MT4/MT5 Local Trade Copier Pro Usage Guideline – Trading Systems – 12 February 2024


Local trade copier is utility which copies trades from one   MT4/MT5 terminal to another. In this process one terminal is having the master/source account and other terminals are the slaves/destination accounts.

Prerequisites

  • ·         Mt4 terminals should be installed in same pc. It could be either personal computer/VPS
  • ·         Mt4 terminals should be active, means the account ping should be present on the right-hand corner of   MT4/MT5
  • ·         The EA should be active, means the right top corner of the chart should show a smiling icon of followed by the EA name.
  • ·         The EA can be applied on any symbol chart on the terminal. There is no restriction. But it should be an active symbol. Means current day should not be a holiday for the symbol.
  • ·         The symbol on which it is applied should be present in MarketWatch in both source and destination accounts.

Source account number– This input takes the source account number where the EA is applied. This is a single value. That means we have only one source account from where the EA will copy trades. If you want multiple source accounts to a destination account copy then it has to be applied on multiple terminals, on terminal1(source1) EA should be applied on terminal2(source2) should be applied

Destination account numbers– This input takes comma separated values of slave or destination account numbers. Once a trade is received on source account then, it will be copied into the mentioned destination accounts

Filter Source Magic– This field contains the comma separated magic numbers. If mentioned it will not copy the trades with these magic numbers in the source account. If we keep it blank then it won’t filter any trade

Allow Source Magic– Tis input is the exact opposite of the previous one. Here the EA will only copy the trades with these magic number s in the source account. If you want to copy all the trades in the source account, it should be blank as well

Destination Lot size– if the copy of the source lot size is not enabled then it will take the lot size of this input parameter

Multiply destination trades– it will place n times multiplied lot size trade of source trade if this input is mentioned. Let’s say in the source the trade lot size is .02 and the multiplier is mentioned as 3, then it will place 0.06 lot size trade in destination accounts

Destination stop loss and take profit– if the copy stop loss and take profit flag is set to false then the copied trade would not have the source trade’s stop loss and take profit, rather it would set the stop loss and take profit of these inputs

Trade comment– comment for the destination trade

Capture logs– this will print some important log messages which helps in troubleshooting in case of any error

Enable Magic Number– if true then a magic number will be added to the destination trades

Destination magic number– if the above input is true then it will add the magic number to the copied trades, and all safeguard calculations will only consider those magic numbers

Risk reward ratio– if the copy of SL and TP is false and this input is defined, then take profit pips = risk reward ratio × stop loss pips. That means the profit will be calculated based on the RR ratio and stop loss

Copy source SL and TP – if set true then the source account trade’s stop loss and take profit will be copied otherwise destination SL, TP setting would be considered

Copy reverse– when this input is true then whatever trade is placed in the source account, it will place an opposite direction trade in the destination accounts.

For example,

Source -Buy then Destinations- sell trades

Source -BuyStop then Destinations- SellStop trades

Source -BuyLimit then Destinations- SellLimit trades

Destination Suffix– Sometimes brokers add suffixes to the symbols. For example, EURUSD can be displayed as EURUSD.ci. In these cases, if you copy from a source account where there is no suffix in the symbol, but in destination it has a suffix like this. Then we have to add “.ci” in this input to make the copy work. Please note that you don’t need to put double quotes in the input.

Source Suffix-As discussed in the previous point if this time the source account has a suffix in the symbol e.g. GBPUSD.ca but the destination account does not have

Copy Close – When set to true then, if in the source account the open trade is closed for any reason(SL/TP hit, by EA, or manually) it will be closed in all destination accounts as well.

Copy Modify– When set to true if the source account, the open trade SL/TP is modified by EA or manually, it will be modified in the destination accounts as well

Drawdown % to start– if set then the copy will start when the drawdown reaches the percent value mentioned here

Martingale Settings

Martingale is a loss recorvery technique where we try to recover the losses of previous trades with higer lot size trades in susequent trades, till one postion is turned into profit. Please not martingale will work on specific magic number or all trades if magic number is not enabled for destination trades. 

Enable/Disable– if set to true martingale will be applied on subsequently copied trades

Multiplier- if the previous copied trade was a loss, then on the next copied trade lot size will be n times of the previous trade. Where n is the value of this input

Multiply after n repeat– if set, the lot will be multiplied by the previous trade lot size, after repeating n trades it will multiply. Let’s say it is set to 3 and the multiplier is 2

Then

1st trade 0.01 lot loss

2nd trade 0.01 lot loss

3rdtrade 0.01 lot loss

4th trade 0.02 lot profit

5th trade 0.01 lot profit

If you want regular martingale set it as 1.

