ELITE DRAGON SETUP
Please use this page to setup the product Dragon Scalper if you purchased from MQL store. This product: https://www.mql5.com/en/market/product/56167
The instructions are fairly straightforward and in case you need help use messenger on the MQL chat.
Instructions for MT4 and MT5 are the same, albeit different EA.
Running Dragon: Dragon Runs on 3 charts of the GBPJPY currency pair only. TIMEFRAME always 5 minutes.
How to install EA to your MT4 folder here: https://www.youtube.com/watch?v=xAfN-NO7VE8
or MQL5 version: https://www.mql5.com/en/blogs/post/742670
Please open 3 charts and attach EA to each chart of GBPJPY 5-Minute.
The settings below are for GMT+3 broker, this covers around 90% of Global broker server on MT4/5. If your broker is not GMT+3, revert to support for advise.
MAKE SURE magic numbers are DIFFERENT on each chart,.
Chart 1 GBPJPY 5 Minute.
Attach EA.
Make BOXSTARTHOUR: 02:00
Make BOXENDHOUR 09:15
Change lot size to suit.
Chart 2 GBPJPY 5 Minute.
Make BOXSTARTHOUR: 02:00
Make BOXENDHOUR 10:05,
Magic number 2 & Trade Comment "Dragon2".
Change lot size to suit.
All other parameters remain constant.
Chart 3 GBPJPY 5 Minute.
Make BOXSTARTHOUR: 02:00
Make BOXENDHOUR 11:45
Magic number 3 & Trade Comment "Dragon3".
Change lot size to suit.
All other parameters remain constant.
GMT CHANGES: These box end hours are correct when broker is using GMT+3 clock.
Start time is always 02:00 on all 3. Max lot should always be X4 bigger than start lot.
EA need to run all time during market hours. EA uses stop loss 20 pips and target 20 pips with internal trailing stop loss function active from 10 pips.,
Once you attach EA to charts it still being to place orders the next morning at 0915 Server time, 1005 and 1145.
Sometimes the trade are independent and sometimes they can open at the same price.
After a while you will understand it very easily.
EA is set to 0.1 base lot and increase factor X2 after loss to max lot size 0.4. (right for $2500).
ELITE Dragon will remain on the top lot of 0.4 (or whatever your max lot is) until win, and then it reset to base lot again after win trade.
Our model here is using $25k per each 1.0 base lot, (Start Lot 1.0, Max lot 4.0.): https://www.myfxbook.com/members/AlnoTrade/elite-dragon-trader/6525642
So, basically the standard myfxbook model runs at 4:1 leverage on start lot and 16:1 max lot.
So, on $1k account, start lot is $4k and max lot $16k
On $5k account, start lot is $20k and max lot $80k
It is rare to loss on the the 3rd cycle, maybe 1-2 times per year.
To increase risk X2, double the suggested lots sizes above, same for X4 and so on.
Dragon - Backtest
To make backtests that demonstrate profitable trading from the dragon from historical Data.
First, make sure you have ample 5 minute data in your history in MT4 terminal. Some brokers have more history in their databank that others, you can download more from dukascopy. You can also see our 3 backtests from dragon under our profile under strategies section: https://www.myfxbook.com/members/AlnoTrade
To summarise, Chart 1 set is as follows, (chart 2 backtest change boxendhour to 10:05 and for the 3rd test boxendhour=11:45) These times are in GMT+2 broker. If you download dukascopy data they use GMT so you need to change the times.
Lots are set for testing on a $2500 account.
UseTradingBoxTime=true
BoxStartHour=02:00
BoxEndHour=09:15
MagicNumber=111
LotSize=0.1
LotInceraseFactor=2.0
MaxLotSize=0.4
Order1_TP=200
Order1_SL=200
TradeComment=Dragon1
ts===== TRAILINGSTOP ====
TrailingStop=true
TrailingStopAfterGain=100.0
TrailingStopLevel=50.0
CancelAllTradesByTime=19:00
CloseAllTradesByTime=23:00
CancelOpposite=true
We have concluded this will help keep drawdown under better control in really narrow markets, but have little downside impact to returns. We have uploaded the new backtests to myfxbook with these new parameters, and Chart 1 shows the strongest return, followed by 2 and chart 3 lastly.
https://www.myfxbook.com/strategies/dragon-new-settings-aug-20th/314935 (Chart 1 Profit Factor 1.50)
https://www.myfxbook.com/strategies/dragon-new-settings-aug-20th/314936 (Chart 1 Profit Factor 1.41)
https://www.myfxbook.com/strategies/dragon-new-settings-aug-20th/314942 (Chart 3 Profit Factor 1.29 )
Any questions, please email me, or chat below.
Claire Hancock
Client Relations.
AlnoTrade Intelligent Trading Systems