Input Settings Guide
In this guide we will provide an overview and description of each of the input settings section for the bot. We strongly encourage users to read this guide in full, and contact us with any questions they might have about the settings features.
Furthermore, we always advise users to test the bot on a demo account to ensure that full understanding of the bot and it's settings are had before using it on a live account.
In this guide we will cover:
Chart & Timeframe Settings
General Settings
Recovery Order Settings
Safety Settings
Recovery Closure Settings
Positive Grid Settings
Emergency Stop Recovery Bot
News Filter
Alerts
Backtest Settings
Manual Recovery Order Settings
Timeframe: We recommend running the bot on a chart set to the M15 timeframe, however the bot will technically run on any timeframe. Trader should be mindful that when using a higher timeframe chart, and "one trade per candle" setting that it might cause the bot to trade less often.
Chart:
- The bot should only be attached to one chart. The bot can recover different symbols from one chart.
- The chart symbol of which the bot is attached to does not matter.
The settings found within the general settings mostly refer to when the bot enter recovery mode, and what events should happen when recovery mode is activated.
Determines when bot enters recovery mode: These settings will direct the bot to enter recovery mode based on certain situations.
Start Immediately - The bot will enter recovery mode immediately after activation.
Start on DD - The bot will enter recovery mode based on the overall drawdown on the account.
Start on Floating Loss - The bot will enter recovery mode based on the a specific floating loss on the overall account.
Drawdown % for DD start OR floating loss start - If start on DD or floating loss is selected, this setting is used to determine the threshold to start the bot.
Example 1; Start on DD is selected. Drawdown % for DD start is set to 10.0. This means that when the overall account drawdown reaches 10%, the bot will enter recovery mode.
Example 2; Start on floating loss is selected. Drawdown % for DD start OR floating loss start is set to 200.0. This means that when the overall floating loss of the entire account reaches $200 the bot will enter recovery mode.
Symbols To Recover: These settings allow traders to pinpoint the exact orders that they wish to recover with the bot.
Current chart symbol only: When recovery mode is activated the bot will only recover trades of the same symbol for the chart which it is attached to. For example: If they bot is attached to a EUR/USD chart, then the bot will only recover losing EUR/USD trades when recovery mode is activated.
All Symbols: When recovery mode is activated, the bot will recover all losing trades at the same time under the account - even if it is under a different symbol than the chart that the bot is attached to. For example; the bot is attached to a EUR/USD chart. On the account are losing trades under EUR/USD, USD/JPY, and USD/CAD. When recovery mode is activated the bot will actively work to recover trades under all three symbols at the same time.
One symbol at a time: When recovery mode is activated, the bot will recover all losing trades under the account, but it will do so one symbol at a time. In the example above we have one account with losing trades on EUR/USD, USD/JPY, and USD/CAD. When recovery mode is activated the bot will first work to recover losing trades under EUR/USD. Once recovery of all trades under this symbol is completed the bot will then move on to USD/JPY. Once recovered the bot will recover trades under USD/CAD.
Recover by magic number or by ticket: This setting can be useful for traders who wish to recover specific trades made by an expert advisor or by individual ticket number. The default setting of recovery by magic number and "-1" will mean that all losing trades under the symbol will be recovered.
Recovery by magic number: The bot will pinpoint trades to recover based on magic number.
Recovery by ticket number: The bot will pinpoint trades to recover based on the order ticket number.
The magic number of orders for recovery: If you wish to only recover trades made by another EA, you may enter the magic number of the EA trades here. The bot will only recover these specific trades. The default setting of -1 will mean that the bot will recover all trades.
Order ticket numbers to recover - separated by comma - If you only wish to recover a specific order ticket you may enter the ticket number in this box (separated by comma for multiple orders). You may find the order ticket number of the trade in the order box at the bottom of the platform.
Close profitable orders at recovery start: If enabled, the bot will close any profitable orders on the account when recovery mode is activated
Enable/disable closing charts at recovery start: If enabled, the bot will close all other charts on the account. This is usable for stopping other EAs/bots from running automatically.
Charts to close: If you only wish to close specific charts at the start of recovery you may enter the symbol here. For example if you wish to close only the EUR/USD chart, then you would enter EUR/USD here. If the field is left blank and the above setting is enabled then the bot will close all other charts.
Hedge losing orders: We highly recommend leaving this setting set to true.
Custom order comment: You may set a custom order comment for trades opened by Forex Recovery Bot.
This section is for settings related to the recovery orders which are opened by the bot. The profit from these recovery orders are used by our smart recovery algorithm to close the total losing order volume in smaller portions until the entire volume is recovered.
