Introduction to MKRobot (Auto trading Tool)

The robot is an advanced, highly versatile semi-automated order entry tool. Its value can be seen across a wide variety of trading systems, and its effectiveness is not linked or limited to any specific methodology. Several parameters are included and can easily be configured (see Screen Shot#7 below) to suit your needs. The software is Windows based and runs on any MT4 platform that supports EAs. No specific broker is required.

Here's what to expect when using the MKRobot for the first time.

Pre- Installation MKRobot requirements:

1. Forex MT4 application needs to be installed on your machine.2. WinRAR Unzip application needs to be installed on your machine. You can download it for FREE from:

https://www.rarlab.com/download.htm. Choose appropriate release based on your machine (“Operating System Type” – 32 bit or 64 bit).

3. Please note: To run the MKRobot on your computer, a Windows based operating system is needed.

MKRobot Installation Steps:

1. Download the MKRobotSetup v3.02.rar to your computer.2. Unzip MKRobotSetup v3.02.rar using WinRAR App (Screen Shot #1).

Screen Shot#1

3. Double Click on the “MKRobotSetup v.3.02.exe” to proceed with MKRobot Installation steps (Screen Shot#2).

Screen Shot#2

4. The MetaTrader4 Directory should be populated automatically. However, please follow instructions as specified in the form.

Please Note: If you have multiple instances of the MT4 application installed on your machine from different brokers, the MetaTrader 4 Directory Path field in the form will be blank. Please click and drag the MT4 Shortcut icon you would like to use for the MKRobot from your desktop into the “MetaTrader4 Directory” path window (Screen Shot#3).

Screen Shot#3

5. Please fill out personal information as shown in the screen shot below. Please note that the MKRobot License Number and Password will be distributed via email (Screen Shot #4). Before proceeding with the Robot setup/install steps, please make sure that your license code and password is available for you.

Screen Shot#4

6. Open/Log in to your MT4 Application and expand the “Expert Advisors” folder, where the MKRobot should be included (Screen Shot #5).

Screen Shot #5

7. Go to: tools/options/Expert Advisors tab, and set the following options as shown in Screen Shot#6.

Screen Shot#6

8. Open any chart and locate (click & drag) MKRobot on the chart. Once robot window appears, go to the 3rd Tab “Inputs” (Screen Shot#7)

Screen Shot #7

All Robot parameters can be customized to match your trading style. By default, all parameters are set as follows:

Parameter #

Parameter Name

Default Value

Description

1 Trigger Price 0.0 Entry price that gets triggered with a Buy/Sell Stop Order2 Trigger Time None The Timer setting is OPTIONAL and is used in conjunction with trigger time step.

It’s operates in a 24H format and is generally used to trade scheduled news events. Once pre-set time is reached, the robot immediately places a BUY/SELL Stop order either above/below the current market price by a fixed amount (pips)

3 Trigger Time Step

1.5 pips # of pips from current market price that’s needed to enter a trade (Current Market Price (as defined by the timer) + Time Step (specified # of pips) = Trigger Price)

4 Spread Condition

0 The Spread Condition is OPTIONAL, and when used the Robot only enters trades if the spread is less than or equal to the specified amount (# of pips)

5 Volume Lots 0.04 The quantity (#Lots)

6 Operation Type

BUY/SELL BUY or SELL

7 Take Profit 500 pips # of pips from entry price that the Robot takes profits8 Stop Loss 50pips # of pips to risk on the trade9 Take Profit

Volume50% % of your initial position size that gets reduced once Take Profit level is reached

10 Try Step 20 pips # of pips to add or subtract from the original entry price for each additional attempt at capturing the trade

11 Number of Tries

3 # of times the Robot attempts each trade

12 Trailing Stop (true -yes/ false -no

False The Trailing Stop is OPTIIONAL, and is used in conjunction with the trailing stop step. To enable this option the parameter needs to be set to “True”

13 Trailing Stop Step

50 pips # of pips that your trade needs to advance beyond the TP price for your breakeven stop to transition into a trailing stop, once triggered into trailing mode your stop will move in the direction of your trade by the same fixed amount of pips each time price advances by the same fixed amount of pips

14 Log in the file (true -yes/false -no

false The logging is OPTIONAL, and when used the parameter needs to be set to “True”. When used, your order trade information will be saved in the log on your computer.

