Upload
danjer229
View
229
Download
0
Embed Size (px)
Citation preview
8/6/2019 Manual Met a Trader
1/428
/LEURGH04/,QWURGXFFLyQD04/
1 de 175
(VWR\SURIXQGDPHQWHHQGHXGDFRHO6U5DQDW)DWNKXOOLQHOGLUHFWRUJHQHUDOGH0HWD4XRWHV6RIWZDUH&RUSSRUVXFRQILDQ]DDSR\RSURIHVLRQDO\WRGDODD\XGDSRVLEOH7DPELHQHVWR\DJUDGHFLGRDORVHPSOHDGRVGHODHPSUHVD6WDQLVODY6WDULNRY\5DVKLG8PDURYSRUVXYDOLRVRDVHVRUDPHQWR\HQODD\XGDHQODUHGDFFLyQGHHVWHOLEUR
6HUJH\.RYDO\RYKWWSDXWRJUDIGSXD
6.RYDO\RY
3URJUDPDFLyQHQOHQJXDMHDOJRUtWPLFR04/
&XUVR,QWURGXFWRULR
+R\HQGtDHORUGHQDGRUSHUVRQDOVHKDFRQYHUWLGRHQDOJRLQGLVSHQVDEOHSDUDWRGRHOPXQGR(OUiSLGRGHVDUUROORGH,QWHUQHW\HOUHQGLPLHQWRGHORVRUGHQDGRUHVPRGHUQRVKDQDELHUWRQXHYDVSHUVSHFWLYDVHQPXFKRViPELWRVGHODVDFWLYLGDGHVKXPDQDV(QVRORXQWLHPSRWDQFHUFDQRFRPRKDFHGLH]DxRVHOPHUFDGRILQDQFLHURGHWUDGLQJVRORHVWDEDGLVSRQLEOHSDUDORVEDQFRV\SDUDXQQXPHUROLPLWDGRGHXQDFRPXQLGDGGHHVSHFLDOLVWDV+R\HQGtDFXDOTXLHUDSXHGHHPSH]DUHQFXDOTXLHUPRPHQWR\XQLUVHDOPXQGRGHORVFRPHUFLDQWHV\SURIHVLRQDOHVLQGHSHQGLHQWHVGHWUDGLQJ
&LHQWRVGHPLOHVGHWUDGHUVHQWRGRHOPXQGR\DKDQMX]JDGRHOWHUPLQDO0HWD7UDGHU/DXWLOL]DFLyQGHVXOHQJXDMHGHSURJUDPDFLyQLQFUXWDGR04/KDDVFHQGLHQGRDORVWUDGHUVDXQQXHYRQLYHOGHFRPHUFLRHOFRPHUFLRDXWRPDWL]DGR$KRUDXQFRPHUFLDQWHSXHGHSRQHUHQSUiFWLFDVXVLGHDVFRQXQSURJUDPDGHDSOLFDFLyQHVFULELUXQLQGLFDGRUSHUVRQDOXQVFULSWSDUDUHDOL]DUXQDRSHUDFLRQHVVLPSOHVRFUHDUXQ$VHVRU([SHUWRyXQVLVWHPDGHFRPHUFLRDXWRPDWL]DGRURERWGHFRPHUFLR8Q$VHVRU([SHUWR$(SXHGHWUDEDMDUHQKRUDVDOGLDGLDVDODVHPDQDVLQLQWHUYHQFLyQKDFHUXQVHJXLPLHQWRGHSUHFLRVGHOYDORUHQYLDUPHQVDMHVHOHFWUyQLFRV606VDVXWHOpIRQRPyYLODVtFRPRKDFHUPXFKDVRWUDVFRVDV~WLOHV
/DSULQFLSDOYHQWDMDGHODVDSOLFDFLRQHVHVODSRVLELOLGDGGHKDFHURSHUDFLRQHVGHDFXHUGRFRQHODOJRULWPR
HVWDEOHFLGRSRUHOFRPHUFLDQWH&XDOTXLHULGHDTXHVHSXHGHGHVFULELUHQXQOHQJXDMHDOJRUtWPLFRLQWHUVHFFLyQGHGRVPHGLDVPyYLOHVRHOSURFHVDPLHQWRGLJLWDOGHVHxDOHVWULSOHVSDQWDOODVGH(OGHURHODQiOLVLVIUDFWDOGH3HGURVXQDUHGQHXURQDORFRQVWUXFFLRQHVJHRPpWULFDVSXHGHVHUFRGLILFDGDHQXQDDSOLFDFLyQ\OXHJRXWLOL]DGRVHQODSUiFWLFDGHFRPHUFLR
'HVDUUROORGHDSOLFDFLRQHVSDUDHO7HUPLQDOGH8VXDULR0HWD7UDGHUUHTXLHUHHOFRQRFLPLHQWRGH04/(OSUHVHQWHPDQXDOOHD\XGDUiDFUHDUVXVSURSLRV$VHVRUHV([SHUWRVVFULSWVHLQGLFDGRUHVHQFDUQDQGRHQpOVXVLGHDVDOJRULWPRVGHVXUHQWDELOLGDGFRPHUFLDO(OOLEURGHWH[WRHVWiGHVWLQDGRDXQJUDQQ~PHURGHOHFWRUHVVLQH[SHULHQFLDHQSURJUDPDFLyQTXHGHVHHQDSUHQGHUDGHVDUUROODUDSOLFDFLRQHVGHFRPHUFLRDXWRPDWL]DGRSDUD7HUPLQDOGH8VXDULR0HWD7UDGHU(OOLEURGHWH[WRHVWiFRQFHELGRGHWDOPRGRTXHSDUDKDFHUGHODSUHQGL]DMH04/WDQFRQYHQLHQWH\FRQVHFXHQWHFRPRVHDSRVLEOH
3UHIDFLR
+D\XQDHVSHFLDOGLILFXOWDGHQHVFULELUXQOLEURGHWH[WRVREUHSURJUDPDFLyQSDUDORVSULQFLSLDQWHV\DTXHHOiUHDGHFRQRFLPLHQWRREMHWRGHH[DPHQLPSOLFDDOJXQRVQXHYRVFRQFHSWRVTXHQRVHEDVDQHQQDGDSUHYLDPHQWHFRQRFLGRRKDELWXDOHV
(QWpUPLQRVJHQHUDOHVSUREOHPDVGHHVWHWLSRSXHGHRFXUULUHQFXDOTXLHURWUDHVIHUDGHOFRQRFLPLHQWR3RUHMHPSORHOSXQWRVHFRQRFHHQPDWHPiWLFDVFRPRFtUFXORLQILQLWHVLPDOPLHQWUDVTXHHOFtUFXORHQVtVHGHILQHFRPRXQFRQMXQWRGHSXQWRVRUGHQDGRVGHXQDFLHUWDPDQHUD&RPRHVIiFLOYHUHVWRVWpUPLQRVVHGHILQHQXQRVDWUDYpVGHRWURV$OPLVPRWLHPSRHVWDLQDGYHUWHQFLDQRVHFRQYLHUWHHQXQHVFROORSDUDODVPDWHPiWLFDV/RVGRVFtUFXORVSXQWRVDVtFRPRRWUDVFRQGLFLRQHVDSUREDGDVHQPDWHPiWLFDVYDQELHQMXQWRV3RURWUDSDUWHWRGRHOPXQGRHQWLHQGHTXpHVXQSXQWRTXHHVXQFtUFXOR
8/6/2019 Manual Met a Trader
2/428
/LEURGH04/,QWURGXFFLyQD04/
2 de 175
(VIiFLOVDEHUTXHODLQPHQVDPD\RUtDGHORVWpUPLQRVRUGLQDULRVWLHQHQOtPLWHVLQGHWHUPLQDGRV$OJXQRVGHHVRVOtPLWHVVRQWDQGLIXVRVTXHYROFDURQGXGDVVREUHODH[LVWHQFLDGHOSURSLRREMHWRRIHQyPHQRGHILQLGRSRUHOWpUPLQR6LQHPEDUJRODQDWXUDOH]DGHOKRPEUHHVTXHHVWDH[WUDxDHQWpUPLQRVGHOyJLFDQRUPDOVLWXDFLyQQRYLHQHHQWUHXQKRPEUH\VXH[LVWHQFLD\IUXFWtIHUDVDFWLYLGDGHV'HVSXpVGHXQSHUtRGRGHWLHPSRTXHHVWRVWpUPLQRVKDQVLGRXWLOL]DGRVHOFRQFHSWRWRPDXQVHQWLGRFRPSOHWRSDUDQRVRWURV(VGLItFLOUHVSRQGHUDODSUHJXQWDGHFyPR\SRUTXpRFXUUHGHHVWDPDQHUD3HURORKDFH1RVRWURVVyORVDEHPRVTXHP~OWLSOHVUHIHUHQFLDVDXQWpUPLQRGHVHPSHxDXQSDSHOLPSRUWDQWHHQHOQRWDEOHSURFHVRGHDSUHQGL]DMHGH
ORVWpUPLQRV/DVVLJXLHQWHVWDUHDVIXHURQHVWDEOHFLGDVHQHOSUHVHQWHWUDEDMR
'HVDUUROODUHOVHQWLGRGHXWLOL]DUQXHYRVWpUPLQRVFRQELHQFRQRFLGRVDQDORJtDV KDFHUTXHHOVLJQLILFDGRGHFDGDWpUPLQRLQWXLWLYDPHQWHHYLGHQWHFXDQGRVHDSDUHFHSRUSULPHUDYH] 3URYHHUDORVOHFWRUHVFRQODQHFHVDULDFDQWLGDGGHLQIRUPDFLyQTXHFDUDFWHUL]DQDORVSURJUDPDV\OD
SURJUDPDFLyQ
&RQHVWHILQHOOLEURFRQWLHQHPXFKRVHMHPSORV\FLIUDV(OWH[WRLQFOX\HUHIHUHQFLDVFUX]DGDVTXHSHUPLWHQDOOHFWRUREWHQHULQIRUPDFLyQVREUHWHPDVDILQHV
8QDVSRFDVSDODEUDVVREUHODSUHVHQWDFLyQGHPDWHULDOHV$OJXQRVOLEURVGHWH[WRVREUHODSURJUDPDFLyQLQYLWDQDVXVOHFWRUHVVREUHODSULPHUDSiJLQDDLPSULPLU+RODPXQGRXWLOL]DQGRXQSURJUDPDVLPSOH6XVDXWRUHVSLHQVDQTXHWDQSURQWRFRPRVXVOHFWRUHVFRPLHQ]DQDDSUHQGHUSURJUDPDFLyQGHEHQUHIHULUVHDORVWH[WRVGHOSURJUDPD\SRFRDSRFRDFRVWXPEUDUVHDODIRUPDHQTXHHOSURJUDPDSXGHDSDUHFHUGHWDOPRGRTXHSRVWHULRUPHQWHIDFLOLWHVXDSUHQGL]DMH6LQHPEDUJRHVWHHQIRTXHGDOXJDUDTXHHOOHFWRUWLHQHTXHWUDWDUFRQYDULRVWpUPLQRVGHVFRQRFLGRVDOPLVPRWLHPSR\MXVWRDGLYLQDUHOFRQWHQLGR\ODVSURSLHGDGHVGHDOJXQDVOtQHDVHQHOSURJUDPD(VWRSXHGHGDUOXJDUDXQPDOHQWHQGLGR\FRQVHFXWLYDPHQWHDYDFtRVHQHOFRQRFLPLHQWRGHOOHFWRU
$PLPRGRGHYHUVHUtDPiVHILFD]XWLOL]DUXQPpWRGRGRQGHHOOHFWRUYDDODVLJXLHQWHVHFFLyQHQHOOLEURGHWH[WRVyORGHVSXpVGHTXHpORHOODKDQWHQLGRXQDSURIXQGDFRPSUHQVLyQGHORVDQWHULRUHVPDWHULDOHV(QHOPDUFRGHHVWHPpWRGRHOSULPHUSURJUDPDVHRIUHFHDOOHFWRUVyORGHVSXpVGHTXHpORHOODKDQGRPLQDGRWRGDVODVFRQGLFLRQHVQHFHVDULDV\KDREWHQLGRDOJXQDLQIRUPDFLyQVREUHORVSULQFLSLRVEiVLFRVGHFRGLILFDFLyQ(VWHHVHOPpWRGRHQHOTXHVHEDVDSUHVHQWHOLEURGHWH[WR
(OGRPLQLRGHOFRQRFLPLHQWRGDGRHQHOOLEURHOOHFWRUWLHQHTXHVHUXQXVXDULRGH3&\WHQHUFLHUWDH[SHULHQFLDHQWUDEDMDUFRQ0HWD7UDGHUSURGXFLGDVSRU0HWD4XRWHV6RIWZDUH&RUS
8/6/2019 Manual Met a Trader
3/428
/LEURGH04/,QWURGXFFLyQD04/
3 de 175
QGLFHGHFRQWHQLGRV3UHIDFLR
)XQGDPHQWRVGH04/
$OJXQRVFRQFHSWRVEiVLFRV &RQVWDQWHV\9DULDEOHV 7LSRVGHGDWRV 2SHUDFLRQHV\H[SUHVLRQHV 2SHUDGRUHV )XQFLRQHV 7LSRVGHSURJUDPD
0HWD(GLWRU
6LVWHPDGHDUFKLYRV &UHDFLyQ\XVRGHSURJUDPDV
3URJUDPDHQ04/
3URJUDPD(VWUXFWXUD )XQFLRQHVHVSHFLDOHV (MHFXFLyQGH3URJUDPDV (MHPSORVGHDSOLFDFLyQ
2SHUDGRUHV
2SHUDGRUGHDVLJQDFLyQ 2SHUDGRUFRQGLFLRQDOLIHOVH 2SHUDGRUGHFLFORPLHQWUDV 2SHUDGRUGHFLFORIRU 2SHUDGRUGHSDXVD 2SHUDGRUHQ&RQWLQXDU 2SHUDGRUVZLWFK )XQFLyQGHOODPDGD 'HVFULSFLyQ\IXQFLyQGHORSHUDGRUUHWXUQ
9DULDEOHV
9DULDEOHVSUHGHILQLGDV\5HIUHVK5DWHVIXQFLyQ 7LSRVGH9DULDEOHV *OREDO9DULDEOHV $UUD\V
8/6/2019 Manual Met a Trader
4/428
/LEURGH04/,QWURGXFFLyQD04/
4 de 175
,QWURGXFFLyQDODSURJUDPDFLyQ04/$QWHVGHFRPHQ]DUDHVWXGLDUSURJUDPDFLyQ04/YDPRVDGHILQLUHODOFDQFHGHQXHVWURHVWXGLR(QSULPHUOXJDUKD\TXHVHxDODUTXHORVSURJUDPDVH[DPLQDGRVHQHVWHOLEURVyORVHSXHGHQXWLOL]DUFRPRDSOLFDFLRQHVSDUDWUDEDMDUHQ0HWD7UDGHU7HUPLQDOGH8VXDULR)LJDFRQWLQXDFLyQPXHVWUDHOSDSHOGHHVWRVSURJUDPDV
HQODJHVWLyQGHOFRPHUFLR3DUDXQDPHMRUFRPSUHQVLyQGHODLPSRUWDQFLDGHHVWRVSURJUDPDVHQJHVWLyQGHOFRPHUFLRHFKHPRVXQYLVWD]RDOD)LJ
)LJ8QSURJUDPDHQ04/FRPRSDUWHGH0HWD7UDGHU7HUPLQDOGH8VXDULR
6LXVWHGHVWiLQWHUHVDGRHQODSURJUDPDFLyQGH04/XVWHGGHEHHVWDUIDPLOLDUL]DGRFRQHO7HUPLQDOGH8VXDULR(O7HUPLQDOGH8VXDULRIRUPDSDUWHGHOVLVWHPDGHFRPHUFLRHQOtQHD(VWHVLVWHPDWDPELpQLQFOX\HXQVHUYLGRULQVWDODGRHQXQGHDOLQJFHQWHU(QHOGHDOLQJFHQWHUDVXYH]HVWiQFRQHFWDGRVFRQRWURVSDUWLFLSDQWHVGHOPHUFDGRFRPREDQFRVHLQVWLWXFLRQHVILQDQFLHUDV
(O7HUPLQDOGH8VXDULRLQFOX\HLQIRUPDFLRQHVGHOHQWRUQRXQFRQMXQWRGHSDUiPHWURVTXHLQIRUPDQVREUHHOHVWDGRGHOPHUFDGR\ODVUHODFLRQHVHQWUHHOFRPHUFLDQWH\HOFHQWURGHWUDWDPLHQWRGHGDWRV&RQWLHQHLQIRUPDFLyQVREUHORVSUHFLRVDFWXDOHVODVOLPLWDFLRQHVHQWDPDxRPi[LPR\PtQLPRGHODVyUGHQHVGLVWDQFLDPtQLPDGHODVyUGHQHVGHVWRSSHUPLVRSURKLELFLyQGHOWUDGLQJDXWRPiWLFR\PXFKRVRWURVSDUiPHWURV~WLOHVTXHFDUDFWHUL]DQHOHVWDGRDFWXDOGHOPHUFDGR(OHQWRUQRLQIRUPHDWLYRVHDFWXDOL]DFXDQGRXQQXHYRWLFNVHVUHFLELGRHQHOWHUPLQDOOtQHDYHUGHHQOD)LJ
&RQMXQWRGHKHUUDPLHQWDV
(O7HUPLQDOGH8VXDULRFRQWLHQHKHUUDPLHQWDVTXHSHUPLWHQODUHDOL]DFLyQGHDQiOLVLVWpFQLFRGHOPHUFDGR\JHVWLyQGHODHMHFXFLyQPDQXDOGHFRPHUFLR3DUDHODQiOLVLVGHPHUFDGRVHSXHGHQXWLOL]DUGLIHUHQWHVLQGLFDGRUHVWHFQLFRV\HVWXGLRVOLQHDVGHVRSRUWH\UHVLVWHQFLDFDQDOHVGHWHQGHQFLDQLYHOHVGH)LERQDFFL
HWF3DUDODJHVWLyQGHWUDGLQJPDQXDOVHXVDQODVyUGHQHVGHVGHEDUUDGHKHUUDPLHQWDV8WLOL]DQGRHVWDEDUUDGHKHUUDPLHQWDVXQWUDGHUSXHGHDEULUFHUUDU\PRGLILFDUyUGHQHV$GHPiVHOWHUPLQDOWLHQHODRSFLyQGHDGPLQLVWUDFLyQDXWRPDWL]DGDGHVWRSVGHODSRVLFLyQ8QDVDFFLRQHVGHFRPHUFLRTXHLQFRUSRUHQKHUUDPLHQWDVGHJHVWLyQGHWUDGLQJGDQFRPRUHVXOWDGRODIRUPDFLyQGHyUGHQHVFRPHUFLDOHVODVFXDOHVVRQHQYLDGRVDOVHUYLGRU
3DUDREWHQHUPiVLQIRUPDFLyQVREUHHO7HUPLQDOGH8VXDULRSRUIDYRUFRQVXOWHODVHFFLyQ8VHUJXLGH&OLHQW7HUPLQDOBIROGHU?7HUPLQDOFKP
8/6/2019 Manual Met a Trader
5/428
/LEURGH04/,QWURGXFFLyQD04/
5 de 175
+HUUDPLHQWDVGHSURJUDPDFLyQ
(ODQiOLVLVGHPHUFDGR\ODJHVWLyQGHFRPHUFLRHQ7HUPLQDOGH8VXDULR0HWD7UDGHUVHDSOLFDQFRQODD\XGDGHKHUUDPLHQWDVGHSURJUDPDFLyQ(OOHQJXDMH04/SHUPLWHODFUHDFLyQGHWDOHVSURJUDPDV+D\WUHVWLSRVGHDSOLFDFLRQHVFUHDGDVHQ04/\FUHDGDVSDUDWUDEDMDUHQHO7HUPLQDOGH8VXDULR
&RVWXP,QGLFDWRU,QGLFDGRUSHUVRQDO(VXQSURJUDPDSDUDPRVWUDUJUiILFRVGHPHUFDGRHVFULWRGHDFXHUGRDODOJRULWPRGHVXDXWRU ([SHUW$GYLVRU$VHVRU([SHUWR(VXQSURJUDPDTXHSHUPLWHDXWRPDWL]DUJUDQSDUWHGH
RSHUDFLRQHVFRPHUFLDOHV\FRPSOHWRWUDQGLQJDXWRPDWLFR 6FULSW(VXQSURJUDPDSDUDHMHFXWDUORXQDYH]ODVDFFLRQHVLQFOX\HQODHMHFXFLyQGHRSHUDFLRQHVGH
WUDGLQJ
)LJPXHVWUDTXHODDSOLFDFLyQWLHQHORVPLVPRVPHGLRVGHDFFHVRDO7HUPLQDOGH8VXDULR\HQWRUQRLQIRUPDWLYRFRPRODVKHUUDPLHQWDVGHFRPHUFLRPDQXDOIOHFKDVD]XOHV7DPELpQSXHGHIRUPDUODJHVWLyQGHPHGLRVIOHFKDVURMDVSDVyDO7HUPLQDOGH8VXDULR,QWHUFDPELRGHGDWRV\SURJUDPDVGHGLIHUHQWHVWLSRVSXHGHQVHUXWLOL]DGRVVLPXOWiQHDPHQWH(OXVRGHHVWDVDSOLFDFLRQHVSHUPLWHTXHXQSURJUDPDGRUSXHGDDXWRPDWL]DUXQDJUDQSDUWHGHODVRSHUDFLRQHVGHFRPHUFLRRFUHDUXQURERWTXHUDOLFHFRPHUFLRVLQODLQWHUYHQFLRQGHOFRPHUFLDQWH
/DVDSOLFDFLRQHV\KHUUDPLHQWDVGHJHVWLyQPDQXDOSXHGHQVHUXWLOL]DGDVHQHO7HUPLQDOGH8VXDULRDOPLVPR
WLHPSR\FRPSOHPHQWDUVHHQWUHVt
/DVFDUDFWHUtVWLFDVWpFQLFDVIXQGDPHQWDOHVGHODQHJRFLDFLyQHQOtQHDXWLOL]DQGRHOVLVWHPDGHFRPHUFLR0HWD7UDGHUHVTXHODJHVWLyQGHWRGDVODVDFFLRQHVVHSURGXFHQHQHO7HUPLQDOGH8VXDULR\OXHJRHVHQYLDGDDXQVHUYLGRU/RVSURJUDPDVGHDSOLFDFLyQ([SHUW$GYLVRUVFULSWR&XVWRP,QGLFDWRUVyORSXHGHQWUDEDMDUFRPRSDUWHGHO7HUPLQDOGH8VXDULRVLHPSUH\FXDQGRVHFRQHFWHDXQVHUYLGRUGHDOLQJFHQWHU1LQJXQRGHORVSURJUDPDVGHDSOLFDFLyQVHLQVWDODHQHOVHUYLGRU
(OVHUYLGRUVyORSHUPLWHSURFHVDUVHxDOHVSURFHGHQWHVGHO7HUPLQDOGH8VXDULR6LXQ7HUPLQDOGH8VXDULRHVWiGHVFRQHFWDGRGH,QWHUQHWRXQSURJUDPDGHDSOLFDFLyQ([SHUW$GYLVRURVFULSWTXHKD\DHQHOODVXVDFFLRQHVQRJHQHUDQQLQJXQDJHVWLyQQDGDYDDVXFHGHUHQHOVHUYLGRU
(ODOFDQFHGHQXHVWURHVWXGLRLQFOX\HORVSURJUDPDV$VHVRU([SHUWRVFULSWVSHUVRQDOL]DGRVHLQGLFDGRUSHUVRQDOTXHSHUPLWDQOOHYDUDFDERHOWUDGLQJGHIRUPDSDUFLDORGHIRUPDWRWDOPHQWHDXWRPDWL]DGD\GHHVWDIRUPDDPSOLDUVLJQLILFDWLYDPHQWHHOPDQWHQLPLHQWRGHLQIRUPDFLyQFRPHUFLDOYHU)LJ(QHVWHOLEURXVWHGHQFRQWUDUiODGHVFULSFLyQGHORVFRPSRQHQWHVGHOSURJUDPD\ODVSULQFLSDOHVUHJODVGHFUHDFLyQ\XVRGHSURJUDPDV7DPELpQYDPRVDH[DPLQDUHQGHWDOOHHMHPSORVGHSURJUDPDV\SDUiPHWURVGHLQIRUPDFLyQGHOHQWRUQRHQHO7HUPLQDOGH8VXDULRTXHHVWiQGLVSRQLEOHVDOSURJUDPDGXUDQWHVXHMHFXFLyQ
