FOREX MAESTRO SOFTWARE
Mike Johnson
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INSTALLATION MANUAL
Step 1. Install Meta Trader
The Forex Maestro Expert Advisor was designed to run on Meta Trader 4 platform only.
In order to use it, you have to install Meta Trader 4 first.
You can download it here
http://www.metaquotes.net/downloads/
Follow the instruction on the screen to complete the set up
Once you are done, click on the check box to launch Meta Trader 4.
Step 2: Open a demo account
You will be asked for opening an account when running Meta Trader for the first time.
Fill up all the necessary information to open a new account and Click Next to continue
Choose your trading server and click next
Click finish button to complete your account registration process. Congratulations. You
are done and ready to make profit
Step 3: Install The Forex Maestro Trading Software
1. You need to close the Meta Trader if you are running it
2. Go to the place where you save fxmaestrosoft.zip, and extract it.
3. Go to the folder where you extract fxmaestrosoft.zip to
4. Copy the file maestro.ex4 inside expert folder into to the 'expert' folder inside your
Meta Trader folder
5. Start your Meta Trader and you're done
Step 4: Running The Forex Maestro Trading Software
1. Launch Meta Trader if you haven't started it yet
2. Expand Expert inside the Navigator Panel
3. Right Click on the Maestro and choose attach to a chart (if you can not find the
navigator panel, then go to View -> Navigator or press Ctrl + N)
Step 5: How to make sure the Forex Maestro Software is running
correctly
First, you have to make sure that, Meta Trade allows the EA to run
Go to Tools -> Options and enable Expert Advisors
Expand the Expert inside the Navigator Panel and right click on Maestro and choose
Attach to chart
Right Click on the Chart window and choose Expert Advisors -> Properties
Set the options, remember to allow live trading
THE SETTINGS
MA_Length: 10
We use SMA 10. You can change this value to any value you are interested in.
MA_timeframe: 30
We apply the SMA into 30-minute timeframe. 1440 for D1 charts etc…
MA_type: 0
The SMA 10 is applied to CLose
Percent: 0.1
A very important setting that has great impact on performance.
Small = many trades, many large positions.
Large = less trades, fewer large positions
TradeOnFriday: 1
0 means don't trade on friday.
1 means trade on friday. Friday is often seen as a day that gives unrealistic moves.
Slip:100
It's not always possible to get the exact price you want.
This setting allows Maestro to accept less perfect prices.
Don't set it too low because it can make you miss trades.
Lots: 0.1
Lot size for each opening trade.
Takeprofit: 30
Profit target for each trade
Stoploss: 300
Total loss on all open positions in pips
PipStep: 30
When the position goes against Maestro it starts buying to average the position to a
better value. The value you enter here is how much the price must move to open a new
position.
Increment Type:0
When set at 0 it just uses the above mentioned PipStep. When set at something else it
gradually increases the size of PipStep. The logic behind this is if Maestro needs to buy
many lots the trend is strongly against us and will continue. So we can buy a bit later.
That way we get better averaging and less positions.
GMT: 2
Your broker timezone.
DST: 0
0=Standard 1=Daylight Saving
Opening Hour: 0
ClosingHour: 23
Trade will open between these time.
These settings are already optimized using Interbankfx broker.
PLEASE NOTE: Actually, I recommend you only pay attention to FOUR settings:
Lots, Takeprofit, Stoploss, and Pipstep and leave the rest at defaults.
IMPORTANT: 6-Digit Forex Quotes and Maestro Expert
Advisor
Many Forex brokers have started to offer 6 digit Forex quotes to via the MetaTrader 4
terminal recently. It has a lot of benefits for the scalping traders and opens up many
new trading possibilities for others. But there seems to be a problem with almost all
expert advisors that are applied to the MetaTrader 4 platform, which uses 6 digit Forex
quotes instead of the more conventional 5 digit format.
What exactly is 6-digit Forex quote? For example, if you use Alpari UK as your broker,
you might see this EUR/USD quote 1.26331. It's a 6-digit quote… whereas if you use
other brokers that use the more conventional 5 digit format, this quote would be 1.2633.
So, if your broker uses 6-digit forex quote, you need to make the following changes
in your Maestro settings:
Add a 0 digit at the end of your Takeprofit, Stoploss, and Pipstep
values.
For example, change your Takeprofit from 30 to 300
Change your Stoploss from 300 to 3000.
Change your PipStep 30 to 300.
RECOMMENDED TIMEFRAMES:
Although Maestro robot can be run on many timeframes ranging from 1-minute to daily,
I highly recommended you to use the robot on 5-minute, 15-minute and 30-minute only.
RECOMMENDED CURRENCY PAIRS:
I highly recommended you to use the robot on these 4 currency pairs:
EUR/USD, USD/CHF, USD/CAD, EUR/GBP
