Introduction

This guide will serve as the complete settings guide for setting up Forex Recovery Bot.

The bot features many different settings to accommodate for a wide range of recovery situations. We encourage clients to 1) read this guide entirely 2) test settings on a demo account before using it in a live situation.

Attaching The Bot To A Chart:

The trader should open a new M15 timeframe chart, attach the bot, and enter the input settings.

- The chart symbol does not matter
- The bot should only be attached to one chart. The bot can recover different symbols from one chart.

Step 1) Recovery Mode Activation Settings:

These settings determine when the bot enters recovery mode, and begins recovering losing trades.

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.

Step 2) Symbols To Recover Settings

These settings allow trades to pinpoint the exact orders that they wish to recover with the bot. The three most common situations are:

Situation 1) Single Order Recovery
Situation 2) Multiple Order Recovery (Same Symbol)
Situation 3) Multiple Order Recovery (Different Symbols)

Situation 1) Single Order Recovery:

The trader has one order that needs to be recovered.

Step 1) Under "recover by magic number or by ticket" select: "recover by ticket number"

Step 2) In the "order ticket number to recover" section input the ticket number of the order that you wish to recover.





Situation 2) Multiple Order Recovery (Same Symbol)

The trader has multiple losing orders under the same symbol. Example; 5 losing orders on EUR/USD.

Step 1) Under the "symbols to recover" setting, select "current symbol only".


Situation 3) Multiple Order Recovery (Different Symbols)

In this situation the trader has multiple losing orders under different symbols and would like to use the same recovery order settings across all symbols. An example of this would be; 3 losing EUR/USD trades, 4 losing AUD/USD trades, and 2 losing EUR/JPY trades. The trader would like to use the same recovery order settings for all three different symbols.

Step 1) Under "symbols to recover" select either "One symbol at a time" (recommended) OR "all symbols"

One symbol at a time: The bot will work to recover one symbol at a time. For example, if there are losing order under EUR/USD, AUD/USD, and EUR/JPY; the bot will first work to recover the EUR/USD losing trades. Once all losing EUR/USD trades are recovered the bot will then work to recover the AUD/USD losing trades. The bot will continue the process one symbol at a time until all trades are recovered.

All Symbols: The bot will work to recover all losing trades across all symbols at one time. This option is riskier as it requires more account capital to open recovery trades, however it can speed up the overall recovery process. Please ensure that you have an appropriate amount of margin to manage the trades.

Step 3) Remaining General Settings:

There are several remaining general settings to be configured:

Close profitable orders at recovery start: If enabled, the bot will close any profitable orders on the account automatically
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.
Hedge losing orders: We highly recommend leaving this setting set to true.
Magic number for hedge order: The magic number that will be used for the hedge order placed by the bot. You may use any number.
Custom order comment: You may set a custom order comment for trades opened by Forex Recovery Bot.

Step 4) Recovery Order Settings:

Traders may use our predefined recovery order settings OR enter their own.

Our pre-defined settings:

We have built in several different settings into the bot to assist traders with easily getting started. The predefined settings range from low risk - high risk gold. We recommend that traders test each of the settings to see what they are most comfortable with using, and what is best appropriate for their recovery situation.

A detailed overview of each predefined recovery setting can be found by clicking here.

Manual Settings:

We also offer the ability for traders to use their own customized settings. To use your own settings simply select "manual settings" from the drop down box, and then fill out each input setting that has a * next to it.

Grid or zone recovery mode: Determines whether the bot will use a grid or zone algorithm for recovery orders
Allowed types of orders: Determines what direction of orders the bot will be able to open (buy, sell, or both)
Grid step – points: If grid recovery is used, this will be the distance (in points) that new orders are added to the grid.
Grid step multiplier: This multiplier can be used to increase the distance between grid orders as more orders are added. This multiplier is used against “grid step” each time a new order is added.
One trade per candle - grid mode only: This setting will restrict the bot to making only one trade per candle, even if the other distance parameters are met.
Trend filter, grid mode only: Enable / disable the use of a trend filter when starting a new grid.
Lot size multiplier: A multiplier which is used against the starting lot size each time a new order is added to the grid.
Zone side – points: If zone recovery is selected, this will be the distance in points that the bot will create a buy and sell stop order zone around the current price.

Remaining Recovery Settings:

After selecting predefined order settings or entering your own, you can complete the remaining settings:

Recovery order starting lot size: The starting order lot size for recovery trades. - Additional documentation for this setting can be found by clicking here.
Maximum spread: The maximum allowed spread, in points
Maximum slippage: The maximum allowed slippage, in points
Maximum lot size: : The maximum allowed lot size that the bot will be able to use for recovery trades. -1 will allow all lot sizes.
Magic number for recovery orders: This will be the magic number used for recovery trades opened by the bot.

Step 5) Positive Grid Settings:

Documentation about this feature can be found by clicking here.

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

Step 6) Recovery Closure:

These settings are used to determine closure of the recovery orders and profit settings.

Recovery Order: 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.
Take profit to close part of losing order: The take profit (in currency) that is required to close part of your losing trade and recovery orders together.
Smart Closure: Enable / disable the use of smart closure. Please note that smart closure will break the hedge. Read our full documentation about this feature by clicking here.
Smart Closure Threshold, percent: The percentage that is required for the bot to use smart closure. For example, if set to 50 - when the bot can close 50% 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

Step 7) Stop Recovery Bot Settings:

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.
Use Fail Safe: a feature that is used to protect your account from bad settings.
Fail safe range, second: The number of seconds the bot will check for bad settings
Fail safe number of orders: If the bot opens this many orders within the time frame specified in the setting above then the bot will consider the settings bad and stop itself. For example, fail safe range is set to 60, and fail safe number of orders is set to 10 - the bot will stop itself if more than 10 orders is opened by the bot within 60 seconds.

Step 8 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.

Step 9) Alerts:

Finally, select your desired alerts settings.

Updated on: 27/06/2024