/RVSURJUDPDVSDUDHOWUDWDPLHQWRDXWRPDWL]DGRGHOFRPHUFLRSRVHHQPXFKRPiVSRWHQFLDO\SRVLELOLGDGHVTXHODVKHUUDPLHQWDVPDQXDOHVGHJHVWLyQGHFRPHUFLR
(QODPD\RUtDGHORVFDVRVXQSURJUDPDOHSHUPLWHDXQFRPHUFLDQWHXQWUDEDMRPiVIiFLOHOLPLQDQGRODQHFHVLGDGGHXQFRQVWDQWHVHJXLPLHQWRGHODVLWXDFLyQGHOPHUFDGR\WHQHUTXHHVWDUVHQWDGRDQWHXQRUGHQDGRUGXUDQWHXQODUJRSHULRGRGHWLHPSR7DPELpQSXHGHD\XGDUDDOLYLDUODWHQVLyQQHUYLRVD\UHGXFLUHOQ~PHURGHHUURUHVTXHDSDUHFHQHQSHUtRGRVGHH[WUHPDWHQVLyQHPRFLRQDO3HURORSULQFLSDOHVTXHHOXVRGHOSURJUDPDFRPRPpWRGRGHJHVWLyQGHOFRPHUFLRSHUPLWHGHVDUUROODUODVSURSLDVLGHDV\SUREDUODVFRQGDWRVKLVWyULFRVVHOHFFLRQDQGRORVSDUiPHWURVySWLPRVSDUDODDSOLFDFLyQGHHVWDVLGHDV\SRU~OWLPRSHUPLWHDSOLFDUODVLGHDVVREUHODVHVWUDWHJLDVFRPHUFLDOHV
8/6/2019 Manual Met a Trader
6/428
/LEURGH04/,QWURGXFFLyQD04/
6 de 175
)XQGDPHQWRVGH04/(VWDVHFFLyQVHUHSUHVHQWDODWHUPLQRORJLDEiVLFDGHOOHQJXDMHGHSURJUDPDFLyQ04/
$OJXQRVFRQFHSWRVEiVLFRV
6RQGHVFULWRVWpUPLQRVWDOHVFRPRWLFNXQFDPELRGHSUHFLRFRQWUROHQORVDOJRULWPRVFRPHQWDULRVTXHGHVFULEHQORVSURJUDPDV(OSULQFLSDODFRQWHFLPLHQWRGHODVFRWL]DFLyQHVHQORVPHUFDGRVILQDQFLHURVHVHOFDPELRGHSUHFLR(VWDHVODUD]yQSRUODTXHHOWLFNHVXQDFRQWHFLPLHQWRLPSRUWDQWHTXHKDFHTXHORVPHFDQLVPRVEiVLFRVGHORVSURJUDPDVGH04/VHHMHFXWDQ4XpKDFHUFXDQGRRFXUUHXQQXHYRWLFN"4XpPHGLGDVWRPDU"(VWHHVHOFRQWUROTXHPXHYHODYDQJXDUGLDDTXt3HURQRVHROYLGHGHFRPHQWDUVXFyGLJR
&RQVWDQWHV\9DULDEOHV/RVWpUPLQRVGHFRQVWDQWHV\YDULDEOHVVHUiQH[SOLFDGDVODGLIHUHQFLDHQWUHHVWRVWpUPLQRVVHUDH[SOLFDGD&RPRHOWpUPLQRVXJLHUHXQDFRQVWDQWHHVDOJRFRQWLQXRXQYDORUILMR$GLIHUHQFLDGHODFRQVWDQWHXQDYDULDEOHHVXQREMHWRGHOFyGLJRGHSURJUDPDFLyQTXHSXHGHPRGLILFDUVXFRQWHQLGR(VLPSRVLEOHHVFULELUXQSURJUDPDVLQXVDUREMHWRVLQDOWHUDEOHVFRQVWDQWHV\RREMHWRVTXHSXHGDQVHUPRGLILFDGRVGXUDQWHODHMHFXFLyQGHOSURJUDPDYDULDEOHV
7LSRVGHGDWRV&LHUWRVWLSRVGHGDWRVVHXWLOL]DQHQFXDOTXLHUOHQJXDMHGHSURJUDPDFLyQ(OWLSRGHXQDYDULDEOHVHHOLJHGHDFXHUGRDVXILQDOLGDG&yPRSRGHPRVGHFODUDUXQDYDULDEOHFyPRSRGHPRVLQLFLDOL]DUODSUHVHWVXYDORULQLFLDO"8QDHOHFFLyQHUUyQHDGHOWLSRGHXQDYDULDEOHSXHGHIUHQDUHOSURJUDPDRLQFOXVRGDUOXJDUDXQPDOIXQFLRQDPLHQWR
2SHUDFLRQHV\H[SUHVLRQHV/DVRSHUDFLRQHVVHKDFHQVREUHRSHUDQGRV4XpWLSRGHRSHUDFLRQHVKD\"&XiOHVVRQODVFDUDFWHUtVWLFDVHVSHFLDOHVGHODVRSHUDFLRQHVVREUHHQWHURV"3RUTXpHVLPSRUWDQWHUHFRUGDUORVGLIHUHQWHVWLSRVGHGDWRVSUHFHGHQWHV"6LQFRQRFHUODVFDUDFWHUtVWLFDVGHDOJXQDVRSHUDFLRQHVSXHGHQDSDUHFHUVXWLOHVHUURUHV
2SHUDGRUHV/RVRSHUDGRUHVSXHGHQVHUVLPSOHV\FRPSOHMRV8QDDFFLyQQHFHVDULDQRVLHPSUHSXHGHQVHUHMHFXWDGDVSRUXQRSHUDGRUVLPSOH6LHVQHFHVDULRTXHXQJUXSRGHRSHUDGRUHVVHHMHFXWHFRPRXQJUDQRSHUDGRUHVWHJUXSRGHEHLQFOXLUVHFRPRXQRSHUDGRUFRPSXHVWR6HUiQGDGRVORVUHTXHULPLHQWRVQHFHVDULRV\HMHPSORVHVSHFLILFRVGHXWLOL]DFLyQGHORVRSHUDGRUHV
)XQFLRQHV/DQHFHVLGDGGHFRQVHJXLUXQFyGLJRVLPSOHQRVOOHYDDOWpUPLQRGHIXQFLyQ3DUDSRGHUXWLOL]DUODIXQFLyQHQGLVWLQWRVOXJDUHVGHOSURJUDPDHVQHFHVDULRHVWDEOHFHUSDUiPHWURVDODIXQFLyQ7HQGUHPRVHQFXHQWDHOSURFHVRGHFUHDFLyQGHIXQFLyQGHILQLGDSRUHOXVXDULR6HRIUHFHUiQHMHPSORVGHXVRGHIXQFLRQHVHVWiQGDU
7LSRVGHSURJUDPD6FULSWVLQGLFDGRUHVSHUVRQDOHV\([SHUW$GYLVRUVRQORVWLSRVGHSURJUDPDVGH04/TXHOHSHUPLWHQFXEULUSUiFWLFDPHQWHWRGDODFODVHGHSUREOHPDVUHODFLRQDGRVFRQHOFRPHUFLRHQORVPHUFDGRVILQFDQFLHURV(VQHFHVDULRFRPSUHQGHUORVHIHFWRVGHFDGDWLSRGHSURJUDPDVFRQHOILQGHXWLOL]DUHO7HUPLQDOGH8VXDULRGH0HWD7UDGHUGHODPHMRUPDQHUD
$OJXQRVFRQFHSWRVEiVLFRV
8/6/2019 Manual Met a Trader
7/428
/LEURGH04/,QWURGXFFLyQD04/
7 de 175
3RUORWDQWRHOREMHWRGHQXHVWURLQWHUpVHVXQSURJUDPDHVFULWRHQ04/$QWHVGHHPSH]DUXQDSUHVHQWDFLyQGHWDOODGDGHODVUHJODVSDUDHVFULELUSURJUDPDVHVQHFHVDULRGHVFULELUORVFRQFHSWRVEiVLFRVTXHFDUDFWHUL]DQDXQSURJUDPD\VXVLQWHUUHODFLRQHVFRQHOHQWRUQRGHLQIRUPDFLyQ(O7HUPLQDOGH8VXDULR0HWD7UDGHUHVFRQRFLGRSDUDWUDEDMDURQOLQHDWUDYpVGHLQWHUQHW/DVLWXDFLyQHQORVPHUFDGRVILQDQFLHURVFDPELDFRQWLQXDPHQWHHVWRDIHFWDDOJUDILFRGHOVtPERORLQVWUXPHQWRHQHO7HUPLQDOGH8VXDULR/RVWLFNVSURYHHQDO7HUPLQDOGHLQIRUPDFLyQDFHUFDGHORVFDPELRVGHSUHFLRVHQHOPHUFDGR
/DQRFLyQGHOWLFN
(OWLFNHVXQHYHQWRTXHVHFDUDFWHUL]DSRUHVWDEOHFHUXQQXHYRSUHFLRGHOLQVWUXPHQWRILQDQFLHURVtPERORHQDOJ~QLQVWDQWH
/RVWLFNVVRQHQYLDGRVDFDGD7HUPLQDOGH8VXDULRGHVGHXQVHUYLGRULQVWDODGRHQXQ&HQWURGHWUDQVDFLRQHVEXUViWLOHV6HJ~QFRUUHVSRQGDDODVLWXDFLyQDFWXDOGHOPHUFDGRORVWLFNVSXHGHQUHFLELUVHFRQPiVRPHQRVIUHFXHQFLDSHURFDGDXQRGHHOORVWUDHXQDQXHYDFRWL]DFLyQHQHOFRPHUFLRGHGLYLVDVHVHOFRVWHGHXQDPRQHGDH[SUHVDGRHQWpUPLQRVGHRWUDPRQHGD
8QDDSOLFDFLyQRSHUDQGRFRQHO7HUPLQDOGH8VXDULRSXHGHIXQFLRQDUGXUDQWHGHXQODUJRSHUtRGRGHWLHPSRSRUHMHPSORYDULRVGtDVRVHPDQDV&DGDDSOLFDFLyQVHHMHFXWDFRQDUUHJORDODVQRUPDVHVWDEOHFLGDVSDUDFDGDGHWHUPLQDGRWLSRGHSURJUDPD3RUHMHPSORXQ$VHVRU([SHUWR$(QRIXQFLRQDFRQWLQXDPHQWHWRGRHO
WLHPSR8Q$VHVRU([SHUWRHVSRUORJHQHUDOSXHVWRHQPDUFKDHQHOPRPHQWRHQTXHVHPDUFDXQQXHYRWLFN3RUHVWDUD]yQQRVHFDUDFWHUL]DHOWLFNFRPRVLVHDFDEDUDGHPDUFDUXQQXHYRSUHFLRVLQRFRPRXQDRUGHQGHHMHFXFLyQGHOSURJUDPDSDUDVHUSURFHVDGDSRUHO7HUPLQDOGH8VXDULR
/DGXUDFLyQGHODRSHUDFLyQGHO$VHVRU([SHUWRGHSHQGHGHORTXHHVWpLQFOXLGRHQHOFyGLJRGHOSURJUDPD1RUPDOPHQWHORV$(VFRPSOHWDQXQFLFORGHLQIRUPDFLyQSURFHVDPLHQWRHQDOJXQDVGpFLPDVRFHQWpVLPDVGHVHJXQGR'HQWURGHHVWHWLHPSRHO$(SXHGHKDEHUSURFHVDGRDOJXQRVSDUiPHWURVWRPDUXQDGHFLVLyQFRPHUFLDOGDUDOWUDGHUDOJXQDLQIRUPDFLyQ~WLOHWF'HVSXpVGHKDEHUWHUPLQDGRHVWDSDUWHGHVXODERUHO$(VHSRQHHQPRGRGHHVSHUDKDVWDTXHVHPDUTXHXQQXHYRWLFN(VWHQXHYRWLFNLQLFLDGHQXHYRDO$VHVRU([SHUWR([SHUW$GYLVRUVHOSURJUDPDKDFHVXWUDEDMR\GHQXHYRYXHOYHDOPRGRGHHVSHUD$FRQWLQXDFLyQVHGHVFULEHGHWDOODGDPHQWHFyPRODDSDULFLyQGHXQQXHYRWLFNDFWXDVREUHODRSHUDFLyQGHOSURJUDPD
(OFRQFHSWRGHFRQWURO
8VDUHPRVHOWpUPLQRFRQWUROFXDQGRKDEOHPRVGHFyPRHVHOIOXMRGHHMHFXFLyQGHFyGLJRGHXQSURJUDPDDVtFRPRVXLQWHUDFFLyQFRQHO7HUPLQDOGH8VXDULR
(OFRQWUROHVXQSURFHVRGHUHDOL]DFLyQGHDFFLRQHVSUHHVWDEOHFLGDVSRUHODOJRULWPRGHOSURJUDPD\ODVFDUDFWHULVWLFDVGHO7HUPLQDOGH8VXDULR(OFRQWUROSXHGHVHUWUDQVIHULGRGHQWURXQSURJUDPDGHVGHXQDOtQHDGHFyGLJRDRWURDVtFRPRGHVGHHOSURJUDPDKDFLDHO7HUPLQDOGH8VXDULR
(OFRQWUROVHWUDQVILHUHGHXQDPDQHUDVLPLODUDODPDQHUDFRPRVHGDODSDODEUDDDOJXLHQHQXQDUHXQLyQ$OLJXDOTXHHORUDGRUXQDUHXQLRQWRPDODSDODEUD\OXHJRVHODGDDORVGHPiVHO7HUPLQDOGH8VXDULR\HOSURJUDPDGHFRQWUROGHWUDQVIHUHQFLDVVHSDVDQHOFRQWUROXQRDRWUR(QHVWHFDVRHVHO7HUPLQDOGH8VXDULRTXLHQGRPLQD6XHVWDGRHVVXSHULRUDODGHOSURJUDPDDOLJXDOTXHODDXWRULGDGGHOSUHVLGHQWHGHXQDUHXQLyQHVPiVJUDQGHTXHODVGHXQVLPSOHSRUWDYR]
$QWHVGHTXHHOSURJUDPDVHSRQJDHQPDUFKDHOFRQWUROHVWiEDMRODVXSHUYLVLyQGHO7HUPLQDOGH8VXDULR&XDQGRXQQXHYRWLFNHVUHFLELGRHO7HUPLQDOGH8VXDULRWUDQVILHUHHOFRQWURODOSURJUDPD(OFyGLJRGHO
SURJUDPDFRPLHQ]DDVHUHMHFXWDGRHQHVWHPRPHQWR(O7HUPLQDOGH8VXDULRGHVSXpVGHTXHKDWUDQVIHULGRHOFRQWURODOSURJUDPDQRGHWLHQHVXIXQFLRQDPLHQWR6LJXHWUDEDMDQGRFRQHOPi[LPRUHQGLPLHQWRGXUDQWHWRGRHOSHUtRGRGHWLHPSRTXHKDVLGRHMHFXWDGRGHVGHHORUGHQDGRU(OSURJUDPDVyORSXHGHFRPHQ]DUDIXQFLRQDUHQHOPRPHQWRHQTXHHO7HUPLQDOGH8VXDULROHKDWUDQVIHULGRHOFRQWURODOLJXDOTXHHOSUHVLGHQWHGHXQDUHXQLyQFRQWURODODUHXQLyQWRGRHOWLHPSRPLHQWUDVTXHHODFWXDORUDGRUWRPHODSDODEUDVyORSRUXQSHUtRGRGHWLHPSROLPLWDGR
(OSURJUDPDGHYXHOYHHOFRQWURODO7HUPLQDOGH8VXDULRGHVSXpVGHTXHKDFRPSOHWDGRVXRSHUDFLyQ\QRSXHGHSRQHUVHHQPDUFKDSRUVXSURSLDFXHQWD6LQHPEDUJRFXDQGRHOFRQWUROKDVLGRWUDQVIHULGRDOSURJUDPDHVWHGHYXHOYHHOFRQWURODO7HUPLQDOGH8VXDULRSRUVtPLVPR(QRWUDVSDODEUDVHO7HUPLQDOGH8VXDULRQRSXHGHWRPDUHOFRQWUROGHOSURJUDPDSRUVtVROR/DGLQiPLFDGHODVDFFLRQHVGHOXVXDULRSRUHMHPSORREOLJDUODILQDOL]DFLRQGHOSURJUDPDVRQXQDH[FHSFLyQ
8/6/2019 Manual Met a Trader
8/428
/LEURGH04/,QWURGXFFLyQD04/
8 de 175
$OGLVFXWLUODVFXHVWLRQHVGHOUHQGLPLHQWR\ODVHVWUXFWXUDVLQWHUQDVGHORVSURJUDPDVHVWDPRVLQWHUHVDGRVODPD\RUtDGHODYHFHVHQODSDUWHGHOFRQWUROTXHVHWUDQVILHUHGHQWURGHXQSURJUDPD9DPRVDKDFHUUHIHUHQFLDDOD)LJTXHPXHVWUDODQDWXUDOH]DJHQHUDOGHODWUDQVIHUHQFLDGHOFRQWUROKDFLDGHVGH\GHQWURGHXQSURJUDPD/RVFtUFXORVTXHVHPXHVWUDHQODILJXUDFDUDFWHUL]DUDOJXQRVGHORVSHTXHxRVIUDJPHQWRVORJLFRVGHXQSURJUDPDPLHQWUDVTXHODVIOHFKDVHQWUHORVFtUFXORVPXHVWUDQFyPRVHWUDQVILHUHHOFRQWUROGHXQIUDJPHQWRDRWUR
)LJ/DWUDQVIHUHQFLDGHFRQWUROHQXQSURJUDPD
8QSURJUDPDTXHKDDFHSWDGRHOFRQWUROGHO7HUPLQDOGH8VXDULRHOSURJUDPDHQHMHFXFLyQFRPLHQ]DD
HMHFXWDUDOJXQDVDFFLRQHVHQIXQFLyQGHVXDOJRULWPRLQKHUHQWH(OSURJUDPDFRQWLHQHODVOtQHDVGHSURJUDPDyUGHQHVJHQHUDOHVGHHMHFXFLyQGHXQSURJUDPDVHFXHQFLDOTXHFRQVLVWHHQODWUDQVIHUHQFLDGHOFRQWUROGHXQDOtQHDDRWUDGHODSDUWHVXSHULRUKDFLDDEDMR4Xp\FRQDUUHJORDTXpUHJODVVHSXHGHHVFULELUHQHVWDVOtQHDVVHGLVFXWHPiVDGHODQWHHQWRGRVVXVGHWDOOHV
$TXtVyORHVLPSRUWDQWHGHVWDFDUTXHOyJLFDPHQWHVHHMHFXWDFDGDIUDJPHQWRWHUPLQDGRSRUHMHPSORDOJXQRVFiOFXORVPDWHPiWLFRVXQPHQVDMHHQODSDQWDOODXQDRUGHQFRPHUFLDOHWF\PDQWLHQHHOFRQWUROKDVWDHOIUDJPHQWRDFWXDOGHOSURJUDPDHMHFXWDGR'HVSXpVGHTXHVHKD\DFRPSOHWDGRWRGRHOFRQWUROVHWUDQVILHUHDRWURIUDJPHQWR3RUORWDQWRHOFRQWUROGHQWURGHXQSURJUDPDHVWUDQVIHULGRGHVGHXQIUDJPHQWROyJLFRFRPSOHWDGRDRWUR7DQSURQWRFRPRHO~OWLPRIUDJPHQWRHVHMHFXWDGRHOSURJUDPDGHWUDQVIHUHQFLDLGD\YXHOWDSDVDHOFRQWURODO7HUPLQDOGH8VXDULR
/DQRFLyQGHO&RPHQWDULR
8QSURJUDPDFRQVLVWHHQGRVWLSRVGHUHJLVWURVORVGHOSURSLRSURJUDPD\ORVWH[WRVH[SOLFDWLYRVTXHHVWiQDOFyGLJRGHSURJUDPD
(O&RPHQWDULRHVRSFLRQDO\QRHVXQDSDUWHHMHFXWDEOHGHOSURJUDPD
3RUORWDQWRXQFRPHQWDULRHVRSFLRQDOGHQWURGHXQSURJUDPD(VWRVLJQLILFDTXHXQSURJUDPDKDFHHOWUDEDMRGHDFXHUGRFRQVXFyGLJRLQGHSHQGLHQWHPHQWHGHVLKD\FRPHQWDULRVHQHOODRQR6LQHPEDUJRORVFRPHQWDULRVIDFLOLWDQODFRPSUHQVLyQGHOFyGLJRGHOSURJUDPDHQJUDQPHGLGD+D\FRPHQWDULRVGHXQDOtQHD\GHP~OWLSOHVOtQHDV(OFRPHQWDULRGHXQDOLQHDHVFXDOTXLHUVHFXHQFLDGHFDUDFWHUHVTXHYDQDFRQWLQXDFLQGHXQDGREHEDUUD(OVLJQRGHXQDOtQHDGHFRPHQWDULRTXHGDWHUPLQDGRFRQHOVDOWRGHOtQHD(OFRPHQWULRPXOWLOtQHDFRPLHQ]DFRQ\WHUPLQDFRQYHU)LJ
8/6/2019 Manual Met a Trader
9/428
/LEURGH04/,QWURGXFFLyQD04/
9 de 175
/RVFRPHQWDULRVVRQXWLOL]DGRVSDUDH[SOLFDUHOFyGLJRGHSURJUDPD8QEXHQSURJUDPDVLHPSUHFRQWLHQHFRPHQWDULRV
)LJ(MHPSORGHFRPHQWDULRVHQXQSURJUDPD
/RVFRPHQWDULRVVRQDPSOLDPHQWHXWLOL]DGRVHQODFRGLILFDFLyQ3RUORJHQHUDOVHPXHVWUDQHQJULVHQORVFyGLJRV9DPRVDXWLOL]DUORVFRPHQWDULRVWDPELpQFRQHOILQGHH[SOLFDUQXHVWURVFyGLJRV\KDFHUORVPiVLQWHOLJLEOHV
8/6/2019 Manual Met a Trader
10/428
8/6/2019 Manual Met a Trader
11/428
/LEURGH04/,QWURGXFFLyQD04/
11 de 175
)LJ(OHVWDGRGHXQDFpOXODGHPHPRULDGHXQDFRQVWDQWHODKRUDGHILMDUHOYDORUDOSURJUDPD
(OYDORUGHXQDFRQVWDQWHQRSXHGHFDPELDUVHGXUDQWHODRSHUDFLyQGHOSURJUDPD
)LJ(VLPSRVLEOHFDPELDUHOYDORUGHXQDFRQVWDQWHGXUDQWHODRSHUDFLyQGHOSURJUDPD
(OFRQFHSWRGHYDULDEOH
9DULDEOHHVXQDSDUWHGHXQSURJUDPDTXHWLHQHXQQRPEUH\XQYDORU
(OWpUPLQRGHYDULDEOHHQ04/HVVLPLODUDODFHSWDGRSRUODVPDWHPiWLFDV/DGLIHUHQFLDHQWUHHOORVFRQVLVWHVyORHQTXHHOYDORUGHXQDYDULDEOHHQPDWHPiWLFDVHVWiVLHPSUHLPSOtFLWRPLHQWUDVTXHHOYDORUGHODYDULDEOHHQXQSURJUDPDGHHMHFXFLyQVHDOPDFHQDHQXQDFHOGDHVSHFLDOGHODPHPRULDGHORUGHQDGRU
(OWpUPLQRLGHQWLILFDGRUGHYDULDEOHVRQSOHQDPHQWHVLQRQLPDVDOGHQRPEUHGHYDULDEOH/DYDULDEOHODSRQHVXDXWRUHQHOFyGLJRGHWH[WRHQODIDVHGHFRGLILFDFLyQFRPRXQQRPEUHGHYDULDEOH(OQRPEUHLGHQWLILFDGRUGHXQDYDULDEOHSXHGHFRQVWDUGHOHWUDVGtJLWRV\VXEUD\DGR6LQHPEDUJRVHGHEHFRPHQ]DU