Max Trades– Maximum number of martingale steps allowed in destination trades. If reached it will copy the initial lot size again

Risk settings

If you want to calculate the copied trade size based on the account balance and the stop loss per trade then this setting is helpful

Enable Risk To lot– if enabled lot size in the destination is calculated based on risk % and the risk per micro lot

Risk Percent– when risk settings are enabled then, lot size is calculated based on this input value. Let’s say if set to 1, and your acc balance is 1000, then your per trade risk is 10

Risk per micro-lot– in the previous input we calculated our per trade loss should be 10, so if our risk per micro lot is 5, then we can take a .02 lot trade

POSITION SIZING

This option lets you decide the lot size based on the account balance. When the balance increases by the amount in the mentioned input, it will increase the lot size. This process will only take effect when copying SL and TP is false

Enable/Disable – if set to true, then only the above process will be considered

Increase Lot- when the balance increases by the mentioned amount, the lot size will be increased by this mentioned input

E.g. for every 500 increase increases lot size .02

Increase lot on the account balance– on how much the balance increases, the lot size should be increased, if it is set to 100 then on every 100$ account balance increase it increases the lot size for the copied trades

Alert Settings

Allow Alert, Notification, Email – I will send an alert in the   MT4/MT5 terminal, send a push notification to your phone, or send an email when a trade copy is being performed on the destination terminal

To get push notifications and email you have to properly set it up in your   MT4/MT5 terminal. Tutorials are available online, please follow them accordingly

Day wise Time Filter Settings

This setting is given to restrict the copy in the destination account for a specific time duration and specific day.

We can disable the copy for an entire day or restrict it to the specific time range

Example

Friday Settings

Enable Trading on Friday– when set to false it will disable copy for the entire Friday and in the dashboard, the stop reason will be displayed as trading is not allowed at this time

Start Time– If Trading is enabled it will start the copy after the time mentioned in this input

End Time– If trading is enabled it will stop the copy after the time mentioned in this input

Safeguard Settings

Multiple safeguard settings protect the destination account from copying trades in the adverse conditions of the market. Each of these settings can be disabled by setting it to 0, which is the default value

Maximum Open Trades – controls the maximum opened copied trades in the destination. These are mainly market orders not pending orders.

Maximum Long Trades – controls the maximum opened copied long positions in the destination. These are mainly market orders not pending orders.

Maximum Short Trades – controls the maximum opened copied short positions in the destination. These are mainly market orders not pending orders.

Maximum Pending Orders– controls the maximum opened copied trades in the destination. These are mainly pending orders, not market orders.

Maximum Long Pending Orders– controls the maximum opened copied long positions in the destination. These are mainly pending orders, not market orders. e.g. BUY_STOP, BUY_LIMIT

Maximum Short Pending Orders– controls the maximum opened copied long positions in the destination. These are mainly pending orders, not market orders. e.g. SELL_STOP, SELL_LIMIT

Maximum Drawdown Percent– When destination accounts reach a certain drawdown percent of the account balance then it will not allow further copies of trades

Maximum Drawdown Amount– When destination accounts reach a certain drawdown amount mentioned in the input then it will not allow further copies of trades

Maximum Trades Per Day– It will copy the maximum n number of trades to be copied in a day in the destination accounts where n is the value mentioned in this input

Daily Stop – when the total loss in a day reaches this amount in a destination account it will stop copying for the day

Daily Target– when the total profit in a day reaches this amount in a destination account it will stop copying for the day

Weekly Stop – when the total loss in a week reaches this amount in a destination account it will stop copying for the week

Weekly Target– when the total profit in a week reaches this amount in a destination account it will stop copying for the week

Monthly Stop – when the total loss in a month reaches this amount in a destination account it will stop copying for the month

Monthly Target– when the total profit in a month reaches this amount in a destination account it will stop copying for the month

Display Settings

This settings section will control the display behavior of the panel, where we display several important information. It is an auto-resize panel, which means if you open different sections of the terminal like trade, it will auto-adjust its width and height. When you close those sections, after changing anything on the chart like the timeframe, it will readjust the height, width, and text size. Please note that all dashboard data are meant for the destination account details. In the source, these dashboards are not relevant.

Panel Width Percent – Its width will take x percent of the available width of the entire terminal window, where x is the value of this input

Panel Height Percent – Its height will take y percent of the available height of the entire terminal window, where y is the value of this input

Text Size Pct– Text inside the display dashboard takes x percent of the available width of the entire terminal window, where x is the value of this input

Title Color– the color of the dashboard header

Label Color– the color of the dashboard display information keys, Like AccountNumber

Value Color – the color of the dashboard displays information values, Like AccountNumber value, e.g. 3474392874



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