For those who are not familiar with the adviser, first of all, we will consider the basic algorithm and principles of the Manhattan PRO EA adviser, and after that, we will get to know what opportunities the new version provides. ”Advisor “Manhattan PRO EA” at first glance a typical representative of the “net” working using the Martingale principle. This is neither good nor bad, but it is important to know. This principle increases many times the risk, but also profitability. Let’s see if everything is so “typical” in Manhattan PRO EA

Working Principle – Trading System

Many newcomers, but to be honest, and many pros who consider themselves to be scared away by Martingale, as this principle is perceived as the basis of the trading system. You need to understand that the Martingale principle is not a trading system, but a money management system i.e. lot size management system. More about this below, but first about the trading system.

What is a trading system?

• These are the rules, the system by which Forex advisors decide on entering and exiting the market.
• And here we see an important difference between Project Manhattan and the classic netizens.
• The EA expects a strong movement (powerful impulse) and enters in the opposite direction.
• [UPDATE] The new mode allows you to enter not against, but in the direction of the impulse – along with the trend!

If TP is not taken, then on the next signal the adviser averages the position by increasing the lot by a factor (many are used to calling it the Martingale principle, but this is not entirely true, since Martingale multiplied the next bet by 2, we have a maximum factor of 1.5 and different for all pairs – depends on volatility)

• The advisor works simultaneously in both directions – hedging.
• It does not build a grid, but always waits for a signal to enter! The signal is a unique candlestick pattern.
• In the parameters, the StepPips setting is responsible only for the minimum distance between orders, but the maximum is not limited by anything.

Thus, it can withstand drawdowns of several thousand pips while opening 3-5 orders, which gives a reasonable drawdown in most cases, where the classic grid (ilan, auto profit, grid) will already lose the deposit.

There is also a function DymanicStep which increases the minimum distance between orders using the formula StepPips = StepPips * order serial number. Those. the more open orders the greater the minimum step.

Details about each parameter can be found below in the description of the settings.

Manhattan PRO EA Backtest Histroy

The first thing to understand: backtests do not guarantee that the adviser is profitable. Moreover, the bulk of developers can only provide backtests with a beautiful schedule whose secret is simple – optimization for the historical period!

The only thing that makes the backtest clear is that the trading system of the adviser can at least theoretically be profitable. How do I conduct backtests and select the optimal parameters?

I’ll soon prepare for your material on how to correctly check advisers: tests, optimization, forward tests, real-time withdrawal, but for now in a nutshell:

• Optimization for a period of 3-6 months
• Tests of optimized results for a period of 2-3 years
• Choosing the best result by profit factor with a drawdown of up to 30 percent of the initial depot, and not relative!

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What do we see from the backtests?

1. Strategy is viable
2. A rare adviser with the Martingale principle can show more than a year without a complete loss of deposit
3. Profit factor high
4. Percentage of winning trades over 70%

Trading recommendations

It all depends on your deposit, the degree of risk, and the desired profitability.

I strongly recommend closing the trade in the last week of the month and starting trading from the second week of the month. Thus, we trade from the 7th-9th to the 25th-27th of each month

Low risk:

• Deposit 10 000 USD ($ 100 on a cent account)
• Trading on EUR / USD
• Timeframe M5
• LotSize 0.01

Medium risk:

• Deposit 10 000 USD ($ 100 on a cent account)
• Trading on EUR / USD, AUD / USD
• Timeframe M5
• LotSize 0.01

High risk:

• Deposit 7000 USD ($ 70 on a cent account)
• Trading on EUR / USD, AUD / USD pairs
• Timeframe M5
• LotSize 0.02

Description of settings

Trade Mode

TPandClose – Mode to bring a series to profit and not open a new one.

• If TRUE, then the adviser will bring the trade to TakeProfit and will not open a new series.
• If FALSE then the EA works without stopping.

Reverse – The classic entry for the Manhattan PRO EA is against the movement, if you enable this parameter TRUE, the EA will go in the same direction where the impulse was.

Infinity – If this mode is enabled (TRUE), then when a new entry signal appears and the maximum number of open orders has already been reached, the Manhattan PRO EA will close the first order and open a new one instead.

 Money Management & Trade System

Lotsize – is the size of the first lot, all subsequent lots are multiplied by Factor.

If the Lot size parameter is equal to the value “0”, then the Manhattan PRO EA will use Risk to calculate the first lot.

Risk – is a percentage of the free margin for calculating the first lot.

For example, Your deposit is 100 USD and Risk = 0.2 means the initial lot  will be 0.02 (with a standard contract size of 100,000 units)

Max Lot – this parameter sets the value for the maximum lot, there will not be a lot above this value, so you can reduce the risks that the Martingale principle is fraught with.

Count – is the most important risk/return parameter. The parameter indicates the number of candles for analysis, the smaller the Count, the more often the input, which means profit increases, but RISK also increases! 