FRQXQDOHWUD04/GLVWLQJXHHQWUHPD\~VFXODV\PLQ~VFXODVHVGHFLU6\VQRVRQODVPLVPDV(MHPSORGHQRPEUHVGHYDULDEOHV$OIDDO)DEHWDHOBQ~PHUR1XP$B$TZHUW\B/RVVLJXLHQWHVLGHQWLILFDGRUHVGHODVYDULDEOHVUHSUHVHQWDQQRPEUHVGHYDULDEOHVGLIHUHQWHVDB\B0DVVD\0$66$(MHPSORGHYDORUHVGHYDULDEOHVWUXH.D]DQ
3URSLHGDGHVGHODVYDULDEOHV
/DFDUDFWHULVWLFDGHXQDYDULDEOHHVVXFDSDFLGDGSDUDREWHQHUXQYDORUGHWHUPLQDGRGHOSURJUDPDFRQVHUYDORGXUDQWHWRGRHOSHUtRGRGHIXQFLRQDPLHQWRGHOSURJUDPD\HQWUHJDUHVWHYDORUSDUDXVRGHOSURJUDPDFXDQGRHVWHORVROLFLWH3DUDFDGDXQDGHODVYDULDEOHVGHOSURJUDPDHORUGHQDGRUGHVWLQDHOWDPDxRQHFHVDULRGHXQD
SDUWHGHVXPHPRULD9DPRVDKDFHUUHIHUHQFLDDOD)LJ\HVWXGLDUODFRQVWUXFFLyQGHXQDYDULDEOH
)LJ8QDYDULDEOHHQODPHPRULDGHXQRUGHQDGRU
8/6/2019 Manual Met a Trader
12/428
/LEURGH04/,QWURGXFFLyQD04/
12 de 175
7HQHPRVHOYDORUGHXQDYDULDEOHHQODFHOGDGHPHPRULDGHODFRPSXWDGRUD(VWHYDORUVHSXHGHOHHU\PRGLILFDUSRUHOSURJUDPD(OQRPEUHGHXQDYDULDEOHQRFDPELDQXQFD$OHVFULELUXQFyGLJRHOSURJUDPDGRUSXHGHSRQHUFXDOTXLHUQRPEUHDODYDULDEOH6LQHPEDUJRWDQSURQWRFRPRHOSURJUDPDVHSRQHHQPDUFKDQLHOSURJUDPDGRUQLHOSURJUDPDSXHGHQFDPELDUHOQRPEUHGHODYDULDEOH
6LHOSURJUDPDTXHVHHVWiHMHFXWDQGRHQFXHQWUDHOQRPEUHGHXQDYDULDEOHHOSURJUDPDWRPDHVWDYDULDEOHFRQHOILQGHREWHQHUVXYDORUSDUDHOSURFHVR6LXQSURJUDPDKDKHFKRUHIHUHQFLDDXQDYDULDEOHHVWDILMDVXYDORUSDUDHOSURJUDPD&XDQGRHOSURJUDPDKDFHXQDFRSLDGHOYDORUGHODYDULDEOHHVWHYDORUGHODVLJXHVLHQGRHOPLVPRTXHILJXUDHQODFHOGDGHPHPRULDDVLJQDGDDHVWDYDULDEOH)LJ
&XDQGRHOYDORUGHXQDYDULDEOHHVOHLGDSRUHOSURJUDPDHVWHYDORUVHPDQWLHQHVLQFDPELRV(OQRPEUHGHXQDYDULDEOHQXQFDSXHGHVHUFDPELDGR
)LJ(OHVWDGRGHODPHPRULDFHOXODUGHXQDYDULDEOHODKRUDGHILMDUHOYDORUDOSURJUDPD
8QDYDULDEOHQRHVWiUHODFLRQDGDFRQODHMHFXFLyQGHOSURJUDPDGXUDQWHXQFLHUWRSHUtRGRGHWLHPSR'XUDQWHHVWHSHUtRGRHOSURJUDPDSXHGHUHIHULUVHDRWUDVYDULDEOHVRKDFHURWURVFiOFXORVQHFHVDULRV(QWUHODVVHVLRQHVGHFRPXQLFDFLyQFRQHOSURJUDPDODYDULDEOHFRQVHUYDVXYDORUHVGHFLUVHPDQWLHQHVLQFDPELRV
'HDFXHUGRFRQHODOJRULWPRGHOSURJUDPDSXHGHVHUQHFHVDULRFDPELDUHOYDORUGHXQDYDULDEOH(QHVWHFDVRHOSURJUDPDHVWDEOHFHODYDULDEOHDVXQXHYRYDORU\ODYDULDEOHUHFLEHHOQXHYRYDORUGHOSURJUDPD7RGDVODVQHFHVDULDVPRGLILFDFLRQHVVHUHDOL]DQHQODPHPRULD(VWRGDOXJDUDODHOLPLQDFLyQGHODQWHULRUYDORUGHODYDULDEOHPLHQWUDVHOQXHYRYDORUILMDGRSRUHOSURJUDPDWRPDVXOXJDU)LJ
(OYDORUGHXQDYDULDEOHSXHGHVHUFDPELDGRSRUHOSURJUDPD(OQRPEUHGHODYDULDEOHHVVLHPSUHODPLVPD
)LJ(OHVWDGRGHODPHPRULDFHOXODUGHXQDYDULDEOHDOREWHQHUHOYDORUGHOSURJUDPD
(MHPSORGH&RQVWDQWHV\9DULDEOHVHQXQSURJUDPD
&RQVWDQWHV\YDULDEOHVVHSXHGHQHQFRQWUDUHQORVRSHUDGRUHVGHXQSURJUDPD(QHOFyGLJRTXHDSDUHFHDFRQWLQXDFLyQ$\%VRQYDULDEOHV\VRQFRQVWDQWHV
8/6/2019 Manual Met a Trader
13/428
/LEURGH04/,QWURGXFFLyQD04/
13 de 175
$/tQHD%$/tQHD
9DPRVDHVWXGLDUODIRUPDGHXQSURJUDPDWUDEDMDFRQFRQVWDQWHV\YDULDEOHV$OHMHFXWDUHVWDVOtQHDVHOSURJUDPDKDUiORVVLJXLHQWHVSDVRV
/tQHD
/DFRQVWDQWHHVWDEOHFHVXYDORUDOSURJUDPD 8QDYDULDEOHUHFLEHHOYDORUGHOSURJUDPD
/tQHD
(OSURJUDPDKDHQFRQWUDGRXQDH[SUHVLyQDODGHUHFKDGHOVLJQRLJXDO\HVWiWUDWDQGRGHFDOFXODUOR &RQVWDQWHHVWDEOHFHVXYDORUDOSURJUDPD (OSURJUDPDKDFHUHIHUHQFLDDODYDULDEOH$SRUVXQRPEUH 8QDYDULDEOHILMDVXYDORUDOSURJUDPD (OSURJUDPDKDFHORVFiOFXORV 9DULDEOHREWLHQHHOYDORUGHOSURJUDPD
(OYDORUGHXQDYDULDEOHSXHGHVHUFDPELDGRGXUDQWHODRSHUDFLyQGHOSURJUDPD3RUHMHPSORSXHGHKDEHUXQDOtQHDHQHOSURJUDPDTXHFRQWHQJDORVLJXLHQWH
/tQHD
(QHVWHFDVRORVVLJXLHQWHVSDVRVVHOOHYDUiQDFDERHQHMHFXFLyQGHOSURJUDPD
&RQVWDQWHHVWDEOHFHVXYDORUDOSURJUDPD 9DULDEOH%HVWDEOHFHHOYDORUQXHYRGHOSURJUDPD
(VIiFLOQRWDUTXHODYDULDEOH%UHFLEHHOYDORUHQXQDFLHUWDIDVHGHODHMHFXFLyQGHOSURJUDPD\DFRQWLQXDFLyQUHFLEHHOYDORUGH(OQRPEUHGHODYDULDEOH%QRKDFDPELDGRGXUDQWHWRGRVHVWRVDFRQWHFLPLHQWRVPLHQWUDVTXHHOYDORUGHODYDULDEOHYDDFDPELDU
)LJPXHVWUDODVFRQVWDQWHV\YDULDEOHVHQHOFyGLJRGHSURJUDPD
)LJ8QFRQVWDQWH\XQDYDULDEOHHQXQSURJUDPD
8/6/2019 Manual Met a Trader
14/428
/LEURGH04/,QWURGXFFLyQD04/
14 de 175
7LSRVGHGDWRV6HWUDWDGHXQFRQRFLPLHQWRFRP~QTXHVyORWLSRVLJXDOHVGHYDORUHVSXHGHQVHUVXPDGRVRUHVWDGRV3RUHMHPSORODVPDQ]DQDVVHSXHGHQDxDGLUDODVPDQ]DQDVSHURODVPDQ]DQDVQRSXHGHQVXPDUVHDPHWURVFXDGUDGRVRJUDGRVFHQWLJUDGRV6LPLODUHVOLPLWDFLRQHVVHHQFXHQWUDQHQODPD\RUtDGHORVPRGHUQRV
OHQJXDMHVDOJRUtWPLFRV$OLJXDOTXHORVREMHWRVQRUPDOHVGHODYLGDWLHQHQGHWHUPLQDGRVWLSRVTXHFDUDFWHUL]DQVXFRORUURMRD]XODPDULOORYHUGHVXVDERUDPDUJRiFLGRGXOFHFDQWLGDGXQD\PHGLDGRVVLHWH04/XWLOL]DGDWRVGHGLIHUHQWHVWLSRV$OKDEODUGHWLSRGHGDWRVVHHQWHQGHUiHOWLSRGHOYDORUGHXQDFRQVWDQWHGHXQDYDULDEOH\HOYDORUGHYXHOWRSRUXQDIXQFLyQODQRFLyQGHIXQFLyQHVFRQVLGHUDGRHQODVHFFLyQGH)XQFLRQHV
(Q04/VHGLVWLQJXHQORVVLJXLHQWHVWLSRVGHGDWRVSDUDORVYDORUHVGHODVFRQVWDQWHVYDULDEOHV\ORVYDORUHVGHYXHOWRVSRUIXQFLRQHV
LQWQ~PHURVHQWHURV GRXEOHQ~PHURVUHDOHV ERRO%ROHDQGHYDORUHVORJLFRV VWULQJYDORUHVGHWLSRFDGHQDGHFDUDFWHUHV FRORUYDORUHVGHWLSRFRORU GDWHWLPHYDORUHVGHIHFKD\KRUD
7LSRLQW
/RVYDORUHVGHWLSRLQWVRQHQWHURV(VWHWLSRLQFOX\HORVYDORUHVTXHSRUVXQDWXUDOH]DVRQGHWLSRHQWHUR/RVVLJXLHQWHVYDORUHVVRQHQWHURVSRUHMHPSORFDQWLGDGGHEDUUDVHQODYHQWDQDGHVtPERORRLQVWUXPHQWREDUUDVGLVWDQFLDHQWUHSXQWRVHQHOVtPERORDFWXDOGHSUHFLRV\HOSUHFLRGHDSHUWXUDGHODRUGHQSXQWRV/DVFDQWLGDGHVTXHUHSUHVHQWDQHVRVREMHWRVFRPRHYHQWRVWDPELpQSXHGHQVHUVyORQ~PHURVHQWHURV3RUHMHPSORODFDQWLGDGGHLQWHQWRVSDUDDEULUXQDRUGHQQRSXHGHVHULJXDODXQR\PHGLRVyORDXQRGRVWUHVHWF
+D\WLSRVGHYDORUHV
'HFLPDOHVWRVYDORUHVVHSUHVHQWDQHQIRUPDGHGtJLWRVGHODO\SXHGHQVHUSRVLWLYRVRQHJDWLYRV
/RVYDORUHVKH[DGHFLPDOHVHVWDQIRUPDGRVSRUODVOHWUDVGHOD$DOD)\ORVGtJLWRVGHODO'HEHQFRPHQ]DUFRQ[R[\WRPDUYDORUHVSRVLWLYRVRQHJDWLYRV[DE[II[$&;');$$%[
/RVYDORUHVGHWLSRLQWGHEHQHVWDUGHQWURGHOUDQJRGHD6LHOYDORUGHXQDFRQVWDQWHRXQDYDULDEOHHVWiIXHUDGHHVWHUDQJRHOUHVXOWDGRGHODRSHUDFLyQGHOSURJUDPDVHUiQXOR/RVYDORUHVGHFRQVWDQWHV\YDULDEOHVGHWLSRLQWRFXSDQE\WHVHQODPHPRULDGHORUGHQDGRU
8/6/2019 Manual Met a Trader
15/428
/LEURGH04/,QWURGXFFLyQD04/
15 de 175
8QHMHPSORTXHXWLOL]DYDULDEOHGHWLSRLQWHQXQSURJUDPD
LQW$UW(MHPSORYDULDEOHLQWHJHULQW%B(MHPSORYDULDEOHLQWHJHU
LQWQXP(MHPSORYDULDEOHLQWHJHULQW0D[(MHPSORYDULDEOHLQWHJHULQWPLQ(MHPSORYDULDEOHLQWHJHU
7LSRGRXEOH
/RVYDORUHUGHWLSRGRXEOHVRQQ~PHURVUHDOHVTXHFRQWLHQHQXQDSDUWHGHFLPDO
/RVYDORUHVGHHMHPSORGHHVWHWLSRSXHGHVHUFXDOTXLHUYDORUTXHWHQJDQXQDSDUWHGHFLPDOLQFOLQDFLyQGHODOtQHDGHDSR\RVtPERORGHSUHFLRVFRQXQDPHGLDGHFDQWLGDGGHyUGHQHVDELHUWDVGHQWURGHXQGtD
$YHFHVVHSXHGHQDIURQWDUORVSUREOHPDVGHVLJQDQGRODVYDULDEOHVDOHVFULELUVXFyGLJRHVGHFLUQRVLHPSUHHVHYLGHQWHSDUDXQSURJUDPDGRUDTXpWLSRLQWRGRXEOHSHUWHQHFHODYDULDEOH9HDPRVXQSHTXHxRHMHPSOR
8QSURJUDPDKDDELHUWRyUGHQHVHQXQDVHPDQD&XiOHVHOWLSRGHXQDYDULDEOHTXHFRQVLGHUDODFDQWLGDGPHGLDGLDULDGHyUGHQHVDELHUWDVSRUHVWHSURJUDPD"/DUHVSXHVWDHVREYLD$yUGHQHVGtDV(VWRVLJQLILFDTXHODYDULDEOH$GHEHQVHUFRQVLGHUDGDVHQHOSURJUDPDFRPRGRXEOH\DTXHHVWHYDORUWLHQHXQDSDUWHIUDFFLRQDO4XpWLSRGHEHVHUODPLVPDYDULDEOH$VLHOLPSRUWHWRWDOGHyUGHQHVTXHDEULyHQHOSOD]RGHXQDVHPDQDHVGH"6HSXHGHSHQVDUTXHVLyUGHQHVGtDVQRWLHQHSDUWHGHFLPDOXQDYDULDEOHSXHGHVHUFRQVLGHUDGDFRPRLQW6LQHPEDUJRHVWHUD]RQDPLHQWRHVHUUyQHR(OYDORUDFWXDOGHXQDYDULDEOHSXHGHWHQHUXQDSHTXHxDSDUWHTXHFRQVWDVyORGHFHURV(VLPSRUWDQWHVDEHUTXHHOYDORUGHHVDYDULDEOHHVUHDOSRUVXSURSLDQDWXUDOH]D(QHVWHFDVRXQDYDULDEOHWDPELpQKDGHVHUGHWLSRGRXEOH/DVHSDUDFLyQGHOSXQWRGHFLPDOWDPELpQGHEHVHUPRVWUDGDHQHOUHJLVWURGHOSURJUDPD
/RVYDORUHVUHDOHVGHFRQVWDQWHV\YDULDEOHVFRQVLVWLUiHQXQDSDUWHHQWHUDXQSXQWRGHFLPDO\XQDSDUWHGHFLPDO/RVYDORUHVSXHGHQVHUSRVLWLYRVRQHJDWLYRV/DSDUWHHQWHUD\ODSDUWHGHFLPDOVHIRUPDQFRQORVGtJLWRVGHODO/DFDQWLGDGGHFLIUDVVLJQLILFDWLYDVGHVSXpVGHOSXQWRGHFLPDOSXHGHDOFDQ]DUHOYDORUGH(MHPSOR
/RVYDORUHVGHWLSRGRXEOHSXHGHRVFLODUHQWUHHDH(QODPHPRULDGHRUGHQDGRUORVYDORUHVGHFRQVWDQWHV\YDULDEOHVGHWLSRGRXEOHWRPDQE\WHV
8QHMHPSORGHXWLOL]DUXQDYDULDEOHGHWLSRGRXEOHHQXQSURJUDPD
GRXEOH$UWH(MHPSORGHYDULDEOHUHDOGRXEOH%B(MHPSORGHYDULDEOHUHDOGRXEOH1XP(MHPSORGHYDULDEOHUHDOGREOH000(MHPSORGHYDULDEOHUHDOGREOH3ULFHB(MHPSORGHYDULDEOHUHDO
8/6/2019 Manual Met a Trader
16/428
/LEURGH04/,QWURGXFFLyQD04/
16 de 175
7LSRERRO
/RVYDORUHVGHWLSRERROVRQYDORUHVGH%ROpDQRVOyJLFRVTXHFRQWLHQHQYDORUHVGHOWLSRWUXHYHUGDGHURRIDOVHIDOVR
&RQHOILQGHDSUHQGHUODQRFLyQGHORVWLSRVEROpDQRVYDPRVDH[DPLQDUXQSHTXHxRHMHPSORGHQXHVWUDYLGDFRWLGLDQD'LJDPRVXQSURIHVRUQHFHVLWDSDUDWHQHUHQFXHQWDODSUHVHQFLDGHORVOLEURVGHWH[WRGHORVDOXPQRV(QHVWHFDVRHOSURIHVRUFRQIHFFLRQDUiXQDOLVWDGHWRGRVORVDOXPQRVHQXQDKRMDGHSDSHO\DFRQWLQXDFLyQVHPDUFDHQOtQHDVLXQDOXPQRWLHQHOLEURGHWH[WRRQR3RUHMHPSORHOSURIHVRUSRGUiXWLOL]DUiPDUFDV\JXLRQHVHQODJUiILFD
/LVWDGHDOXPQRV /LEURGHWH[WRGH)tVLFD
/LEURVGH7H[WRHQ%LRORJtD
/LEURGHWH[WRHQ4XtPLFD
6PLWK 9
-RQHV 9 9
0DUUyQ 9 9
7KRPSVRQ 9 9 9/RVYDORUHVHQODVFROXPQDVSXHGHQVHUVyORGHWLSRVYHUGDGHURRIDOVR(VWRVYDORUHVQRVHSXHGHQDWULEXLUDFXDOTXLHUDGHORVWLSRVFRQVLGHUDGRVDQWHULRUPHQWH\DTXHQRVRQQ~PHURVHQDEVROXWR1RVRQORVYDORUHVGHFRORUVDERUFDQWLGDGHWF(Q04/HVRVYDORUHVVHGHQRPLQDQEROpDQRVRYDORUHVOyJLFRV&RQVWDQWHV\YDULDEOHVGHWLSRERROVHFDUDFWHUL]DQSRUTXHVyORSXHGHQWRPDUYDORUHVSRVLEOHVWUXH(VFLHUWR758(RIDOVHIDOVHIDOVH/RVYDORUHVGHFRQVWDQWHV\YDULDEOHVGHWLSRERRORFXSDQE\WHVHQODPHPRULDGHRUGHQDGRU
(MHPSORTXHXWLOL]DXQDYDULDEOHGHWLSRERROHQXQSURJUDPD
ERRODD7UXHODYDULDEOH%RROHDQWLHQHHOYDORUGHYHUGDGHURERRO%758(ODYDULDEOH%RROHDQ%WLHQHHOYDORUGHYHUGDGHURERRO+DPPDODYDULDEOH%RROHDQ+DPPDWLHQHHOYDORUGHYHUGDGHUR
ERRO7($)DOVHODYDULDEOH%RROHDQ7($WLHQHHOYDORUGHIDOVRERRO1ROIDOVHODYDULDEOH%RROHDQ1ROWLHQHHOYDORUGHIDOVRERRO3ULPODYDULDEOH%RROHDQ3ULPWLHQHHOYDORUGHIDOVR
7LSRVWULQJFDGHQDGHFDUDFWHUHV
(OYDORUGHWLSRVWULQJHVXQYDORUUHSUHVHQWDGRFRPRXQFRQMXQWRGHFDUDFWHUHV$6&,,
(QODYLGDFRWLGLDQDXQFRQWHQLGRVLPLODUSHUWHQHFHQDTXHOORVWLSRVTXHSRUHMHPSORDOPDFHQDUQRPEUHVFRFKHVHWF8QXQYDORUWLSRVWULQJVHUHJLVWUDFRPRXQFRQMXQWRGHFDUDFWHUHVFRORFDGRVHQWUHFRPLOODVGREOHVQRSDUDVHUPH]FODGRFRQGREOHVFRPLOODVVLPSOHV/DVFRPLOODVVHXWLOL]DQVyORSDUDPDUFDUHOFRPLHQ]R\HOILQDOGHXQDFRQVWDQWHGHWLSRVWULQJ(OYDORUHQVtHVHOFRQMXQWRGHFDUDFWHUHVHQPDUFDGRVSRUODVFRPLOODV
6LKD\QHFHVLGDGGHLQWURGXFLUGREOHVFRPLOODVVHGHEHSRQHUXQDEDUUDGLDJRQDOLQYHUVD?DQWHV&XDOTXLHUFDUiFWHUHVSHFLDOSXHGHVHULQWURGXFLGRHQXQDFRQVWDQWHGHWLSRVWULQJWUDVODEDUUDLQYHUVD?/DORQJLWXGGHXQDFRQVWDQWHGHWLSRVWULQJYDGHDFDUDFWHUHV6LODORQJLWXGGHXQDFRQVWDQWHGHWLSRVWULQJHVVXSHULRUDVXPi[LPRHOH[FHVRGHFDUDFWHUHVHQHOODGRGHUHFKRVHWUXQFD\HOFRPSLODGRUGDUiHOFRUUHVSRQGLHQWHDYLVR8QDFRPELQDFLyQGHGRVFDUDFWHUHVHOSULPHURGHORVFXDOHVHVODEDUUDLQYHUVD?HVFRP~QPHQWHDFHSWDGR\SHUFLELGRSRUODPD\RUtDGHORVSURJUDPDVFRPRXQDLQVWUXFFLyQSDUDHMHFXWDUXQGHWHUPLQDGRIRUPDWRGHWH[WR(VWDFRPELQDFLyQQRVHPXHVWUDHQHOWH[WR3RUHMHPSORODFRPELQDFLyQGH?QLQGLFDODQHFHVLGDGGHXQVDOWRGHOtQHD?WGHPDQGDGHWDEXODFLyQHWF
(OYDORUGHWLSRVWULQJVHUHJLVWUDFRPRXQFRQMXQWRGHFDUDFWHUHVHQPDUFDGRVSRUFRPLOODVGREOHV0HWD7UDGHU'HWHQHUOD3pUGLGD6VVVVWRSB/RVVVWRSORVVSLSV(OYDORUGHODFDGHQDFRPRWDOHVHOFRQMXQWRGHFDUDFWHUHV/DVFRPLOODVVHXWLOL]DQVyORSDUDHQPDUFDUODVIURQWHUDVGHODFDGHQDGHFDUDFWHUHV/DUHSUHVHQWDFLyQLQWHUQDHVXQDHVWUXFWXUDGHE\WHV
8/6/2019 Manual Met a Trader
17/428
/LEURGH04/,QWURGXFFLyQD04/
17 de 175
(MHPSORGHXWLOL]DFLyQGHXQDYDULDEOHGHWLSRVWULQJHQXQSURJUDPD
VWULQJSUHIL[0HWD7UDGHU(MHPSORYDULDEOHVWULQJVWULQJ3RVWIL[BRIBP\BSURJU2.(MHPSORYDULDEOHVWULQJVWULQJ1DPHB0DVV+LVWRULDO(MHPSORYDULDEOHVWULQJVWULQJWH[WR/tQHDGH$OWD?Q%DMRODOtQHDHOWH[WRFRQWLHQHFDUDFWHUHVGHVDOWRGHOtQHD
