Setting 1: Indicator Name
You need to add your indicator name here. This is the main signal indicator for buy and sell signals.
You need to have the indicator name exactly as per indicator file name (no need to have the ex4 file extension). Further, if your indicator is NOT directly within the MT4 indicators folder (i.e. if it is in a subfolder within the main MT4 Indicators folder), you need to add the indicator name along with the folder path. For instance, if your indicator name is “Candle Stick Reversal Indicator” and the indicator is located in the “Market” sub-folder within the main MT4 Indicators folder then you need to enter the indicator name as follows:
Market/Candle Stick Reversal Indicator
NB: Entering indicator name is not necessary for object-based indicators because EA is simply reading the objects on the chart created by the indicator.
Setting 2-5: Select the type of the indicator you want to use
As explained before, there are 4 types of indicators that can be automated with our EA. The First 3 types use indicator color IDs or buffer numbers while the 4th type is based on indicator created objects. You need to enable the right type. Please make sure only one type is enabled and the other three are disabled.
Setting 6-7: Color IDs (Buffer Nos) for Buy & Sell (applicable for Indicator Type 1 to 3)
You need to identify the correct color IDs for the buy and sell signals respectively.
NB: these settings are not applicable for object-based indicators as we are not using color IDs for such indicators).
Setting 8: Candle ID (Applicable for Type 1-3 Indicators only)
This is the candle ID that the EA looks for possible signals. “0” means the current forming candle and “1” means the previously completed candle and so on. For instance, if you have “1” here, the EA will always look at the immediately completed candle for any buy or sell signals. Most indicators tend to repaint within the current candle and therefore you need to be careful in using “0” here. If your indicator is heavily repainting, then you may consider increasing the candle ID. However, on the other hand, this may lead to delayed trade entries.
Setting 9: Timeframe in Minutes (0=Current, 5=5 Mins Chart & So On)
You can use the indicator on any timeframe. Timeframe is selected by no of minutes. 0 means the current timeframe you are running the Automater. For instance 5 means 5 minute chart, 15 means 15 minute chart, 30 means 30 minute chart and so on. Please note the Automater will be running your indicator on the timeframe you specify from background.
NB: On MT4, you cannot do backtesting on multi timeframes (this is a technical limitation on MT4). So if you are backtesting on MT4, then you can only use 0 or the current timeframe. But you can use any timeframe when using on demo or real accounts on live market on MT4. However, MT5 supports multi timeframe backtesting.