Once you load Night Hunter Pro on your chart, pop-up box will appear showing the settings of your EA. Make sure that all the settings and alerts are correct before clicking OK.
Night Hunter Pro parameters:
Allow Opening a new Trade - enable/disable opening of new trades. You can disable it while having opened trades to have the EA close trades that are opened, but stop opening new ones after that
Lot-sizing Method - select the lot sizing method according to the risk you want to take: Fixed Lots will use fixed lot size from the 'Fixed lot' parameter, Dynamic Lots will use 'Dynamic Lot' parameter, Max Risk per Trade will calculate lots based on % risk per trade, and 3 predefined presets will calculate risk automatically for you. When you choose one method you will only use the parameters that refer to it. For example, if you have chosen Dynamic Lots option you should use the 'Dynamic Lot' parameter below. Changing 'Fixed Lot' and 'Max Risk per Trade' won't matter. Also when you choose one of the predefined risk profiles all the three parameters below won't matter
Fixed Lot - fixed trading lot. If you want to have all trades the same fixed lot size, select "Fixed Lots" in the 'Lot-sizing Method' and set here the lot size you want
Dynamic Lot - balance/equity to be used per 0.01 lot. If you want to have for example 0.01 lot size per 100 of your deposit select "Dynamic Lots" in the 'Lot-sizing Method' and set 100 in the 'Dynamic Lot' parameter
Max Risk per Trade - will calculate the lot size, so that risk per trade stays within specified limit. E.g. setting this parameter to 5 will have all trades lose 5% of the deposit in case of hitting SL
Maximum Lot - maximum allowed trading lot. The EA won't open trades higher than this lot
Maximum Spread, in pips - maximal allowed spread for position closing. Works rarely, as most of the trades are closed using TP
Max Floating Drawdown in Money - if the floating drawdown in money exceeds the specified value, the EA will perform actions specified in the 'Max Drawdown Action' parameter. This option can be used, for example, to prevent losses higher than specified by your prop trading firm
Max Drawdown Action - allows specifying actions to be taken after the max. drawdown is reached (in money or %):
'Close trades & stop trading for 24h' - the EA will close all open trades and will not open new ones for 24 hours;
'Close trades & stop trading until restart' - the EA will close all open trades and will not open new ones until the EA/MT restarts;
'Prohibit opening new trades' - new trades will be prohibited as long as the floating drawdown is above a specified value;
'Prohibit opening new trades until restart' - new trades will be prohibited until the EA/MT restart
Max Drawdown Action - Max Drawdown Calculation - allows to specify how the maximum drawdown is calculated:
'The account' - takes into account all positions opened on the account, including trades opened manually or by other EAs;
'This strategy' - takes into account only positions opened by this set file of the EA
Maximum Net Number of Currencies - allows to limit the number of open trades with the same currencies (not symbols/currency pairs) in the same direction. The parameter does not lead to performance improvements on tests, still, it limits risks, so it is recommended to be used with a value of 2 when more than 3 pairs are traded at a time. This parameter limits the exposure to risk in a smart way (not just by limiting the number of pairs traded)
For example, we set 'Maximum Net Number of Currencies'=2 and got 3 position open:
long EURUSD
long GBPUSD
short EURCHF
Net number of open positions with the same currencies:
EUR = 0 (long EURUSD + short EURCHF)
USD = -2 (long EURUSD + long GBPUSD)GBP = 1 (long GBPUSD)CHF = 1 (short EURCHF)
As you can see, USD has reached the max. limit (-2), so any orders that can lead to a new short USD trade (for example, short USDCHF) will be canceled and prohibited
Medium Impact News - enable/disable news events with medium impact (2 stars news)
Low Impact News - enable/disable news events with low impact (1 star news)
Speaks - if false, then the EA will not take into account news events marked as Speeches/Speaks
News List Refresh Rate - news events list update frequency (selection from the drop-down list)
Symbol Suffix - here you can specify a symbol suffix if your broker uses one
Placing Orders During Rollover Time - enable/disable placing pending orders during rollover time
Friday Half Lots - halving trading lots on Friday evening
Handle Max Drawdown Events on Every Tick - enable/disable drawdown event handling on every tick (instead of once a minute that is used by default, it may consume more CPU resources)
Max Daily Drawdown Limit % FTMO Rules in Money [0-disabled] - maximum daily drawdown limit in MONEY, calculated according to the FTMO rules. Non-trading operations (like withdrawals) during the day are not taken into account
Max Daily Drawdown Reset Hour FTMO Rules (Broker time) - hour to reset the max. drawdown with the prop firm
Min Profit To Close Trade Before Midnight, in pips [0-disabled] - automatically closes profitable trades before midnight if the specified profit is reached
Hide TakeProfit - on/off TakeProfit hiding
Max Open Lots - here you can put a value limiting the total lots that can be opened by the EA on all currency pairs
Minutes to Stop Trading - minutes to stop trading
Block Trading for the Entire Day - prohibits opening new trades throughout the day if HV hits the specified level just once at any moment during the day
Show Stats - show a panel with some statistics