RECEIVER CONFIGURATION DESCRIPTION

To configure Forex Copier Receiver you should press “Settings” in receiver MT4 terminal box.

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Account configuration window opens:

  1. MT4 terminal path - here you can change Receiver terminal and its name.

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  2. Lot/risk management - allows you to choose the method of lot calculation for copied orders.
    To enable this setting please check “Use custom lot size”.

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    Use exact lot size from Source account – if this setting checked, all orders will be copied to Receiver with the same lot size.

    Use custom lot size – this property allows to set lot size depend on some terms.

    • Multiply lot size from Source account by - lot that Source EA opens on his account will be multiplied by this value. It allows you to decrease or increase resulting lot to suit your requirements to your account.

      For example: Source trades on $1000 account, your account is $50000, if you copy Source’s trades with the same lot size you will get too small profit. So you can set multiplier 50, and when signal provider opens position with lot 0.1 you will get position with lot 5.

      Or for example: Signal provider trades on account $200000, your account is $10000. It will be dangerous to your account to open the same lot, sometimes it will be impossible. So you can set multiplier 0.2 and when signal provider opens position with lot = 10 you will get position with lot = 2. If resulting lot is smaller than minimum lot in your MetaTrader then minimum lot will be used.
    • Proportional lot based on Source/Receiver Equity ratio – allows to open orders with proportional lot size based on Source and Receiver accounts Equity. It allows you to decrease or increase resulting lot to suit your requirements to your account. You can also multiply the result by some value.

      For example: If Source account equity (in USD equivalent) is 10000 and original lot size is 2 and Receiver account’s is 2000. In this case Receiver account will open on order with 0.4 lot size.
    • Always use fixed lot for copied orders – allows to set any lot size. In this case Source’s lot size will be ignored and the lot size for each order on Receiver side will be set according to entered value.
    • Use risk management based on Stop Loss - allows you to manage risk for some specific orders. Lot will be calculated due to settled risk percentage.

      For Example: You want orders to risk only 1% of equity if the trade closes by Stop Loss.

      Copier EA will copy the original trade but modify the size of position according to the percentage risk.
    Note that the original order should have the Stop Loss level.
  3. Reverse mode - if you want Copier to reverse provider’s trades, then you should enable this parameter by checking “Use Reverse mode. Copy opposite orders from Source account”.

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    In this case Copier will place orders with type opposite to Source’s order type:

    BUY order will be copied as SELL
    SELL order will be copied as BUY
    SELL Stop order will be copied as BUY Limit
    SELL Limit order will be copied as BUY Stop
    BUY Stop order will be copied as SELL Limit
    BUY Limit order will be copied as SELL Stop

    You can also read more information about this feature if you click “What is Reverse mode?” link.
    You can choose details of reversing orders:

    • Reverse Stop Loss and Take Profit - if this parameter checked, then Receiver’s StopLoss will be equal to Source’s TakeProfit and vice versa.
    • Consider spreads in reverse mode for pending orders - if the parameter is enabled, then in Reverse mode the Pending orders’ entry price will be adjusted according to the Processor’s spread value. See the table below to get more information:

      Source Receiver
      (Reverse Mode)
      Buy Limit
      Sell Limit
      Buy Stop
      Sell Stop
      Sell Stop – Spread
      Buy Stop + Spread
      Sell Limit – Spread
      Buy Limit + Spread
  4. Stop Loss/Take profit – this setting allows to adjust stop loss/take profit properties. To enable it, please check “Adjust Stop Loss/Take Profit” radio button.

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    Stop Loss Pips - defines the fixed Stop Loss value for every copied order, the value should be determined in pips (1 pip = 0.0001 for non - JPY pairs, and 0.01 for JPY- pairs).

    Take Profit Pips - defines the fixed Take Profit value for every copied order, the value should be determined in pips (1 pip = 0.0001 for non - JPY pairs, and 0.01 for JPY- pairs).

    • Open copied orders without SL/TP – if this item is checked then Source’s Take Profit and Stop Loss levels are ignored.
    • Place SL/TP exactly at Source account prices (even if entry price differs) – in case if this property is checked, stop loss and take profit will be placed on Receiver’s account with the same price as on Source account.
    • Set fixed SL/TP in pips – here you can define stop loss and take profit in pips (1 pip = 0.0001 for non - JPY pairs, and 0.01 for JPY- pairs). Source’s orders will always be copied to Receiver account with settled SL/TP.
    For example: If you set StopLoss=50 pips and TakeProfit=30 pips and Source account sends Buy order with execution price at 1.0000, SL at 0.9900, TP at 1.0010. Forex Copier will set SL at 0.9950 and TP at 1.0030 as it set.
  5. Price adjustments – allows to set specific price frames, the order will be copied only when settled price arrive. Please check “Wait for better price before opening/closing market orders.” radio button to enable this setting.

