Parameters Setting
This guide unlocks the advanced functionalities of Magic Keys. Learn to fine-tune key parameters like lot size calculation, stop-loss/take-profit levels, and more for a powerful and personalized trading experience.
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Note : Some settings are not listed below because its self explanatory.
STATS SETTINGS
Pips range for closed trades to be considered BE
In the STATS panel, trades will be categorized into winning, losing and breakeven. With this parameter, you can customize which trades will be considered closed at breakeven based on the P/L pips from the entry price.
Eg. If set to 2, a trade that has been closed with a 2 pips loss or a 2 pips profit will be considered a breakeven trade.
Exposure indication at risk %
By setting these parameters you will get a text alert on your screen while placing the trade saying that you are overleveraging your account.
RISK MANAGEMENT
Method of calculating lot size
You can choose dynamic lots sizing based on a risked amount of money (percentage of account balance or equity) or a fixed lot size for every trade.
% or Risk per order
The percentage (0 to 100) of your account you wish to risk per trade, when the “% of account” lot size calculation method is selected.
Money to risk per trade
A monetary amount to be risked on each trade.
Fixed lot size
If not using dynamic lot sizes, this value defines the lot size for each trade.
Min and max lots
These values are a limit to the minimum and maximum lots allowed per trade when using account percentage based risk. If set properly they prevent you from opening positions with a stop loss size tighter than usual or too large.
Max price slippage
The maximum difference between the price you want your position to be entered at and the entry price the broker is offering.
PIPS COUNTER
Should show pip counter on the chart?
You can enable or disable the pip counter. It only appears when there is at least one trade open.
Should show only current chart trades?
The pip counter can only show for trades on the selected chart symbol, or for all trades across your account.
ACTIONS CONFIGURATION
Pips in profit when SL moved @entry
Defaults at 0 which means your stop loss will be set exactly at the entry price. If set higher the stop loss will be placed that amount of pips in profit when the SL @entry button is pressed.
Should DOUBLE TRADE recalculate lots?
When duplicating a trade using the Double trade button, do you wish to have the lot size recalculated based on your risk parameter or do you wish to use the same exact lot size as the copied trade?
Pips in profit when TARGET moved @default
Defines at which amount of pips from entry the target line should be moved to when the target @default button is pressed. Remember that the target changes based on the action you are taking.
% of position to close on CLOSE CUSTOM
What percentage of your trade position do you wish to close when pressing the CLOSE CUSTOM key? This is a value between 0 and 100.
Eg. 75 for 75% of position total lot size.
% of position to close on when Partial TP/SL is hit
When the partial TP/SL trigger is activated, what % of the position do you want to be closed automatically?
Should move SL to BE when Partial TP is hit?
If set to true, whenever a partial TP trigger is hit, the stop loss is moved to entry, unless it’s already in a more favorable position.
Partial TP/SL and Auto Breakeven initial pips distance
If you have an average/default pips amount at which you take out part of your position, by setting this parameter to that pips amount you will be able to quickly activate the Partial TP/SL trigger.
You can also drag the line to a specific price point or use other quick action buttons.
% of position to close when Partial SL is hit
What percentage of your trade position do you wish to close when the partial SL trigger is hit? This is a value between 0 and 100.
Eg. 75 for 75% of position total lot size.
SL/TP levels initial pips distance from entry on calculator open
Default pips distance at which the calculator lines will appear. You can also drag the line to a specific price point or use other quick action buttons.
Activate functions on FN/FN1/FN2
You can bind an extra function to the FN buttons. Some extra functions are Partial SL, Instant Buy and Sell, and Trail previous high/low.
Use the dropdown menu to assign functions for these buttons.
Enable price locking feature
You can choose to disable the price locking feature if never used.
TARGET @1 : x
RR on OPEN CALC/AUTO BE/PARTIAL TP/PARTIAL SL/trade take profit
For the Target @1:x button, you can set different risk reward ratios to apply based on the tool you are using at that moment.
Trail to high/low of X candles back
Specifies the amount of candled to lookback to when trailing.
Trail to high/low pips buffer
Distance from the high/low of the lookback candle.
TRADING LIMITS
Show trading limits window
You can decide to hide the trading limits panel. The trading limits window shows data based on the following parameters: max trade ideas per day, max cumulative loss % per day, max loss % per day and max gain % per day.
Placement of dynamic labels and fixed position
These will be useful for keeping the indicator labels in a place you are comfortable with
GENERAL
Line colors
Change them to customise your chart appearance
Order filling mode
Filling mode changes the way your order is handled and it differs from broker to broker. Use the dropdown menu to change order filling mode.
Please refer to Troubleshoot page if you encounter INVALID_FILL error.
EA magic number
Trades opened with the Magic Keypad can be marked with a magic number value.
A magic number is a unique identifier assigned to each trade opened by the forex EA. It helps distinguish and track individual trades, especially when multiple instances of the same EA are running concurrently. By assigning a magic number to each trade, traders can better manage and monitor their positions effectively.
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