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FXOverdrive5 Manual

The document provides instructions for installing and configuring the Forex Overdrive expert advisor. It outlines the steps to get a brokerage account, install the software, attach it to EURUSD and GBPUSD charts, and manipulate the advisor's settings. Settings like take profit, stop loss, magic number and risk percentage are explained.

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mohammed sadiq
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45 views5 pages

FXOverdrive5 Manual

The document provides instructions for installing and configuring the Forex Overdrive expert advisor. It outlines the steps to get a brokerage account, install the software, attach it to EURUSD and GBPUSD charts, and manipulate the advisor's settings. Settings like take profit, stop loss, magic number and risk percentage are explained.

Uploaded by

mohammed sadiq
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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www.ForexRacer.

com

http://www.forexoverdrive.com – Your Guide To Setting Up, Installing, And Optimizing Forex Overdrive.

Recent Updates: FOREX OVERDRIVE


• Friday Trading Off Function Works.
• Set Your Trading Hours
• Profitability Increased, No longer any limitation on profits, if trend keeps increasing
robot will not close trade until it begins to start reversing.
• New recommendations and information.

Let’s get started:

Step 1: You Need A Forex Brokerage Account.

If you have a brokerage account that provides Meta Trader 4 platform, then you
can skip this step and you are ready to get started on installation.

If not…

We recommend the following broker:

Think Forex - http://www.thinkforex.com/landing/buddy/ : $50 Instant Bonus,


PLUS Free VPS Hosting.

These are just suggestions you are free to use whichever brokers you prefer.

If you need a VPS, which is a service that allows you to run the Meta Trader 4
platform on their systems go to: http://www.forexvps.com/?a_aid=c581d0f9

Once you have installed and setup your Meta Trader 4 platform from your broker
you will then have to install Forex Overdrive.

Step 2: Installing Forex Overdrive

1) Run the installer for Forex Overdrive. When installing make sure it extracts
to the folder of your Meta Trader platform.
2) Open Meta Trader once installation is complete.
3) In the Navigator window on the left middle of your screen in the box there
will be an Expert Advisors tab. Click the plus sign to expand the tab if it is
not expanded already. Locate Forex Overdrive in the list. Also make sure
the Expert Advisors button is green and pressed in.
4) Next, you will need to open the charts we will be using with Forex
Overdrive. Select File on the top left, then click New Charts. Select
EURUSD, a chart will pop up on your screen. Choose M5 timeframe on the
top.

5) From the Navigator window on the left, click Forex Overdrive and drag it on
to the EURUSD chart. A window should then pop up. Make sure the
following is checked and selected:

To adjust settings click Input. Each individual setting will be explained further
down. This can also be done by right clicking the chart, left clicking Expert
Advisors, then left clicking Properties (after you have completed this process).

Please repeat steps 4 and 5 using GBPUSD.


6) Finally, the last step: Select Tools -> Options from the top menu. Then click
Expert Advisors tab. Make sure the windows matches this one:

Check to make sure you have a smiley face on the top right corner of all the
charts. Also make sure you have no errors in the experts tab and journals tab
on the bottom. It is typically best to run this robot alone as sometimes other
robots can interfere.

Step 3: Manipulating The Settings

When you attach Forex Overdrive to the chart and click Input you are able to edit
multiple settings. Typically we recommend default settings, but here is an
explanation of each setting for your convenience.

Magic Number – This number is random and helps the robot identify trades, we
recommend changing it for each currency pair, but it is not urgent.

Trade On Friday – This gives you the option to turn off trading on Friday. Forex
Overdrive will not open any new trades during Friday, but will continue to allow
trades to operate from the previous day. Some believe it is best to not trade
Friday in order to reduce risk of a trade remaining open over the weekend, which
can result in a reversal of a trade. Forex Overdrive has had plenty of great trades
on Friday and through to the next week, but please decide at your discretion.

MM – If set to true, risk percentage will be used to judge risk. It is recommended


to leave MM set to true.

Risk Percent – This is used when MM is set to true.

Lot Size – When MM is set to false lot size is used.

Take Profit – The number of pips the robot will close a trade out with while in
profit. Feel free to increase this number as profits are continually locked in.

Stop Loss – If a trade goes in the wrong direction this is the number of pips at
which the trade will be closed. Forex Overdrive has a high winning rate and thus
rarely hits the stop loss.

Slippage – If Forex Overdrive decides to open a trade it will only open the trade if
the data is still within this pip range.

Trailing Trigger – The stop loss will be changed to this number after profit of this
number has been reached.

Trailing Pips – The stop loss will be adjusted at intervals of this number after the
trailing trigger is achieved.

Copyright & Earnings Disclaimer


If you are found duplicating, copying or stealing any of the content on this website you will be
prosecuted to the fullest extent of the law.

Disclaimer

U.S. Government Required Disclaimer - Commodity Futures Trading Commission Futures and
Options trading has large potential rewards, but also large potential risk. You must be aware of
the risks and be willing to accept them in order to invest in the futures and options markets.
Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to
Buy/Sell futures or options. No representation is being made that any account will or is likely to
achieve profits or losses similar to those discussed on this web site. The past performance of any
trading system or methodology is not necessarily indicative of future results.

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.

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 or any e-book purchased from this website is for educational
purposes only and is not intended to provide financial advise. Any statements about profits or
income, expressed or implied, does 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 FellowTraders and any authorized distributors of this
information harmless in any and all ways.

All rights reserved. The use of this website and or it's contents constitutes acceptance of our
disclaimer.

www.ForexRacer.com

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