MT4 Awesomizer V3 Basics you should know: The big idea. Awesomizer was built for scalping on MT4. Features like sending the SL and TP with the trade, trailing stops, sensitive SL lines on the chart that are easy to drag and drop, calculating lot sizes on the fly plus the ability to double or triple click to send in multiple trades are where it excels and why it exists. The other stuff like boxes, lines, news brackets, trailing entries are addons that give you new ways to interact with MT4. Awesomizer is a work in progress. It is continually evolving, and you can participate by sending your requests or ideas to me. How the software works There are two parts the EA that goes on your chart and the Awesomizer window. Install the EA on all the charts you intend to trade. You can switch the pair by flipping through the charts on your MT4 platform. 1
The Trade Tab 1. The green label at the top shows the current pair. Make sure the prices on the buttons matches the prices on the chart. The software picks up the active chart in your trading platform. Change the pair by flipping through your charts. (The EA needs to be installed on all the charts you intend to trade). 2. The spread filter prevents trades from going through if the spread is higher than this setting. You can turn the spread filter off by setting it to 2
0 (zero). Use this if you are trading during news, or other highly volatile sessions. 3. Strategy tester mode allows you to run Awesomizer on MT4's strategy tester. You can use this to get used to your trading system. 4. SL / TP a. Pip Targets: Set your SL / TP to a pip value. The software will calculate the price level on the fly. b. Precise targets: Set the exact price level of your SL / TP. c. Top / Bottom Target. Places a line on the chart. You can drag the line to support and resistance areas, or whichever area you intend to use as a visual trading target. The software will use the top line as a TP for buy trades and an SL for sell trades. And vice versa... bottom line will be an SL for buy trades and a TP for sell trades. 5. Stealth SL/TP. Does not send the SL/TP to the broker's server. Instead it will place a market order when the price reaches your target. Keep in mind that a normal SL/TP is a limit order in the opposite direction on the broker's server so it will be more accurate than market orders. a. The 'Break' option will close the trade as soon as the price crosses the level. b. The 'Close' option will close the trade when the candle closes beyond that level. 3
6. Position Size. Should be self-explanatory. The software will calculate the lot size on the fly. It is approximate because the prices of each currency in the pair, and the spreads could change before the position is filled. a. All risk-based options need a stop loss to calculate the position size. 7. Lock lots. Use this if you scale into positions and want to keep subsequent trades the same as the initial entry. Remember to unlock it when your trade is over. 8. Trailing Stop a. Start trailing after: waits for the trade to move x pips in your favor before it starts trailing the stop loss. b. Trailing Stop: The trailing stop distance. This is how far the stop loss should be behind the price. i. You can trail by pips ii. Or you can trail by the high/low x bars back. (Sell trades will use the high, buy trades will use the low). c. Move SL Every x pips. It will move the SL in steps. d. Trail Toggle... blue when the trailing stop is on, gray when it is off. e. Trail all trades, first trade, or last trade. It uses all the trades in your terminal. The easiest way to understand this is to express your exit rule in a 4
sentence. Example: When the trade goes 7 pips in my favor, trail the stop loss by 5 pips. Move the SL in 2 pip increments. 9. Reverse the first trade in your terminal. 10. Move the SL of positive trades to breakeven. 11. Close first / Close last. You can close a percentage of the position, or you can close a fixed lot size. 12. Close all winners / close all losers. 13. Open x positions with a single click. The split option will split the risk by the number of trades. 5
Boxes Tab 1. The normal behavior is to open a buy trade when the bid price breaks out of the top of the box, and a sell trade when the ask price breaks out of the bottom of the box. The Buy at ask, sell at bid check box reverses this behavior. 2. Bars Back the software will use this setting to find the height (lowest and highest points) of the box. 3. Bars Ahead. The software will use this setting to determine when the box expires and becomes invalid. A setting of 5 means the box will become invalid if the price does not break out in the next 5 candles. 6
