Forex EA Settings Guides

WallStreet Forex Robot EA MT4: Complete Settings Guide

Posted on by Jason Chen
Table of Contents

WallStreet Forex Robot EA MT4: Complete Settings Guide

WallStreet Forex Robot is a MetaTrader 4 EA designed to identify and exploit lucrative Forex trading patterns, particularly on the EURUSD M15 timeframe. This guide aims to help you customize its parameters to match your trading style and risk tolerance. The EA leverages ATR, WPR, CCI, and Moving Averages to execute trades with specific entry and exit filters, offering potential for consistent automation.

Detailed Analysis of Input Settings of WallStreet Forex Robot EA MT4

WallStreet Forex Robot’s parameters are organized by functionality, including trading filters, order execution settings, risk management, and trade direction preferences.

WallStreet Forex Robot EA MT4 Inputs 1
WallStreet Forex Robot EA MT4 Inputs 2

Technical Indicators Settings

Parameter NameDescriptionDefault ValueRange en/Recommended ValuesImpact
ATR_PeriodDefines the period for Average True Range calculation1410-20Higher values create more stable volatility measurement
WPR_PeriodSets the period for Williams Percent Range indicator117-14Lower values increase sensitivity to price changes
FilterATRVolatility filter threshold using ATR64-8Lower values allow more trades in less volatile conditions
CCI_OpenFilterCommodity Channel Index threshold for trade entry150.0100-200Higher values create stricter entry conditions
IMA_Filter_Open_aFirst Moving Average period for entry filter1510-20Shorter period increases sensitivity to recent price action
IMA_Filter_Open_bSecond Moving Average period for entry filter3930-50Longer period provides broader market context
WPR_Filter_Open_aLower WPR threshold for entry-99-99 to -90Lower boundary for oversold condition
WPR_Filter_Open_bUpper WPR threshold for entry-95-97 to -80Upper boundary for oversold condition
Price_Filter_ClosePrice-based exit filter period1410-20Influences when trades are closed based on price action
WPR_Filter_CloseWPR threshold for exit decisions-19-30 to -10Higher values close trades earlier in overbought conditions

Trade Direction and Execution Settings

Parameter NameDescriptionDefault ValueRange en/Recommended ValuesImpact
LongTradeEnables buy tradestruetrue/falseDisabling removes buy signals
ShortTradeEnables sell tradestruetrue/falseDisabling removes sell signals
No_Hedge_TradesPrevents opening opposite direction tradesfalsetrue/falseSetting to true reduces risk but limits opportunities
OneOrderInBarModeLimits to one trade per price bartruetrue/falsePrevents multiple signals on same bar
MagicNumberUnique identifier for EA orders777Any unique numberEnsures EA only manages its own orders
MaxSpreadMaximum acceptable spread for trading4.02.0-6.0 (pips)Lower values ensure better trade entry prices but fewer trades
OpenSlippageMaximum acceptable slippage on entry3.01.0-5.0 (pips)Lower values improve entry precision but may increase requotes
CloseSlippageMaximum acceptable slippage on exit5.02.0-7.0 (pips)Higher values prioritize closing trades over precise exit price
RequoteAttemptsNumber of retry attempts for rejected orders53-10Higher values increase chances of order execution during volatility

Risk Management and Profit Settings (Version 3.8.5)

Parameter NameDescriptionDefault ValueRange en/Recommended ValuesImpact
TakeProfitFixed profit target in pips1510-30Lower values secure profits quicker but may limit potential
StopLossMaximum loss limit in pips12040-80Default is very large; significantly lower values recommended for better risk control
UseStopLevelsEnables the use of SL/TP levelstruetrueKeep enabled for proper risk management
IsMarketExecutionOptimizes for market execution brokerstruetrue/falseSet according to your broker’s execution model
SecureProfitProtects profits by moving stop loss53-10 (pips)Higher values secure more profit but risk earlier exits
SecureProfitTriggerPip threshold to activate secure profit-10-15 to -5Closer to zero triggers profit protection earlier
MaxLossPointsMaximum allowed loss from slippage32-5 (points)Lower values reject trades with excessive entry slippage

Money Management Settings (Version 3.8.5)

Parameter NameDescriptionDefault ValueRange en/Recommended ValuesImpact
RecoveryModeEnables position size increases after lossestruefalse recommendedTrue creates higher risk; disable for safer trading
FixedLotFixed lot size when not using auto money management0.10.01-0.5Start with 0.01 per $1,000 account balance for safety
AutoMMAuto money management percentage20.02.0-10.0Default is very aggressive; use 2-5% for safer risk management
AutoMM_MaxMaximum lot size for auto money management30.01.0-5.0Set much lower than default to prevent excessive position sizing
RiskRisk factor for money management45.010.0-20.0Lower values decrease overall risk exposure
MultiLotPercentMultiplier for increasing lot sizes in recovery mode1.31.0-1.1Use 1.0 to disable lot increase or very small values like 1.05

Logging Settings

Parameter NameDescriptionDefault ValueRange en/Recommended ValuesImpact
WriteLogEnables basic loggingtruetrue/falseEnables tracking EA activity in logs
WriteDebugLogEnables detailed debugging informationtruetrue for testing, false for liveCreates more comprehensive logs for troubleshooting
PrintLogOnChartDisplays log information directly on charttruetrue/falseProvides visual feedback of EA operations

Summary and Recommendations

  • Use EURUSD M15 timeframe as the EA is specifically optimized for this pair and timeframe.
  • Start with much smaller lot sizes than defaults (0.01 per $1,000 balance).
  • Reduce StopLoss from 120 to 40-60 pips for better risk control.
  • Disable RecoveryMode for safer trading or set MultiLotPercent to 1.0.
  • Lower AutoMM from 20.0 to 2.0-5.0 to prevent excessive risk exposure.
  • Ensure your broker offers low spreads on EURUSD (below 2.0 pips ideally).
  • Test all settings on a demo account for at least 1-2 months before live trading.
  • Verify if your broker counts in 4 or 5 digits to correctly interpret pip values.
  • Expect reduced performance compared to backtests due to slippage and spread variations.
  • Maintain a minimum account balance of $1,000 for adequate risk management.
  • Setup proper VPS to ensure uninterrupted EA operation.
  • Review and adjust parameters quarterly to adapt to changing market conditions.

Important Risk Warning

Forex trading involves substantial risk of loss. Past performance of WallStreet Forex Robot is not indicative of future results. Market conditions change constantly, affecting EA performance. Users are solely responsible for proper installation, parameter settings, and risk management. Always test thoroughly on demo accounts before live trading. The developer bears no responsibility for any losses incurred.

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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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