Please read the guide for this specific section here - Picking Your Recovery Settings
Use our predefined settings or manual: Users can select from our pre-defined recovery order settings, or opt to use their own manual settings.
Recovery order starting lot size: The starting order lot size for recovery trades. - Please read our guide on this setting here - Recovery Order Starting Lot Size Guide
Maximum spread: The maximum allowed spread, in points
Maximum slippage: The maximum allowed slippage, in points
Magic number for hedge order: This will be the magic number used for the losing order volume hedge created by the bot.
Magic number for recovery orders: This will be the magic number used for recovery trades opened by the bot.
This section of the bot includes safety settings which can be used to improve overall safety of recover trades.
Please read the guide for this specific section here: Safety Center - Tips For Running The Bot Safely & Trend Filter
Trend filter: Enable or disable a trend filter for recovery trades. If enabled, the bot will detect the current price trend and only start a recovery grid when it matches the current trend. Example: If trend is up, then the bot will start a buy recovery grid.
Trend Filter Timeframe: The timeframe that the bot will use when determining the trend
Trend Filter Sensitivity: The sensitivity of the trend filter. LOW = short term trend, will detect trend changes faster. MEDIUM = intermediate trend, will detect trend changes fairly fast. HIGH = longer term trend, will take more price movement to detect to change in trend.
Only Add New Orders With Trend: If enabled the bot will only add new recovery grid trades when the trend matches. Example, the bot opens a buy recovery grid because currently the trend is up. The trend changes to down, but the buy recovery grid is not yet closed. The bot will not add any new trades to the buy grid and will wait until the trend is back up again before adding new buy trades.
Maximum Lot Size: The maximum lot size that the bot will use for recovery trades. Example, if set to 0.10 then the bot will open recovery trades starting from your recovery order starting lot. If the bot reaches 0.10 lots, then the bot will not use any larger lot sizes, and instead continue opening 0.10 trades until the recovery grid is closed.
Maximum Number Of Recovery Orders: The maximum number of recovery trades that the bot will use in a grid. If the maximum number is reached the the bot will not open any new orders until the grid is closed.
These settings are used to determine closure of the recovery orders and profit settings.
Order of Recovery: Direct the bot to work on recovering the oldest or newest orders first
Losing order close size: This will be the increment lot volume that the bot will close your original losing order by.
Smart Closure: Enable / disable the use of smart closure. When enabled the bot will look for additional chances to recover volume.
Smart Closure Threshold, percent: The percentage that is required for the bot to use smart closure. For example, if set to 20 - when the bot can close 20% of the total losing order volume with other profitable orders it will take action.
End recovery early when this many lots are left: This setting can be used to stop the recovery process early when there is a specific amount of lots left. -1 = off
Close EA when recovery is completed: Once all orders are recovered the bot will detach itself from the chart
The positive grid feature allows the bot to close grid more quickly as price moves in our favor.
Please read the full guide which we have published about this section here: Positive Grid Feature Overview & Settings.
Enable Positive Grid: Enable / Disable the positive grid feature
Positive Grid Step: The number of pips that price must move in our direction before the bot will add a positive grid order. Example: if set to 100, each time price moves 10 pips / 100 points in our direction, the bot will open a new positive grid trade.
Positive Grid Min Distance to TP: If price is X points away from take profit, the bot will not open a new trade. Example, if set to 100, then if price is 10 pips / 100 points away from take profit the bot will not add a new positive grid - as price is already close to closing the grid
These settings can be used as an emergency stop in the event that the trader needs to stop the bot for any reason before recovery is completed.
Max DD%: If the account drawdown of the account reaches this amount, the bot will close all recovery orders and hedges. NOTE: THIS WILL RESULT IN REALIZED LOSSES.
EMERGENCY STOP - bot will immediately stop and close all orders: An emergency stop for the bot. If this setting is set to true, and the bot is initialized again it will immediately close all recovery orders and hedges. NOTE: THIS WILL RESULT IN REALIZED LOSSES.
The bot features a news filter, which can be used to automatically pause the bot before high impact news events. This can be useful to avoid increased drawdown during volatile market moves.
Use news filter: If enabled, determine how you wish to apply the news filter to recovery bot trades
Impact Low: Apply the news filter settings to low impact news
Medium Impact: Apply the news filter settings to medium impact news
High Impact: Apply the news filter settings to high impact news
Do not trade before news: The number of minutes before news events to apply the news filter according to the settings set above.
Do not trade after news: The number of minutes after news events which the news filter will be disabled.
Finally, select your desired alerts settings.
If manual recovery trade settings were selected, you can enter your settings here. If our pre-defined settings were selected then you can ignore this section.
