As traders, we know that doing our own technical analysis (TA) is key to unlocking the best results. With the Risk Manager EA, you get to choose the direction for your trades—whether you're going long or short. Just a heads up, hedging won't be an option here, but the EA will patiently wait for the right setup to execute your trades.
The Level and Length settings correspond to the depth and duration of pullbacks. If you set a longer Length, the EA will scale in more aggressively, while larger Levels mean it will search for deeper pullbacks to optimize your entries.
Close PL is the maximum floating profit/loss before the EA decides to close all open positions.
Profit and Risk Limit are essential parameters to define how much profit or risk you're willing to take on a specific signal. Make sure to set these wisely!
Capital Parameter will default to your account balance at the moment you attach the EA. If you're currently sitting on any floating losses or profits, you might want to adjust this. Setting it to 0 assumes you're starting fresh with your initial balance.
Keep in mind, if you're trading multiple currency pairs, the hedging function won't be activated. If you want to use the hedging feature, ensure you disable the Multipair trading option when focusing on just one pair. The hedging function kicks in once your specified hedge level is reached, which represents the remaining percentage of risk.
Lastly, the Maxsize parameter indicates the largest position the EA will scale into, while Layers represents how many smaller positions you want to spread that Maxsize across. For example, if you're looking to buy 1 lot and want to scale in 10 times, simply set Maxsize to 1 and Layers to 10.
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