Copyright © 2008-2009 ForexPIPZen. All Rights Reserved.

Current Version of ForexPIPZen Standard is:

(see graphics below for a visual representation of the values)

ForexPIPZen is only designed to trade the EURUSD in the H1 (1 Hour) Timeframe.

Below are the current values for the .set file. Experienced users with understanding of backtesting may want to edit the values below. If you are not familiar with backtesting and optimizing values in Metatrader please spend some time on one of the forms or http://forum.mql4.com and read about backtesting. It is worth the time.

ForexPIPZen comes with a set file that has been tested for hundreds of hours and we believe reduces the influences of curve fitting. You may experiment with the settings however the default values should work well in most cases. There are exceptions and they are discussed below.

1.) The correct GMTOffSet value for your Forex Broker must be found and inputted in the GMTOffSet field.When you start ForexPIPZen you are prompted to do so.This is an extremely important value. You also should find out if your broker server time changes at any point in the year due to daylight savings, etc.

**** More About GMT Once you have established the correct GMTOffSet value it is advised to do an optimization of that value for example if your GMTOffSet value is +2 it is advised that you Optimize the GMTOffSet to +1 to +3. This is especially important around the changes to and from daylight savings as ForexPIPZen is active during the NY hours. In this case selecting the timeframe with the best profitability is a good option.

2.) You can further increase the Profit ratio by changing the UseFilter2 = true. This enables Filter2.(Standard Version) This will likely decrease the amount of trades and likely increase the profit ratio.

3.) You may also increase the Profit ratio by setting the LockPipsEnabled to = true. This filter works when the open order amount of pips reaches the LockPipsThreshold value (default = 4).

Then ForexPIPZen locks in the number of PIPS at the set LockPips value you set. LockPips (default = 1). Do not put a value in the LockPips that is greater than the LockPipsThreshold.

4.) StopLoss and TrailingStopPips: Please note that depending on the type of broker you use these values may require optimization. Not all brokers have the same intra hour price range in pips. Meaning not all brokers have the same high and low for every given hour. This can affect the trading strategy with the default values. It is advised to optimize the StopLoss and TrailingStopPips values to ensure you are not being "stopped out" to early on any open trades. It is best to use tick data in this optimization.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

All results shown on this website are hypothetical, back-tested results. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. All information on this website is for educational purposes only and is not intended to provide financial advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold the ForexPIPZEN.com, author, developer and any authorized distributors of this information harmless in any and all ways.

The use of this website constitutes acceptance of our terms of use and privacy policy.

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Copyright.		- © 2008 ForexPIPZen.com EURUSD H1 Ver -
AllowedPair	EURUSD	This is the only allowed pair. ForexPIPZen is Optimized for this currency
ECNBroker	FALSE	Market Maker Broker = FALSE  ECN Type = TRUE
slippage	5	Amount of slippage allowed difference between bid/ask. Can vary around news and volume
IMPORTANT		- Replace 99 with your broker GMTOffSet below or Optimize to find Optimal GMTOffSet -
GMTOffset...		- Examples: IBFX = 0,  FXDD = 3 -
GMTOffSet	99	< replace this value. **TIP Optimize GMTOffSet. If your GMTOffSet. =2, Optimize the value from Start =0 to Step =1 Stop =4. You may select the most profitable GMTOffSet Value.
MoneyManagement		- To use PercentRisk, Lots = 0. Range 3 - 20 % Max -
PercentRisk	5	Amount of account to risk in each opened trade in percent. As PercentRisk is increased MaxPercentLoss must be edited (see below color matched)
MicroToMini.Note,		- *USE with PercentRisk* Makes MICRO Lots MINI size if true. -
MicroToMini	False	- Use if u want to increase lots from Micro account to Mini Size - ***FALSE if using a MINI Account. Determine your Account type prior to using or leave FALSE
Lot.		-Use Lots Enter 0 in PercentRisk. Default 0.01 - Max 10 lots
Lots	0.1	Mini = 0.1 Standard =1. MaxPercentLoss needs to be Adjusted to avoid early exits if using lot size versus Percent Risk as lot size increases.
Filter1Smoothing.Note.		- Off when false, Default = true. Values 3 to 6 -
UseFilter1Smoothing	true
Filter1Smoothing	4
ZEN.Take.Profit		===============================================================
TakeProfit.4.		- TP4 Take Profit Value Limited to < 50 In ForexPIPZen -
TP4	17
TakeProfit.5		- TP5 Take Profit Value Limited to < 100 In ForexPIPZen LITE -
TP5	88
ZEN.Loss.Prevention		===============================================================
StopLoss	93	Initial StopLoss value in pips.  (Value may be optimized.)
TrailingStopPips..		- Default = 15. Refer to Broker Minimum TSL. MAX Value 50 -
TrailingStopPips	25	Amount of pips to trail price.  (Value may be optimized.) Broker determines Minimum Trailing Stop Loss (usually 15) Range 15 to 50 default 25
MaxLossNote...		- Range = PercentRisk + (1 to 10) -  (Value may be optimized.)
MaxLossNote..		- This value may be increased to greater than PercentRisk but will allow for potentially greater profits as well as greater drawdowns. Values greater than 2 X PercentRisk are high. Usually Stop Loss is hit prior to this redundant Stop Loss
MaxPercentLoss	-15	If PercentRisk = 3 this value can be from  -2.5 to -5 (Value is always negative) Default is set to -15
Lock.Pips.Filter1.		- Off When false, Default = false = off-
LockPipsEnabled	false
LockPipsThreshold	9	Amount of pips that need to be met to activate LockPips when LockPipsEnabled = true. This value is always greater than LockPips.  (Value may be optimized.) reduces trades and is very effective in maintaining profit.   Value 5
LockPips	1	Amount of Pips to Lock once LockPipsThreshold is met when LockPipsEnabled = true.  (Value may be optimized.)  Value 2-3

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