Table of Contents

BenderFX EA V2: Complete Settings Guide

BenderFX EA V2 is an automated Forex trading robot designed to generate consistent profits through its advanced algorithm combining Fibonacci retracements, Price Action, and Machine Learning. This guide will help you understand and customize all input parameters to match your personal trading style and risk tolerance. The EA uses sophisticated risk management techniques to optimize trade execution without employing risky martingale strategies.

Detailed information regarding BenderFX EA V2 can be accessed here.

Detailed Analysis of Input Settings of BenderFX EA V2

Parameters are organized by functional groups including lot sizing, trade management, time filters, and entry conditions.

BenderFX EA V2 Source Code MQ4 Inputs.jpg

Lot Size and Risk Management

Parameter Name	Description	Default Value	Range/Recommended Values	Impact
FixedLots	Controls the initial trade size	0.01	0.01-0.1 for $1,000 accounts	Lower values reduce risk but limit profit potential
LotsExponent	Determines how lot sizes scale for subsequent trades	1.44	1.0-1.5 (1.0 = no scaling)	Higher values increase both potential profit and risk

Trade Management

Parameter Name	Description	Default Value	Range/Recommended Values	Impact
UseTakeProfit	Enables/disables take profit targets	true	true/false	When enabled, secures profits at specified level
TakeProfit	Distance in pips for profit target	100	50-200	Lower values secure profits quicker but may limit potential
UseStopLoss	Enables/disables stop loss	false	true recommended	Disabling removes downside protection
StopLoss	Maximum loss in pips before closing trade	500	50-200 recommended	Lower values reduce single-trade risk
Pipstep	Minimum pip distance between trades	120	50-200	Lower values allow more frequent entries

Time Filters

Parameter Name	Description	Default Value	Range/Recommended Values	Impact
limit_time	Restricts trading to specific hours	false	true/false	When enabled, reduces trade frequency
from	Starting hour for allowed trading period	22	0-23 (dependent on trading session)	Defines when EA can begin trading
to	Ending hour for allowed trading period	6	0-23 (dependent on trading session)	Defines when EA must stop trading

Trading Conditions

Parameter Name	Description	Default Value	Range/Recommended Values	Impact
openCond	Defines the entry condition strategy	1	1-3 (varies by strategy)	Different values use different entry algorithms
expt	Timeframe for exit condition calculations	H4	M5-D1 (match to trading style)	Higher timeframes may reduce trades but increase accuracy
MagicNumber	Unique identifier for EA trades	2019	Any unique number	Ensures proper trade management
periodForFibo	Timeframe for Fibonacci calculations	Hour_1	M15-H4 recommended	Higher values create more reliable Fibonacci levels

Summary and Recommendations

Start with minimum 0.01 lot size per $1,000 of account balance.
Enable stop loss despite default setting to protect against adverse market movements.
Test on EURUSD, GBPUSD, or AUDCAD on H1 timeframe for optimal results.
Confirm broker server time for accurate session trading.
Thoroughly backtest any parameter changes before live trading.
Use a reliable VPS with low latency for consistent execution.
Avoid modifying lot exponent values above 1.5 to prevent excessive risk.
Clarify with your broker whether values represent pips or points.
Consider reducing the default 500 pip stop loss to a more conservative 100-200 pips.
Use limit_time:true during high volatility news events.

Important Risk Warning

Forex trading involves substantial risk of loss. Past performance of BenderFX EA V2 is not indicative of future results. Market conditions constantly change, affecting EA performance. Users are solely responsible for installation, parameter configuration, and risk management. Always test thoroughly on demo accounts before live trading. The developer assumes no responsibility for any financial losses incurred while using this EA.