7LSRFRORU
(OYDORUGHOWLSRFRORUHVXQYDORUFURPiWLFR
(OVLJQLILFDGRGHFRORUD]XOURMREODQFRDPDULOORYHUGHHWFHVGHFRQRFLPLHQWRFRP~Q(VIiFLOLPDJLQDUORTXHXQDYDULDEOHRXQDFRQVWDQWHGHWLSRFRORUSXHGHVLJQLILFDU(VXQDFRQVWDQWHRXQDYDULDEOHFX\RYDORUHVXQFRORU(QWpUPLQRVJHQHUDOHVSXHGHSDUHFHUVHUXQSRFRLQXVXDOSHURHVPX\VLPSOH$OLJXDOTXHHOYDORUGHXQDFRQVWDQWHGHWLSRHQWHURHVXQQ~PHURHOYDORUGHXQDFRQVWDQWHFRORUHVXQFRORU
/RVYDORUHVFRQVWDQWHV\YDULDEOHVGHWLSRFRORUSXHGHQVHUUHSUHVHQWDGRVFRQXQDGHWUHVIRUPDVGLVWLQWDV
/LWHUDOHV
(OYDORUGHWLSRFRORUHVUHSUHVHQWDGRFRPRXQOLWHUDO\FRQVWDGHWUHVSDUWHVTXHUHSUHVHQWDQORVYDORUHVQXPpULFRVGHLQWHQVLGDGGHWUHVFRORUHVEiVLFRVURMRYHUGH\D]XO5*%8QYDORUGHHVWHWLSRHPSLH]DFRQ&\HOYDORUQXPHULFRHVWDHQFHUUDGRHQWUHFRPLOODVVLPSOHV
/RVYDORUHVQXPpULFRV5*%GHLQWHQVLGDGGHD\VHSXHGHQJUDEDUWDQWRHQGHFLPDOFRPRHQKH[DGHFLPDO
(MHPSORV&JULV&[[[))D]XO&[))[[URMR
5HSUHVHQWDFLyQ,QWHJHU5HSUHVHQWDFLyQSRUHQWHURV
/DUHSUHVHQWDFLyQLQWHJHUVHUHJLVWUDFRPRQ~PHURKH[DGHFLPDORXQQ~PHURGHFLPDO8QQ~PHURKH[DGHFLPDOVHPXHVWUDFRPR[55**%%GRQGH55HVHOYDORUGHLQWHQVLGDGGHFRORUURMR**YHUGH\%%D]XO/DVFRQVWDQWHVGHFLPDOHVQRVHUHIOHMDQGLUHFWDPHQWHHQ5*%5HSUHVHQWDQHOYDORUGHFLPDOGHXQQ~PHURHQWHURHQUHSUHVHQWDFLyQKH[DGHFLPDO
/DUHSUHVHQWDFLyQGHORVYDORUHVGHWLSRFRORUHQWHURV\OLWHUDOHVFRPRQXPHURVKH[DGHFLPDOHVHVPX\IiFLOGHXVDU/DPD\RUtDGHORVWH[WRVPRGHUQRV\HGLWRUHVJUiILFRVSURSRUFLRQDULQIRUPDFLyQVREUHODLQWHQVLGDGGHURMRYHUGH\D]XOHQHOYDORUVHOHFFLRQDGRGHFRORU6yORVHWLHQHTXHVHOHFFLRQDUXQFRORUHQVXHGLWRU\FRSLDUORVYDORUHVHQFRQWUDGRVHQVXGHVFULSFLyQFRUUHVSRQGLHQWHDODUHSUHVHQWDFLyQGHOYDORUFRORUHQVXFyGLJR
(MHPSORV[))))))EODQFR[YHUGHEODQFRYHUGH
8/6/2019 Manual Met a Trader
18/428
/LEURGH04/,QWURGXFFLyQD04/
18 de 175
)LJ3DUiPHWURV&RORUSDUDOLWHUDOHQWHUR\UHSUHVHQWDFLyQGHOYDORUFRQVWDQWHGHFRORUTXHVH
SXHGHQWRPDUHQORVPRGHUQRVHGLWRUHV
1RPEUHVGHFRORUHV
/DIRUPDPiVIiFLOGHGHILQLUFRORUHVHVHVSHFLILFDUVXQRPEUHGHDFXHUGRFRQODJUiILFDGHFRORUHVZHE(QHVWHFDVRHOYDORUGHXQFRORUVHUHSUHVHQWDFRPRXQDSDODEUDTXHFRUUHVSRQGDFRQHOFRORUSRUHMHPSOR5HGHOFRORUURMR
8/6/2019 Manual Met a Trader
19/428
8/6/2019 Manual Met a Trader
20/428
/LEURGH04/,QWURGXFFLyQD04/
20 de 175
GDWHWLPH$OID'$xR1XHYRGDWHWLPH7LP'$xR1XHYRGDWHWLPH7LPV'GH0D\RGHDODV30GDWHWLPH1B'GH0D\RGHDODV30GDWHWLPH&RPSLODU'HTXLYDOHQWHGH'>FRPSLODFLyQIHFKD@
'HFODUDFLyQGHYDULDEOHVHLQLFLDOL]DFLyQ
&RQHOILQGHHYLWDUSRVLEOHVSUHJXQWDVSRUHOSURJUDPDDFHUFDGHTXpWLSRGHGDWRVSHUWHQHFHGHWDORFXDODYDULDEOH04/DFHSWDTXHVHHVSHFLILTXHQH[SOtFLWDPHQWHORVWLSRVGHYDULDEOHVDOLQLFLRGHOSURJUDPD$QWHVGHTXHXQDYDULDEOHHPSLHFHDXWLOL]DUVHHQFXDOTXLHUFiOFXORGHEHUVHUGHFODUDGD
/D'HFODUDFLyQGH9DULDEOHVHVORSULPHURTXHVHGHEHKDFHUFRQFXDOTXLHUYDULDEOHGHQWURGHXQSURJUDPD(QODGHFODUDFLyQGHXQDYDULDEOHVLHPSUHKDGHHVSHFLILFDUVHVXWLSR
/DLQLFLDOL]DFLyQGH9DULDEOHVVLJQLILFDODDVLJQDFLyQGHXQYDORUDFRUGHFRQVXWLSR\TXHVHHIHFWXDHQVXGHFODUDFLyQ7RGDVODVYDULDEOHVSXHGHQVHULQLFLDOL]DGDV6LQRKD\YDORULQLFLDOTXHVHHVWDEOH]FDH[SOtFLWDPHQWHODYDULDEOHVHLQLFLDOL]DDFHURRVLODYDULDEOHHVGHWLSRVWULQJHVWDVHLQLFLDOL]DFRPRXQDFDGHQDGHFDUDFWHUHVYDFtD
(Q04/VHDFHSWDTXHVHHVSHFLILTXHQORVWLSRVGHYDULDEOHVH[SOtFLWDPHQWHHQVXGHFODUDFLyQ(OWLSRGHXQDYDULDEOHVRORVHGHFODUDHQODSULPHUDPHQFLyQGHOQRPEUHGHHVWDYDULDEOH&XDQGRVHPHQFLRQDHOUHVWRGHODVYHFHVVXWLSR\DQRVHYXHOYHHVSHFLILFDUPiV(QHOFXUVRGHODHMHFXFLyQGHOSURJUDPDHOYDORUGHODYDULDEOHSXHGHFDPELDUSHURVXWLSR\QRPEUHVLJXHQVLHQGRORVPLVPRV(OWLSRGHXQDYDULDEOHSXHGHVHUGHFODUDGDHQOtQHDVVLPSOHVRHQORVRSHUDGRUHV
8QDYDULDEOHSXHGHGHFODUDUVHHQXQDVRODOtQHD
LQW9DUBGHFODUDFLyQGHYDULDEOHHQXQDVRODOtQHD
(VWHUHJLVWURVLJQLILFDTXHH[LVWLUiODYDULDEOH9DUBGHFODUDFLyQGHYDULDEOHFRPRWDO\HOWLSRGHHVWDYDULDEOHHQHOSURJUDPDVHUiLQW
3XHGHQVHUGHFODUDGDVYDULDVYDULDEOHVHQXQDVRODOtQHD
LQW9DUB%R[&RP'HFODUDFLyQGHYDULDVYDULDEOHVHQXQDOtQHD
(VWHUHJLVWURVLJQLILFDTXHHQHOSURJUDPDWHQGUHPRVODVYDULDEOHV9DUB%R[\&RPWRGDVGHWLSRLQW(VWRVLJQLILFDTXHODVYDULDEOHVHQXPHUDGDVDQWHULRUPHQWHVHUiQFRQVLGHUDGDVSRUHOSURJUDPDFRPRYDULDEOHVGHWLSRHQWHUR
/DVYDULDEOHVSXHGHQWDPELpQVHULQLFLDOL]DGRGHQWURGHORVRSHUDGRUHV
GRXEOH9DUB9DULDEOHLQLFLDOL]DGDHQXQRSHUDGRUGHDVLJQDFLyQ
(VWHUHJLVWURVLJQLILFDTXHH[LVWLUiXQDYDULDEOH9DUBGHWLSRGRXEOHXWLOL]DGDHQHOSURJUDPD\FX\RYDORULQLFLDOHVGH
(OWLSRGHYDULDEOH\DQRVHHVSHFLILFDPiVHQQLQJXQDSDUWHGHODVOtQHDVVLJXLHQWHVGHOSURJUDPD6LQHPEDUJRFDGDYH]TXHHOSURJUDPDOODPDDXQDYDULDEOHUHFXHUGDTXHHVDYDULDEOHHVGHOWLSRTXHVHKDHVSHFLILFDGRHQVXGHFODUDFLyQ$PHGLGDTXHDYDQ]DHOSURJUDPDORVYDORUHVGHODVYDULDEOHVSXHGHQFDPELDUFRQORVFiOFXORVSHURQRDVtVXWLSR
8/6/2019 Manual Met a Trader
21/428
/LEURGH04/,QWURGXFFLyQD04/
21 de 175
(OQRPEUHGHXQDYDULDEOHQRWLHQHUHODFLyQFRQVXWLSRHVGHFLUQRVHSXHGHMX]JDUVREUHHOWLSRGHXQDYDULDEOHSRUVXQRPEUH8QQRPEUHGDGRDXQDYDULDEOHWDPELpQSXHGHXWLOL]DUVHHQYDULDEOHVGHWRGRWLSRHQGLIHUHQWHVSURJUDPDV6LQHPEDUJRHOWLSRGHYDULDEOHVRORSXHGHVHUGHFODUDGDXQDYH]GHQWURGHXQSURJUDPD(OWLSRGHYDULDEOHVGHFODUDGDVQRVHPRGLILFDUiGXUDQWHODHMHFXFLyQGHOSURJUDPD
(MHPSORVGHGHFODUDFLyQHLQLFLDOL]DFLyQGHYDULDEOHV
/DVYDULDEOHVSXHGHQVHUGHFODUDGDVHQYDULDVOtQHDVRHQXQDVRODOtQHD
6HSXHGHQGHFODUDUYDULDVYDULDEOHVGHXQPLVPRWLSRVLPXOWiQHDPHQWH(QHVWHFDVRVHHQXPHUDQODVYDULDEOHVVHSDUDGDVSRUFRPDVDOILQDOGHOtQHDVHFRORFDUiXQSXQWR\FRPD
)LJ(MHPSORGHGHFODUDFLyQGHYDULDEOHVHQXQDVRODOtQHD
(OWLSRGHYDULDEOHVHGHFODUDXQDVRODYH]HQODSULPHUDPHQFLyQGHODYDULDEOH(OWLSRQRVHYXHOYHDHVSHFLILFDUPiVQLFXDQGRHOUHVWRGHODVYHFHVVHPHQFLRQDODYDULDEOH
)LJ(MHPSORGHGHFODUDFLyQGHYDULDEOHVHQXQDVRODOtQHD
6HSHUPLWHGHFODUDUHLQLFLDOL]DUODVYDULDEOHVHQORVRSHUDGRUHV
)LJ(MHPSORGHLQLFLDOL]DFLyQGHYDULDEOHV
)LJ,QLFLDOL]DFLyQGHYDULDEOHHQODFDEHFHUDGHXQRSHUDGRUFRPSXHVWR
8/6/2019 Manual Met a Trader
22/428
/LEURGH04/,QWURGXFFLyQD04/
22 de 175
2SHUDFLRQHV\H[SUHVLRQHV1RVRQQHFHVDULDVDQDORJtDVHVSHFLDOHVFRQHOILQGHFRPSUHQGHUODLPSRUWDQFLDTXHODVRSHUDFLRQHV\ODVH[SUHVLRQHVWLHQHQHQ04/3UiFWLFDPHQWHVRQODVPLVPDVTXHODVRSHUDFLRQHV\ODVH[SUHVLRQHVGHOD
VLPSOHDULWPpWLFD7RGRHOPXQGRHQWLHQGHTXHHQHQHOUHJLVWURIQPORVPLHPEURVIQ\PVRQYDULDEOHV\ORVVLJQRV\VRQORVVLJQRVGHODRSHUDFLyQPLHQWUDVTXHQPHVXQDH[SUHVLyQ
(QODVHFFLyQDQWHULRUGHOOLEURDSUHQGLPRVODQHFHVLGDGGHSUHVHQWDUORVGDWRVGHGLIHUHQWHVWLSRV$TXtYDPRVDHQWUDUHQODVSRVLEOHVUHODFLRQHVHQWUHHVWRVGDWRVPHWURVFXDGUDGRVQRVHSXHGHQVXPDUDPDQ]DQDV(Q04/KD\DOJXQDVUHJODV\QDWXUDOHVOLPLWDFLRQHVGHXVRGHODVRSHUDFLRQHVGHODVH[SUHVLRQHV
1RFLRQHVGHRSHUDQGR2SHUDFLyQ6tPERORGHOD2SHUDFLyQ\([SUHVLyQ
2SHUDQGRHVXQDFRQVWDQWHXQDYDULDEOHXQFRQMXQWRGHFRPSRQHQWHVRXQYDORUGHYXHOWRSRUXQDIXQFLyQHOWpUPLQRGHIXQFLyQVHFRQVLGHUDHQODVHFFLyQGH)XQFLRQHVHOGHDUUD\HQODVHFFLyQGH$UUD\VHQODSUHVHQWHHWDSDGHDSUHQGL]DMHHVVXILFLHQWHFRPSUHQGHUORVRSHUDQGRVFRPRFRQVWDQWHV\YDULDEOHVORVFXDOHV\DKHPRVHVWXGLDGRDQWHV
2SHUDFLyQHVXQDDFFLyQKHFKDFRQORVRSHUDQGRV6tPERORGHOD2SHUDFLyQHVXQFDUiFWHUSUHVHOHFFLRQDGRRXQJUXSRGHFDUDFWHUHVTXHRUGHQDQHMHFXWDUXQDRSHUDFLyQ
([SUHVLyQHVXQDVHFXHQFLDGHRSHUDQGRV\RSHUDFLyQHVGHVtPERORHVXQUHJLVWURGHSURJUDPDHOYDORUFDOFXODGRGHOFXDOVHFDUDFWHUL]DSRUXQWLSRGHGDWRV
7LSRVGH2SHUDFLRQHV
([LVWHQORVVLJXLHQWHVWLSRVGHRSHUDFLRQHVHQ04/
RSHUDFLRQHVDULWPpWLFDV RSHUDFLRQHVGHDVLJQDFLyQ RSHUDFLRQHVUHODFLRQDOHV RSHUDFLRQHV%RROHDQOyJLFDV RSHUDFLRQHVELWZLVH RSHUDFLyQFRPD OODPDGDDIXQFLyQ
/DVRSHUDFLRQHVVHXWLOL]DQHQORVRSHUDGRUHVYHU2SHUDGRUHV6yORHQORVRSHUDGRUHVVXXWLOL]DFLyQWLHQHVHQWLGR\VHUHDOL]DHQXQSURJUDPD/DSRVLELOLGDGGHXWLOL]DUXQDRSHUDFLyQHVWiGHWHUPLQDGDSRUODVSURSLHGDGHVGHORVRSHUDGRUHVVLODVSURSLHGDGHVGHORSHUDGRUOHSHUPLWHQXWLOL]DUHVWDRSHUDFLyQHVSHFtILFDSXHGHXVDUORGHORFRQWUDULRXVWHGQRGHEHXWLOL]DUHVWDRSHUDFLyQ1RHVWiSHUPLWLGRHOHPSOHRGHODVRSHUDFLRQHVIXHUDGHORVRSHUDGRUHV
8/6/2019 Manual Met a Trader
23/428
/LEURGH04/,QWURGXFFLyQD04/
23 de 175
2SHUDFLRQHVDULWPpWLFDV
/RVVLJXLHQWHVVtPERORVSHUWHQHFHQDVtPERORVGHRSHUDFLRQHVDULWPpWLFDV
6tPEROR 2SHUDFLyQ (MHPSOR $QDOyJLFD
$GLFLyQGHYDORUHV [
/DUHVWDGHYDORUHVRGHFDPELRGHVLJQR [\\
0XOWLSOLFDFLyQGHYDORUHV [
&RFLHQWHGHODGLYLVLyQ [
5HVWRGHODGLYLVLyQ PLQXWRVWLHPSR
,QFUHPHQWDUHOYDORUGHODYDULDEOH \ \\
'HFUHPHQWDUHOYDORUGHODYDULDEOH \ \\
2SHUDFLRQHVGH$VLJQDFLyQ
/RVVLJXLHQWHVVtPERORVSHUWHQHFHQDVtPERORVGHRSHUDFLRQHVGHDVLJQDFLyQ
6tPEROR 2SHUDFLyQ (MHPSOR $QDOyJLFD
$VLJQDFLyQGHOYDORU[DODYDULDEOH\ [
$XPHQWRGHODYDULDEOH\HQHOYDORU[ [ \\[
5HGXFFLyQGHODYDULDEOH\HQHOYDORU[ \[ \\[
0XOWLSOLFDFLyQGHODYDULDEOH\SRU[ \[ \[\
'LYLVLyQGHODYDULDEOH\HQWUH[ \[ \\[
5HVLGXRGHODGLYLVLyQGHODYDULDEOH\SRU[ \[ \[\
2SHUDFLRQHV5HODFLRQDOHV
/RVVLJXLHQWHVVtPERORVSHUWHQHFHQDORVVtPERORVGHRSHUDFLRQHVUHODFLRQDOHV
6tPEROR 2SHUDFLyQ (MHPSOR
(VFLHUWRVL[HVLJXDOD\ [\
(VFLHUWRVL[QRHVLJXDOD\ [\
(VFLHUWRVL[HVPHQRUTXH\ [\
! (VFLHUWRVL[HVPiV\PiV [!\
(VFLHUWRVL[HVLJXDORLQIHULRUD\ [\
! (VFLHUWRVL[HVLJXDORVXSHULRU\ [!\
8/6/2019 Manual Met a Trader
24/428
/LEURGH04/,QWURGXFFLyQD04/
24 de 175
2SHUDFLRQHV%RROHDQOyJLFDV
/RVVLJXLHQWHVVtPERORVSHUWHQHFHQDORVVtPERORVGHRSHUDFLRQHVERROHDQDV
6tPEROR 2SHUDFLyQ (MHPSOR ([SOLFDFLRQHV
12QHJDFLyQOyJLFD 758(VLHOYDORUGHORSHUDQGRHV)$/62)$/62VLHOYDORUGHORSHUDQGRQRHV)$/62
__ 2GLV\XQFLyQOyJLFD [__[! 758(VLDOJ~QDGHODVGRVH[SUHVLRQHVHVFLHUWD
8/6/2019 Manual Met a Trader
25/428
8/6/2019 Manual Met a Trader
26/428
/LEURGH04/,QWURGXFFLyQD04/
26 de 175
6HUiGHPLVPRWLSRTXHHOGHODVYDULDEOHVTXHFRPSRQHQGHODH[SUHVLyQ(QQXHVWURFDVRHVWHVHUiGHWLSRGRXEOH
9DPRVDREWHQHUODUHVSXHVWDVLPLODUSDUDODGLIHUHQFLDHQWUHORVYDORUHV&XiQWRVOiSLFHVWLHQH3HGURPiVTXH-XDQ"
GRXEOH$(OQ~PHURGHOiSLFHVGH-XDQGRXEOH%(OQ~PHURGHOiSLFHVGH3HGURGRXEOH&%$/DGLIHUHQFLDHQWUHGRVQ~PHURVUHDOHV
2WUDVRSHUDFLRQHVDULWPpWLFDVVHXWLOL]DQGHPDQHUDVLPLODU
GRXEOH&%$0XOWLSOLFDFLyQGHGRVQ~PHURVUHDOHVGRXEOH&%$'LYLVLyQGHGRVQ~PHURVUHDOHV
&iOFXORVVLPLODUHVSXHGHQUHDOL]DUVHFRQQ~PHURVHQWHURVWDPELpQ
3UREOHPD/RVDOXPQRVYDQDODSL]DUUD\UHVSRQGHQHQFODVH-XDQIXHYHFHV3HGURIXHYHFHV&XiQWDVYHFHVIXHURQHQWRWDOORVPXFKDFKRVDODSL]DUUD"
6ROXFLyQ9DPRVDGHQRWDUORVYLDMHVGH-XDQFRPRYDULDEOH;\YLDMHVGH3HGURFRPRYDULDEOH
8/6/2019 Manual Met a Trader
27/428
/LEURGH04/,QWURGXFFLyQD04/
27 de 175
6ROXFLyQ(Q04/VHSHUPLWHDJUHJDUMXQWRDODFDGHQDGHYDORUHVFRQVWDQWHV\YDULDEOHV6LVHVXPDQODVYDULDEOHVGHWLSRFDGHQDODVFDGHQDVVLPSOHPHQWHVHDxDGLUiQXQDDRWUDHQODVHFXHQFLDTXHVHPHQFLRQDQHQODH[SUHVLyQ
(VIiFLOFRGLILFDUXQSURJUDPDTXHQRVGLHUDODUHVSXHVWD
VWULQJ:$UWLFR6WULQJVWULQJ:6DORQGHSHOXTXHULD6WULQJVWULQJ$QV::6XPDGHVWULQJV
(OYDORUGHODYDULDEOH$QVVHUiODFDGHQDTXHDSDUHFHFRPRVLJXH
$UWLFR6DORQGHSHOXTXHULD6HREWXYRXQDFDGHQDQRGHPX\EXHQYHUSHURDEVROXWDPHQWHFRUUHFWD3RUVXSXHVWRKD\TXHWHQHUHQFXHQWDODVODJXQDV\RWURVSXQWXDFLRQHQQXHVWUDSUiFWLFDGHFRGLILFDFLyQGHHVWHWLSRGHSUREOHPDV
(OUHVWRGHRSHUDFLRQHVDULWPpWLFDVFRQYDULDEOHVGHWLSRFDGHQDQRHVWiQSHUPLWLGDV3RUHMHPSOR
VWULQJ$QV::1RSHUPLWLGR
VWULQJ$QV::1RSHUPLWLGRVWULQJ$QV::1RSHUPLWLGR
7\SHFDVWLQJ
(O7\SHFDVWLQJPRGLILFDORVWLSRVGHORVYDORUHVGHXQRSHUDQGRRGHXQDH[SUHVLyQ$QWHVGHODHMHFXFLyQGHODVRSHUDFLRQHVWRGDVODVRSHUDFLRQHVGHDVLJDQFLyQORVYDORUHVVRQPRGLILFDGRVDOGHOWLSRGHPiVDOWDSULRULGDGPLHQWUDVTXHDQWHVGHODHMHFXFLyQGHOVLJQRGHDVLJQDFLyQORVYDORUHVVHPRGLILFDQSDUDHOWLSRREMHWLYR