Furthermore, we always advise users to test the bot on a demo account to ensure that full understanding of the bot and it's settings are had before using it on a live account.
In this guide we will cover:
Chart & Timeframe Settings
General Settings
Recovery Order Settings
Safety Settings
Recovery Closure Settings
Positive Grid Settings
Emergency Stop Recovery Bot
News Filter
Alerts
Backtest Settings
Manual Recovery Order Settings
Chart & Timeframe Settings
Timeframe: We recommend running the bot on a chart set to the M15 timeframe, however the bot will technically run on any timeframe. Trader should be mindful that when using a higher timeframe chart, and "one trade per candle" setting that it might cause the bot to trade less often.
Chart:
- The bot should only be attached to one chart. The bot can recover different symbols from one chart.
- The chart symbol of which the bot is attached to does not matter.
General Settings Section
The settings found within the general settings mostly refer to when the bot enter recovery mode, and what events should happen when recovery mode is activated.
Determines when bot enters recovery mode: These settings will direct the bot to enter recovery mode based on certain situations.
Start Immediately - The bot will enter recovery mode immediately after activation.
Start on DD - The bot will enter recovery mode based on the overall drawdown on the account.
Start on Floating Loss - The bot will enter recovery mode based on the a specific floating loss on the overall account.
Drawdown % for DD start OR floating loss start - If start on DD or floating loss is selected, this setting is used to determine the threshold to start the bot.
Example 1; Start on DD is selected. Drawdown % for DD start is set to 10.0. This means that when the overall account drawdown reaches 10%, the bot will enter recovery mode.
Example 2; Start on floating loss is selected. Drawdown % for DD start OR floating loss start is set to 200.0. This means that when the overall floating loss of the entire account reaches $200 the bot will enter recovery mode.
Symbols To Recover: These settings allow traders to pinpoint the exact orders that they wish to recover with the bot.
Current chart symbol only: When recovery mode is activated the bot will only recover trades of the same symbol for the chart which it is attached to. For example: If they bot is attached to a EUR/USD chart, then the bot will only recover losing EUR/USD trades when recovery mode is activated.
All Symbols: When recovery mode is activated, the bot will recover all losing trades at the same time under the account - even if it is under a different symbol than the chart that the bot is attached to. For example; the bot is attached to a EUR/USD chart. On the account are losing trades under EUR/USD, USD/JPY, and USD/CAD. When recovery mode is activated the bot will actively work to recover trades under all three symbols at the same time.
One symbol at a time: When recovery mode is activated, the bot will recover all losing trades under the account, but it will do so one symbol at a time. In the example above we have one account with losing trades on EUR/USD, USD/JPY, and USD/CAD. When recovery mode is activated the bot will first work to recover losing trades under EUR/USD. Once recovery of all trades under this symbol is completed the bot will then move on to USD/JPY. Once recovered the bot will recover trades under USD/CAD.
Recover by magic number or by ticket: This setting can be useful for traders who wish to recover specific trades made by an expert advisor or by individual ticket number. The default setting of recovery by magic number and "-1" will mean that all losing trades under the symbol will be recovered.
Recovery by magic number: The bot will pinpoint trades to recover based on magic number.
Recovery by ticket number: The bot will pinpoint trades to recover based on the order ticket number.
The magic number of orders for recovery: If you wish to only recover trades made by another EA, you may enter the magic number of the EA trades here. The bot will only recover these specific trades. The default setting of -1 will mean that the bot will recover all trades.
Order ticket numbers to recover - separated by comma - If you only wish to recover a specific order ticket you may enter the ticket number in this box (separated by comma for multiple orders). You may find the order ticket number of the trade in the order box at the bottom of the platform.
Close profitable orders at recovery start: If enabled, the bot will close any profitable orders on the account when recovery mode is activated
Enable/disable closing charts at recovery start: If enabled, the bot will close all other charts on the account. This is usable for stopping other EAs/bots from running automatically.
Charts to close: If you only wish to close specific charts at the start of recovery you may enter the symbol here. For example if you wish to close only the EUR/USD chart, then you would enter EUR/USD here. If the field is left blank and the above setting is enabled then the bot will close all other charts.
Hedge losing orders: We highly recommend leaving this setting set to true.
Custom order comment: You may set a custom order comment for trades opened by Forex Recovery Bot.
Recovery Order Settings
This section is for settings related to the recovery orders which are opened by the bot. The profit from these recovery orders are used by our smart recovery algorithm to close the total losing order volume in smaller portions until the entire volume is recovered.
Please read the guide for this specific section here - Picking Your Recovery Settings
Use our predefined settings or manual: Users can select from our pre-defined recovery order settings, or opt to use their own manual settings.
