Forex EA Settings Guides

Pip Club EA MT4: Complete Settings Guide

Posted on by Jason Chen
Table of Contents

Detailed Analysis of Input Settings of Pip Club EA MT4

The Pip Club EA parameters are organized into functional groups for easier configuration. The main parameter groups include News Management, Visual Settings, Time Filter, Visor Settings, Display Information, Trade Management, Switches, Magic Number Engine, Lot Configuration, and Grid Settings.

You can find more details about the Pip Club EA product here.

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News Management Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Before medium impact newsTime buffer before medium impact news events when trading is paused (in minutes)50-30Higher values reduce news-related risks but limit trading opportunities
After medium impact newsTime buffer after medium impact news events before resuming trading (in minutes)50-30Higher values ensure market has stabilized after news
Scan for medium impact newsToggles whether the EA monitors medium impact news eventstruetrue/falseWhen enabled, reduces exposure to medium volatility events
Before high impact newsTime buffer before high impact news events when trading is paused (in minutes)55-60Higher values provide safer trading by avoiding pre-news volatility
After high impact newsTime buffer after high impact news events before resuming trading (in minutes)55-60Higher values ensure market has fully digested high-impact news
Scan for high impact newsToggles whether the EA monitors high impact news eventstruetrue (recommended)When disabled, significantly increases risk exposure
Before NFP newsTime buffer before Non-Farm Payroll reports when trading is paused (in minutes)515-120Higher values recommended due to extreme NFP volatility
After NFP newsTime buffer after Non-Farm Payroll reports before resuming trading (in minutes)515-120Higher values ensure market stabilization after major NFP volatility
Scan for NFP newsToggles whether the EA monitors Non-Farm Payroll eventstruetrue (recommended)Critical for reducing exposure to one of the most volatile monthly events

Visual Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Draw News LinesToggles the display of vertical lines on chart indicating news eventstruetrue/falseVisual aid with no performance impact
Line color – low impact newsChart color for low impact news event indicatorsGreenAny MT4 colorVisual differentiation only
Line color – medium impact newsChart color for medium impact news event indicatorsBlueAny MT4 colorVisual differentiation only
Line color – high impact newsChart color for high impact news event indicatorsRedAny MT4 colorVisual differentiation only
Line widthWidth of news indicator lines on chart11-3Visual clarity vs. chart clutter
Line styleStyle of news indicator lines on chartDotSolid/Dot/DashVisual preference only

Time Filter Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Utilize Time FilterToggles whether the EA restricts trading to specific time periodstruetrue/falseWhen disabled, trades 24/7 which increases exposure to low-liquidity periods
Trade in MondayAllows trading on Mondaystruetrue/falseDisabling reduces exposure to weekend gap volatility
Trade in TuesdayAllows trading on Tuesdaystruetrue/falseTuesday typically has normalized volatility
Trade in WednesdayAllows trading on Wednesdaystruetrue/falseWednesday typically has moderate volatility
Trade in ThursdayAllows trading on Thursdaystruetrue/falseThursday may have increased volatility before Friday news
Trade in FridayAllows trading on Fridaystruetrue/falseDisabling reduces exposure to weekend risk
Start HourHour of day when trading is allowed to begin00:0000:00-23:59Earlier times capture Asian session
End HourHour of day when trading is no longer allowed23:5900:00-23:59Setting before market close reduces weekend exposure

Visor Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Show the TimeDisplays current time on charttruetrue/falseVisual information only
Show the PriceDisplays current price on charttruetrue/falseVisual information only
Price Up ColorColor indicator for rising pricesLawnGreenAny MT4 colorVisual differentiation only
Price Down ColorColor indicator for falling pricesTomatoAny MT4 colorVisual differentiation only
Price X PositionHorizontal position of price display on chart100-300Visual positioning only
Price Y PositionVertical position of price display on chart100-300Visual positioning only