9DPRVDFRQVLGHUDUDOJXQRVSUREOHPDVTXHVHRFXSDQGHW\SHFDVWLQJ
3UREOHPD-XDQWLHQHOiSLFHVPLHQWUDVTXH3HGURVHIXHYHFHVDODSL]DUUD
&XiQWRVHQWRWDO"
3RUORTXHUHVSHFWDDODOyJLFDIRUPDOVHUHILHUHODLQFRQJUXHQFLDGHOSUREOHPDHVHYLGHQWH(VHYLGHQWHTXHHVXQHUURUSXHVQRVHSXHGHQVXPDUDFRQWHFLPLHQWRV\FRVDV
3UREOHPD(QXQDHVTXLQDGHODFDVDKD\XQDFDUQLFHULDGHQRPLQDGDUWLFRPLHQWUDVTXH-XDQWLHQHOiSLFHV
&RQHOPLVPRJUDGRGHGHVHVSHUDQ]DHQODPHGLGDTXHVHWUDWHGHXQQRUPDOUD]RQDPLHQWRSRGHPRVSUHJXQWDU
&XiQWRVHQWRWDO"2
4XpHVWiHVFULWRHQODFDVD"
6LGHVHDUHVROYHUDPERVSUREOHPDVDQWHULRUPHQWHHQ04/FRUUHFWDPHQWHXVWHGGHEHKDFHUUHIHUHQFLDDODVQRUPDVW\SHFDVWLQJ(QSULPHUOXJDUWHQHPRVTXHKDEODUGHFyPRYDULDEOHVGHGLIHUHQWHVWLSRVHVWiQUHSUHVHQWDGDVHQODPHPRULDGHRUGHQDGRU
8/6/2019 Manual Met a Trader
28/428
/LEURGH04/,QWURGXFFLyQD04/
28 de 175
/RVWLSRVGHGDWRVWDOHVFRPRLQWERROFRORUGRXEOH\GDWHWLPHSHUWHQHFHQDOWLSRGHGDWRVQXPpULFRV/DUHSUHVHQWDFLyQLQWHUQDGHFRQVWDQWHV\YDULDEOHVGHLQWGRXEOHERROFRORU\HOWLSRGDWHWLPHHVXQQ~PHUR/DVYDULDEOHVGHWLSRLQWERROFRORU\GDWHWLPHHVWiQUHSUHVHQWDGDVHQODPHPRULDGHRUGHQDGRUFRPRHQWHURVPLHQWUDVTXHODVYDULDEOHVGHWLSRGRXEOHHVWiQUHSUHVHQWDGDVFRPRYDORUHVGHGREOHSUHFLVLyQFRPRQ~PHURVHQFRPDIORWDQWHHVGHFLUQ~PHURVUHDOHV(OYDORUGHFRQVWDQWHV\YDULDEOHVGHWLSRVWULQJVRQXQFRQMXQWRGHFDUDFWHUHV)LJ
/RVYDORUHVGHLQWERROFRORU\HOWLSRGDWHWLPHHVWiQUHSUHVHQWDGRVHQODPHPRULDGHRUGHQDGRUFRPRQ~PHURVHQWHURV/RVYDORUHVGHWLSRGRXEOHHVWiQUHSUHVHQWDGRVHQODPHPRULDGHRUGHQDGRUFRPRQ~PHURVUHDOHV/RVYDORUHVGHWLSRVWULQJHVWiQUHSUHVHQWDGRVHQODPHPRULDGHRUGHQDGRUFRPRXQDVHFXHQFLDGHFDUDFWHUHV/RVYDORUHVGHWLSRLQWERROFRORUGRXEOH\GDWHWLPHVRQYDORUHVGHWLSRQXPpULFR/RVYDORUHVGHWLSRVWULQJVRQYDORUHVGHWLSRFDUiFWHU
)LJ5HSUHVHQWDFLyQGHGLIHUHQWHVWLSRVGHGDWRVHQODPHPRULDGHRUGHQDGRU
+HPRVPHQFLRQDGRDQWHULRUPHQWHTXHORVYDORUHVGHODVYDULDEOHVGHWLSRLQWERROFRORU\GDWHWLPHHVWiQUHSUHVHQWDGRVHQODPHPRULDGHRUGHQDGRUFRPRHQWHURVPLHQWUDVTXHORVGHWLSRGRXEOHFRPRQ~PHURVUHDOHV3RUORWDQWRVLTXHUHPRVHQFRQWUDULQIRUPDFLyQGHXQDH[SUHVLyQTXHFRQVWDGHYDULDEOHVGHGLIHUHQWHVWLSRVVyORSRGHPRVHOHJLUHQWUHWUHVWLSRVGHGDWRVLQWGRXEOH\VWULQJ/RVYDORUHVGHERROFRORU\HOWLSRGDWHWLPHUHVXOWDUiQHQXQDH[SUHVLyQLJXDOHVTXHORVYDORUHVGHWLSRLQW
(QWRQFHVGHTXpWLSRVHUiHOYDORUGHXQDH[SUHVLyQFRPSXHVWDGHRSHUDQGRVFRQGLIHUHQWHVWLSRV"(Q04/ODUHJODLPSOtFLWDGHW\SHFDVWLQJHVODVLJXLHQWH
6LODH[SUHVLyQFRQWLHQHRSHUDQGRVGHGLIHUHQWHVWLSRVHOWLSRGHH[SUHVLyQVHWUDQVIRUPDUiHQHOWLSRTXHWHQJDODPiVDOWDSULRULGDGORVWLSRVLQWERROFRORU\GDWHWLPHWLHQHQODPLVPDSULRULGDGPLHQWUDVTXHHORSHUDQGRGHWLSRGRXEOHWLHQHXQDSULRULGDGPD\RU\HORSHUDQGRWLSRVWULQJHVHOTXHWLHQHODPiVDOWDSULRULGDG
6LHOWLSRGHH[SUHVLyQDODGHUHFKDGHODRSHUDFLyQGHOVLJQRGHDVLJQDFLyQQR
FRLQFLGHFRQHOWLSRGHYDULDEOHDODL]TXLHUGDGHODRSHUDFLyQGHOVLJQRGHDVLJQDFLyQHOYDORUGHODH[SUHVLyQGHODGHUHFKDVHODQ]DFRPRHOWLSRGHYDULDEOHDODL]TXLHUGDGHODRSHUDFLyQGHDVLJQDFLyQHVORTXHVHOODPDWDUJHWW\SHFDVWHPLVLyQGHOWLSRREMHWLYR
1RHVWiSHUPLWLGRHPLWLUYDORUHVGHWLSRVWULQJDFXDOTXLHURWURWLSRGHREMHWLYR
%XHQRYDPRVDYROYHUDO3UREOHPD1RSXHGHKDEHUGRVVROXFLRQHVSDUDHOOR
8/6/2019 Manual Met a Trader
29/428
/LEURGH04/,QWURGXFFLyQD04/
29 de 175
6ROXFLyQ&iOFXORGHOUHVXOWDGRGHWLSRLQW
GRXEOH$(OQ~PHURGHOiSLFHVGH-XDQLQW
8/6/2019 Manual Met a Trader
30/428
/LEURGH04/,QWURGXFFLyQD04/
30 de 175
6ROXFLyQ(VWDVROXFLyQHVHUUyQHD
VWULQJ:UWLFR6WULQJGRXEOH$1~PHURGHOiSLFHV-XDQGRXEOH6XP:$7UDQVIRUPDFLyQLPSOLFLWDDODGHUHFKD
(QHVWHFDVRVHSUHWHQGHURPSHUODSURKLELFLyQGHODHPLVLRQGHWLSRVREMHWLYRVGHORVORVYDORUHVGHWLSRVWULQJ(OWLSRGHOYDORUGHODH[SUHVLyQ:$GHWLSRVWULQJFRPRHQODDQWHULRUVROXFLyQ&XDQGRODRSHUDFLyQGHDVLJQDFLyQVHHMHFXWDGHEHUHDOL]DUVHODHPLVLyQGHWLSRREMHWLYR6LQHPEDUJRGHDFXHUGRDODQRUPDODHPLVLyQGHOWLSRREMHWLYRVWULQJGHVGHWLSRVGHPHQRUSULRULGDGQRHVWiSHUPLWLGD6HWUDWDGHXQHUURUTXHGHWHFWDHO0HWD(GLWRUGXUDQWHODFUHDFLyQGHOSURJUDPDHQODFRPSLODFLyQ
(QJHQHUDOODVUHJODVTXHILJXUDQHQHVWDVHFFLyQVRQFODUDV\VHQFLOODV3DUDFXDOTXLHUFiOFXORGHYDORUHVXVWHGGHEHHPLWLUWRGRVORVGLIHUHQWHVWLSRVGHVGHXQWLSRGHSULRULGDGPiVDOWD(OW\SHFDVWLQJGHSULRULGDGPDVEDMDVRORHVWiSHUPLWLGRSDUDYDORUHVQXPpULFRVSHURQRFRQFDGHQDGHFDUDFWHUHVSRUTXHHVWDVQRSXHGHQWUDQVIRUPDUVHHQQ~PHURV
&DUDFWHUtVWLFDVGHORVFiOFXORV,QWHJHU
6HVDEHTXHORVQ~PHURVHQWHURVVRQYDORUHVVLQSDUWHIUDFFLRQDORGHFLPDO(VWRVYDORUHVVHSXHGHQVXPDQRUHVWDUMXQWRV\HOUHVXOWDGRTXHVHREWLHQHHVPX\LQWXLWLYR3RUHMHPSORVL
LQW;3ULPHUDYDULDEOHLQWLQW
8/6/2019 Manual Met a Trader
31/428
8/6/2019 Manual Met a Trader
32/428
/LEURGH04/,QWURGXFFLyQD04/
32 de 175
&iOFXORGH$&(OYDORUGHHVWDH[SUHVLyQHVHQWHUR
&iOFXORGHODH[SUHVLyQ%/DUHVSXHVWDHVHYLGHQWHGHVSXpVGHODSDUWHGHFLPDOVHKDGHVFDUWDGRHVHQWHURWUHV
2WURVUHVXOWDGRVHOYDORUGHODYDULDEOH5HVBHVHQWHURWUHV
(QHOHMHPSORDQWHULRUFRQVLGHUDPRVTXHVyORXQSHTXHxRIUDJPHQWRGHFyGLJRHQODTXHVHFDOFXODQORV
YDORUHVGHODVYDULDEOHVGHWLSRLQW6LTXHUHPRVVXWLWXLUHVWDVYDULDEOHVFRQFRQVWDQWHVFRQORVPLVPRVYDORUHVHOUHVXOWDGRILQDOVHUDHOPLVPR$OFDOFXODUODVH[SUHVLRQHVTXHFRQWHQJDQHQWHURVVHGHEHSUHVWDUPD\RUDWHQFLyQDORVFRQWHQLGRVGHVXVOtQHDVGHSURJUDPD'HORFRQWUDULRSXHGHRFXUULUXQHUURUHQVXFyGLJRTXHVHUtDPX\GLItFLOGHHQFRQWUDU\DUUHJODUPiVWDUGHVREUHWRGRHQSURJUDPDVJUDQGHV7DOHVSUREOHPDVQRVHSURGXFHQHQORVFiOFXORVXWLOL]DQGRQ~PHURVUHDOHV6LQHPEDUJRVLXWLOL]DRSHUDQGRVGHGLIHUHQWHVWLSRVHQXQDH[SUHVLyQFRPSOHMDHOUHVXOWDGRILQDOSXHGHGHSHQGHUFRPSOHWDPHQWHGHXQIUDJPHQWRIRUPDGRIRUWXLWDPHQWHTXHFRQWLHQHODGLYLVLyQGHQ~PHURVHQWHURV
(QODVHFFLyQGHRSHUDGRUHVVRQFRQVLGHUDGRVHOWpUPLQR\ODVSURSLHGDGHVJHQHUDOHVGHORVRSHUDGRUHV\WDPELpQODVSURSLHGDGHVHVSHFLDOHVGHFDGDRSHUDGRUVHGHVFULEHQHQHOFDStWXOROODPDGRRSHUDGRUHV
8/6/2019 Manual Met a Trader
33/428
/LEURGH04/,QWURGXFFLyQD04/
33 de 175
2SHUDGRUHV
(OWHUPLQRRSHUDGRU
8QRGHORVSULQFLSDOHVFRQFHSWRVGHFXDOTXLHUOHQJXDMHGHSURJUDPDFLyQHVHOWpUPLQRGHRSHUDGRU/DFRGLILFDFLyQSDUHFHVHULPSRVLEOHSDUDODSHUVRQDTXHQRKDDSUHQGLGRSRUFRPSOHWRHVWHWpUPLQR&XDQWRDQWHV\PHMRUDSUHQGHXQSURJUDPDGRUORTXHVRQORVRSHUDGRUHV\FyPRVHDSOLFDQHQXQSURJUDPDDQWHVVHLQLFLDpVWHHQODHVFULWXUDGHVXVSURSLRVSURJUDPDV
(ORSHUDGRUHVSDUWHGHXQSURJUDPDXQDIUDVHGHXQOHQJXDMHDOJRUtWPLFRTXHSUHVFULEHXQGHWHUPLQDGRPpWRGRGHFRQYHUVLyQGHGDWRV
&XDOTXLHUSURJUDPDFRQWLHQHRSHUDGRUHV/DDQDORJtDPiVFHUFDQDDRSHUDGRUHVXQDIUDVH$VtFRPRXQDVHQWHQFLDFRPSRQHHOWH[WRQRUPDOGHXQDQRYHODDVtORVRSHUDGRUHVFRPSRQHQXQSURJUDPD
3URSLHGDGHVGHORVRSHUDGRUHV
Hay dos tipos de propiedades de los operadores: una propiedad comn y las propiedades especficas de los distintos operadores.
/D3URSLHGDGFRP~QGHORVRSHUDGRUHV
7RGRVORVRSHUDGRUHVWLHQHQXQDSURSLHGDGFRP~QWRGRVHOORVVHHMHFXWDQ
3RGHPRVGHFLUTXHHORSHUDGRUHVXQDLQVWUXFFLyQTXHFRQWLHQHODJXtDGHRSHUDFLRQHVODGHVFULSFLyQGHXQDRUGHQ3DUDXQRUGHQDGRUHMHFXWHXQSURJUDPDVLJQLILFDTXHFRQVHFXWLYDPHQWHSDVDQGRGHXQRSHUDGRUDRWURVHFXPSODQODVyUGHQHVODVUHFHWDVLQVWUXFFLRQHVTXHILJXUDHQORVRSHUDGRUHV
8Q2SHUDGRUFRPRWDOHVVyORXQUHJLVWURXQDFLHUWDVHFXHQFLDGHFDUDFWHUHV8Q2SHUDGRUQRWLHQHSDODQFDFDEOHVRFpOXODVItVLFDVGHPHPRULD(VSRUHOORTXHFXDQGRXQRUGHQDGRUHVWiHMHFXWDQGRXQSURJUDPDQRSDVDQDGDHQORVRSHUDGRUHVFRPRWDOHVHOORVVLJXHQSHUPDQHFLHQGRHQHOSURJUDPDFRPRORVFRPSXVRHOSURJUDPDGRU6LQHPEDUJRHOHTXLSRHVHOTXHWLHQHWRGDVHVDVFpOXODVGHPHPRULD\ORVYtQFXORVHQWUHHOODV\WRGDVODVH[SHULHQFLDVGHQWURGHODVWUDQVIRUPDFLRQHV3HURVLVX3&KDHMHFXWDGRDOJXQDVWUDQVIRUPDFLRQHVGHGDWRVFRQDUUHJORDODVLQVWUXFFLRQHVFRQWHQLGDVHQXQRSHUDGRUXVWHGGLFHHORSHUDGRUVHKDHMHFXWDGR
3URSLHGDGHVHVSHFtILFDVGHORVRSHUDGRUHV
([LVWHQYDULRVWLSRVGHRSHUDGRUHV&DGDWLSRGHRSHUDGRUHVWLHQHVXVSURSLHGDGHVHVSHFtILFDV3RUHMHPSORODSURSLHGDGGHXQRSHUDGRUGHDVLJQDFLyQHVVXFDSDFLGDGSDUDDVLJQDUXQYDORUDXQDYDULDEOHGDGDODSURSLHGDGGHXQRSHUDGRUGHEXFOHHVVXVP~OWLSOHVHMHFXFLRQHVHWF/DVSURSLHGDGHVHVSHFtILFDVGHORVRSHUDGRUHVVHFRQVLGHUDQHQWRGRVORVGHWDOOHVHQODVVHFFLRQHVFRUUHVSRQGLHQWHVGHOFDStWXOR/RVRSHUDGRUHVGHHVWHOLEUR9DPRVDGHFLUDTXtTXHFDGDWLSRGHRSHUDGRUWLHQHVXVSURSLDVSURSLHGDGHVTXHVRQWtSLFDVVyORSRUVXWLSR\QRVHUHSLWHQHQQLQJ~QRWURWLSR
8/6/2019 Manual Met a Trader
34/428
/LEURGH04/,QWURGXFFLyQD04/
34 de 175
7LSRVGH2SHUDGRUHV
+D\GRVWLSRVGHRSHUDGRUHVORVRSHUDGRUHVVLPSOHV\ORVFRPSXHVWRV
2SHUDGRUHVVLPSOHV/RVRSHUDGRUHVVLPSOHVGH04/WHUPLQDUFRQHOFDUiFWHUSXQWR\FRPD(OXVRGHHVWHVHSDUDGRUHVSDUDTXHHO3&SXHGDGHWHFWDUFXDQGRXQRSHUDGRUWHUPLQD\RWURFRPLHQ]D(OFDUiFWHUSXQWR\FRPDHVWDQQHFHVDULRHQXQSURJUDPDFRPRFDUiFWHUSXQWRORHVHQXQWH[WRQRUPDOSDUDVHSDUDUODVIUDVHV8QRSHUDGRUSXHGHWHQHUYDULDVOtQHDV6HSXHGHQFRORFDUYDULRVRSHUDGRUHVHQXQDOtQHD
&DGDRSHUGRUVLPSOHILQDOL]DFRQHOFDUiFWHUSXQWR\FRPD
(MHPSORVGHRSHUDGRUHVVLPSOHV
'D\B1H[W7LPH'D\2I:HHN0DVB%LJ>Q@>@2SHUDGRUVLPSOH*RB0\B)XQFWLRQBLQG2SHUDGRUVLPSOHDED[QL9DULRVRSHUDGRUHVFRORFDGRVHQOLQHD3ULQW'D\7LPH'D\0DVB%LJ>V@>@8QRSHUDGRU
+RXU7LPH+RXU0DVB%LJ>V@>@FRORFDGR0LQXWH7LPH0LQXWH0DVB%LJ>V@>@HQYDULDV0DVB%LJ>V@>@0DVB%LJ>V@>@OLQHDV0DVB%LJ>V@>@0DVB%LJ>V@>@
2SHUDGRUHVFRPSXHVWRV8QRSHUDGRUFRPSXHVWRFRQVWDGHYDULRVRSHUDGRUHVVLPSOHVVHSDUDGRVSRUHOFDUiFWHU\VHYLQFXODQHQWUHOODYHV&RQHOILQGHSRGHUXWLOL]DUYDULRVRSHUDGRUHVGRQGHVHHVSHUDTXHKD\DVRORXQRORVSURJUDPDGRUHVXWLOL]DUXQRSHUDGRUFRPSXHVWRWDPELpQOROODPDQEORTXHREORTXHGHFyGLJR(OFRQMXQWRGHRSHUDGRUHVVLPSOHVHVWDQXELFDGRVHQXQUHFLQWRVHSDUDGRSRUOODYHV/DSUHVHQFLDGHXQDOODYHGHFLHUUHPDUFDHOILQDOGHXQRSHUDGRUFRPSXHVWR
8QHMHPSORGHXWLOL]DFLyQGHXQRSHUDGRUFRPSXHVWRHVXQRSHUDGRUFRQGLFLRQDO&RPLHQ]DFRQHORSHUDGRUFRQGLFLRQDOLIH[SUHVLyQVHJXLGRSRUXQEORTXHFRPSXHVWRGHRSHUDGRUHVVLPSOHVOODPDGRFXHUSR(VWHFXHUSRFRQWLHQHXQDOLVWDGHRSHUDGRUHVHMHFXWDEOHV
8/6/2019 Manual Met a Trader
35/428
/LEURGH04/,QWURGXFFLyQD04/
35 de 175
)LJ2SHUDGRUFRPSXHVWR
(OFXHUSRGHXQRSHUDGRUFRPSXHVWRVHVLWXDHQWUHOODYHV7RGRVORVRSHUDGRUHVFRPSXHVWRVILQDOL]DQFRQXQDOODYHGHFLHUUH
(MHPSORVGHRSHUDGRUHVFRPSXHVWRV
(MHPSORGHORSHUDGRUVZLWFKVZLWFKLL2SHUDGRUVZLWFKH[SUHVLRQ^$SHUWXUDGHOODYHFDVH%XIB>3RNIL@3URJQR]EUHDN1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRUFDVH%XIB>3RNIL@3URJQR]EUHDN1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRUFDVH%XIB>3RNIL@3URJQR]EUHDN1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRU`&LHUUHGHOODYHTXHPXHVWUDGRQGHDFDEDHORSHUDGRUFRPSXHVWR(MHPSORGHXVRHQXQEXFOHROD]R
IRUWWWW.ROB3RLQW>@WW2SHUDGRUIRUH[SUHVLRQHV^$SHUWXUDGHOODYH1XPE1XPEWW@;BUD]>LL@>WW@1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRU
`&LHUUHGHOODYHTXHPXHVWUDGRQGHDFDEDHORSHUDGRUFRPSXHVWR(MHPSORGHRSHUDGRUFRQGLFLRQDOLILI7LPH'D\0DVB%LJ>I@>@LIH[SUHVLRQ^$SHUWXUDGHOODYH6UHG1DERUB.RHI>LL@>YY@>@1%K3RLQW1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRU,QG1DERUB.RHI>LL@>YY@>@I1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRU3ULQW,QG,QG1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRU`&LHUUHGHOODYHTXHPXHVWUDGRQGHDFDEDHORSHUDGRUFRPSXHVWR
(OFXHUSRGHXQRSHUDGRUFRPSXHVWRHVWDVLHPSUHHQFHUUDGRHQWUHOODYHV\SXHGHHVWDUIRUPDGRGHFHURXQRRYDULRVRSHUDGRUHV
8/6/2019 Manual Met a Trader
36/428
/LEURGH04/,QWURGXFFLyQD04/
36 de 175
(MHPSORVGHRSHUDGRUHVVLPSOHV
(MHPSORGHORSHUDGRUIRU
IRUQQ1XPEQIRUH[SUHVLRQHV0DV>Q@&RQVWBQ3L1HVWHGRSHUDWRUVFXHUSRGHORSHUDGRU (MHPSORGHORSHUDGRUFRQGLFLRQDOLILI7DEOH!&KDLULIH[SUHVLRQ1RUPDWUXHSULPHURSHUDGRUVXERSHUDGRUHOVH(OVHFRQGLFLyQ1RUPDIDOVHVHJXQGRRSHUDGRUVXERSHUDGRU
