Understanding Ilan1.4 Settings for MetaTrader 4
If you're diving into the world of automated trading, then you've probably heard of Ilan1.4. This Expert Advisor (EA) is designed for MetaTrader 4, and it offers a variety of settings that can make or break your trading strategy. Let’s unpack these settings in a way that’s easy to understand.
Key Settings Overview
- MMType = 1; // Type of money management: 0 for fixed lots, 1 for original strategy, 2 for martingale with LotExponent.
- UseClose = false; // It’s recommended to keep this false to avoid closing trades based on PipStep losses.
- UseAdd = true; // This allows reopening with a new lot, calculated by LotExponent, which is generally a good idea.
- LotExponent = 1.667; // This determines how lots will multiply in a series when moving to the stop-loss zone. For example, the first lot is 0.1, followed by 0.16, 0.26, and 0.43.
- Slip = 3; // This sets the acceptable price gap in pips.
- Lots = 0.1; // Micro lots (0.01) are available. If you set 0.1, the next lot in the series will be 0.16.
- LotsDigits = 2; // 2 indicates micro lots (0.01), 1 for mini lots (0.1), and 0 for standard lots (1.0).
- TakeProfit = 10; // This defines the profit level in pips from the open price.
- Stoploss = 500; // Note that these three parameters might not function as expected.
- TrailStart = 10;
- TrailStop = 10;
- PipStep = 30; // This is the distance from the loss in pips where the next order of the branch will open.
- MaxTrades = 10;
- UseEquityStop = false;
- TotalEquityRisk = 20; // This represents the maximum loss as a percentage of your equity.
- UseTrailingStop = false;
- UseTimeOut = false;
- MaxTradeOpenHours = 48;
Optimizing Your Ilan1.4 Settings
The optimization settings can be found in the SET-files.rar archive. To use these, unpack the files into the mt4\tester\Ilan directory. Each file is named according to the timeframe (TF) and currency pair it was designed for.
When testing, aim for a timeframe of at least the previous year or select files that generate a higher maximum profit. Keep the files that remain profitable over time and discard the rest. Test the remaining files on your account, ensuring the profit exceeds your minimum acceptable threshold (ideally over $250 or 25,000%). Those files that yield good results with your balance can be utilized in either a real or demo account.
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