EA Settings and Configuration Guide
In this section, I will provide a detailed overview of all the parameters of the EA and how to set them for optimal performance. If you are new to using the EA or want to fine-tune the settings, this guide will assist you.
Golden Nights MT5
Golden Nights MT4
EA Parameters:
- EA_Name – This name appears in the trade notes.
- Show_Info_Panel – Enables or disables the info panels displaying account data and key settings.
- Stop_Loss & Take_Profit – Set the stop loss (SL) and take profit (TP) in pips.
- Trailing_Stop – Enables or disables the trailing stop.
- Trailing_Stop_Start – Set the pip value at which the trailing stop will start working.
- Trailing_Stop_Distance – Set the pip distance at which the trailing stop will follow the price.
- Start_Time_Hour & Start_Time_Minute – The start time of the trade, in hours and minutes.
- Spread_Filter – Enables or disables the spread filter.
- Max_Spread – The maximum allowed spread, beyond which no trades will be opened.
- Fixed_Lot – Set a fixed lot size (works only if the auto lot function is disabled).
- Use_Auto_Lot – Enables the auto lot function, which calculates the risk as a percentage of the equity.
- Risk_Percentage_Per_Trade – Set the risk per trade as a percentage of the equity.
- Recovery_Mode – Enables or disables the recovery mode.
- Lot_Multiplier_After_Loss – Multiplies the lot size by this value after a loss.
- Reset_After_N_Losses – Resets the lot size after the specified number of consecutive losses.
- Reset_After_N_Profits – Resets the lot size after the specified number of consecutive wins.
- Trade_On_Monday – Enables or disables trading on specific days of the week.
- Magic Number – The unique identifier for the EA. Helps ensure the EA only manages its own trades.
How to Check if the Broker’s Server Time Matches the Default Settings:
- Right-click on the Gold symbol in the Watchlist.
- Select Specifications.
- Scroll down to the Trading Hours section.
- Check the market close time. If it is 23:59, no adjustment is needed.
- If, for example, the market close time is 20:59, set the Start Time to 20:00.
I have created an indicator that automatically determines the recommended trading time, and I have attached it here:
Indicator MT5
Indicator MT4
Recommended Risk Settings:
- Conservative: 2-3% risk per trade.
- Aggressive: Max 10% risk per trade (without Recovery Mode).
My Settings:
- High-Risk Account: 15% risk per trade, all other settings are default.
- Medium-Risk Account: 3% risk per trade with Recovery Mode enabled. In this mode, if a trade results in a loss, the next trade will use a lot size multiplied by 5 (only once) to recover the loss. This significantly increases the risk: two consecutive losing trades would result in a loss of approximately 3% + (3% × 5) = 18%. However, the probability of two losses in a row is very low based on historical performance.
Prop Firm Settings:
Since each prop firm has its own rules, make sure the EA complies with these. If many users use the same strategy, the account may be banned, so some settings need to be minimally adjusted:
- EA Name (as seen in the comments).
- Magic Number.
- Set the risk per trade between 0.5% and 3% to comply with the prop firm’s daily drawdown limit.
- SL and TP slight adjustment: If you are using a trailing stop, you can adjust the TP freely as long as it is larger than the trailing stop value. You can also modify the trailing stop values by half or 1 pip.
- Trade Time adjustment (±1-2 minutes). Be cautious, as these changes can affect the results.
- Some prop firms prohibit keeping trades open over the weekend. In such cases, trading on Friday must be disabled.
Special Broker Recommendation (for brokers that raise spreads at night, e.g., XM):
If the spread increases at night, disable the trailing stop as it may negatively impact performance. Set the TP to 26 pips, which has given good results for me.
Frequently Asked Questions (FAQ)
Below you’ll find a summary of the most frequently asked questions about the Golden Nights EA. This list is updated regularly.
Which time frame should I use?
The EA works identically across all timeframes. It is not time-frame dependent.
Does it work on indices or other instruments?
No. The EA is specifically optimized for gold. If you wish to try it on something else, you must backtest and optimize settings yourself, and only use it if results are promising.
Can I trade at different times or open multiple trades per day?
No. Trading at other times may reduce profitability or result in losses. The EA is designed to open only one trade per day, and only one position at a time — to maintain risk control.
Why does it only place Buy orders?
The strategy exploits typical price patterns before the gold market closes, which usually show an uptrend or consolidation. In recent years, gold has been in a strong bullish trend, supported by economic and geopolitical factors, and continues to be.
Is the swap hurting results?
Yes, it has some effect, but most trades close before the market closes.
Tips:
– Use a swap-free account
– Disable trading on Wednesdays to avoid 3x swap charges.
What about high nighttime spreads?
Some brokers increase spread at market close/open. Recommended settings:
– Trailing Stop: OFF
– TP: 26 points
This works well on brokers like XM.
Does the EA use martingale or grid?
No. Neither strategy is used.
However, there’s an optional “Recovery Mode” that increases lot size after a loss. It is fully customizable and can be disabled.
Why is the risk-reward ratio low?
True, the RR is low, but this is compensated by the high win rate (~96%) according to backtests. Long-term results remain profitable.
Can I change SL/TP to improve RR?
Not recommended, as it can harm performance or even cause losses. If you insist, make sure to backtest thoroughly before going live.
Can I use this EA for prop firm challenges?
Theoretically yes, but each firm has different rules. No guarantees against bans, especially if many users employ the same EA. Always check the firm’s conditions first.
Recommended Brokers and VPS for Using the EA
I’d like to share my personal experience with the brokers I’ve been using, which have been performing excellently with the EA. Both brokers offer swap-free accounts and have low fees, making them a great choice for running the EA effectively.
XM
XMGlobal for European Clients with trading leverage 1:500
Doo Prime
Additionally, for the best EA performance, a reliable VPS is crucial. While you can use MetaTrader’s VPS service, I also recommend ForexVPS as an excellent alternative. Here are some advantages of using ForexVPS:
- Low Latency: Ensures fast execution times, critical for automated trading.
- 24/7 Uptime: Your EA runs non-stop without interruptions.
- Fast Support: Quick response times for troubleshooting or setup assistance.
- Specialized for Trading: Optimized for running MetaTrader and other trading platforms.
ForexVPS
That said, this EA should work well with other brokers too.
Keep in mind that low spreads, good customer support, and swap-free accounts are essential for maximizing the performance of your EA.