Recovery order starting lot size: The starting order lot size for recovery trades. - Please read our guide on this setting here - Recovery Order Starting Lot Size Guide
Maximum spread: The maximum allowed spread, in points
Maximum slippage: The maximum allowed slippage, in points
Magic number for hedge order: This will be the magic number used for the losing order volume hedge created by the bot.
Magic number for recovery orders: This will be the magic number used for recovery trades opened by the bot.
Safety Settings
This section of the bot includes safety settings which can be used to improve overall safety of recover trades.
Please read the guide for this specific section here: Safety Center - Tips For Running The Bot Safely & Trend Filter
Trend filter: Enable or disable a trend filter for recovery trades. If enabled, the bot will detect the current price trend and only start a recovery grid when it matches the current trend. Example: If trend is up, then the bot will start a buy recovery grid.
Trend Filter Timeframe: The timeframe that the bot will use when determining the trend
Trend Filter Sensitivity: The sensitivity of the trend filter. LOW = short term trend, will detect trend changes faster. MEDIUM = intermediate trend, will detect trend changes fairly fast. HIGH = longer term trend, will take more price movement to detect to change in trend.
Only Add New Orders With Trend: If enabled the bot will only add new recovery grid trades when the trend matches. Example, the bot opens a buy recovery grid because currently the trend is up. The trend changes to down, but the buy recovery grid is not yet closed. The bot will not add any new trades to the buy grid and will wait until the trend is back up again before adding new buy trades.
Maximum Lot Size: The maximum lot size that the bot will use for recovery trades. Example, if set to 0.10 then the bot will open recovery trades starting from your recovery order starting lot. If the bot reaches 0.10 lots, then the bot will not use any larger lot sizes, and instead continue opening 0.10 trades until the recovery grid is closed.
Maximum Number Of Recovery Orders: The maximum number of recovery trades that the bot will use in a grid. If the maximum number is reached the the bot will not open any new orders until the grid is closed.
Recovery Close Settings:
These settings are used to determine closure of the recovery orders and profit settings.
Order of Recovery: Direct the bot to work on recovering the oldest or newest orders first
Losing order close size: This will be the increment lot volume that the bot will close your original losing order by.
Smart Closure: Enable / disable the use of smart closure. When enabled the bot will look for additional chances to recover volume.
Smart Closure Threshold, percent: The percentage that is required for the bot to use smart closure. For example, if set to 20 - when the bot can close 20% of the total losing order volume with other profitable orders it will take action.
End recovery early when this many lots are left: This setting can be used to stop the recovery process early when there is a specific amount of lots left. -1 = off
Close EA when recovery is completed: Once all orders are recovered the bot will detach itself from the chart
Positive Grid Settings:
The positive grid feature allows the bot to close grid more quickly as price moves in our favor.
Please read the full guide which we have published about this section here: Positive Grid Feature Overview & Settings.
Enable Positive Grid: Enable / Disable the positive grid feature
Positive Grid Step: The number of pips that price must move in our direction before the bot will add a positive grid order. Example: if set to 100, each time price moves 10 pips / 100 points in our direction, the bot will open a new positive grid trade.
Positive Grid Min Distance to TP: If price is X points away from take profit, the bot will not open a new trade. Example, if set to 100, then if price is 10 pips / 100 points away from take profit the bot will not add a new positive grid - as price is already close to closing the grid
Emergency Stop Recovery Bot
These settings can be used as an emergency stop in the event that the trader needs to stop the bot for any reason before recovery is completed.
Max DD%: If the account drawdown of the account reaches this amount, the bot will close all recovery orders and hedges. NOTE: THIS WILL RESULT IN REALIZED LOSSES.
EMERGENCY STOP - bot will immediately stop and close all orders: An emergency stop for the bot. If this setting is set to true, and the bot is initialized again it will immediately close all recovery orders and hedges. NOTE: THIS WILL RESULT IN REALIZED LOSSES.
News Filter Settings:
The bot features a news filter, which can be used to automatically pause the bot before high impact news events. This can be useful to avoid increased drawdown during volatile market moves.
Use news filter: If enabled, determine how you wish to apply the news filter to recovery bot trades
Impact Low: Apply the news filter settings to low impact news
Medium Impact: Apply the news filter settings to medium impact news
High Impact: Apply the news filter settings to high impact news
Do not trade before news: The number of minutes before news events to apply the news filter according to the settings set above.
Do not trade after news: The number of minutes after news events which the news filter will be disabled.
Alerts:
Finally, select your desired alerts settings.
Manual Settings:
If manual recovery trade settings were selected, you can enter your settings here. If our pre-defined settings were selected then you can ignore this section.
Updated on: 24/12/2024
Thank you!