4. Enter on breakout, or close. This will open a trade if the price breaks out of the box, or when the candle closes outside the box. 5. Buy and sell, buy only, sell only. Use this if you want to limit trades in one direction. 6. The Buffer adds a few pips to the highest / lowest points over the last x bars. 7. Mode a. Sticky will use the highest lowest over the last x bars. The box will not move or grow. b. Slide this will move the move and adjust the box with each new candle. c. Grow you can use this if you intend to wait for the candle to close outside the box. It will readjust the high/low of the box to the highest / lowest wicks over the last x bars. 8. Targets a. Stop Loss / Take Profit b. Risk and Reward as a ratio of the box height. If the box is 20 pips high, a Risk of 0.5 and reward of 2 will set a stop loss to 10 pips and a take profit of 40 pips. 9. Position size same as the trade tab. 7
10. Place box this will place a box on the current chart. It will overwrite old boxes. 11. Delete box what it says on the tin. This will delete any active or inactive boxes from the current chart. 8
Pending Orders Tab Pending orders are orders on the broker s server at specific price points. 1. The pending order will be placed at this price. Double click in the box to retrieve the price from the chart. You can then fine-tune the price to the correct level. 2. Delete all pending - deletes all pending orders from the broker s server. 3. Expire this will automatically delete pending orders after x candles. 9
Multiples Tab This will place several trades into the market, and scale out as the trade develops. 1. Position size 2. # of positions to place. Split Risk will split the lot size by the number of positions. 3. Initial risk in pips. This is the stop loss distance the total risk in the trade. 10
4. Profit target as a Multiple of Risk. The Take Profit (TP) levels of the trades will be staggered by this value. If you open 4 trades with a stop loss of 10 pips, and a profit target multiple of 1.5, the trade targets will be as follows: a. Trade 1: SL 10 TP 15 b. Trade 2: SL 10 TP 30 c. Trade 3: SL 10 TP 45 d. Trade 4: SL 10 TP 60 5. Let the last one run this option will set the last trade s TP to 0 and use the trailing stop to close the last position. 6. Trailing stop as a % of initial risk. If you have a stop loss of 10 pips and a trailing stop of 50% of the initial risk, the trailing stop will be set to 5 pips when conditions at met to activate the trailing stop. 7. Start trailing when price is % of initial risk. If you set this to 100% and you have a stop loss of 10 pips, the software will activate the trailing stop when the trade moves 10 pips in your favor. 11
News Brackets 1. Local time of news release this is the time of the news release according to your computer s clock (as opposed to the broker s clock). Sign into the Forex Factory website and set your profile time zone to where you live. It will display news releases in your time zone. 2. Set to now this will set the trigger time to the current time. You can then fine-tune to the exact time of the news release. 3. Trigger read the labels. There are several options which should be selfexplanatory. 12
4. Position Size 5. Cancel after x minutes deletes the trigger if it was not hit within a predetermined time-window. 13
Trailing Entry Designed to catch reversals on long bars. The idea is to wait for a long bar, and then open a trade when the price moves in the opposite direction. If you run this on a 1-minute chart and the average bar is 5 pips, you could set the spike size to 20 pips. The software will then wait for a candle of 20 pips (or consecutive candles that move a total of x pips). As soon as the spike occurs, the software will set a trailing entry level x pips behind the highest or lowest point of that candle. 14
A trade is opened when the price reverses from the highest or lowest point by x pips (the trailing entry setting). The price has a tendency to move at least back to the 34% or 50% level, depending on the momentum behind the movement, and the number of open orders in the market. So in the example, if the price travels 26 pips before reversing, there is a high probability that the price will reverse between 8 and 13 pips. So if you were using a 3 pips trailing entry, the software will open a sell trade when the price moves back and crosses the 23 pip level. The objective is to ride the price back to the 34% to 50% level of that bar, or beyond. Use a small stop loss (just beyond the highest / lowest level before the price reversed). Set the take profit 2 to 3 times the size of the stop loss, and combine that with a trailing stop so you can remove the risk from the trade as quickly as possible and lock in profit. 15