WAVE User’s Guide
To trade with WAVE, you will need to sign up for a live or demo account with a Forex broker that offers traders the Metatrader 4 trading terminal. We recommend a demo account for our new traders until they are comfortable with the way WAVE trades.
Your trading account number(s) must be entered into the Account Management Section in the Members Area: HERE before WAVE will operate. You are allowed a total of 6 live accounts, real-money or demo.
- WAVE Expert Advisor Installation: Zip
- WAVE Expert Advisor Installation: Installer
- WAVE Strategy Explanation
- Description of Variables
- Installing Metatrader 4
Some areas are still under construction, thank you for your patience.
INSTALLING WAVE EXPERT ADVISOR USING THE ZIP FILE : MANUAL METHOD
1. Download the .zip file to your computer and extract the files.
2. Place the WAVE EX4. file into you metatrader 4’s experts folder (programfiles86>metatrader4>experts)
3. Place the WAVE DLL. file into your metatrader 4’s experts>libraries folder (programfiles86>metatrader4>experts>libraries)
INSTALLING WAVE EXPERT ADVISOR USING THE INSTALLER
1. Make sure you have MetaTrader4 installed.
2. Download the WAVE installer from the Members’ Area HERE.
- Close any running instances of the MetaTrader4 terminal.
- Open and Run the WAVE installer.
- Launch MetaTrader4.
3. Open a chart for the 5 minute time-frame (EUR/USD by default).
- Right click on the chart and select “Templates”.
- Load the WAVE template.
- Open the MT4 navigator.
- Find WAVE in the list of expert advisors.
- Drag and drop WAVE onto your chart.
- Click OK on the inputs tab to run WAVE’s default settings. Before adjusting any settings on the Inputs tab please read the Input Definitions section below.
- Ensure the smiley face in the upper right corner is smiling.
NOTE: If your smiley face is frowning verify that “live trading” and “allow dll calls” is checked in both the EA common tab, as well as the tools/options/expert advisors tab.
Return to Top of Page
DESCRIPTION OF VARIABLES
Variables should only be changed by advanced users
WAVE will operate as is. No inputs are necessary. Be sure to familiarize yourself with the inputs below before making any adjustments to the settings.
Risk Setting – Sets percentage based lot sizing. (To use fixed lots set “Percentage Based Lots” (Below) to false).
Small Sample – The number of bars in the small sample.
Large Sample – The number of bars in the large sample.
Multiplier – Multiplier = x. When Small Sample is (x) times greater than Large Sample, the first entry criteria has been met.
Z_Score Entry – The Z_Score must be greater than this number for the second entry criteria to be met.
Z_Score Period – The number of bars used by the Z_Score indicator.
Target Profit Factor – Target profit and Stop Loss are dynamic. They are set using this factor multiplied by the range of the current market.
Stop Loss Factor – Target profit and Stop Loss are dynamic. They are set using this factor multiplied by the range of the current market.
TP SL Period – The number of bars to consider for Dynamic Target Profits and Stop Losses.
MA 1 – Moving average period 1.
MA 2 – Moving average period 2.
Additional Advanced Inputs:
Trailing Stop – How many pips to trail the position.
Max Spread – WAVE will only trade if your broker’s spread is less than this number.
Add Positions – Set to false to trade one position only.
Max Positions – Maximum number of trades WAVE will open consecutively.
Max Order Retry – Number of times WAVE will resend orders.
Micro Account – Set true for brokers with 0.01 lot step (most traders). Set false for 0.1 lot step (usually large accounts).
Five Digit Broker – True = 5 digit brokers. False = 4 digit brokers. ECNs are 5 digit brokers.
ECN Friendly – Set true and TP SL orders will be sent separately from Trade orders. ECNs require this.
Trade Tag – Trade Tag.
Slippage – For the few brokers that allow/honor slippage control. You can set the max amount of pips your willing to be slipped on an entry.
Show Warnings – Set false and you will not receive warning and alerts. True is recommended.
Set Initial Balance – Set true to use a specified initial balance just for WAVE. This is used when running multiple EAs or you want to allocate a certain balance to any one EA or instance of an EA.
Fixed Lots – If using fixed lots enter the lot size here.
Percentage Based Lots – Set false to trade using set lot size. If set true, WAVE will use equity based lot sizing. Trades will increase in size as the account grows larger.
Strategy 1 Comment – Enter text you would like to see in the comment section of your trades.
Display Colors – WAVE comes with 10 preset color schemes to choose from. Enter a number 1-10.
Transparent Display – Set true and you can see through the on chart display. It’s a personal preference.
Magic Number – This is the EA’s fingerprint. If you run more than one EA on your account make sure each one has a different magic number.