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🧭General Settings

🔐 License & Authentication (REQUIRED FIRST)

SerialKey - EA License Key

⚠️ CRITICAL FIRST STEP: BananaEA requires a valid license key for live/demo trading.

Configuration:

  • Default: "" (empty, backtesting mode only)

  • Format: Unique alphanumeric key provided at purchase

  • Required for: Live trading, Demo account trading

  • Not required for: Strategy Tester (backtesting/optimization)

How to obtain your license:

  1. Purchase BananaEA license: https://itradeaims.net/banana-ea/#pricing

  2. For members: Create a support ticket in Discord server

  3. Receive your unique SerialKey via email or Discord

  4. Enter SerialKey in EA settings before live/demo trading

License validation:

  • Backtesting: No license required (testing mode bypass)

  • Demo accounts: License required (validates via MTLicense)

  • Live accounts: License required (commercial-grade security)

  • Hard expiry: Built-in protection for all modes

Setup steps:

1. Purchase license or request via Discord support ticket
2. Open MT4, attach BananaEA to chart
3. Right-click chart → Expert Advisors → Properties
4. Find "SerialKey" parameter
5. Paste your license key (exact copy, no spaces)
6. Click OK
7. EA will validate on next tick

Troubleshooting:

  • "Invalid license" → Check SerialKey for typos (copy/paste recommended)

  • "License expired" → Contact support for renewal/extension

  • "No internet connection" → License validation requires internet for demo/live

  • Backtest works, live doesn't → SerialKey not entered or invalid

  • Still issues? → Create Discord support ticket with screenshot

💡 Support: Create ticket in Discord support channel or email support

Core EA Controls

These settings control BananaEA's basic behavior and trade management approach.

Magic - Trade Identification Number

The most versatile setting in BananaEA - controls dual operational modes.

Configuration:

  • Default: 311000

  • Range: 0 or 1–999,999

  • Special value: 0 = Trade Management Mode (see below)

Magic ≠ 0 → Automated Trading Mode

When Magic is set to any number except zero, BananaEA operates as a fully automated trading system.

Configuration:

  • Purpose: Unique fingerprint for the EA's trades

  • Default: 311000 (BananaEA identifier)

  • Range: 1–999,999

  • Function: Creates new trades from signal detection

  • Why: Prevents conflicts when running multiple EAs

Example: Magic = 311000 for automated pattern trading (default)

Use case:

  • Running BananaEA on multiple charts/symbols simultaneously

  • Distinguishing BananaEA trades from other EAs or manual trades

  • Professional portfolio management with multiple strategies

Magic = 0 → Trade Management Mode

When Magic is set to zero, BananaEA transforms into a pure trade manager (no new entries).

Mode switch behaviors:

  • Stops creating new trades: EA won't open positions from signals

  • Smart SL/TP: Automatically applies stop loss & take profit to manual trades

  • Risk management: Maintains consistent risk:reward ratios

  • Real-time: Works on trades you place manually (or from copy trading)

Perfect for:

  • Manual traders who want professional-grade risk management

  • Removing emotional SL/TP placement

  • Managing trades from other EAs or copy signals

  • Prop firm traders needing exact risk parameters

Typical workflow:

  1. Set Magic = 0

  2. Place manual BUY/SELL (without SL/TP)

  3. EA applies calculated SL/TP instantly (per your settings)

  4. Management runs automatically (break-even, trailing, etc.)

💡 See Trade Management Mode for complete Magic = 0 documentation.

Position Limits

MaxOpenTrades

What it does: Caps simultaneous positions to manage exposure and risk.

Configuration:

  • Default: 2 trades

  • Range: 1–10 trades

  • Purpose: Prevents over-exposure during volatile markets

Example scenarios:

  • MaxOpenTrades = 1 → Conservative (one position at a time)

  • MaxOpenTrades = 2 → Balanced (default, allows controlled diversification)

  • MaxOpenTrades = 3 → Moderate (higher exposure)

  • MaxOpenTrades = 5 → Aggressive (higher exposure, more capital required)

Risk calculation:

Total Exposure = MaxOpenTrades × RiskPercent
Example: 2 trades × 1% risk = 2% total account exposure

Best practices:

  • Start with 2 (default) while learning EA behavior

  • Increase only after verifying account can handle margin requirements

  • Consider broker margin requirements and swap costs

AllowMultipleTrades

What it does: Controls whether EA can open multiple trades in the same direction.

