Forex EA Settings Guides

Swing killer EA MT4: Complete Settings Guide

Posted on by Jason Chen
Table of Contents

Swing Killer EA MT4: Complete Settings Guide

Swing Killer EA is an automated forex trading system designed to identify and capitalize on swing trading opportunities in the market. This guide provides detailed parameter explanations to help you customize this EA to match your trading style and risk tolerance. The EA works by utilizing technical indicators and price action analysis to execute trades automatically according to its swing trading algorithm.

Detailed Analysis of Input Settings of Swing Killer EA

The Swing Killer EA parameters are organized into functional groups that control different aspects of the trading system, including order management, lot sizing, take profit settings, stop loss configurations, breakeven, trailing stops, ATR settings, filters, and indicator parameters.

Swing Killer EA MT4 Inputs 1
Swing Killer EA MT4 Inputs 2

Orders Management

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Wait close candle to openControls whether the EA waits for the current candle to close before opening a positiontruetrue/falseSetting to true reduces false signals but may delay entries
Minutes to delete pending ordersDetermines how long pending orders remain active before automatic cancellation30.010-60 minutesLower values reduce exposure to outdated signals
ExpertCommentLabel attached to orders for identification in the terminalSwing-Killer EAUser-defined textHelps distinguish EA orders from manual trades
MagicUnique identifier for this EA’s trades12345Any unique integerPrevents conflicts with other EAs running on the same account
EnterLicense_KeyAuthentication key to activate the EANot displayedProvided by developerRequired for EA operation

Lots Setting

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Select Lots TypeDetermines how position size is calculatedRiskLotsRiskLots or FixedLotsAffects risk management approach
Account Percent For LotsPercentage of account balance risked per trade when using RiskLots1.00.5-2.0%Higher values increase potential profit but also increase risk
Lots Fixed Order IFixed lot size for first order when using FixedLots0.10.01-1.0 (based on account size)Set according to account size; 0.1 per $1000 is common
Lots Fixed Order IIFixed lot size for second order when using FixedLots0.10.01-1.0 (based on account size)Set according to account size; 0.1 per $1000 is common
Lots Fixed Order IIIFixed lot size for third order when using Fixed_Lots0.10.01-1.0 (based on account size)Set according to account size; 0.1 per $1000 is common

Takeprofit Setting

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
TPtypeMethod for calculating take profit levelsPipsTakeprofitPips_TakeprofitDetermines how profit targets are set
Percent TP Order IPercentage of position closed at first take profit level0.330.1-1.0Controls partial profit taking strategy
Takeprofit Order IDistance in pips for first take profit level30.015-50 pipsSmaller values take profit more quickly but may limit gains
Percent TP Order IIPercentage of position closed at second take profit level0.330.1-1.0Controls partial profit taking strategy
Takeprofit Order IIDistance in pips for second take profit level45.030-70 pipsBalance between securing profits and letting winners run
Percent TP Order IIIPercentage of position closed at third take profit level0.330.1-1.0Controls partial profit taking strategy
Takeprofit Order IIIDistance in pips for third take profit level55.040-100 pipsAllows for capturing larger moves in strong trends

Stoploss Setting

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
SLtypeMethod for calculating stop loss levelsAtrstoplossAtr_stoplossDetermines how stop losses are calculated
Stoploss Order IFallback stop loss in pips for first order if ATR calculation is unavailable100.030-100 pipsHigher values reduce premature exits but increase risk per trade
Stoploss Order IIFallback stop loss in pips for second order if ATR calculation is unavailable100.030-100 pipsHigher values reduce premature exits but increase risk per trade
Stoploss Order IIIFallback stop loss in pips for third order if ATR calculation is unavailable100.030-100 pipsHigher values reduce premature exits but increase risk per trade

Breakeven Setting

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Use BreakevenToggles the breakeven feature on/offtruetrue/falseWhen enabled, reduces risk by moving stop loss to entry point once trade reaches specified profit
Breakeven Order DistanceRequired profit in pips before moving stop loss to breakeven30.010-50 pipsLower values secure breakeven status faster but may result in more breakeven trades

Trailing Stop Setting

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Use TrailstropToggles the trailing stop feature on/offtruetrue/falseWhen enabled, allows locking in profits while letting trades run
Trail StartProfit in pips required before trailing stop activates5.05-20 pipsLower values start trailing earlier, securing profits sooner
Trail StepsDistance in pips between trail stop adjustments31-10 pipsSmaller steps track price more closely but may exit trades earlier

ATR Stoploss Setting

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Atr PeriodNumber of periods used to calculate ATR147-21 periodsLower values make ATR more responsive to recent volatility
Atr MultiplierMultiplier applied to ATR to determine stop loss distance1.51.0-3.0Higher values place stops further away, reducing premature exits but increasing risk

Moving Average Filter

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
Use Moving Average FilterToggles the MA filter feature on/offfalsetrue/falseWhen enabled, trades only when price is aligned with MA trend direction
Moving TimeframeTimeframe used for MA calculationcurrentcurrentUses the timeframe of the chart the EA is attached to
Moving Average PeriodNumber of periods used to calculate the MA2010-50 periodsLower values make MA more responsive to recent price action

Indicator Settings

Parameter NameDescriptionDefault ValueRange/Recommended ValuesImpact
ExtDepthDepth parameter for the swing identification algorithm6012-60Higher values identify more significant swing levels
ExtDeviationDeviation parameter for the swing identification algorithm53-10Higher values filter out smaller price fluctuations
ExtBackstepBackstep parameter for the swing identification algorithm32-5Affects how the EA confirms swing points

Summary and Recommendations

  • Start with lower risk settings (0.5-1% Account Percent For Lots) until familiar with EA behavior.
  • Test on major pairs like EURUSD, GBPUSD, USDJPY on H1 or H4 timeframes for swing trading.
  • Confirm broker server time for accurate session trading.
  • Always backtest settings before live trading to verify performance.
  • Use a reliable VPS to ensure 24/7 operation without interruptions.
  • Avoid frequently changing parameters based on short-term results.
  • Ensure you understand the interaction between partial take profits and multi-order management.
  • Verify whether your broker calculates in pips (5-digit) or points (4-digit) for stop loss and take profit values.
  • Consider reducing the default fixed lot sizes if trading with a smaller account.
  • Enable Moving Average Filter for additional trend confirmation when trading volatile pairs.

Important Risk Warning

Trading Forex and using Expert Advisors involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. Swing Killer EA’s performance depends on market conditions which can change unpredictably. Users are solely responsible for proper installation, risk management, thorough testing, and any financial losses incurred. Trading with this EA should only be done with risk capital that you can afford to lose.

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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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