This post explains all the general settings for the Profit Ratio Series indicators.
Here is a video explaining all the common settings available here:
Also a post describing general settings for the Scanner Dashboard:
Count of Back Bars for Stocks: Count of Previous Bars to Find Possible Up/Down Stocks
Unique prefix: This prefix is used to draw scanner pointer items or arrows on the screen. Make sure it is unique and not used by any other indicator. Otherwise, there may be a conflict in the object names.
Override settings (in files folder)
The Profit Percentage Stock Indicator has this setting. If you saved the .set file in the MQL4 / Files folder, you can specify the file name here. This file will override all stock indicator settings.
Very useful when using multiple batch files during testing.
All on-screen items (SL/TP lines, arrows, stats panels, etc.) will use this prefix. So make it unique.
The number of previous bars starting from bar 1 (the last bar closed) to this number. The indicator will study these bars, find buy/sell signals, near stop loss/take profit and update the stats panel.
SL/TP and Signal Settings:
Take Profit and Stop Loss Calculations:
(SL Hit is Red Cross)
(TP Hit is green tick)
If Fixed is selected from the dropdown list, it will take points from:
Fixed TakeProfit (points)
Fixed StopLoss (Points)
Suppose the point values are 200400
Then TP1 is 200 pips away from the current price and TP2 is 400 pips away.
So, for EURUSD if the price is at 1.00000, TP1 to buy will be at 1.00200 and TP2 will be 1.00400
For USDJPY if the rate is at 100,000, TP1 to buy would be at 100.200 and TP2 would be at 100.400
If StopLoss is xFactor, then StopLoss calculations are based on TP1.
If TakeProfit is xFactor, all TakeProfits will be based on SL1 accounts.
Therefore, both SL and TP cannot be xFactor because both cannot be dependent on each other. At least one of them needs a fix or ATR.
TakeProfit SL1 / TP1 x Working: 2,3
TakeProfit means TP1 = (SL1 value x 2) and TP2 = (SL1 value x 3)
Same if StopLoss xFactor = 2,3
SL1 = TP1x2 and SL2 = TP1x3
This uses ATR channels:
TakeProfit can contain values from 1 to 3 and StopLoss can contain values from -1 to -3
Represent the bands as shown in the image above.
To calculate these ATR channels, you can specify settings: ATR_Period, ATR_MA_Period, Shift and MA_Type.
ATR_ multiplier It will change the channel distance.
Let’s say you are speculating and want the channels to be very close by selecting multiples like 1.5, 2.5, 3.5
For long-term normal trading, keep default 18.104.22.168.4.8
or try it out.
Exit on a new opposite signal: True
If the stop loss and take profit are not reached and a new signal occurs in the opposite direction, it is counted as a new signal exit loss. It will be calculated as NE1 or NE2.
Ignore the signals:
Sometimes, the ATR channels can be very close to each other, which indicates that the price is ranging. Or sometimes very far apart which indicates that the price is trending.
If it is too close, TP1 may already be hit. To check for such cases, you can set “Ignore TP1 already Hit” to true.
Also, if the two signals in the same direction are too close to each other, you may not want to start another trade. In this case, keep “Ignore the same directional signal bars” for a number. By default it is 5.
Therefore, if the same trend signal appears within 5 bars of the previous signal, it will be ignored. All ignored signals are displayed with a blue cross.
Stock and stats dashboard settings:
Show and hide the following items from the graph:
- Draw SL/TP: Draw SL and TP lines or stay hidden
- Show pass rate panel: Show/hide panel
- Show Arrows: Show/Hide Arrows
- Show SL/TP point values: next to the SL and TP lines in parentheses
- Show SL/TP . Labels
- Show SL/TP hit marks: red cross and green tick when SL or TP is hit
SL/TP labels font size: It will make the SL/TP board smaller if a small font is used
Stock distance multiplier (to move stocks away from or closer to the price)
Stats panel look:
Stats_X, Stats_Y: Center of the stats board
Stats_Y_Space: Space between lines for the stats panel
Stats_Width: Display the stats panel
Stats_fontSize: Stats panel text font size
Set the stats panel colors for: StopLoss, TakeProfit, New Signal Exit Loss (cross), Ignored (cross) signals, and the stats panel background.