Options:

  • false (safer): One trade per direction maximum

    • Only 1 BUY and/or 1 SELL open simultaneously

    • Prevents aggressive scaling-in

    • Recommended for beginners

  • true (aggressive): Allow scaling-in / both directions

    • Can open multiple BUY trades simultaneously

    • Can open multiple SELL trades simultaneously

    • Can have BUY and SELL trades open at the same time

    • Higher risk, higher potential reward

Example behavior:

With AllowMultipleTrades = false:

  • Signal 1 triggers → Open BUY #1

  • Signal 2 triggers (same direction) → Ignored (already have 1 BUY)

  • Opposite signal triggers → Can open SELL #1

With AllowMultipleTrades = true:

  • Signal 1 triggers → Open BUY #1

  • Signal 2 triggers (same direction) → Open BUY #2 (scaling-in)

  • Signal 3 triggers → Open BUY #3 (up to MaxOpenTrades limit)

Risk considerations:

  • Multiple same-direction trades amplify risk in that direction

  • Ensure MaxOpenTrades × RiskPercent doesn't exceed your risk tolerance

  • Monitor correlation: multiple BUY trades all lose if market reverses

Quick Mode Switching

Switching Between Automated and Manual Management

Instant mode changes:

  • Change Magic from 311000 → 0 to switch to Trade Management Mode

  • Change Magic from 0 → 311000 to return to Automated Trading Mode

  • No EA restart required

Running Both Modes Simultaneously

Advanced setup:

  • Chart 1 (EURUSD): Magic = 311000 (automated trading)

  • Chart 2 (GBPUSD): Magic = 0 (manual trade management)

  • Both run independently without conflicts

Symbol-specific management:

  • When Magic = 0, EA manages all trades for that chart's symbol

  • Trades from other symbols are ignored

  • Trades from other EAs (different Magic numbers) are ignored

Best Practices

For Automated Trading (Magic ≠ 0)

  1. Use unique Magic numbers for each EA instance

  2. Document your Magic numbers (e.g., 12345 = EURUSD M5, 23456 = GBPUSD H1)

  3. Avoid conflicts: Don't use the same Magic on multiple charts unless intentional

  4. Set MaxOpenTrades based on account size and risk tolerance

For Trade Management Mode (Magic = 0)

  1. One EA per chart when using Magic = 0

  2. Configure SL/TP settings before placing manual trades

  3. Test on demo to verify SL/TP calculations match expectations

  4. Preserve settings: Set PreserveExistingSL / PreserveExistingTP if you want manual control

Position Sizing Strategy

Conservative approach:

  • MaxOpenTrades = 1-2

  • AllowMultipleTrades = false

  • Total exposure ≤ 5%

Balanced approach (recommended):

  • MaxOpenTrades = 2 (default)

  • AllowMultipleTrades = false

  • Total exposure ≤ 5%

Aggressive approach:

  • MaxOpenTrades = 5-10

  • AllowMultipleTrades = true

  • Total exposure ≤ 15%

Advanced Settings

SymbolSuffix - Broker Symbol Suffix

What it does: Handles broker-specific symbol naming conventions.

Configuration:

  • Default: "" (empty string, most brokers)

  • Common values:

    • "" → Standard symbols (EURUSD, GBPUSD, etc.)

    • ".a" → Alpari suffix (EURUSD.a)

    • ".raw" → ECN accounts (EURUSD.raw)

    • "m" → Some brokers (EURUSDm)

    • "pro" → Professional accounts (EURUSDpro)

When to use:

  • Your broker adds suffixes to symbol names

  • EA can't find symbol data (e.g., looking for "EURUSD" but broker uses "EURUSD.a")

  • Multi-timeframe analysis requires correct symbol matching

Example:

Broker shows: EURUSD.a, GBPUSD.a, USDJPY.a
Set SymbolSuffix = ".a"
EA will correctly find symbols for all operations

💡 Tip: Leave empty for most brokers. Only set if EA shows symbol-related errors.

Slippage - Maximum Slippage Tolerance

What it does: Maximum allowed price slippage for order execution (in pips).