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    • Price adjustments for opening orders – allows to set price frames for opening orders on Receiver.

      Open price on Receiver account should be at least … pips better than original open price on Source account. The order will be copied only when settled or better price arrive.

      Open price on Receiver account should be equal or better than original open price on Source account. The order will be copied on Receiver account only when the price will be the same or better than on Source account.

      Open price on Receiver account should be no more than … worse than original open price on Source account. In this case order opens on Receiver account if the price is better, the same or (no more then settled number of pips) worse.
    • Price adjustments for closing orders - allows choosing conditions for closing orders on Receiver.

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      Close order immediately at current market price of Receiver account. The order will be closed automatically on Receiver after it closes on Source account despite the price.

      Close when price is at least … or more pips better than Source order close price. In this case, order on Receiver account will be closed only if price is better than Source’s price.

      Close when order’s profit is at least … pips. The order will be closed only if it has given settled profit in pips.
  6. Filtering orders – allows choosing what kind of orders should not be copied to Receiver account. To enable filtering orders option please check “Ignore some orders from Source account” radio button.

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    • Filtering rules – this is general information about filtering orders.

      Max difference between Source open price and current market price - here you can set number of pips that Source and Receiver prices can differ during copying process.

      For example : if order on Source account is opened with 0.9950 and the settled value in this setting is 15, in this case order won’t be opened on Receiver terminal if the price is more than 0.9965 or less than 0.9935.

      Ignore orders which were opened … minutes ago or earlier – this setting allows to choose how long can market order wait for some conditions till open on Receiver account. This setting is 60 minutes by default.

      Currency pairs filter allows filtering orders by symbol name. If this parameter is unchecked, the program will process orders for all pairs. If this parameter is checked then only specified pairs will be processed. To add currency pair please click on “Edit” button → Add → Save. In this case orders only for this currency pair(s) will be copied to Receiver account.

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      Comments filter - allows filtering orders according to their comments. If this parameter is empty and unchecked then the program will process orders for all pairs. If this parameter is not empty and checked then only orders with specified comments are processed. To add comment please click on “Edit” button → Add → Save.

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    • Filter by number of orders

      Ignore new orders if current number of opened orders is … or more – this setting defines the maximum number of orders allowed on the Receiver terminal, if the number of orders on this terminal is equal or bigger than this parameter then all new tasks from the Source will be ignored.

      For example: You set “Ignore new orders if current number of opened orders is 5 or more.”

      Currently there are 2 BUY orders and 2 BUY STOP orders on Receiver terminal.

      After that you get the new task from the Source (let's say SELL order). This order will be processed.

      So you'll have 2 BUY + 1 SELL + 2 BUY STOP = 5 tasks in total.

      After that you get another task from the Source (let's say SELL LIMIT order) this task will NOT be processed because the total number of orders on the Receiver terminal is 5 so the task will be ignored.

      Ignore new orders for symbol if current number of orders for this symbol is … or more - defines the maximum number of orders allowed for one Symbol on the Receiver terminal, if the number of orders on this terminal for this Symbol is more or equal to this parameter then all new tasks from the Provider will be ignored.

      For example: You set ignore new orders for symbol if current number of orders for this symbol is 2 or more.

      Currently there are 2 BUY EURUSD orders and 2 BUY STOP GBPUSD orders on Receiver terminal.

      After that you get the new task from the Source (let's say SELL USDJPY order). This order will be processed, so you'll have 2 EURUSD orders + 2 GBPUSD orders + 1 USDJPY order.

      After that you get another task from the Provider (let's say BUY STOP EURUSD order) this task will NOT be processed because the total number of orders for EURUSD = 2.
    • Filter by lot size
      Ignore orders with lot size smaller than … lots or bigger than … lots – this setting allow to define lot frames, within which the orders will be processed.
      For example : If you set “Ignore orders with lot size smaller than 0.5 lots or bigger than 3 lots” orders with lots 0.5-3 will proceed, and orders with 0.4 or 5 lot size won’t copy to Receiver account.
      Ignore new orders if total sum of lots of current orders is … or more – defines max sum of lots.
      For example , you can set “Ignore new orders if total sum of lots of current orders is 10 or more”. So if there will be 7 orders on Receiver account:
      3 SELL with lot 2
      4 BUY with lot 1
      In this case if Source open order with any lot size, it won’t be processed. Please, note that if one of the current orders will be deleted, next order will be processed.
  7. Emergency stop – allows setting stop trading parameter when some situations appear. To enable this property you should check “Use emergency stop”.