9DULRVRSHUDGRUHVVLPSOHVVHSXHGHQFRPELQDUHQXQRSHUDGRUFRPSXHVWRVLQWHQHU
HVWULFWDQHFHVLGDG
(VWDHVXQDUDUDHQIHUPHGDGSHURXQDFRQVWUXFFLyQDEVROXWDPHQWHDGPLVLEOH(QHVWHFDVRORVRSHUDGRUHVVHHQFLHUUDQHQWHOODYHV\VHGHQRPLQDQEORTXHGHRSHUDGRUHV(VWHXVRHVFRPSOHWDPHQWHDFHSWDEOH(OSURJUDPDGRUHVHOTXHGHFLGHVLLQFOXLURQRDORVRSHUDGRUHVHQWUHOODYHVVLPSOHPHQWHHQDUDVGHXQDUHSUHVHQWDFLyQFRQYHQLHQWHGHOFyGLJR
(MHPSORGHEORTXHGHRSHUDGRUHV
^$SHUWXUDGHOODYH'D\B1H[W7LPH'D\2I:HHN0DVB%LJ>Q@>@2SHUDGRUVLPSOHED[Q2SHUDGRUVLPSOH`&LHUUHGHOODYH
5HTXLVLWRVGHORV2SHUDGRUHV
/RVRSHUDGRUHVGHEHQHVWDUHVFULWRVHQHOWH[WRGHXQSURJUDPDGHDFXHUGRDODVQRUPDVGHIRUPDWRODIRUPDHQTXHGHEHQHVWDUUHSUHVHQWDGRVHQXQFyGLJR1LQJ~QRSHUDGRUSXHGHHVWDUFRQVWUXLGRPiVDOOiGHHVWDVUHJODV6LHOSURJUDPDFRQWLHQHXQRSHUDGRUFRPSXHVWRFRQXQIRUPDWRIXHUDGHODVUHJODVHO0HWD(GLWRUSURGXFLUiXQPHQVDMHGHHUURUHQODFRPSLODFLyQ(VWRVLJQLILFDTXHHOSURJUDPDTXHFRQWLHQHHORSHUDGRUHUUyQHRQRSXHGHXWLOL]DUVH
6HGHEHHQWHQGHUODIUDVHIRUPDWRGHORSHUDGRUFRPRXQFRQMXQWRGHQRUPDVGHIRUPDWRWtSLFRSDUDWRGRVORVRSHUDGRUHVGHOPLVPRWLSR&DGDWLSRGHRSHUDGRUWLHQHVXSURSLRIRUPDWR/RVIRUPDWRVGHO2SHUDGRUVRQFRQVLGHUDGRVHQWRGRVVXVGHWDOOHVHQODVVHFFLRQHVGHHVWHOLEURFRUUHVSRQGLHQWHVDOFDStWXOR2SHUDGRUHV
8/6/2019 Manual Met a Trader
37/428
/LEURGH04/,QWURGXFFLyQD04/
37 de 175
2UGHQGHHMHFXFLyQGHORVRSHUDGRUHV
8QDFDUDFWHUtVWLFDPX\LPSRUWDQWHGHFXDOTXLHUSURJUDPDHVHORUGHQGHHMHFXFLyQGHORVRSHUDGRUHVGHQWURGHpO/RVRSHUDGRUHVQRSXHGHQVHUHMHFXWDGRVVLQUD]yQRSRUH[FHSFLyQ(Q04/HORUGHQGHHMHFXFLyQGHORVRSHUDGRUHVHVHOVLJXLHQWH
/RVRSHUDGRUHVVHHMHFXWDQHQHORUGHQHQHOTXHVHDSDUHFHQHQHOSURJUDPD/DGLUHFFLyQGHORVRSHUDGRUHVGHHMHFXFLyQYDGHL]TXLHUGDDGHUHFKD\GHDUULEDDDEDMR
(VWRVLJQLILFDTXHWDQWRORVORVRSHUDGRUHVVLPSOHVFRPRORVFRPSXHVWRV\VHHMHFXWDQXQRDXQRFRPRHQODVOtQHDVGHORVSRHPDVHQSULPHUOXJDUVHOHHODOtQHDVXSHULRUGHVSXpVODVLJXLHQWHLQIHULRUGHVSXpVODVLJXLHQWH\DVtVXFHVLYDPHQWH6LKD\YDULRVRSHUDGRUHVHQXQDOtQHDGHEHQVHUHMHFXWDGDVFRQVHFXWLYDPHQWHXQRGHVSXpVGHRWURGHL]TXLHUGDDGHUHFKDDFRQWLQXDFLyQORVDJHQWHVVHHMHFXWDQHQODOtQHDLQIHULRUPiVFHUFDQDHQHOPLVPRRUGHQ
/RVRSHUDGRUHVTXHLQWHJUDQXQRSHUDGRUFRPSXHVWRVHHMHFXWDQGHODPLVPDPDQHUDWRGRRSHUDGRUGHO
EORTXHGHFyGLJRFRPLHQ]DDVHUHMHFXWDGRVVyORGHVSXpVGHTXHORKDKHFKRHODQWHULRU
5HGDFFLyQ\(MHFXFLyQGH2SHUDGRUHV(MHPSORV
(OWH[WRGHXQSURJUDPDTXHFRQWLHQHORVRSHUDGRUHVQRHVGLIHUHQWHHQDVSHFWRDXQWH[WRQRUPDORXQDQRWDFLyQPDWHPiWLFD6LQHPEDUJRHVWDVLPLOLWXGHVVyORIRUPDO8QWH[WRQRUPDOSHUPLWHTXHODVDQRWDFLRQHVSXHGDQVHUFRORFDGDVHQFXDOTXLHUVHFXHQFLDPLHQWUDVTXHHQXQSURJUDPDVHGHEHPDQWHQHUXQRUGHQELHQGHILQLGR
$PRGRGHHMHPSORYHDPRVFRPRWUDEDMDXQRSHUDGRUGHDVLJQDFLyQ9DPRVDUHVROYHUXQVLPSOHVLVWHPDGHHFXDFLRQHVOLQHDOHV\FRPSDUDUODUHSUHVHQWDFLyQGHDOJXQRVFiOFXORVPDWHPiWLFRVHQXQWH[WRQRUPDOFRQORVRSHUDGRUHVGHXQFyGLJRGHSURJUDPD
3UREOHPD7HQHPRVXQVLVWHPDGHHFXDFLRQHV
8/6/2019 Manual Met a Trader
38/428
8/6/2019 Manual Met a Trader
39/428
/LEURGH04/,QWURGXFFLyQD04/
39 de 175
SDUHFHVHUHUUyQHRGHVGHHOSXQWRGHYLVWDORJLFRPDWHPiWLFR\HOSURSLRVHQWLGRFRP~Q6LQHPEDUJRHVEDVWDQWHDFHSWDEOHVLVHFRQVLGHUDFRPRXQRSHUDGRUSRUFLHUWRHVWHRSHUDGRUVHXWLOL]DDPSOLDPHQWHHQODFRGLILFDFLyQ
&RQHVWHRSHUDGRUKHPRVFDOFXODGRXQQXHYRYDORUGHODYDULDEOH;FXDQGRVHHMHFXWDHORSHUDGRUGHDVLJQDFLyQHVGHFLUHOFiOFXORGHOYDORUGHODSDUWHGHUHFKDGHORSHUDGRUHORUGHQDGRUWRPDHOYDORUGHOD
PHPRULDItVLFDTXHFRQWLHQHHOYDORUQXPpULFRGHODYDULDEOH;TXHHQHOHMHPSORUHVXOWDVHULJXDODHQHOPRPHQWRGHUHIHULUVHDHOODFDOFXODODH[SUHVLyQHQODSDUWHGHUHFKDGHORSHUDGRUGHDVLJQDFLyQ\HVFULEHHOYDORUREWHQLGRHQODPHPRULDFHOXODUItVLFDGHODYDULDEOH;/DPiTXLQDDOPDFHQDUiHVWHYDORUGHODYDULDEOH;KDVWDTXHODYDULDEOH;VHSURGXFHHQODSDUWHL]TXLHUGDGHOVLJQRGHLJXDOGDGHQRWURRSHUDGRUGHDVLJQDFLyQ(QHVWHFDVRHOQXHYRYDORUGHHVWDYDULDEOHVHFDOFXODUi\VHDOPDFHQDQKDVWDHOSUy[LPRSRVLEOHFDPELR
8/6/2019 Manual Met a Trader
40/428
/LEURGH04/,QWURGXFFLyQD04/
40 de 175
)XQFLRQHV
7pUPLQRGHXQDIXQFLyQ
(OPiVLPSRUWDQWHDYDQFHWHFQROyJLFRHQLQJHQLHUtDLQIRUPiWLFDHVODSRVLELOLGDGGHFUHDFLyQ\DOPDFHQDPLHQWRGHIUDJPHQWRVGHFyGLJRVHSDUDGRTXHGHVFULEDQQRUPDVGHSURFHVDPLHQWRGHGDWRVSDUDUHVROYHUXQSUREOHPDRXQDSHTXHxDWDUHD(VWDSRVLELOLGDGWDPELHQH[LVWHHQ04/
)XQFLyQHVHOQRPEUHTXHUHFLEHXQDSDUWHHVSHFtILFDGHXQSURJUDPDTXHGHVFULEHXQPpWRGRGHFRQYHUVLyQGHGDWRV
+DEODQGRGHIXQFLRQHVYDPRVDFRQVLGHUDUGRVDVSHFWRVGHVFULSFLyQRGHILQLFLyQGHODIXQFLyQ\IXQFLRQGHOODPDGD
)XQFLyQGHVFULSFLyQRGHILQLFLyQHVODSDUWHGHOSURJUDPDGHVWLQDGDDVXHMHFXFLyQ
)XQFLyQGHOODPDGDIXQFLyQGHUHIHUHQFLDHVXQUHJLVWURHVHODFWRTXHFRQGXFHDODHMHFXFLyQGHODIXQFLyQ
(QQXHVWUDYLGDFRWLGLDQDSRGHPRVHQFRQWUDUPXFKDVDQiORJLDVGHODIXQFLyQ7RPHPRVSRUHMHPSORHOVLVWHPDGHIUHQDGRGHXQFRFKH(OPHFDQLVPRGHDFFLRQDPLHQWRTXHOOHYDDFDERHOIUHQDGRHQXQYHKLFXOR/DLGHDLPSOHQWDGDSRUHOLQJHQLHURHVDQiORJDDODGHILQLFLyQGHVFULSFLyQGHIXQFLyQPLHQWUDVTXHHOSHGDOGHIUHQRHVHODQiORJRGHODOODPDGDDODIXQFLyQ(OFRQGXFWRUSUHVLRQDHOSHGDO\ORVPHFDQLVPRVGHDFFLRQDPLHQWRUHDOL]DUFLHUWDVDFFLRQHV\GHWHQLHQHQHOFRFKH
'HOPLVPRPRGRVLODOODPDGDDXQDIXQFLyQVHSURGXFHHQXQSURJUDPDHQWRQFHVODIXQFLyQGHOPLVPRQRPEUHVHUiOODPDGD\HMHFXWDGDHVGHFLUVHOOHYDUiQDFDERXQDFLHUWDVHFXHQFLDGHFiOFXORVXRWUDVDFFLRQHVSRUHMHPSORVHPXHVWUDXQPHQVDMHRXQDRUGHQGHDSHUWXUDHWF(OVHQWLGRJHQHUDOGHXQDIXQFLyQHVODDGRSFLyQGHXQDOyJLFDTXHVHFRPSOHWDIXHUDGHOWH[WREDVHGHOSURJUDPDPLHQWUDVTXHVyORVHPDQWLHQHGHQWURGHOWH[WREDVHGHOSURJUDPDODSDUWHGHOFyGLJRTXHVHRFXSDGHODOODPDGDGHHVWD(VWHSURJUDPDGHFRQVWUXFFLyQWLHQHDOJXQDVYHQWDMDVLQFRQWHVWDEOHV
3ULPHUDHOWH[WRGHOSURJUDPDHVWiLQWHJUDGRGHWDOPDQHUDTXHVHOHHPXFKRPiVIiFLO 6HJXQGDVHSXHGHYHUFRQIDFLOLGDG\VLHVQHFHVDULRPRGLILFDUHOWH[WRGHXQDIXQFLyQVLQUHDOL]DU
QLQJ~QFDPELRHQHOFyGLJREiVLFRySURJUDPDSULQFLSDO
8/6/2019 Manual Met a Trader
41/428
/LEURGH04/,QWURGXFFLyQD04/
41 de 175
)LJDxRV(OFyGLJRGHSURJUDPD~QLFRSLIDJRUPT
3UREOHPD5HGDFWDUXQDSDUWHGHOFyGLJRGHOSURJUDPDFRPRXQDIXQFLyQ
6HUtDUD]RQDEOHKDFHUXQDIXQFLyQXWLOL]DQGRODVGRVOtQHDVTXHHQFXHQWUDQHOYDORUEXVFDGR(OPLVPRSURJUDPDSHURXVDQGRXQDIXQFLyQVHPXHVWUDHQOD)LJ
(QHVWHSURJUDPDXQDSDUWHGHORVFiOFXORVVHLQWHJUDFRPRXQDIXQFLyQ(OFyGLJREiVLFRFRQWLHQHXQDOODPDGDDODIXQFLyQGHILQLGDSRUHOXVXDULR/DGHVFULSFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRVHHQFXHQWUDIXHUDGHVSXpVGHGHOFyGLJREiVLFR
)LJ(OFyGLJRGHXQSURJUDPDTXHFRQWLHQHODGHVFULSFLyQ\ODOODPDGDDIXQFLyQGHILQLGDSRUHOXVXDULR
JLSRPT
8/6/2019 Manual Met a Trader
42/428
/LEURGH04/,QWURGXFFLyQD04/
42 de 175
$PEDVYHUVLRQHVGHOSURJUDPDGDUiHOPLVPRUHVXOWDGR6LQHPEDUJRHOFyGLJRVHFRPSRQHGHXQ~QLFRPyGXORHQODSULPHUDYHUVLyQ)LJPLHQWUDVTXHHQODVHJXQGDYHUVLyQ)LJXQDSDUWHGHORVFiOFXORVVHHMHFXWDHQODOODPDGDDXQDIXQFLyQGHVGHHOWH[WRGHEDVH8QDYH]WHUPLQDGRVORVFiOFXORVVHSDUDGRVHQODIXQFLyQFRQWLQXDUiQORVFiOFXORVHQHOFyGLJRGHOSURJUDPDSULQFLSDO
3DUDFRQVHJXLUODHMHFXFLyQGHODIXQFLyQWHQHPRVTXHOODPDUOD(VWDHVODUD]yQSRUTXHODIXQFLyQHVWDUHSUHVHQWDGDHQGRVSDUWHVHOSURSLRFyGLJRTXHFRPSRQHODIXQFLyQIXQFLyQGHVFULSFLyQ\ODOODPDGDDOD
IXQFLyQSDUDSRQHUHQPDUFKDODIXQFLyQUHILULpQGRVHDHOOD6LQRVHOODPDDODIXQFLyQHVWDQRVHUiHMHFXWDGD$OPLVPRWLHPSRVLVHOODPDDXQDIXQFLyQLQH[LVWHQWHHVWRVHWUDGXFLUiHQQDGD(O0HWD(GLWLRUGDUiXQPHQVDMHGHHUURUVLVHLQWHQWDFRPSLODUXQSURJUDPDDVtHQ04/
'HVFULSFLyQGHOD)XQFLyQ
/DGHVFULSFLyQGHXQDIXQFLyQFRQVWDGHGRVSDUWHVEiVLFDVFDEHFHUDGHODIXQFLyQ\FXHUSRGHODIXQFLyQ
/DFDEHFHUDGHXQDIXQFLyQHVWiIRUPDGDSRUHOWLSRGHOYDORUGHUHWXUQHOQRPEUHGHIXQFLyQ\ODOLVWDGHSDUiPHWURVIRUPDOHV/DOLVWDGHSDUiPHWURVIRUPDOHVHVWiQHQFHUUDGRVHQWUHSDUpQWHVLV\VHFRORFDQGHVSXpVGHOQRPEUHGHODIXQFLyQ(OWLSRGHOYDORUGHUHWXUQSXHGHVHUXQRGHORVWLSRVTXH\DFRQRFHPRVLQWGRXEOHERROFRORUGDWHWLPHRVWULQJ6LODIXQFLyQQRGHYXHOYHQLQJ~QYDORUVXWLSRSXHGHVHUGHQRPLQDGRYRLGVLQFRQWHQLGRYDFtRFRPRVHGHQRPLQDUtDFXDOTXLHURWURWLSR
(OFXHUSRGHXQDIXQFLyQVHHQFLHUUDHQWUHOODYHV(OFXHUSRGHODIXQFLyQSXHGHFRQWHQHURSHUDGRUHVVLPSOHV\RFRPSOHMRVDVtFRPRODOODPDGDDRWUDVIXQFLRQHV(OYDORUGHYXHOWRSRUODIXQFLyQVHGDHQHOSDUpQWHVLVGHRSHUDGRUUHWXUQ(OWLSRGHOYDORUGHYXHOWRHVHOXWLOL]DQGRHORSHUDGRUUHWXUQ\GHEHFRLQFLGLUFRQHO
WLSRGHODIXQFLyQHVSHFLILFDGDHQODFDEHFHUDGHODIXQFLyQ/DGHVFULSFLyQGHODIXQFLyQVHWHUPLQDFRQHOFLHUUHGHODOODYH
)LJ'HVFULSFLyQGHODIXQFLyQ
/D'HVFULSFLyQGHODIXQFLyQGHEHHVWDUXELFDGDVHSDUDGDGHOSURJUDPDDOPDUJHQGHFXDOHVTXLHUDRWUDVIXQFLRQHVHVGHFLUQRGHQWURGHRWUDIXQFLyQVLQRIXHUDGHHOOD
/ODPDGDDOD)XQFLyQ
/DOODPDGDDOD)XQFLyQVHUHSUHVHQWDFRQHOQRPEUHGHODIXQFLyQ\ODOLVWDGHSDUiPHWURVWUDQVIHULGRV/DOLVWDGHSDUiPHWURVVHWUDQVILHUHQHQWUHSDUpQWHVLV/DOODPDGDDODIXQFLyQSXHGHVHUUHSUHVHQWDGDFRPRXQRSHUDGRULQGHSHQGLHQWHRFRPRSDUWHGHXQRSHUDGRU
)LJ/ODPDGDDOD)XQFLyQUHIHUHQFLDDXQDIXQFLyQ
8/6/2019 Manual Met a Trader
43/428
8/6/2019 Manual Met a Trader
44/428
/LEURGH04/,QWURGXFFLyQD04/
44 de 175
)XQFLRQHVHVWiQGDU
04/WLHQHXQDVHULHGH~WLOHVIXQFLRQHVHQODVFXDOHVFXDQGRVHHVFULEHODFRGLILFDFLyQGHOSURJUDPDQRHVQHFHVDULRKDFHUVXGHVFULSFLyQ3RUHMHPSORHOFiOFXORGHUDtFHVFXDGUDGDVODLPSUHVLyQGHPHQVDMHVHQHOVLVWHPDRHQODSDQWDOOD7RGDVHVWDV\PXFKDVRWUDVIXQFLRQHVHVWiQGDUVHUHDOL]DQGHDFXHUGRFRQXQDOJRULWPRSUHGHILQLGR(OXVXDULRQRQHFHVLWDVDEHUHOFRQWHQLGRGHHVWDVIXQFLRQHVeORHOODVyORSXHGHHVWDUVHJXURGHTXHWRGDVODVIXQFLRQHVHVWiQGDUVRQGHVDUUROODGDVGHELGDPHQWHSRUSURIHVLRQDOHV\GHDFXHUGRDODPHMRUDOJRULWPRSRVLEOH
/DFDUDFWHUtVWLFDVLQJXODUGHODVIXQFLRQHVHVWiQGDUHVTXHQRHVWiQGHVFULWDVHQHOWH[WRGHOSURJUDPD/DVIXQFLRQHVHVWiQGDUVRQOODPDGDVHQHOSURJUDPDGHODPLVPDPDQHUDDFRPRORKDFHFXDOTXLHURWUDIXQFLyQHVXQDSUiFWLFDFRP~Q
(QQXHVWURHMHPSOR)LJVHXWLOL]DQGRVIXQFLRQHVHVWiQGDU0DWK6TUW\$OHUWD/DSULPHUDHVWiGHVWLQDGDDOFiOFXORGHUDtFHVFXDGUDGDVPLHQWUDVTXHODVHJXQGDHVWiGLVHxDGDSDUDPRVWUDUXQGHWHUPLQDGRPHQVDMHGHWH[WRSXHVWRHQWUHSDUpQWHVLVHQODSDQWDOOD/DVSURSLHGDGHVGHODVIXQFLRQHVHVWiQGDUVRQFRQVLGHUDGDVFRQPiVGHWDOOHVHQODVHFFLyQ)XQFLRQHVHVWiQGDU$TXtYDPRVDREVHUYDUTXHHVWRVUHJLVWURVUHSUHVHQWDQOODPDGDVDIXQFLRQHVHVWiQGDUPLHQWUDVTXHGHVFULSFLRQHVGHHVWDVIXQFLRQHVQRVHODVSXHGHHQFRQWUDUHQHOSURJUDPD(VWDVIXQFLRQHVWDPELpQSXHGHQVHUGHQRPLQDGDVIXQFLRQHVEXLOWLQRIXQFLRQHVSUHGHILQLGDV8VWHGSXHGHXVDUFXDOTXLHUDGHHVWRVWpUPLQRV
)XQFLRQHVGHILQLGDVSRUHOXVXDULR
(QDOJXQRVFDVRVORVSURJUDPDGRUHVFUHDQ\XWLOL]DQVXVSURSLDVIXQFLRQHV\KDFHQODOODPDGDHVWDVIXQFLRQHVGHILQLGDVSRUHOXVXDULR/DV)XQFLRQHVGHILQLGDVSRUHOXVXDULRVHXWLOL]DQHQORVSURJUDPDVFRQODGHVFULSFLyQGHODIXQFLyQ\ODVOODPDGDVDODIXQFLRQ
&XDGUR/DGHVFULSFLyQGHOD)XQFLyQ\ODOODPDGDDODIXQFLyQVRQXWLOL]DGDVHQORVSURJUDPDVGHSHQGLHQGRGHORVGLIHUHQWHVWLSRVGHIXQFLRQHV
7LSRGHIXQFLyQ 'HVFULSFLyQGHOD)XQFLyQ /ODPDGDDOD)XQFLyQ
(VSHFLDO ,PSOHPHQWDEOH 1RSURFHGH
(VWDQGDU 1RVHLPSOHPHQWD $SOLFDEOH'HILQLGDSRUHOXVXDULR ,PSOHPHQWDEOH $SOLFDEOH
$SHVDUGHTXHODVIXQFLRQHVHVSHFLDOHVSXHGHVHUWpFQLFDPHQWHOODPDGDVGHVGHXQSURJUDPDQRVHUHFRPLHQGDKDFHUOR
3URSLHGDGHVGHODV)XQFLRQHV
(MHFXFLyQGHOD)XQFLyQ
/DSULQFLSDOSURSLHGDGGHWRGDVODVIXQFLRQHVHVTXHODOODPDGDDODIXQFLyQKDFHQTXHHVWiVVHHMHFXWHQ/DVIXQFLRQHVVHHMHFXWDQGHDFXHUGRDVXVFyGLJRV
8/6/2019 Manual Met a Trader
45/428
/LEURGH04/,QWURGXFFLyQD04/
45 de 175
(OSDVRGHSDUiPHWURV\HOYDORUGHUHWXUQ
8QDIXQFLyQVHFRPSRUWDFRPRXQDFDOFXODGRUDHVWiQGDUHQFXDQWRDTXHODLQIRUPDFLyQVHUHFLEH\VHGHYXHOYHWUDQVIRUPDGD6HSXHGHHVFULELUXVDQGRHOWHFODGRXQDFLHUWDH[SUHVLyQTXHFRQVWDGHYDULRVYDORUHVYDQHQWUDQGRXQRDXQR\VHREWHQGUiXQYDORUFRPRUHVSXHVWD8QDIXQFLyQSXHGHUHFLELU\SURFHVDUXQRRYDULRVSDUiPHWURVGHOSURJUDPDTXHOHKDOODPDGRSDUDVXHMHFXFLyQ\ODIXQFLyQWHUPLQDUiVXRSHUDFLyQGHUHWRUQDQGRWUDQVPLWLHQGRGDQGRHQWUHJDQGRXQSDUiPHWURFRPRUHVSXHVWDDHVWHSURJUDPD