Configuration:

  • Default: 3 pips

  • Range: 0–20 pips

  • Purpose: Protects against poor fills during volatile markets

How it works:

Market order to BUY at 1.1000:
Slippage = 3 pips

✅ Accepted fills: 1.1000, 1.1001, 1.1002, 1.1003
❌ Rejected fills: 1.1004, 1.1005+ (exceeds 3 pip slippage)

Recommended settings:

  • Forex majors (EURUSD): 2–3 pips (default)

  • Forex minors (EURNZD): 5–8 pips

  • Indices (DAX, NAS100): 3–5 pips

  • Gold (XAUUSD): 10–20 pips (volatile)

  • Crypto: 10–50 pips (high volatility)

Best practices:

  • Too low (0-1): Orders may fail during news/volatility

  • Balanced (3-5): Default, works for most symbols

  • Too high (10+): Risk poor fills, higher trading costs

⚠️ Note: Some brokers reject slippage parameter. EA will retry without slippage if initial order fails.

StrategyTimeframe - Timeframe Override

What it does: Allows EA to analyze different timeframe than chart display.

Configuration:

  • Default: TIMEFRAME_CHART (use chart's timeframe)

  • Options:

    1. TIMEFRAME_CHART — Use chart timeframe (default)

    2. TIMEFRAME_M1 — 1 Minute

    3. TIMEFRAME_M5 — 5 Minutes (BananaEA optimized)

    4. TIMEFRAME_M15 — 15 Minutes

    5. TIMEFRAME_M30 — 30 Minutes

    6. TIMEFRAME_H1 — 1 Hour

    7. TIMEFRAME_H4 — 4 Hours

    8. TIMEFRAME_D1 — Daily

Use cases:

1. Multi-timeframe display:

Chart: H1 (for visual clarity)
StrategyTimeframe = TIMEFRAME_M5 (for signal detection)
Result: See H1 candles, trade M5 signals

2. Clean workspace:

Chart: H4 (minimal screen clutter)
StrategyTimeframe = TIMEFRAME_M5 (frequent signals)
Result: Clean chart, active trading

3. Backtesting optimization:

Test M5 strategy on M15 chart for faster processing
StrategyTimeframe = TIMEFRAME_M5 (actual strategy)
Chart timeframe doesn't matter in tester

Best practices:

  • Leave as TIMEFRAME_CHART for standard operation

  • Use M5 for BananaEA optimized performance

  • Match optimization timeframe when deploying optimized sets

  • Don't use shorter timeframe than optimized (e.g., don't trade M1 if optimized on M5)

💡 Download timeframe-specific optimization sets: https://my.itradeaims.net/latest-optimization-sets/

Visual Settings

WatermarkColorMode - Watermark Display

What it does: Controls chart watermark color scheme.

Configuration:

  • Default: 0 (Auto)

  • Options:

    • 0 — Auto (adapts to chart background)

    • 1 — Light (bright colors, for dark charts)

    • 2 — Dark (subdued colors, for light charts)

Best practices:

  • Auto (0): Recommended for most users

  • Light (1): Manual override for dark/black chart themes

  • Dark (2): Manual override for white/light chart themes

⚠️ Note: Watermark provides EA version info and professional branding. Adaptive color system ensures visibility without chart clutter.

Balanced approach (recommended):

  • MaxOpenTrades = 3

  • AllowMultipleTrades = false

  • Total exposure ≤ 10%

Aggressive approach:

  • MaxOpenTrades = 5-10

  • AllowMultipleTrades = true

  • Total exposure ≤ 15%

Related Settings

Quick Reference

Setting
Default
Purpose

Magic

311000

Trade identifier / mode control

MaxOpenTrades

2

Maximum simultaneous positions

AllowMultipleTrades

false

Allow scaling-in same direction

SymbolSuffix

"" (empty)

Broker symbol naming suffix

Slippage

3 pips

Maximum slippage tolerance

StrategyTimeframe

TIMEFRAME_CHART

Timeframe override (M5 optimized)

SerialKey

"" (empty)

License key for live/demo trading

WatermarkColorMode

0 (Auto)

Watermark color scheme

Mode switching:

  • Magic = 0 → Trade Management Mode (no new trades, manage existing)

  • Magic = 311000 → Automated Trading Mode (signal-based trading, default)

PreviousSettings GuideNextTrade Management Mode

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