Settings Guide

Comprehensive guide to configuring Orion Gold Scalper for optimal performance. Learn about all settings, parameters, and recommended configurations for different trading styles. For installation help, see our installation guide.

Understanding EA Settings

Orion Gold Scalper offers extensive customization options to suit your trading style and risk tolerance. Proper configuration is essential for achieving optimal performance results. This guide covers all settings and their recommended values.

Before configuring settings, ensure you've completed the installation process and understand your trading strategy.

Risk Management Settings

Risk Per Trade

Description: Percentage of account balance to risk on each trade.

• Conservative: 0.5% - 1% (Recommended for beginners)
• Moderate: 1% - 2% (Balanced approach)
• Aggressive: 2% - 3% (For experienced traders only)

This is one of the most important settings. Never risk more than you can afford to lose. Learn more about risk management strategies.

Maximum Daily Loss

Description: Maximum percentage of account that can be lost in a single day.

• Recommended: 2% - 5% of account balance
• When reached, EA stops trading until next day
• Helps protect capital during losing streaks

Maximum Drawdown

Description: Maximum allowed drawdown percentage before EA stops trading.

• Conservative: 15%
• Moderate: 20% - 24%
• Aggressive: 25% - 30%

View our performance reports to see typical drawdown levels.

Position Sizing Settings

Lot Size Method

Options:

• Fixed Lot Size: Uses the same lot size for all trades
• Dynamic Based on Balance: Adjusts lot size based on account balance
• Risk-Based: Calculates lot size based on risk percentage

Fixed Lot Size

When to Use: For consistent position sizing

• Small Accounts ($100-$500): 0.01 lots
• Medium Accounts ($500-$2000): 0.02 - 0.03 lots
• Large Accounts ($2000+): 0.03 - 0.05 lots

Dynamic Lot Sizing

Formula: Lot size = (Account Balance / Base Amount) × Lot Multiplier

• Base Amount: Typically $1000
• Lot Multiplier: 0.01 - 0.02 for conservative, 0.02 - 0.03 for moderate

This method automatically adjusts position size as your account grows. Learn more in our trading strategies guide.

Trade Management Settings

Stop Loss (Pips)

Description: Maximum loss per trade in pips.

• Recommended: 20 - 50 pips for gold
• Should be based on market volatility
• Too tight may cause premature exits
• Too wide increases risk per trade

Take Profit (Pips)

Description: Target profit per trade in pips.

• Recommended: 30 - 80 pips for gold
• Should maintain good risk/reward ratio (minimum 1:1.5)
• Our EA typically achieves 2.29 risk/reward ratio

Trailing Stop

Description: Automatically moves stop loss to lock in profits.

• Enable: Yes (recommended)
• Trailing Distance: 15 - 30 pips
• Trailing Step: 5 - 10 pips

Trailing stops help maximize profits while protecting gains. This is one of our key risk management features.

Trading Hours Settings

Trading Sessions

Options:

• 24/7 Trading: Trade all day, every day (requires VPS setup)
• Specific Sessions: Trade only during selected market sessions
• Custom Hours: Define your own trading hours

Recommended Session Settings

Advanced Settings

Magic Number

Description: Unique identifier for EA trades. Allows running multiple EA instances.

• Default: 123456
• Change if running multiple instances
• Each instance should have unique magic number

Maximum Spread

Description: Maximum acceptable spread in pips. EA won't trade if spread exceeds this.

• Recommended: 30 - 50 pips for gold
• Prevents trading during high spread periods
• Important for broker selection

News Filter

Description: Pauses trading during high-impact news events.

• Enable: Yes (recommended for beginners)
• Reduces risk during volatile news periods
• May reduce trading opportunities

Maximum Open Positions

Description: Maximum number of simultaneous trades.

• Conservative: 1 - 2 positions
• Moderate: 2 - 3 positions
• Aggressive: 3 - 5 positions

Recommended Settings by Strategy

Settings Optimization Tips

• Start with Defaults: Begin with default settings and adjust gradually
• Test on Demo: Always test new settings on a demo account first
• Monitor Performance: Track how settings affect your trading performance
• Keep Records: Document settings and results to identify optimal configurations
• Consider Market Conditions: Adjust settings based on current market volatility
• Version Updates: Check if new EA versions have improved default settings

External Resources

For additional information about EA settings and optimization:

• MetaTrader 4 Official Documentation
• MetaTrader 5 Expert Advisors Guide
• Investopedia - Understanding Expert Advisors