Display Information Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Display InfoToggles information panel on charttruetrue/falseVisual information with no performance impact
Display background colorToggles colored background for info paneltruetrue/falseVisual clarity only
Background colorColor of information panel backgroundBlackAny MT4 colorVisual preference only

Trade Management Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Max trades and hard SLMaximum number of trades the EA can open simultaneously101-5 (safer) / 5-10 (aggressive)Higher values increase potential exposure and drawdown
Max buy tradesMaximum number of buy trades (0 = unlimited)01-5 (recommended)When set to 0, increases risk exposure on buy side
Max sell tradesMaximum number of sell trades (0 = unlimited)01-5 (recommended)When set to 0, increases risk exposure on sell side
Hard SL in pointsEmergency stop-loss in points to prevent catastrophic losses10000500-2000 (recommended)Default is extremely high risk; lower values strongly recommended

Switches

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Start MANUAL Order GridManually activates the grid trading systemfalsetrue/falseWhen enabled, forces grid activation regardless of algorithm conditions
Open New OrdersAllows the EA to open new tradestruetrue/falseWhen disabled, EA only manages existing positions
Enable GridToggles the grid trading functionalitytruetrue/falseWhen disabled, EA won’t use grid strategy (potentially safer)
Closes all orders nowEmergency button to close all open tradesfalsetrue/false (use only in emergencies)When set to true, immediately closes all positions

Magic Number Engine

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Enable Engine A [BUY]Toggles the buy-side trading functionalitytruetrue/falseWhen disabled, EA won’t open buy positions
Magic Number AUnique identifier for buy trades1111Any unique numberUsed to identify EA’s buy trades from others
Enable Engine B [SELL]Toggles the sell-side trading functionalitytruetrue/falseWhen disabled, EA won’t open sell positions
Magic Number BUnique identifier for sell trades2222Any unique numberUsed to identify EA’s sell trades from others

Lot Configuration

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Percent LotPercentage of account balance used to calculate position size0.10.01-0.5Higher values increase potential profit but also risk
Fixed LotFixed lot size for trading when not using percentage-based sizing0.10.01-0.5 (micro account) / 0.1-1.0 (standard account)Direct control over position size regardless of account balance

Grid Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Martingale LotProgressive lot sizes for grid positions following Martingale progression0.01/0.02/0.04/0.08/0.16/…Start with 50-80% smaller values than defaultExponential increase in position size creates significant risk
Take Profit in PipsCombined profit target for the entire grid in pips6000500-2000 (recommended)Default is extremely aggressive; lower values strongly recommended
Type Grid LotMethod used to calculate lot sizes in gridNot specifiedFixed/Percent (recommended for safer approach)Determines whether grid uses fixed or percentage-based position sizing

Summary and Recommendations

  • Reduce default Hard SL from 10000 to 1000-2000 points maximum to limit potential losses.
  • Lower Take Profit targets from 6000 pips to 500-2000 pips for more realistic profit expectations.
  • Start with at least 50% smaller Martingale progression values than default to manage risk exposure.
  • Enable all news filters with minimum 15-minute buffers, especially for high-impact events.
  • Test on demo account with specific currency pairs US30, NAS100, and XAUUSD on H1 timeframe as recommended by developer.
  • Limit maximum simultaneous trades to 3-5 initially, especially when using grid functionality.
  • Consider disabling trading on Monday morning to avoid weekend gap risks.
  • Use a reliable VPS with stable internet connection to ensure proper news filter operation.
  • Verify your broker’s point vs. pip definition as settings may need adjustment accordingly.
  • Always start with smaller lot sizes than recommended until system performance is verified.
  • Remember that Martingale strategies can perform well in ranging markets but carry significant risk in trending markets.

Important Risk Warning

Forex trading carries substantial risk of loss. Past performance of this EA is not indicative of future results. Market conditions constantly change, affecting the EA’s performance. Users are solely responsible for proper installation, parameter configuration, and risk management. Always test thoroughly on a demo account before live trading. The developer accepts no responsibility for any trading losses incurred through use of this software.

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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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