General Settings
Receipt Code
This is a personal activation code you will need to enter in order to use LineTrader, and should only need to be entered once.
Additional instances of LineTrader running on the same computer (in the same or different copies of MT4) should activate automatically.
Trade Settings
Lot Size
This setting specifies the lot size you want to trade
Take Profit (pips)
Specify the pip profit you plan to target i.e. 20
If the value is negative i.e. -20, then half of the trade is closed (profitably) when the TP is reached and the remaining half of the trade is left to run with a trailing stop to lock in profits
Stop Loss (pips)
Specify your preferred stop loss (SL) distance
Move SL To BE After (pips)
Specify how many pips a trade must be in profit before the stop loss is moved to break-even (0 = disabled)
Trail SL After (pips)
Specify how many pips in profit a trade must be before the trailing stop will be activated (0 = disabled)
Trailing Stop (pips)
Specify the trailing stop (TS) distance (0 = disabled)
Trailing Step (pips)
Specify how often the trailing stop is moved
Reference
LineTrader needs to know which trades it is managing, and that is achieved by specifying a Reference number.
If you need LineTrader to trade different settings on the same currency pair at the same time then you can attach LineTrader to another chart – just enter a different (unique) reference number.
If multiple instances of LineTrader are trying to trade the same currency pair using the same reference number then each instance will try to apply its own settings to manage the trades and results will be unpredictable.
Recovery Settings
Recovery Mode
LineTrader includes an advanced loss-recovery system which is designed to minimize margin requirements and swap costs during recovery sequences.
When enabled, a new trade will be opened in the current market direction whenever a stop loss (SL) occurs.
The size of the new trade is calculated (based upon the specified Take Profit distance) to recover all previous losses in the current trade sequence and to achieve the specified profit objective i.e. if the profit objective is $20 and there were 2 previous closed losses totaling $70 including swap and commission costs then the new trade will aim to close with a total profit of $90.
If successful (TP occurred and all losses + target profit was achieved) then the sequence is considered complete.
Minimum Loss To Recover
This option allows you to specify which losses are recovered:
Default SL will only attempt to recover losses is the original stop loss is triggered
Any loss activates recovery mode regardless of where the stop loss triggered
Recovery Attempts
This option allows you to limit how many times LineTrader will attempt to recover a losing sequence of trades
Recovery Lot Size Limit
A recovery sequence depends on the ability to open progressively larger trades so, to prevent excessively-large recovery trade sizes, you can set a maximum value that reflects a safe choice for your account (based on its free margin and leverage)
Recovery Trade Stop Loss (pips)
Specify the SL distance to use for recovery trades
To avoid the size of recovery trades from increasing too quickly, the SL distance should be less than the TP distance.
Recovery Trade Take Profit (pips)
Specify the TP distance to use for recovery trades
To avoid the size of recovery trades from increasing too quickly, the TP distance should be more than the SL distance.
Note: LineTrader automatically monitors negative swap on recovery trades and will adjust the TP distance to compensate.
Recovery Factor (TP x ? x attempts)
Because a recovery sequence relies on progressively-larger trades, the initial target profit can become disproportionately small when compared to the current recovery trade.
For example, a $10.00 profit target (from what began as a 0.1 lot trade) is not appropriate for a 1.0 lot recovery trade – just 1 pip of slippage could wipe out the expected profit.
To help avoid that situation, a Recovery Factor can be set in order to increase the target profit of each trade in the recovery sequence.
For example, if the initial target profit was $10.00 and Recovery Factor is set to 0.25 (25%) then then the 1st recovery trade will try to close with an overall profit of $12.50 (the original $10.00 + 25% of $10.00). If a 2nd recovery trade is required then it will try to achieve a profit of $15.00 (the original $10.00 + 2 x 25% of $10.00), and so on.
Note: The recovery system treats split orders as one trade, and therefore considers the sum profit of both trades before deciding whether to begin a recovery sequence i.e. if half of a trade was closed at +10 pips and the remaining half closed at -5 (or even -10) pips then the trade would be considered profitable (or “break-even”) and no recovery would be attempted.
Timed Orders / Trades
LineTrader includes a flexible system for triggering trades and orders at specific or general times by entering a date and/or time in one of the following formats:
hh:mm:ss will try to place the requested order every day at the specified hour/minute/second
hh:mm will try to place the requested order every day during the specified hour/minute
yyyy.mm.dd hh:mm:ss will try to place the requested order at the specified hour/minute/second on the specified date
yyyy.mm.dd hh:mm will try to place the requested order during the specified hour/minute on the specified date
Example: xxxxxxxxxxxxx
Do not change anything in these fields – they are just examples of how to format dates and times for the order types explained below:
Buy/Sell Timed At (no offset)
LineTrader will try to place a market buy/sell trade at the specified date and/or time.
Buy/Sell Stop and Buy/Sell Limit Timed At
LineTrader will try to place a pending buy/sell order at the specified date and/or time. The order will be placed Market Offset pips from the current Bid/Ask price at that time.
Market Offset (timed pending orders)
This option allows you to decide how far timed pending orders should be opened above/below whatever current market price is at the time the orders are placed.
Confirmation Pips (triggered orders)
When using horizontal and/or trend lines to trigger orders, this setting allows you to specify how far beyond a line that price must move before a trade is triggered.
Pending Orders Lifespan (minutes)
This feature determines how long pending orders remain active.
Notification Settings
These options enable/disable pop-up alerts, as well as email and push notifications.
Push notifications must be configured via the Notifications tab of the Tools-Options menu in MT4.
Email notifications must be configured via the Email tab of the Tools-Options menu in MT4.
Colours / Panel / Margin Settings
These options allow you to set preferred colours and positions of the on-chart display elements.
IMPORTANT:
Before using LineTrader on a live account, be sure to practice thoroughly on a demo account until you are familiar with all of the functionality the system provides.
You may also run LineTrader in the MT4 Strategy Tester, which is a fast and convenient way to learn how to set up the channel and trend lines that LineTrader uses to enter positions, and to observe LineTrader in operation.
Note: The MT4 Strategy Tester does not support manual closing of trades, so a special “Close All Trades / Orders” button will be visible in the control cluster (on the right of the chart) when LineTrader is running in the Strategy Tester – clicking the button will immediately close any trades / orders without asking for confirmation (which is fine for testing purposes).
Risk warning: Trading foreign exchange and futures on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you, as well as to your advantage. Before deciding to invest in foreign exchange or futures, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange and futures trading, and consult with an independent financial advisor if you have any doubts.
IMPORTANT: This Expert Advisor is provided without warranty of any kind and may result in financial loss. If you choose to use this Expert Advisor in your own trading then it is on the understanding that you ccept all associated liabilities and are using it at your own risk.
