1. LotSize: This parameter determines the size of each trading position in lots. A lot is a standardized quantity of the financial instrument being traded. For example, if LotSize is set to 0.1, it means each position will be 0.1 standard lots.

2. Take Profit: Take profit is the price level at which the trader wants to exit a winning trade to secure the profit. Take Profit specifies the take profit level in pips (points), which is a unit of measurement for the price movement in forex trading.

3. Stop Loss: Stop loss is the price level at which the trader wants to exit a losing trade to prevent further losses. Stop Loss specifies the stop loss level in pips (points).

4. Trailling Start: Trailing start is the distance in pips at which the trailing stop function will start to trail the price. When the trade moves in the trader's favor by the Trailling Start amount, the stop loss will start trailing the price.

5. Trailling Stop: Trailing stop is the distance in pips by which the stop loss will trail the price. Once the trailing start condition is met, the stop loss will follow the price at a distance specified by Trailling Stop.

6. Magic Number: Magic number is a unique identifier assigned to each instance of the expert advisor running on the trading platform. It helps the EA distinguish its orders from those of other EAs or manual trades.

7. Max Total Trades: This parameter specifies the maximum total number of open trades allowed by the expert advisor at any given time.

Fibonacci Settings

1. Fibonacci Support Level: This parameter determines the level of the Fibonacci retracement used as a support level in the trading strategy. Fibonacci retracement levels are often used by traders to identify potential support and resistance levels in the market.

2. Fibonacci Resistance Level: Similar to the Fibonacci Support Level, this parameter determines the level of the Fibonacci retracement used as a resistance level in the trading strategy. Resistance levels are where selling interest is likely to outweigh buying interest, potentially causing the price to stall or reverse.

3. Tolerance Pips: Tolerance Pips refers to the acceptable deviation from the Fibonacci levels before a trade is triggered. It allows for some flexibility in the trading strategy to account for minor fluctuations in price around the Fibonacci levels.

These input parameters help fine-tune the trading strategy based on Fibonacci retracement levels, providing traders with more control over their trading decisions and allowing for greater adaptability to market conditions. Adjusting these parameters can help optimize the strategy to better suit individual trading preferences and risk tolerance levels.

Candlestick Patterns Settings

1. Use Candlestick Patterns: This parameter enables or disables the detection of candlestick patterns in the trading strategy. Candlestick patterns are visual representations of price movements that can indicate potential reversals or continuations in the market.

2. Candlestick Lookback: Candlestick Lookback determines the number of previous candles to consider when detecting candlestick patterns. A higher value allows the EA to analyze a longer history of price action, potentially capturing more significant patterns, but it may also increase computational load.

Enabling the "Use Candlestick Patterns" parameter empowers the EA to incorporate candlestick pattern analysis into its trading decisions. By considering the recent price action reflected in candlestick patterns, the EA can enhance its ability to identify favorable entry and exit points in the market. Adjusting the "Candlestick Lookback" parameter allows traders to customize the depth of historical data analyzed, tailoring the strategy to their specific trading preferences and market conditions.