(OSDVRGHORVSDUiPHWURVVHHVSHFLILFDQHQFHUUDQGRVHQWUHSDUpQWHVLVGHVSXpVGHOQRPEUHGHODIXQFLyQTXHVHOODPD(OSDVRGHSDUiPHWURVVHKDFHXVXDOPHQWHVHSDUDQGRORVPHGLDQWHUFRPDV(OQ~PHURGHSDUiPHWURVWUDQVIHULGRVDODIXQFLyQQRGHEHVXSHUDU/DIXQFLyQWDPELpQSXHGHRPLWLUHOXVRGHSDVRGHSDUiPHWURV(QHVWHFDVRVHHVSHFLILFDXQDOLVWDYDFtDGHSDUiPHWURVHVGHFLUVLPSOHPHQWHKD\TXHSRQHUXQSDUpQWHVLVGHDSHUWXUD\XQRGHFLHUUHGLUHFWDPHQWHGHVSXpVGHOQRPEUHGHIXQFLyQ
(OQ~PHURWLSRV\RUGHQGHORVSDUiPHWURVWUDQVIHULGRVHQODOODPDGDDODIXQFLyQGHEHFRLQFLGLUFRQORVSDUiPHWURVGHIRUPDFLyQTXHVHHVSHFLILFDHQODGHVFULSFLyQGHODIXQFLyQODOODPDGDGHXQDIXQFLyQTXHWLHQHSDUiPHWURVSRUGHIHFWRHVXQDH[FHSFLyQYpDVHOD/ODPDGDDODIXQFLyQ\'HVFULSFLyQGHIXQFLRQHV\HORSHUDGRUUHWXUQ6LQRFRLQFLGHQHO0HWD(GLWRUOHGDUiXQPHQVDMHGHHUURU&RQVWDQWHVYDULDEOHVH[SUHVLRQHV\DUUD\VSXHGHQVHUXWLOL]DGDVFRPRSDUiPHWURVGHSDVR
(OYDORUGHUHWXUQVHHVSHFLILFDHQORVSDUpQWHVLVGHORSHUDGRUUHWXUQYHU'HVFULSFLyQGHIXQFLRQHV\HO
RSHUDGRUUHWXUQ(OWLSRGHOYDORUGHYXHOWRXWLOL]DQGRHQHORSHUDGRUUHWXUQGHEHFRLQFLGLUFRQHOWLSRGHODIXQFLyQGDGDHQODFDEHFHUDGHODIXQFLyQ7DPELpQHVSRVLEOHTXHXQDIXQFLyQQRGHYXHOYDQLQJ~QYDORU(QHVWHFDVRQRVHHVSHFLILFDQDGDHQHOSDUpQWHVLVGHORSHUDGRUUHWXUQ
(QQXHVWURHMHPSORHOSDVRGHSDUiPHWURVVRQYDULDEOHV$\%)LJPLHQWUDVTXHHOYDORUGHUHWXUQHVODYDULDEOHF)LJ(OUHTXLVLWRGHTXHFRQFXHUGHQORVWLSRVGHSDVR\ORVSDUiPHWURVIRUPDOHVSXHGHQYHUVHHQOD)LJ
(OQ~PHURWLSR\RUGHQGHORVSDUiPHWURVWUDQVIHULGRVHQODOODPDGDDODIXQFLyQGHEHFRLQFLGLUFRQORVSDUiPHWURVTXHVHHVSHFLILFDQHQODGHVFULSFLyQGHODIXQFLyQ6RODPHQWHVHSXHGHQXWLOL]DUYDULDEOHVHQORVSDUiPHWURVIRUPDOHVGHODFDEHFHUDGHODGHVFULSFLyQGHODIXQFLyQ
)LJ0DWFKHQHOQ~PHURWLSRSDUiPHWURVWUDQVIHULGRV\SDUiPHWURVIRUPDOHV(QHVWHFDVRVRODPHQWH
VHXWLOL]DQYDULDEOHVFRPRSDUiPHWURVWUDQVIHULGRV
8/6/2019 Manual Met a Trader
46/428
/LEURGH04/,QWURGXFFLyQD04/
46 de 175
&RPRSDUiPHWURVWUDQVIHULGRVVRORVHSXHGHQXWLOL]DUYDULDEOHVFRQVWDQWHV\H[SUHVLRQHV
)LJ0DWFKHQHOQ~PHURWLSRSDUiPHWURVWUDQVIHULGRV\SDUiPHWURVIRUPDOHV(QHVWHFDVRHQORVSDUiPHWURVWUDQVIHULGRVVHXWLOL]DQXQDFRQVWDQWHXQDH[SUHVLyQ\ODVYDULDEOHVGHOWLSRFRUUHVSRQGLHQWH
3DUiPHWURVIRUPDOHV
(OSXQWRFXOPLQDQWHGHODVIXQFLRQHVHVHOXVRGHORVSDUiPHWURVIRUPDOHV
/RV3DUiPHWURVIRUPDOHVVRQXQDOLVWDGHYDULDEOHVHVSHFLILFDGDVHQODFDEHFHUDGHODGHVFULSFLyQGHOD
IXQFLyQ
8/6/2019 Manual Met a Trader
47/428
/LEURGH04/,QWURGXFFLyQD04/
47 de 175
)LJ(OFyGLJRGHXQSURJUDPDTXHFRQWLHQHODGHVFULSFLyQ\ODOODPDGDDIXQFLyQGHILQLGDSRUHOXVXDULRJLSRPT
&yPRIXQFLRQD
(QHOSURJUDPDVHSURGXFHXQDOODPDGDDODIXQFLyQODVYDULDEOHV$\%HVWiQHVSHFLILFDGDVHQVXSDUpQWHVLV (OSURJUDPDOODPDDODIXQFLyQFRQHVHQRPEUH\TXHWLHQHORVSDUiPHWURVIRUPDOHVD\ETXHVH
HVSHFLILFDQHQVXFDEHFHUD (OYDORUGHYDULDEOH$VHOHDVLJQDDODYDULEOHD (OYDORUGHODYDULDEOH%VHOHDVLJQDDODYDULDEOHE /DIXQFLyQHMHFXWDEOHUHDOL]DORVFiOFXORVXWLOL]DQGRORVYDORUHVGHODVYDULDEOHVD\E
&XDOTXLHUQRPEUHVVHSXHGHQXVDUHQORVSDUiPHWURVIRUPDOHVPLHQWUDVQRFRLQFLGDQFRQRWURVQRPEUHVGHYDULDEOHV\DXWLOL]DGRVHQHOSURJUDPD(QHVWHHMHPSORKHPRVXWLOL]DGRORVLGHQWLILFDGRUHVGHORVSDUiPHWURVIRUPDOHVD\E6LQHPEDUJRSRGUtDPRVXWLOL]DUFXDOTXLHURWURSRUHMHPSORP\QR.DWB\.DWB3RUVXSXHVWRHQODUHGDFFLyQGHXQSURJUDPDXVWHGGHEHHVSHFLILFDUHQHOFXHUSRGHODIXQFLyQSDUDORVFiOFXORVORVQRPEUHVGHYDULDEOHVTXHHVWiQHQODFDEHFHUD3XHVWRTXHKHPRVGDGRD\EHQODFDEHFHUDREYLDPHQWHWHQHPRVTXHXWLOL]DUD\EGHQWURGHODIXQFLyQ\QRP\Q
(QODIXQFLyQORVFiOFXORVVHKDFHQGHIRUPDTXHVHLQYROXFUHQSDUiPHWURVD\E\QRODVYDULDEOHV$\%FRPR\DKHPRVGLFKR8QDIXQFLyQVHSHUPLWHTXHFXDOTXLHUDFFLyQVHSXHGDUHDOL]DUFRQORVSDUiPHWURVIRUPDOHVGHD\ELQFOXLGRVORVFDPELRVHQORVYDORUHVGHHVWDVPLVPDVYDULDEOHV\HVWRQRWHQGUtDQLQJ~QHIHFWRVREUHODVYDULDEOHV$\%FRUUHVSRQGLHQWHVDORVSDUiPHWURVGHWUDQVIHUHQFLDGHORSHUDGRUGHOODPDGDGHOSURJUDPDSULQFLSDO
(OYDORUGHUHWXUQFDOFXODGRHQODIXQFLyQVHGDHQHOSDUpQWHVLVGHORSHUDGRUUHWXUQ&RPRYDORUGHUHWXUQSXHGHXWLOL]DUVHHOYDORUGHXQDYDULDEOHHOUHVXOWDGRGHXQDH[SUHVLyQRXQDFRQVWDQWH(QQXHVWURFDVRHOYDORUGHUHWXUHVHOYDORUGHODYDULDEOHORFDOFXQDYDULDEOHORFDOHVXQDYDULDEOHGHFODUDGDGHQWURGHXQDIXQFLyQDODVDOLGDGHODIXQFLyQORVYDORUHVGHWRGDVODVYDULDEOHVORFDOHVVHSLHUGHQ\SRUWDQWRVXiPELWRGHWUDEDMRHVVRORYiOLGRGHQWURGHODIXQFLyQ([DPLQDUHPRVFRQPiVGHWDOOHVODVYDULDEOHVORFDOHVHQODVHFFLyQ7LSRVGHYDULDEOHV/DIXQFLyQGHYXHOYHDOSURJUDPDTXHOROODPyHOYDORUGHODYDULDEOHORFDOF)LJ(VWRVLJQLILFDTXHHVWHYDORUVHUiDVLJQDGRDODYDULDEOH&
8/6/2019 Manual Met a Trader
48/428
/LEURGH04/,QWURGXFFLyQD04/
48 de 175
2WURVFiOFXORVGHQWURGHOSURJUDPDVLIXHUDHOFDVRVHSRGUtDQUHDOL]DUFRQODVYDULDEOHVGHFODUDGDVGHQWURGHODIXQFLyQTXHODOODPD(QQXHVWURFDVRODIXQFLyQTXHODOODPDHVODIXQFLyQHVSHFLDOVWDUWTXHFRQWLHQHODOtQHDSDUDOODPDUDODIXQFLyQGHILQLGDSRUHOXVXDULRPLHQWUDVTXHODVYDULDEOHVGHFODUDGDVGHQWURGHODIXQFLyQTXHODOODPDVRQ$%\&HQODIXQFLyQTXHUHDOL]DORVFiOFXORVVHXVDQORVSDUiPHWURVIRUPDOHVORTXHQRVSHUPLWHFUHDUIXQFLRQHVXVDQGRQRPEUHVGHYDULDEOHVDUELWUDULRVHLQGHSHQGLHQWHVGHORVQRPEUHVGHYDORUHVXWLOL]DGRVHQHOSURJUDPDSULQFLSDORIXQFLyQTXHOHOODPD
(MHPSORGHIXQFLyQHVWiQGDUHQXQSURJUDPD
(QSULPHUOXJDUYDPRVDH[DPLQDUHOFRPSRUWDPLHQWRGHOSURJUDPDVHPXHVWUDHQOD)LJ'HEHPRVWHQHUHQFXHQWDTXHWRGRHOFyGLJRGHOSURJUDPDVHHQFXHQWUDGHQWURGHODIXQFLyQHVSHFLDOVWDUW(QHVWDHWDSDGHDSUHQGL]DMHQRYDPRVDSUHVWDUHVSHFLDODWHQFLyQDHVWDIXQFLyQODVIXQFLRQHVHVSHFLDOHV\VXVSURSLHGDGHVVHUDQFRQVLGHUDGDVHQPiVGHWDOOHHQODVHFFLyQ)XQFLRQHVHVSHFLDOHV
9DPRVDVHJXLUODHMHFXFLyQGHOSURJUDPDHPSH]DQGRFRQHORSHUDGRUGHDVLJQDFLyQ
LQW$3ULPHUFDWHWR
/DSDUWHGHUHFKDGHORSHUDGRUGHDVLJQDFLyQFRQWLHQHXQDFRQVWDQWHVXYDORUHVGH
(OYDORUGHHOYDORUGHODSDUWHGHUHFKDVHOHDVLJQDDODYDULDEOH$TXHHVWiVLWXDGDDODL]TXLHUGDGHOVLJQRGHLJXDOGDG
6HOHGDHOFRQWURODODOtQHDVLJXLHQWH
LQW%6HJXQGRFDWHWR
8/6/2019 Manual Met a Trader
49/428
/LEURGH04/,QWURGXFFLyQD04/
49 de 175
/DSDUWHGHUHFKDGHORSHUDGRUGHDVLJQDFLyQFRQWLHQHHVSHFLILFDGDXQDFRQVWDQWHVXYDORUHVGH
(OYDORUGHVHDVLJQDDODYDULDEOH%
(OSURJUDPDVHGHVWLQDDODHMHFXFLyQGHODOtQHDVLJXLHQWH
LQW&B$$%%6XPDGHORVFXDGUDGRVGHORVFDWHWRV
&iOFXORGHODSDUWHGHUHFKDGHORSHUDGRUGHDVLJQDFLyQ(OUHVXOWDGRGHORVFiOFXORVHVHOYDORUGHORVGHWDOOHVGHFyPRHOSURJUDPDVHUHILHUHDODVYDULDEOHVSDUDREWHQHUVXVYDORUHVVRQFRQVLGHUDGRVHQODVHFFLyQ&RQVWDQWHV\YDULDEOHVSRUORTXHQRVHSDUWLFXODUL]DKHVWHSXQWRDTXt\DKRUD
$VLJQDFLyQGHOYDORUDODYDULDEOH&B
/DVLJXLHQWHOtQHDUHSUHVHQWDXQRSHUDGRUGHDVLJQDFLyQGHODVFXDOHVODSDUWHGHUHFKDFRQWLHQHXQDOODPDGDDXQDIXQFLyQHVWiQGDU
LQW&0DWK6TUW&B&iOFXORGHODKLSRWHQXVD
(OSURJUDPDWLHQHFRPRREMHWLYRHMHFXWDUHORSHUDGRUGHDVLJQDFLyQ&RQHVWHSUySRVLWRVHHMHFXWDSULPHUR
ORVFiOFXORVVLWXDGRVDODGHUHFKDGHODLJXDOGDG(OSURJUDPDUHTXLHUHODHMHFXFLyQGHODIXQFLyQHVWiQGDU0DWK6TUWTXHFDOFXODUDtFHVFXDGUDGDV(OYDORUGHODYDULDEOH&BHQQXHVWURFDVRLJXDODVHXWLOL]DUiFRPRSDUiPHWURHOSDVR+D\TXHWHQHUHQFXHQWDTXHQRH[LVWHXQDGHVFULSFLyQGHHVWDIXQFLyQHVWiQGDUHQQLQJXQDSDUWHGHOSURJUDPD/DVGHVFULSFLRQHVGHIXQFLRQHVHVWiQGDUQRHVWiQVLWXDGDVHQORVSURJUDPDV(QHOWH[WRGHXQSURJUDPDXVWHGSXHGHGLVWLQJXLUIiFLOPHQWHODUHJODGHOODPDGDDODIXQFLyQSRUVXDVSHFWRTXHVHGHVWDFDQHQ0HWD(GLWRUFRQFRORUPRUDGRSURJUDPDGRUSXHGHHOHJLUDYROXQWDGORVFRORUHV
/RVFiOFXORVVHUHDOL]DQHQHOQLYHOGHODIXQFLyQ0DWK6TUW
/DIXQFLyQHVWiQGDU0DWK6TUWFRPSOHWDVXVFiOFXORV\GHYXHOYHHOYDORUREWHQLGR(QQXHVWURFDVRHVHOYDORUGHODUDt]FXDGUDGDGH
(OYDORUGHYXHOWRSRUODIXQFLyQHVDKRUDHOFRQWHQLGRGHOUHJLVWUR
0DWK6TUW&B
(VWHUHJLVWURSXHGHVHUFRQVLGHUDGRFRPRXQDHVSHFLHGHYDULDEOHFRPSOHMDHVSHFLDOGHQWURGHORVFiOFXORVTXHVHUHDOL]DQ'HVSXpVGHTXHHVWRVFiOFXORVVHKDQFRPSOHWDGRHVWDHVSHFLHGHYDULDEOHWRPDXQYDORU/RLPSRUWDQWHGHHVWRDTXtHVHOKHFKRGHTXHHOYDORUGHYXHOWRSRUODIXQFLyQSXHGHVHUDVLJQDGRDRWUDYDULDEOHRFRQVLGHUDGRGHDOJXQDPDQHUDHQFXDOTXLHURWURFiOFXOR
(QHVWHFDVRQXHVWURYDORUHVHOYDORUGHODSDUWHGHUHFKDGHORSHUDGRUGHDVLJQDFLyQ(QODFRQWLQXDFLyQGHODHMHFXFLyQHORSHUDGRUGHDVLJQDFLyQHOSURJUDPDDVLJQDHOYDORUGHDODYDULDEOH&
/DVLJXLHQWHOtQHDHVHORSHUDGRUTXHFRQWLHQHUHIHUHQFLDVDODIXQFLyQHVWiQGDUGH$OHUWOODPDGDDIXQFLyQ
$OHUW+LSRWHQXVD&0HQVDMHSDUDODSDQWDOOD
/DIXQFLyQHVWiQGDU$OHUWDEUHXQFXDGURGHGLiORJRHQGRQGHVHPXHVWUDQORVYDORUHVGHORVSDUiPHWURVWUDQVIHULGRV(QHVWHFDVRODIXQFLyQKDWRPDGRGRVYDORUHVFRPRSDUiPHWURVGHSDVR
/DFDGHQDGHYDORUFRQVWDQWH+LSRWHQXVD
(OYDORULQWHJHUGHODYDULDEOH&
8/6/2019 Manual Met a Trader
50/428
/LEURGH04/,QWURGXFFLyQD04/
50 de 175
6HKDVHxDODGRDQWHULRUPHQWHTXHQRWRGDVODVIXQFLRQHVGHEHUiQGHYROYHUHOYDORUTXHHVHOUHVXOWDGRGHODHMHFXFLyQGHODIXQFLyQ/DIXQFLyQHVWiQGDU$OHUWQRGHYXHOYHQLQJ~QYDORU\DTXHWLHQHRWUDWDUHDPRVWUDUHOWH[WRHQODSDQWDOODHQXQDYHQWDQDHVSHFLDO
&RPRUHVXOWDGRGHODHMHFXFLyQGHODIXQFLyQHVWiQGDUGH$OHUWHQODYHQWDQDGHHVWDIXQFLyQDSDUHFHUiODOtQHDVLJXLHQWH
+LSRWHQXVD
(O~OWLPRRSHUDGRUHQHVWHSURJUDPDFRPSOHWDODODERUGHODIXQFLyQHVSHFLDOVWDUW
UHWXUQ)XQFLyQVDOLGDGHORSHUDGRUYDFLD
/DODERUGHOSURJUDPDKDWHUPLQDGRHQHVWHPRPHQWR
8QDSUHJXQWDSXHGHVXUJLU&yPRSRGHPRVVDEHUTXpIXQFLyQGHYROYHUiXQYDORU\FXDOQR"/DUHVSXHVWDDHVWDSUHJXQWDHVREYLD&RQHOILQGHHQFRQWUDUODVGHVFULSFLRQHVGHWDOODGDVGHODVIXQFLRQHVLQFRUSRUDGDVXVWHGGHEHOHHUODGRFXPHQWDFLyQGHUHIHUHQFLDGH04/FRPPXQLW\HOVLWLRZHEODQ]DGRSRU0HWD4XRWHV6RIWZDUH&RUSRORVDUFKLYRVGHD\XGDGH0HWD(GLWRU/DVSURSLHGDGHVGHXQDIXQFLyQGHILQLGDSRUHO
XVXDULRVHHVSHFLILFDQHQVXGHVFULSFLyQ6LXQDIXQFLyQGHILQLGDSRUHOXVXDULRGHYXHOYHHOYDORURQRGHSHQGHGHVXDOJRULWPRODGHFLVLyQHVDGRSWDGDSRUHOSURJUDPDGRUHQODIDVHGHUHGDFFLyQGHOFyGLJRGHSURJUDPDGHODIXQFLyQ
(MHPSORGHIXQFLyQGHILQLGDSRUHOXVXDULRHQXQ3URJUDPD
9DPRVDFRQVLGHUDUFyPRVHUHDOL]DUtDQORVPLVPRVFiOFXORVHQXQSURJUDPDTXHFRQWHQJDXQDIXQFLyQGHILQLGDSRUHOXVXDULR)LJ8QDFLHUWDSDUWHGHOFyGLJRTXHVHSXVRDQWHULRUPHQWHTXHVHGHQWURHQODIXQFLyQHVSHFLDOVWDUWQRHVWDUiDTXtDKRUD(VWHFRGLJRVHUiVXVWLWXLGRFRQODOODPDGDDODIXQFLyQGHILQLGDSRUHOXVXDULR/DGHVFULSFLyQGHHVWDIXQFLyQGHILQLGDSRUHOXVXDULRLUiGHVSXpVGHODIXQFLRQHVSHFLDOVWDUW/DVGRVSULPHUDVOtQHDVHQODTXHYDULDEOHVGHWLSR$\%WRPDUYDORUHVQXPpULFRVVLJXHQVLHQGRORVPLVPRV(QFRQVHFXHQFLDQDGDFDPELDHQVXHMHFXFLyQ
8/6/2019 Manual Met a Trader
51/428
/LEURGH04/,QWURGXFFLyQD04/
51 de 175
)LJ(OFyGLJRGHXQSURJUDPDTXHFRQWLHQHODGHVFULSFLyQ\ODOODPDGDDIXQFLyQGHILQLGDSRUHOXVXDULRJLSRPT
LQW$3ULPHUFDWHWR
LQW%6HJXQGRFDWHWR
(QODWHUFHUDOtQHDWHQHPRVHORSHUDGRUGHDVLJQDFLyQ6XSDUWHGHUHFKDFRQWLHQHODFRQYRFDWRULDGHODIXQFLyQGHILQLGDSRUHOXVXDULR
LQW&*LSR$%&iOFXORGHODKLSRWHQXVD
(QODHMHFXFLyQGHHVWHRSHUDGRUHOSURJUDPDOODPDHQSULPHUOXJDUDODIXQFLyQGHILQLGDSRUHOXVXDULR
1RWD/DGHVFULSFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRGHEHHVWDUSUHVHQWHHQHOSURJUDPD\VHFRORFDQLQPHGLDWDPHQWHGHVSXpVGHTXHVHFLHUUDODOODYHGHODIXQFLyQHVSHFLDOVWDUWHVGHFLUVHFRORFDIXHUDGHODIXQFLyQHVSHFLDOVWDU
$OUHIHULUVHDODIXQFLyQGHILQLGDSRUHOXVXDULRHOSURJUDPDOOHYDDFDERORVLJXLHQWH
&RSLDGHOYDORUGHODYDULDEOH$FRQHOILQGHREWHQHUVXYDORUHQQXHVWURFDVR
&RSLDGHOYDORUGHODYDULDEOH%FRQHOILQGHREWHQHUVXYDORUHQQXHVWURFDVR
1RWD7DQSURQWRFRPRHOSURJUDPDFRPLHQ]DDOODPDUDODIXQFLyQGHILQLGDSRUHOXVXDULRHQHVWHFDVRFRQFUHWRODIXQFLyQHVXQDIXQFLyQGHILQLGDSRUHOXVXDULRHVWDQRUPDVHDSOLFDDWRGDVODVIXQFLRQHVHOSURJUDPDVHKDFHVyORXQDFRSLDGHORVYDORUHVGHODVYDULDEOHVXWLOL]DGDVFRPRSDUiPHWURVWUDQVIHULGRVPLHQWUDVTXHORVYDORUHVGHHVWDVYDULDEOHVHQVLPLVPDVHQHVWHFDVR$\%QRKDVXSXHVWRFDPELRGHELGRDODDSOLFDFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRQLHOODVUHDOPHQWHFDPELDQ