UseTrend – whether to consider the trend at D1 at the entrance. If TRUE, then the adviser will take into account the trend based on the parameter below. The adviser will only buy if the trend is bullish, only sell if the trend is bearish, and will work both ways if the market is flat.

TrendPower – indicates the number of analyzed candles to determine the trend at D1.

Factor – is an order multiplier; each next lot is the current lot multiplied by Factor.

MaxOrders – is the maximum number of orders in a series that the  EA will open.

Takeprofit – this is the number of pips before taking Profit (take profit) is indicated as for a 5-digit account.

StepPips is the minimum distance from the current order to the next. The Manhattan Advisor is not a grid, and this value does not mean that it is through so many pips that the next order will be opened, it can be opened after 1000 pips, this value only speaks of the minimum distance between orders.

DynamicStep – this parameter enables (TRUE) or disables (FALSE) the dynamic size of the minimum StepPips step; the calculation is carried out according to the formula StepPips = StepPips * order serial number.

For example, if StepPips is 50, then the minimum distance between  10 and 11 orders will be 50 * 10 = 500 pips.

This parameter makes sense to reduce risks when trading on small deposits and on the M15 timeframe.

Loss Control

SmartDD – Enables (TRUE) or disables (FALSE) the mode of closing orders when the drawdown is exceeded more than MaxDD . Not all losing orders are closed, but the first in the series until the drawdown becomes no more than MaxDD .

MaxDD – maximum allowable drawdown, the parameter is used when the SmartDD mode is enabled (TRUE).

Other Settings

Slippage – the number of pips to slip. With super volatile news, it will not allow you to open an order further than this value.

Magic – a unique number of the adviser on the chart. If you are trading more than one pair in MetaTrader4, you must specify a unique Magic for each chart. This number allows the EA not to mix orders from different charts/symbols during calculations. 

DisplayInfo – if the value is TRUE, then the adviser will display technical information in the upper left corner if FALSE then nothing will be displayed.

DisplayButtons – enables (TRUE) or disables (FALSE) the display of trading buttons on the chart.

FontSize – sets the font size for displaying the information panel on the chart. It can take values ​​from 10 to 16 pins.

TextColor – sets the font color of the information panel.

Chart trading control panel

• Read More Forex Sniper Prime MA Trading Strategy Free Download

Button “Close All” – closes all orders on the current chart, determining their orders by a unique Magic number.

Button “Close Profit” – closes all orders with a positive profit on the current chart, identifying their orders by a unique Magic number.

Button “Close Loss” – closes all orders with a negative profit on the current chart, identifying their orders by a unique Magic number.

“SELL” button – opens a SELL order at the current price with a unique Magic number specified in the advisor settings, thus the order is built into the current series and the total TakeProfit is recalculated accordingly. The lot size is indicated in the field under the BUY button.

Button “BUY” – opens a BUY order at the current price with a unique Magic number specified in the advisor settings, thus the order is built into the current series and the total TakeProfit is recalculated accordingly. The lot size is indicated in the field under the BUY button.

Lot size field – in this field you specify the size of the lot to open using the BUY and SELL buttons.

Dashboard

Count – values ​​of the parameter Count

D1 Trend – using Bollinger bands on the D1 chart, indicates which trend is on the market. It can take the values ​​FLAT, BEAR and BULL respectively in the flat market, BEAR, and BULL.

NextLotSize   – the size of the next lot is now calculated for each direction.

Leverage – leverage for this account

Open SELL / BUY / Max Orders –  shows the number of open SELL / BUY orders and the total allowed number

Submit Lot SELL / BUY – shows the total lot of all current open orders in SELL and BUY. Useful if you want to open a lock (hedge)

Current DrawDown – the current drawdown is calculated specifically for this chart. Not shared for the account!

Spread – the current spread size for the pair on which the adviser stands.

Magic – what magic is used for this chart

Also, the EA makes all calculations every tick, unlike the previous version, when all calculations were done only when a new candle was opened.

 SET files – Pre-calibrated Settings

The adviser in the kit contains tested and optimized settings for different pairs.

IMPORTANT: it is mandatory for each pair and type of account to upload your settings.

If you are a beginner trader, use the ones that come with the kit, if you are experienced, you can choose the ones you need yourself.

Let’s look at how to determine what this settings file is for by the name of the file.

Example SET file name:  5_EURUSD_m15_depo10000

The first digit 5 ​​indicates that these settings are needed for an account in which there are 5 decimal places. If at the beginning there was the number 4, then such a file for a 4-digit account.

Next comes the designation for which particular pair of this settings file, in our example, this is a pair of EURUSD

The next designation m15 is a timeframe, maybe m5 and m1

And the last parameter is the deposit size for which the data set of parameters was optimized, in our example, it is 10,000 dollars or 10,000 cents.

12 SET Files Included

Another example of a SET configuration file:  4_AUDUSD_m5_depo3000

4 – for a four-digit account

AUDUSD – for the pair Australian dollar / US dollar

M5 – 5 minute timeframe

depo3000 – minimum deposit of $ 3,000 or 3,000 cents.

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