Introduction
Hello and thank you for taking the time to read this blog post. I’ll go over everything in detail here.
Bongo EA is currently available for MetaTrader 4 and MetaTrader 5 platforms. As a trader, I created this EA with a market moving strategy and powerful setup. You can also use any broker you want. Although there will be little slippage, I will recommend the best runners that you should use. Also, remember to run a demo account before publishing. Since I’ve seen it before, we’ll start live trading without testing. That’s why I lose a lot of money too. So I strongly recommend that you use it at least a month before going live.
- Recommended agents: IC Markets, tick mill, Pepperstone
- Recommended account type: ECN / Raw Spread / Zero Spread / Razor
- Minimum deposit: $100
- Recommended Leverage: 1:500
Bongo EA Entry Guide:
- Introduction
- How to set up the EA
- Broker time settings
- Configuration of trading days
- General parameters
- orders
- Custom trailing
- Automatic risk
- Manual risk
- Recovery settings
- News settings
- Dashboard configuration
- conclusion
How to setup EA on MT5 terminal
After purchasing the Bongo EA from the MQL5 product page, follow the steps below to connect the EA to your terminal.
Before you follow the steps make sure you add the news link https:
Go to Tools > Options > Expert Advisors
Then check the checkbox and add the URL and click OK. Now follow the following steps:-
Now follow the steps below:
Step 1
- From the Market Watch window, open the XAUUSD (OR) chart.
- Select M15 Time period.
Step 2
- Drag and drop Bongo EA from the Navigator or use CTRL+N on the keyboard to show or hide the browser.
Step 3
- You will see a pop-up window after successfully dragging the EA from the browser onto the chart.
- Select the common Tab and make sure that “Allow Algo Trading‘ is enabled.
- At the end go to tickets and Load the provided assembly file.
Step 4
- Check that the graph. You will see an ugly dashboard with gray hat color icon next to Bongo EA.
- Click Something Trading and the icon color will change to blue
Broker time settings
It makes no difference what broker you use or what time zone your broker operates in. If you want to operate with the London session, enter the London session time zone. If you want to trade Tokyo or New Yorkenter the time but Bongo EA Run 23 hours and open only 1 trade if price hits.
- Here you can find Broker Time –
EA Start and EA Stop:-
- EA Start: EA Start has started analyzing positions and placing pending orders on your behalf.
- EA Stop: EA Stop helps you to remove all pending orders if the market does not reach any pending orders within this time period.
Configuration of trading days
- It is very simple to specify whether you want to trade or not. Most traders do not like to trade Mondays i Friday.
- If you want to disable it, just set it to False.
General parameter
- Don’t use any broker if gold Distribute more than 15-20
You can find the front of the pairs and if you don’t see right click > Select Columns > Distribute
orders
- Earn profit (points): 100 points means 10 pips
- Stop Loss (points) – 50 points means 5 pips
Personalized tracking
- You should stick with the default file unless you know how to modify it.
Automatic risk
- I will send you the appropriate assembly file.
- Risk percentage – Let’s say you have $1000, and if you set the risk percentage to 100, the lot size should be 0.10, and if you set it to 50, the lot size should be 0.05.
- Automatic batch connected with recovery mode.
Recovery settings
Note: Recovery is not a risky or Martingale method. It is not necessary to keep doubling the lot size.
Recovery Mode 1x –
| Trading days | Lot size | win lose |
|---|---|---|
| Monday | 0.01 | To win |
| Tuesday | 0.01 | Lose |
| Wednesday | 0.01 | Lose |
| Thursday | 0.01 | Lose |
| Friday | 0.01 | To win |
| Again on Monday | 0.01 | To win |
Let’s try to understand 2x and 3x recovery mode
Recovery Mode 2x –
| Trading days | Lot size | win lose |
|---|---|---|
| Monday | 0.01 | To win |
| Tuesday | 0.01 | Lose |
| Wednesday | 0.02 | Lose |
| Thursday | 0.03 | Lose |
| Friday | 0.03 | To win |
| Again on Monday | 0.01 | To win |
3x recovery mode –
| Trading days | Lot size | win lose |
|---|---|---|
| Monday | 0.01 | To win |
| Tuesday | 0.01 | Lose |
| Wednesday | 0.02 | Lose |
| Thursday | 0.04 | Lose |
| Friday | 0.04 | To win |
| Again on Monday | 0.01 | To win |
Note - I've added for the safest trading. You can choose The Impact of News after selecting True on the News Filter.
- Minute before news: 60 minutes (impact forex pairs are automatically removed – for us it is USD)
- News Impact High/Low/Medium – True/False (You can keep high only the rest of false)
- Broker time zone GMT +3, but popular brokers such as IC markets, Tickmill, Pepperstone time zone 3
- Show panel: true/false
- For X and Y position Do not touch
- You can play around with the color settings and make the dashboard whatever you want
conclusion
I created this EA based on market movement using a simple but effective strategy. Also, I will make the entry very easy to use, but one of the powerful strategies I use with Bongo EA is that you can use any trading session that I can share with you later. But I created this strategy so that the EA can move with the market.
If you have any additional questions, please contact me via MQL5 Direct Message. Happy Trading ❤😊