8/6/2019 Manual Met a Trader
52/428
/LEURGH04/,QWURGXFFLyQD04/
52 de 175
(OFRQWUROVHSDVDDODIXQFLyQGHILQLGDSRUHOXVXDULR
'XUDQWHWRGRHOWLHPSRGHHMHFXFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRQRLPSRUWDFXiQWRVHWDUGHORVYDORUHVGHODVYDULDEOHVGHODOODPDGDDODIXQFLyQQRVHSLHUGHQVLQRTXHVHDOPDFHQDQ
/DSULPHUDOtQHDHQODGHVFULSFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRHVVXFDEHFHUD
LQW*LSRLQWDLQWE&DEHFHUDGHODIXQFLyQGHILQLGDSRUHOXVXDULR
(QODHMHFXFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRHOSURJUDPDYDDKDFHUORVLJXLHQWH
(OYDORUGHHOSULPHUYDORUHQODOLVWDGHSDUiPHWURVWUDQVIHULGRVVHFRSLDHQODYDULDEOHDODSULPHUDYDULDEOHHQODOLVWDGHSDUiPHWURV
(OYDORUGHHOVHJXQGRYDORUHQODOLVWDGHSDUiPHWURVWUDQVIHULGRVVHFRSLDHQODYDULDEOHEODVHJXQGDYDULDEOHHQODOLVWDGHSDUiPHWURV
(QWRQFHVHOFRQWUROVHGHEHSDVDUDOFXHUSRGHODIXQFLyQSDUDODHMHFXFLyQGHVXDOJRULWPR
(OSULPHURSHUDGRUHQHOFXHUSRGHODIXQFLyQHVHOVLJXLHQWH
LQWFDDEE6XPDGHORVFXDGUDGRVGHORVFDWHWRV
(QODHMHFXFLyQGHHVWHRSHUDGRUHOSURJUDPDFDOFXODHOYDORUHQODSDUWHGHUHFKDGHORSHUDGRUGHDVLJQDFLyQ\GHVSXpVDVLJQDHOYDORUREWHQLGRHQQXHVWURFDVRDODYDULDEOHF
(OVLJXLHQWHRSHUDGRU
LQWF0DWK6TUWF&iOFXORGHOD+LSRWHQXVD
$TXtHQFRQWUDPRVODUDt]FXDGUDGDGHOYDORUGHODYDULDEOHF(ORUGHQGHRSHUDFLRQHVHVHOPLVPRTXHHQHOHMHPSORDQWHULRU/DHMHFXFLyQGHORSHUDGRUGHDVLJQDFLyQVHWUDGXFLUiHQODDVLJQDFLyQGHYDORUGHDODYDULDEOHF
(QODVLJXLHQWHOtQHDWHQHPRVHORSHUDGRU
UHWXUQF)XQFLyQVDOLGDRSHUDGRU
(QODHMHFXFLyQGHHVWHRSHUDGRUWHQHPRVHOUHWXUQGHOSURJUDPDGHOYDORUHQFHUUDGRHQHOSDUpQWHVLVGHHVWHRSHUDGRU(QQXHVWURFDVRHVHOYDORUGHODYDULDEOHFHVGHFLU(QHVWHSXQWRODHMHFXFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULRKDWHUPLQDGRHOFRQWUROVHGHYXHOYHDOSXQWRGRQGHVHKL]RODOODPDGDDODIXQFLRQ
5HFRUGHPRVTXHODIXQFLyQGHILQLGDSRUHOXVXDULRVHOODPyGHVGHHORSHUDGRU
LQW&*LSR$%&iOFXOR+LSRWHQXVD
(OUHJLVWURGHODOODPDGDDODIXQFLRQGHILQLGDSRUHOXVXDULRTXHGDHQ
*LSR$%
HQODIDVHGHODGHYROXFLyQGHOYDORUHVWDH[SUHVLyQWRPDHOYDORUFDOFXODGRGHODIXQFLyQHQQXHVWURFDVRHVHOYDORUGH
7UDVFRQFOXLUODHMHFXFLyQGHORSHUDGRUGHDVLJQDFLyQHOSURJUDPDDVLJQDHOYDORUGHDODYDULDEOH&
8/6/2019 Manual Met a Trader
53/428
/LEURGH04/,QWURGXFFLyQD04/
53 de 175
(OVLJXLHQWHRSHUDGRU
$OHUW+LSRWHQXVD&0HQVDMHHQODSDQWDOOD
VHHMHFXWDUiGHODPLVPDPDQHUDTXHHQHOHMHPSORDQWHULRUDVDEHUHQXQDYHQWDQDHVSHFLDODSDUHFHUiHOPHQVDMH
+LSRWHQXVD
(O~OWLPRRSHUDGRUHQHVWHSURJUDPD
UHWXUQ6DOLGDGHORSHUDGRU\VDOLGDGHODIXQFLRQHVSHFLDOVWDUVLQSDUiPHWURV
4XHGDFRPSOHWDODODERUGHODIXQFLyQHVSHFLDOVWDUW\DODYH]TXHGDFRPSOHWDODODERUGHWRGRHOSURJUDPDODVSURSLHGDGHVGHODVIXQFLRQHVHVSHFLDOHVVHFRQVLGHUDQFRQPiVGHWDOOHVHQODVHFFLyQ)XQFLRQHVHVSHFLDOHV
9DPRVDFRQVLGHUDUDOJXQDVYHUVLRQHVGHODDSOLFDFLyQGHODPHQFLRQDGDIXQFLyQGHILQLGDSRUHOXVXDULR(VIiFLOYHULILFDUTXHODSURJUDPDFLyQFRQIXQFLRQHVGHILQLGDVSRUHOXVXDULRWLHQHDOJXQDVYHQWDMDVLQFRQWHVWDEOHV
&RQVLGHUDFLRQHVSUHYLDVGHODLPSOHPHQWDFLRQGHODIXQFLyQGHILQLGDSRUHOXVXDULR*LSR
(QHVWDIXQFLyQORVSDUiPHWURVIRUPDOHVVHDVHPHMDQDODVYDULDEOHVXWLOL]DGDVHQHOSURJUDPDEiVLFR6LQHPEDUJRHVWRQRHVPiVTXHXQDVLPLOLWXGIRUPDOSRUTXH$\DVRQGLIHUHQWHVQRPEUHVGHYDULDEOHVSHURORVYDORUHVHVGHFLUHOFRQWHQLGRGHODVYDULDEOHV$\%VHFRSLDQGHQWURGHODVYDULDEOHVD\E
LQW*LSRLQWDLQWE)XQFLyQGHILQLGDSRUHOXVXDULR^LQWFDDEEVXPDGHORVFXDGUDGRVGHORVFDWHWRVLQWF0DWK6TUWF+LSRWHQXVDUHWXUQF)XQFLyQVDOLGDRSHUDGRU`
$SOLFDFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULR*LSR9HUVLyQ
(QHVWHFDVRORVQRPEUHVGHSDUiPHWURVIRUPDOHVQRVHDVHPHMDQDORVQRPEUHVGHYDULDEOHVXWLOL]DGDVHQHOSURJUDPDEiVLFR6LQHPEDUJRHVWRQRQRVLPSLGHXWLOL]DUHVWDIXQFLyQHQHOSURJUDPD
8/6/2019 Manual Met a Trader
54/428
/LEURGH04/,QWURGXFFLyQD04/
54 de 175
LQW*LSRLQWDOSKDLQWEHWWD&DEHFHUDGHODGHVFULSFLRQGHODIXQFLyQGHILQLGDSRUHOXVXDULR^LQW6457DOSKDDOSKDEHWWDEHWWDVXPDGHORVFXDGUDGRVGHORVFDWHWRVLQW*,30DWK6TUW6457+LSRWHQXVD
UHWXUQ*,3 )XQFLyQVDOLGDRSHUDGRU`
$SOLFDFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULR*LSR9HUVLyQ
(QHVWHHMHPSORODYDULDEOHDOIDVHUHXWLOL]DHQHOSURJUDPD\FDPELDVXYDORUGRVYHFHV(VWHKHFKRQRWLHQHQLQJ~QHIHFWRVREUHODVYDULDEOHVUHDOHVGHODIXQFLRQGHOODPDGDGHOSURJUDPDSULQFLSDO
LQW*LSRLQWDOSKDLQWEHWWDIXQFLyQGHILQLGDSRUHOXVXDULR^
DOSKDDOSKDDOSKDEHWWDEHWWDVXPDGHORVFXDGUDGRVGHORVFDWHWRVDOSKD0DWK6TUWDOSKD+LSRWHQXVDUHWXUQDOSKD)XQFLyQVDOLGDRSHUDGRU`
$SOLFDFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULR*LSR9HUVLyQ
(QHVWDIXQFLRQGHILQLGDSRUHOXVXDULRWRGRVORVFDOFXORVVHUHFRJHQHQXQVRORRSHUDGRU(OYDORUGHUHWXUQVHFDOFXODGLUHFWDPHQWHHQHOSDUpQWHVLVGHORSHUDGRUUHWXUQ/DH[SUHVLyQVHFDOFXODGLUHFWDPHQWHHQHOOXJDUGRQGHHOSDUiPHWURWUDQVIHULGRGHEHVHUHVSHFLILFDGRHQODIXQFLyQHVWDQGDU0DWK6TUW(VWDVROXFLyQSXHGHSDUHFHUH[WUDxDRPDODDOSULQFLSLR6LQHPEDUJRQRKD\HUURUHQHVWDIRUPDGHXWLOL]DFLyQGHODIXQFLyQGHILQLGDSRUHOXVXDULR(OQ~PHURGHRSHUDGRUHVXWLOL]DGRVHQODIXQFLyQHVPHQRUTXHHQRWUDVLPSOHPHQWDFLRQHVSRUORTXHHOFyGLJRUHVXOWDVHUPiVFRPSDFWR
LQW*LSRLQWDLQWE)XQFLyQGHILQLGDSRUHOXVXDULR^UHWXUQ0DWK6TUWDDEE2SHUDGRU)XQFLyQ6DOLGD`
LQW*LSRLQWDLQWEIXQFLyQGHILQLGDSRUHOXVXDULRUHWXUQ0DWK6TUWDDEE)XQFLyQVDOLGDRSHUDGRU
'HHVWHPRGRODDSOLFDFLyQGHIXQFLRQHVGHILQLGDVSRUHOXVXDULRWLHQHDOJXQDVYHQWDMDVLQGLVFXWLEOHVHQODSURJUDPDFLyQGHODSUiFWLFD
ORVQRPEUHVGHYDULDEOHVHQHOWH[WRGHOSURJUDPDSULQFLSDOQRWLHQHQUHODFLRQFRQORVQRPEUHVGHORVSDUiPHWURVIRUPDOHVGHXQDIXQFLyQGHILQLGDSRUHOXVXDULR
IXQFLRQHVGHILQLGDVSRUHOXVXDULRSXHGHQVHUUHXWLOL]DGRVHQGLIHUHQWHVSURJUDPDVQRKD\QHFHVLGDGGHFDPELDUHOFyGLJRGHODIXQFLyQGHILQLGDSRUHOXVXDULR
VHSXHGHQFUHDUOLEUHUtDVVLHVQHFHVDULR
8/6/2019 Manual Met a Trader
55/428
/LEURGH04/,QWURGXFFLyQD04/
55 de 175
(VWDVSURSLHGDGHVWDQ~WLOHVGHODVIXQFLRQHVSHUPLWHQFUHDUSURJUDPDVUHDOPHQWHJUDQGHVFRPRSRUHMHPSORSDUDXQDFRUSRUDFLyQ9DULRVSURJUDPDGRUHVSXHGHQSDUWLFLSDUHQHVWHSURFHVRGHPDQHUDVLPXOWiQHD\FDGDXQRGHHOORVTXHGDOLEHUDGRGHODQHFHVLGDGGHOOHJDUDXQDFXHUGRVREUHORVQRPEUHVGHODVYDULDEOHVTXHXWLOL]DQ/R~QLFRTXHVHGHEHUiDFRUGDUHVHORUGHQGHODVYDULDEOHVHQODFDEHFHUD\HQODIXQFLyQOODPDGD
8/6/2019 Manual Met a Trader
56/428
/LEURGH04/,QWURGXFFLyQD04/
56 de 175
7LSRVGHSURJUDPD$OFRPHQ]DUDHVFULELUXQSURJUDPDHQ04/HOSURJUDPDGRUGHEHHQSULPHUOXJDUUHVSRQGHUDODSUHJXQWDDFHUFDVREUHTXpWLSRGHSURJUDPDVYDDVHU(OFRQWHQLGR\ODIXQFLRQDOLGDGGHOSURJUDPDGHSHQGHQSOHQDPHQWHGHHVWR(Q04/KD\WLSRVGHSURJUDPDVGHDSOLFDFLyQ$VHVRUHV([SHUWRV([SHUW
$GYLVRUVFULSWVHLQGLFDGRUHVGHILQLGRVSRUHOXVXDULRFXVWRPLQGLFDWRU&XDOTXLHUSURJUDPDGHVDUUROODGRSRUXQSURJUDPDGRUSHUWHQHFHDXQRGHHVWRVWLSRV7RGRVHOORVWLHQHQVXVSURSyVLWRV\FDUDFWHUtVWLFDVHVSHFLDOHV9DPRVDFRQVLGHUDUHVWRVWLSRVFRQPiVGHWDOOH
(O$VHVRU([SHUWR$(HVXQSURJUDPDFRGLILFDGRHQ04/HLQYRFDGRSRUHO7HUPLQDOGH8VXDULRSDUDVHUHMHFXWDGRHQFDGDXQRGHORVWLFN(OREMHWLYRSULQFLSDOGHORV$VHVRUHV([SHUWRVHVSURJUDPDUHOFRQWUROVREUHHOFRPHUFLR/RV$VHVRUHV([SHUWRVVRQFRGLILFDGRVSRUORVXVXDULRV1RKD\XQDIXQFLyQGH$(VHQHO7HUPLQDOGH8VXDULR
(O6FULSWHVXQSURJUDPDFRGLILFDGRHQ04/\HMHFXWDGRSRUHO7HUPLQDOGH8VXDULRXQDVRODYH]/RVVFULSWVVRQGHVWLQDGRVDUHDOL]DUFXDOTXLHUWLSRGHRSHUDFLRQHVTXHSHUPLWDQVHUHMHFXWDGDVXQDVRODYH]/RVVFULSWVVRQFRGLILFDGRVSRUORVXVXDULRV(OORVQRYLHQHQLQFRUSRUDGRVFRPRORHVWiHO7HUPLQDOGH8VXDULR
(O&XVWRPLQGLFDWRUHVXQSURJUDPDFRGLILFDGRHQ04/HLQYRFDGRSRUHO7HUPLQDOGH8VXDULRSDUDVHUHMHFXWDGRDOLJXDOTXHHO$(HQWRGRVORVWLFNV(VWDEiVLFDPHQWHGHVWLQDGRDODH[KLELFLyQJUiILFDGHIXQFLRQHVPDWHPiWLFDVFDOFXODGDVSUHOLPLQDUPHQWHFRPROtQHDV+D\GRVWLSRVGHLQGLFDGRUHVLQGLFDGRUHVWpFQLFRVEXLOWLQ\ORVFXVWRPLQGLFDWRU\HVWRV~OWLPRVVRQFRPRORVLQGLFDGRUHVWHFQLFRVSHURFUHDGRVSRUHOSURSLRXVXDULR/RVLQGLFDGRUHVVRQFRQVLGHUDGRVHQPiVGHWDOOHVHQODVVHFFLRQHVGHOXVRGHORVLQGLFDGRUHVWpFQLFRV\ODFUHDFLyQSHUVRQDOL]DGDGHORVLQGLFDGRUHV
(OSURJUDPDGRUHOLJHHOWLSRGHSURJUDPDTXHYDDVHUHVFULWRHQIXQFLyQGHOSURSyVLWRGHHVHSURJUDPDHVSHFtILFR\ODVSURSLHGDGHV\OLPLWDFLRQHVGHORVGLIHUHQWHVWLSRVGHSURJUDPDV
3URSLHGDGHVGHORV3URJUDPDV
&UHDFLyQGHXQ3URJUDPDGH(MHFXFLyQ
+D\XQFULWHULRTXHGLVWLQJXHDORV$VHVRUHV([SHUWRV\ORVFXVWRPLQGLFDWRUGHORVVFULSWV\HVWHHVVXWLHPSRGHGXUDFLyQ(QODVHFFLyQDOJXQRVFRQFHSWRVEiVLFRVKHPRVPHQFLRQDGR\DTXHORVSURJUDPDVVHSRQHQHQPDUFKDGXUDQWHXQWLHPSRTXHHVP~OWLSORGHODFDQWLGDGGHWLFNV(VWDDILUPDFLyQHVFLHUWDSDUD
$(V\SDUDORVFXVWRPVLQGLFDWRUSHURHVIDOVRSDUDORVVFULSWV$VHVRU([SHUWR\HOFXVWRPLQGLFDWRU8QDYH]TXHVHKD\DYLQFXODGRXQSURJUDPD($RFXVWRPLQGLFDWRUDODYHQWDQDGHVtPERORRLQVWUXPHQWRHOSURJUDPDKDFHDOJXQRVSUHSDUDWLYRV\FDPELDDOPRGRGHHVSHUDGHWLFNV7DQSURQWRFRPRXQQXHYRWLFNHQWUDHO7HUPLQDOGH8VXDULRORSRQGUiHQPDUFKDSDUDVXHMHFXFLyQHQWRQFHVHOSURJUDPDKDFHWRGDVODVRSHUDFLRQHVGHVFULWDVHQVXDOJRULWPR\XQDYH]TXHWHUPLQDSDVDHOFRQWUROGHQXHYRDO7HUPLQDOGH8VXDULR\SHUPDQHFHHQHOPRGRGHHVSHUDGHWLFN
6LXQQXHYRWLFNOOHJDFXDQGRHOSURJUDPDVHHVWiHMHFXWDQGRHVWHHYHQWRQRWLHQHQLQJ~QHIHFWRVREUHODHMHFXFLyQGHOSURJUDPDHOSURJUDPDVLJXHVLHQGRHMHFXWDGRGHDFXHUGRDVXDOJRULWPR\VRORSDVDHOFRQWURODO7HUPLQDOGH8VXDULRFXDQGRKD\DWHUPLQDGRWRGDVODVWDUHDVGHVFULWDVHQHODOJRULWPR(VSRUHOORTXHQRWRGRVORVWLFNVGDQFRPRUHVXOWDGRHOODQ]DPLHQWRGHXQ$(RXQLQGLFDGRUVLQRVyORDTXHOORVTXHHQWUDQFXDQGRHOFRQWUROHVWiHQHO7HUPLQDOGH8VXDULR\HOSURJUDPDVHHQFXHQWUDHQHOPRGRGHHVSHUDGHWLFNV
8QQXHYRWLFNLQLFLDHOSURJUDPDSDUDVXHMHFXFLyQ'HHVWHPRGRXQ$VHVRU([SHUWRRXQLQGLFDGRUSXHGHRSHUDUGHQWURGHXQODUJRSHUtRGRGHWLHPSRHQODYHQWDQDGHVtPERORRLQVWUXPHQWRDOTXHVHDVRFLD\DTXH
FDGDYH]TXHWHUPLQDVXWDUHDHOSURJUDPDVHHMHFXWDXQD\RWUDYH]HQIXQFLyQGHFDGDQXHYRWLFN8Q$VHVRU([SHUWRVHGLIHUHQFLDGHXQLQGLFDGRUHQHORUGHQGHHMHFXFLyQGHOSULPHUODQ]DPLHQWRGHOSURJUDPD(VWDGLIHUHQFLDYLHQHGHWHUPLQDGDSRUODVSURSLHGDGHVHVSHFtILFDVGHODVIXQFLRQHVHVSHFLDOHVGHFDGDWLSRGHSURJUDPDYpDVH)XQFLRQHVHVSHFLDOHV8QDYH]TXHHOSURJUDPDVHDVRFLDDODYHQWDQDGHVtPERORRLQVWUXPHQWRHO$VHVRU([SHUWRKDFHORVSUHSDUDWLYRVQHFHVDULRVIXQFLyQLQLW\FDPELDDOPRGRGHHVSHUDGHWLFNSUHSDUDGRSDUDLQLFLDUODIXQFLyQVWDUW$GLIHUHQFLDGHORV$(VHOFXVWRPLQGLFDWRUHMHFXWDWDQWRODIXQFLyQLQLWFRPRODIXQFLyQVWDUWXQDYH]DKDFHHOSULPHUFiOFXORSUHOLPLQDUGHOYDORUGHLQGLFDGRU0iVWDUGHFRQXQQXHYRWLFNHOSURJUDPDVHLQLFLDOODPDQGR~QLFDPHQWHDODIXQFLyQVWDUWHVGHFLUORVRSHUDGRUHVWUDEDMDQGHDFXHUGRFRQHODOJRULWPRGHODIXQFLyQVWDUW
8/6/2019 Manual Met a Trader
57/428
/LEURGH04/,QWURGXFFLyQD04/
57 de 175
6FULSW$GLIHUHQFLDGHORV$VHVRUHV([SHUWRVRORVLQGLFDGRUHVXQVFULSWVHSRQGUiHQPDUFKDSDUDVXHMHFXFLyQLQPHGLDWDPHQWHGHVSXpVGHTXHKD\DVLGRDVRFLDGRDXQDYHQWDQDGHVtPERORRLQVWUXPHQWRVLQHVSHUDUDXQQXHYRWLFN7RGRHOFyGLJRGHOVFULSWVHHMHFXWDUiGHXQDYH]'HVSXpVGHTXHWRGDVODOLQHDVGHOSURJUDPDVHKDQHMHFXWDGRHOVFULSWGDILQDVXVRSHUDFLRQHV\VHGHVFDUJDGHVGHODYHQWDQDGHVtPERORRLQVWUXPHQWR8QVFULSWHV~WLOVLTXLHUHVKDFHURSHUDFLRQHVGHXQDVRODYH]SRUHMHPSORSDUDDEULURFHUUDUyUGHQHVSDUDPRVWUDUWH[WRVHQODSDQWDOODSDUDLQVWDODUREMHWRVJUiILFRVHWF
/DVGLIHUHQFLDVHQODHMHFXFLyQGH$VHVRUHV([SHUWRVVFULSWVSHUVRQDOL]DGRV\ORVLQGLFDGRUHVHVWiQGHWHUPLQDGDSRUODVSURSLHGDGHVGHVXVIXQFLRQHVHVSHFLDOHVHVWRVHUiFRQVLGHUDGRFRQPiVGHWDOOHVHQODVHFFLyQ)XQFLRQHVHVSHFLDOHV
7UDGLQJ
8QRGHORVSULQFLSDOHVFULWHULRVTXHPDUFDQORVSURJUDPDVDQWHULRUHVHVODSRVLELOLGDGGHHMHFXWDULQVWUXFFLRQHVGHWUDGLQJ8QDLQVWUXFF