How to use Merkava EA

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Once you have purchased this Expert Advisor, we will deliver it to you via email. The basic package comprises the following items:

  • Merkava EA file
  • Set-files for Merkava EA’s automatic configuration

Please download these files onto your personal computer and refer to the instructions provided below to proceed with the installation and setup of this trading robot.

Installing the Merkava EA to your Metatrader platform

Copy the Merkava EA file to the root directory of your MT5 platform. For this:

Click on the “File” tab in the internal menu of your MT5 platform and select “Open Data Folder”

Open the MQL5 folder

Copy the Merkava EA file to the “Experts” folder:

Restart your MetaTrader platform so that the EA file is initialized inside its directory.

Choosing a strategy and assets for trading

Merkava EA can work according to 3 different strategies – trend, reverse and hybrid (trend+reverse at the same time). These strategies use different currency pairs to trade, so to begin with, we advise you to decide which strategy you will use for trading (below we will describe in detail which currency pairs are used to trade for each trading strategy). We do not recommend combining all strategies together on one trading account, because in this case you can significantly increase the trading drawdown. The best option is to use each strategy on a separate trading account.

Trend strategy

Assets for trading:

  1. AUDCAD
  2. CADCHF
  3. EURAUD
  4. EURCAD
  5. EURGBP
  6. GBPCAD
  7. GBPUSD

Timeframe for trading – H1

Trading hours – around the clock

Set files for М15 timeframe will be published here later (according to the EA update schedule).

Reverse strategy

Assets for trading:

  1. AUDCAD
  2. AUDUSD
  3. CADCHF
  4. EURAUD
  5. EURCAD
  6. EURGBP
  7. GBPCAD
  8. NZDCAD

Timeframe for trading – H1

Trading hours – around the clock

Set files for М15 timeframe will be published here later (according to the EA update schedule).

Hybrid strategy

Assets for trading:

  1. AUDCAD
  2. CADCHF
  3. EURAUD
  4. EURCAD
  5. EURGBP
  6. GBPCAD
  7. GBPUSD

Timeframe for trading – H1

Trading hours – around the clock

Set files for М15 timeframe will be published here later (according to the EA update schedule).

Set files for Hydbid strategy will be published within 1 month.

We repeat once again – we advise you to use each strategy on a separate trading account.

So, let’s imagine that you decide to use the Reverse Strategy, which works on currency pairs – AUDCAD, NZDCAD, etc.
First you need to open the windows of charts of quotes of the listed currency pairs. To do this, click on the “Overview” item in the internal menu of the platform and select “Market Watch”:

Right-click on the list of assets and select “Show All”

Open the quote chart window for each of the listed assets –

For each quote window, use the H1 timeframe.

Enable “Algo Trading” button

Installation of Merkava EA on the quotes chart and its automatic setting

Select the menu item “View” and the item “Navigator”

Drag and drop the Merkava Funded Trader EA onto each open window. At the same time, after opening the settings window (after each drag and drop), set the automatic settings (from the “Set-files” folder that we sent you in the archive).
Please note that the name of the set file must match the name of the asset to be traded and the strategy you are customizing. In this way, you apply precise automatic settings to the Expert Advisor Merkava for trading on the selected asset.

To apply the fine-tuning set-file, click the “Load” button and load the set-file whose name corresponds to the name of the asset (currency pair) on which you are making adjustments and the name of the strategy. That is, if you set up trading using the “Reverse” strategy on the AUDCAD currency pair, then you must take the set file from the “REVERSE” settings folder for the AUDCAD currency pair.

Fixed and automatic risk calculation

By default, the Merkava trading robot uses automatic money management. According to which the EA trades with a lot size of 0.01 for every 1500 units of your trading account. That is, if the account size is more than 3000, then the lot size will be 0.02, if the account size is more than 4500, then the lot size will be 0.03. By default, we set the minimum risk size so that novice users who (as usual) use the default settings, start trading with a minimum risk of no more than 5% of the maximum drawdown.
If you want to increase the size of the trading lot, you need to change the value of the “Auto-lot size” variable. Instead of 1500, set 1000 for medium risk or 500 for high risk.
if you set it to 1000, then every time your deposit size increases by 1000 units, the EA will increase the lot value by 0.01. For example, if the deposit size is 3000, then the EA will use a trading lot of 0.03.
If you use the “Auto-lot size” variable with a value of 500, then for a deposit size of 500 the EA will use a lot size of 0.01, and for a deposit size of more than 1000, a lot of 0.02 will be used.

If you want to use a fixed lot size, then set the “Fixed lot size” variable to the lot size you want to use.