Forex EA Settings Guides

NEO EA MT4: Complete Settings Guide

Posted on by Jason Chen
Table of Contents

NEO EA MT4: Complete Settings Guide

NEO EA MT4 is an automated grid trading solution designed for day trading in the Forex market. This guide provides detailed instructions on customizing the EA’s parameters to match your trading style and risk tolerance. The EA works by placing trades at predefined price intervals with adjustable lot sizes, aiming to protect your account while generating consistent profits.

Detailed Analysis of Input Settings of NEO EA MT4

The parameters of NEO EA MT4 are organized into functional groups that control different aspects of the trading strategy, including general settings, trading hours, lot management, risk parameters, grid configuration, visual settings, and account protection.

NEO EA MT4 Inputs

Basic Configuration

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
EA_NameIdentifier for the EA in the trading platformNEO EAUser can change for identification purposesNo impact on trading performance
MagicNumberUnique identifier for the EA’s trades163991Any unique numberPrevents trade conflicts with other EAs

Trading Hours Control

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Use_HourEnables/disables trading based on specific hoursEnabledTrue/FalseControls when EA operates
StartTradeHour to begin trading (24-hour format)0 (midnight)0-23Defines trading session start
EndTradeHour to end trading (24-hour format)23 (11 PM)0-23Defines trading session end

Lot Size Management

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Use_DbLotsDetermines lot sizing method1 (Multiplier Lot)1 (Multiplier) or 2 (Fixed)Significantly affects risk profile
DbLotsInitial lot size for grid trading0.010.01-0.1 (start conservative)Base risk level per trade
LotsFixed lot size when Use_DbLots=20.010.01-0.1 (based on account size)Determines fixed position size
LotsDecimalNumber of decimal places for lot sizes21-2 (broker dependent)Affects precision of lot sizing

Risk Management Parameters

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
SL (Stop Loss)Maximum loss per individual trade in pips100.050-200 (strategy dependent)Individual trade protection
TP (Take Profit)Profit target per individual trade in pips5.05-20 (based on volatility)Profit target per trade
CloseEAafterEquityStopEnables account equity protection featureTrueTrue recommendedCritical safety mechanism
EquityStopPercentageMaximum allowed drawdown percentage4.02.0-5.0 (lower = safer)Overall account protection

Grid Configuration

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
DistanceSpace between consecutive grid orders in pips1.01.0-10.0 (pair volatility dependent)Grid density and entry frequency
MultiplierLot size multiplier for subsequent grid levels2.01.0-2.0 (1.0 = safer, no increase)Risk escalation factor
MaxLevelMaximum number of grid positions allowed83-10 (lower = safer)Limits maximum exposure

Visual Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
G_324Color setting for visual elementsYellowUser preferenceVisual only
G_328Color setting for visual elementsRedUser preferenceVisual only
G_332Color setting for visual elementsLimeUser preferenceVisual only

Summary and Recommendations

  • Start with minimal lot sizes (0.01) until you understand the grid behavior fully.
  • Consider using Fixed Lot mode (Use_DbLots=2) to avoid the risks of increasing lots.
  • Keep MaxLevel at 8 or lower to prevent excessive exposure during strong trends.
  • Ensure CloseEAafterEquityStop is always enabled for account protection.
  • Set EquityStopPercentage conservatively (2-3%) for better risk management.
  • Test thoroughly in demo accounts before trading live capital.
  • The default 2.0 Multiplier setting carries significant risk; consider using 1.0-1.5.
  • Adjust Distance based on the volatility of your chosen currency pair.
  • Monitor the EA regularly, especially during high-impact economic news.
  • Use a reliable VPS to ensure consistent operation of the grid strategy.
  • Verify all pip values match your broker’s definition (5-digit vs 4-digit pricing).
  • Be cautious with GBPUSD, USDJPY which may require adjusted Distance settings.

Important Risk Warning

Forex trading and the use of automated systems involve significant risk of loss. Past performance is not indicative of future results. Market conditions change constantly, and external factors can dramatically affect EA performance. Users are solely responsible for proper installation, parameter configuration, and risk management. Always test thoroughly in a demo environment before live trading. The developer assumes no responsibility for any trading losses incurred while using NEO EA MT4.

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Jason Chen

I'm Jason Chen, the founder of EaOnWay.com. With over 15 years in Forex trading and a background in Computer Science, I started EaOnWay to cut through the noise and hype. My goal is to give you clear, honest insights and practical, risk-aware education about Forex Expert Advisors, so you can trade with more confidence

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