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    • Stop copying if Equity level is less than … (in base currency of your account) – when this option is enabled Copier will stop receiving signals from Source terminal in case when Equity level of Receiver account is less than value in Stop copying if Equity level is less than. To enable this option you should check it.
    • Stop copying if Drawdown Percent is bigger than … – when this option is enabled Copier will stop receiving "Open order" signals from Source terminal in case when Drawdown percent of Receiver account is better than some value. Drawdown is calculated as the difference between current Equity and maximum historical Equity in percentage. To enable this option you should check it.
    • Stop copying if Drawdown Value is bigger than … (in base currency of your account) – when this option is enabled Copier will stop receiving "Open order" signals from Source terminal in case when Drawdown value of Receiver account is better than some value. To enable this option you should check it.
      Close all orders if one of above conditions met – if this setting is checked, all orders will be immediately closed if one of conditions happens.
  8. Event sounds - defines the sounds to be played when the order or some changes appears. Please, click on draw-down menu to choose the sound.

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    • “Copy market order” sound - this setting defines the sound to be played when the new market order is opened (for example, OpenSnd.wav). Sound files should be placed to "\Sounds\" folder. Sound files should have *.wav format.""
    • “Copy pending order” sound - defines the sound to be played when the new pending order is placed. Sound files should be placed to "\Sounds\" folder. Sound files should have *.wav format.
    • “Modify order” sound - defines the sound to be played when some order is modified. Sound files should be placed to "\Sounds\" folder. Sound files should have *.wav format.
    • “Close order” sound - defines the sound to be played when some order is closed. Sound files should be placed to "\Sounds\" folder. Sound files should have *.wav format.
      Please note that if you want to reproduce settled sounds, you should enable events in your terminal (Tools → Options → Events → uncheck Enable).
  9. Comments management – this setting allows choosing what comment should be attached to copied orders.

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    • Put original order number from Source into comment on Receiver. In this case Copier puts original order ticket into copied order comment.
    • Put original comment from Source into comment on Receiver. If this setting checked, all copied orders will have Source’s comment.
      For example: Source’s order has 12345 comment. If this setting checked, order on Receiver account will be opened with 12345 comment too.
    • Set this comment for each copied order on Receiver – allows setting the common comment to every order.
      For example: You want to differentiate orders that were copied on Receiver account and orders that were opened on this account.
  10. Advanced settings – it is not recommended to change them if you are not advanced user.

    • Slippage - is used when the signal is sent to the MetaTrader server. Slippage defines maximum difference between the price which sent to the MetaTrader sever and actual execution price. If slippage is too small then Copier will have to try opening orders many times. If slippage is too big then orders on Source and Receiver accounts can be opened with big price difference. Slippage is defined in pips, 1 pip = 0.0001 for non-JPY pairs and 0.01 for JPY pairs.
    • Symbol name mapping - allows to copy orders for the currencies with completely different names (for example XAUUSD → GOLD). Forex Copier has default list of mapping symbols, but you can add new symbols or remove them by clicking “Edit” button.
    • Allow auto adjusting symbol names - if this setting is enabled then you will allow the Copier to adjust the currency pair names automatically. Note, that Add Prefix and Add Suffix fields should be disabled in this case. For example, if Source and Receiver accounts brokers have differences in currency pair suffixes then Copier will adjust currency pairs names automatically.
      For example: “EURUSD” → ”EURUSDfx”, “EURUSD.” → ”EURUSD” or “EURUSDfxf” → ”EURUSDa”, etc.).
    • Manual symbol name management – allows to adjust the currency pair names with suffixes and prefixes manually. (Please, note that Allow auto adjusting symbol names setting should be disabled).

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      Add this prefix to symbol name of copied orders – allows specify the prefix for the name of the currency on this account.
      Add this siffix to symbol name of copied orders – allows specify the suffix for the name of the currency on this account.
      For example: If Source account opens order with EURUSDfx symbol name, you should put “fx” to Add this suffix to symbol name of copied order. In this case copying will proceed successfully.
    • Show info labels on chart – this setting allows to choose whether labels on chart will be shown or not. Info labels are the text blocks that will be shown in MT4 with the green and yellow colors if the checkbox is on.

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    • Write advanced logs – if this parameter checked then Copier will write more detailed information in log files, this parameter is used for debug purposes.
  11. Summary - in this inset all chosen settings will be shown. You can look through them and analyze or edit copying settings of this Source terminal. Please click on “Show all details” to open full list of settings.

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