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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 (license validation)
  • 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
  • structured portfolio management with multiple strategies

Magic = 0 → Trade Management Mode​

When Magic is set to zero, BananaEA changes 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 advanced 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​

OptimizationSetName - Optimization Set Identifier​

What it does: Labels your current EA configuration with a descriptive name for tracking and comparison.

Configuration:

  • Default: "" (empty string)
  • Format: Text string (alphanumeric + underscores recommended)
  • Purpose: Displays on dashboard, helps track which optimization set is currently active
  • Visibility: Shows in dashboard panel for easy identification

Use cases:

1. Multiple optimization sets:

Set A: OptimizationSetName = "DAX_M5_Conservative_v1.2"
Set B: OptimizationSetName = "DAX_M5_Aggressive_v1.2"
Set C: OptimizationSetName = "EURUSD_H1_Balanced_v2.0"

Dashboard shows active set name for instant identification

2. Version tracking:

OptimizationSetName = "Champion_Pass6859_Dec2025"
Easily identify which optimization pass is currently deployed

3. Strategy variants:

OptimizationSetName = "Prop_Firm_Conservative"
OptimizationSetName = "Personal_Aggressive"
OptimizationSetName = "High_Frequency_Scalping"

Naming best practices:

  • Include symbol: DAX, EURUSD, GBPUSD
  • Include timeframe: M5, H1, H4
  • Include strategy type: Conservative, Aggressive, Balanced
  • Include version: v1.0, v2.3, Dec2025
  • Use underscores: Spaces may cause display issues
  • Keep concise: 30 characters or less for clean display

Example naming convention:

Format: [Symbol]_[Timeframe]_[Strategy]_[Version]
Examples:
- "DAX_M5_Conservative_v1.2"
- "EURUSD_H1_Balanced_v2.0"
- "GBPUSD_M15_Aggressive_Dec2025"

💡 Tip: Update this name when switching between optimization sets to maintain clear tracking of which configuration is active.

📖 See also: Advanced Features for dashboard display details.

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" → structured 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 version 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%

Quick Reference​

SettingDefaultPurpose
Magic311000Trade identifier / mode control
MaxOpenTrades2Maximum simultaneous positions
AllowMultipleTradesfalseAllow scaling-in same direction
SymbolSuffix"" (empty)Broker symbol naming suffix
Slippage3 pipsMaximum slippage tolerance
StrategyTimeframeTIMEFRAME_CHARTTimeframe override (M5 optimized)
SerialKey"" (empty)License key for live/demo trading
WatermarkColorMode0 (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)