Understanding MKRobot working cycle:

a) Once you enter your entry price in the “Trigger Price” field, assuming the rest of the parameters remain unchanged (Screen Shot #8)

Please NOTE: If you start the MKRobot with trigger price = 0, Robot will open an order at the current market price.

Screen Shot#8

b) By clicking “OK” on the MKRobot window you start the Robot working cycle.

The Robot informational window will pop up with information of your order entry price The order entry details, such as Order Price, SL (Stop Loss), TP (Take Profit), etc. will be all defined and you can see them in the “Expert” Tab (Screen Shot#9)

Screen Shot #9

c) Once your entry price order is reached, the Robot will place the 1st order for the 1st try (iteration #1) which you will see in your trading tab. The Stop Loss (SL) & Take Profit (TP) prices will be defined and calculated based on your entry order price and you can see it in your “Trade” Tab (Screen Shot#10)

Screen Shot #10

d) If Stop Loss (SL=1.24664) is reached, the Robot will close the 1st order and will open the 2nd order for the 2nd try (iteration#2) at the entry price = 1.24750 once price is reached. (2 pips increment from 1st entry point at 1.24730). See Screen Shot #11 below.

TIP: The SL is calculated based on 5 pips (default setting) + Spread.

Screen Shot #11

e) If Stop Loss is reached, the Robot will close the 2nd order and will open the final 3rd order for the 3rd try (iteration #3) at the entry price = 1.2477. If all tries are stopped out, the Robot will automatically deactivate after the final 3rd attempt, and the Robot working cycle is finished.

f) If Take Profit (TP) point is reached on any of the tries, the Robot will no longer make any further attempts at entering the trade (even if stopped out after taking profits), and the Robot will open its final order for the remaining position ½ (50%) of your order size (40c/2=20c) and will set the Stop Loss (SL) at your last order entry point (breakeven). From that point on, the remaining ½ order position is managed manually.

Operate Robot during News Play (Robot Timer)

Screen Shot#12

g) The Trigger Time Option can be used during FX News Announcements. The timer is at 24H format. You would need to set the correct time based on your geographical location.

h) The Trigger price should not be specified and kept at “0” setting. It is recommended to set “Trigger Time Step” for your open order position. The theory is that you do not want to be filled before the news and that 10-15 pips give the market a chance to move in the direction of the momentum. Therefore, if there is no movement after the news, you would not be filled. If there is a movement after the news, we are making the market come to us.

i) Spread condition – This parameter controls your order entry based on the currency pair’s spread. In the above screen shot, the spread condition is set to = 4 pips. The Robot will only place an order if the spread is 4 pips or less.This setting prevents your order from getting triggered if the spread becomes too wide.

Screen Shot13

j) Once robot parameters are set and robot is started, it will wait until specified time is reached to lock an order entry position.

Screen Shot#14

k) The order entry position is calculated based on the below formula: Open Order Position = Current Market Price + “Trigger Time Step” at the specified “Trigger Time” setting

Screen Shot #15

Robot Operational Tips:

1. Stop Robot . The way you stop the Robot is by clicking on the ‘X’ shown on the Robot window. However, if any active orders which were placed by the Robot exists in the “Trade” Tab, it will close these positions as well. Therefore, if the Robot cycle needs to be stopped, it’s recommended to do that in between the Robot’s attempts at entering a trade. (Screen Shot#16)

Screen Shot #16

2. The Robot window can also be minimized and will still appear on your screen but at a much smaller size. In this case, simply drag it to the middle of the screen and expand it. Another way to check if the Robot is active on your chart is by looking for the small smiley face Robot icon on the top right corner of the chart (Screen Shot#17)

Screen Shot #17

3. When you run the Robot, your PC needs to be up 24/7. Since the Robot runs on your local machine, once the Robot is running, it’s constantly communicates with the broker servers system and monitors the price action. If you are shutting down or you are restarting your machine, or your PC/laptop goes to sleep mode while the Robot runs it will deactivate the Robot. Also, any internet service interruptions, or power outages at your location will stop the Robot as well. In this case, you have 2 options to consider:

a) Set your PC/Laptop to be up 24/7 when the Robot is used by setting up following options (Screen Shot#18)

Please Note: When you run the Robot, DO NOT change the time frame on your chart. Changing the time frame will cause the robot to restart and open an additional order at the current price.

Screen Shot #18

b) Setup VPS server (Virtual Private Server -Windows Based). VPS hosting allows Forex traders to run algorithmic strategies 24/7 on Virtual Machine.