Winalot Expert Advisor

Version 7.2

www.easy-ea.com sales@easy-ea.com

Table of Contents

Licence Agreement ...........................................................................- 3 Copyright Information ..................................................................................... - 3 Disclaimer and Risk Warnings ....................................................................... - 3 Licence ............................................................................................................. - 5 U.S. Government Required Disclaimer .......................................................... - 5 -

Instructions for Winalot Expert Advisor .........................................- 6 About the Winalot Expert Advisor.................................................................. - 6 How to use the Winalot EA ............................................................................. - 6 ProductKey ................................................................................................. - 10 IsHedgingAllowed ...................................................................................... - 10 Risk ............................................................................................................. - 11 FixedRisk .................................................................................................... - 12 FixedRiskPercent ....................................................................................... - 12 MaxLots ...................................................................................................... - 12 MaxOrders .................................................................................................. - 12 LossAction ................................................................................................. - 13 ShowOnScreenBalance............................................................................. - 13 BalanceColour............................................................................................ - 14 What Happens Next?..................................................................................... - 15 Strategy Testing at weekends and times when the market is closed ....... - 18 Problems ........................................................................................................ - 19 -

Licence Agreement
Copyright Information
REPRODUCTION AND OR TRANSLATION OF ANY PART OF THIS WORK BY ANY MEANS ELECTRONIC OR MECHANICAL, INCLUDING BUT NOT LIMITED TO PHOTOCOPYING, BEYOND THAT PERMITTED BY COPYRIGHT LAW WITHOUT THE PRIOR WRITTEN PERMISSION OF THE PUBLISHER, IS UNLAWFUL. Publisher Website : Easy EA : www.easy-ea.com

Disclaimer and Risk Warnings

Trading foreign exchange on margin carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you. As with all investments, you should not invest money that you cannot afford to lose. Before deciding to invest in foreign exchange, you must carefully consider your investment objectives, level of experience, and risk appetite. Additionally, you must be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor. Past results are not necessarily indicative of future success. Your actual trading may result in losses as no trading system or methodology, whether electronic or mechanical, is guaranteed. You accept full responsibility for your actions, trades, profits, losses and any damages you may suffer, whether direct or indirect and whether or not as a result of the use of any product purchased or acquired from Easy EA, and agree to hold Easy EA and any authorized distributors of this information harmless in any and all ways. Although every attempt has been made to assure accuracy, we do not give any express or implied warranty as to the accuracy of any material provided in any form, nor do we accept any liability for error or omission. Examples are provided for illustrative and educational purposes only and should not be construed as investment advice or strategy. No representation is being made that any account or trader will or is likely to achieve profits or losses similar to those discussed anywhere on any of our own or associated websites nor in related catalogues, instruction manuals and correspondences.

-3-

By purchasing any Easy EA software, subscribing to our mailing list or using any of our own or associated websites, you will be deemed to have accepted these terms in full. Neither Easy EA, nor their representatives and associates, do not and cannot give investment advice. We endeavor to ensure that related websites are available 24 hours per day but we cannot be held liable if, for any reason, a site is unavailable. The information provided on any of our own or associated websites and in related catalogues, instruction manuals and correspondences is not intended for distribution to, or for use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country. Hypothetical performance results have many inherent limitations, some of which are mentioned below. 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 actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example: the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect trading results. There are numerous other factors related to the market in general and to the implementation of any specific trading program, which cannot be fully accounted for in the preparation of hypothetical performance results, all of which can adversely affect actual trading results. In fact, there is no guarantee, nor any express or implied warranty, suggesting that past actual performance results will be emulated to any extent, at any time, whether present or future. We reserve the right to change these terms and conditions without notice. You can check for updates to this disclaimer at any time without notification. Any and all material on any of our own or associated websites and in related catalogues, instruction manuals and correspondences are copyright and may not be copied or reproduced.

-4-

Licence
Under the terms of your user license, any specific Easy EA robot may be run concurrently on multiple accounts (both live and demo) provided that each account is installed on, and accessed from, the same computer for the exclusive use of the licensee and that any live accounts are held in the name of the licensee. Attempting to us an Easy EA robot concurrently from multiple machines (either PC or VPS) will result in an invalid login.

U.S. Government Required Disclaimer

Commodity Futures Trading, Commission Futures, Forex, currency 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 any of these or any trading or investment market. Do not trade with money that you cannot afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, options, currency, foreign exchange or any type of share, stock or investment in any market. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on any of our own or associated websites nor in related catalogues, instruction manuals and correspondences. The past performance of any trading system or methodology is not necessarily indicative of future results.

-5-

Instructions for Winalot Expert Advisor

About the Winalot Expert Advisor
The Winalot Expert Advisor (EA) is an automated Forex trading system which places 1 trade per day at the same time each day in various currency pairs. It automatically calculates the direction of the trade and also calculates the size of the position together with a stop-loss and take profit level. The EA has been fully optimised for a number of currency pairs and statistically has a high probability of success. Winalot is fully compatible with both 2/4- and 3/5-digit brokers and also ECN/STP MetaTrader 4 brokers. Unless the user has a significant account balance at their disposal, the Winalot EA is best suited for use with MetaTrader brokers who use a micro 0.01 lot incremental step. This enables the money management feature of the EA to function correctly.

How to use the Winalot EA

Winalot will have already been installed to your computer using the Winalot Installer which will have installed all necessary files to their correct folders. MetaTrader 4 may now be opened. At this stage it is important to check your build number of MetaTrader 4. Your copy of Winalot will have been compiled using the most recent build of MetaTrader 4. If you are running a previous version, Winalot may not function properly. You can quickly check which MetaTrader 4 build has been used to compile Winalot by clicking the following link on our website: http://www.easyea.com/faq.htm#What_Build_number_of_MetaTrader_4_should_I_be_using_ Then click Help>About to find out which build of MetaTrader you are running. If you are running an earlier build, it will be necessary to update your copy before the EA can be run. Closing and re-starting MT4 should invoke an automatic update. If not, you may need to contact your broker for details of how to obtain their most recent build.

-6-

Before attaching Winalot to its chart, it is very important to ensure that some MetaTrader options for Expert Advisors are correctly set. To do this, you can either click the Tools menu and then select Options as in the picture or, alternatively, you can hit Ctrl + O

It is important to set some MT4 preferences before using Winalot

Having opened the Options box, click the Expert Advisors tab. It is important that the boxes are checked as in the following image. In particular, the Allow live trading and Allow DLL imports boxes must be ticked and the Confirm DLL function calls box should not be checked. Click OK to close the box and save these settings.

DLL imports and live trading must be allowed

-7-

It is important to carry out the above steps, particularly if you wish to use Winalot in the Strategy Tester as, otherwise, Winalot will not place trades in the tester. After opening the ensuring that the options have been set correctly, open the Navigator pane by clicking the icon on the top menu bar.

The Navigator pane can be quickly opened from the toolbar

A new chart should now be opened by clicking the New Chart icon on the top left of the menu bar. This chart should be for a symbol that Winalot is compatible with such as GBP/USD as shown below.

Open a new chart window

-8-

It doesnt matter which timeframe the chart is set to as Winalot will work on all chart timeframes. By default, MetaTrader will open a new chart on the H1 timeframe. Then, from within the Navigator pane, the Winalot EA will be visible and it can be dragged across and dropped anywhere into the open GBP/USD chart.

Winalot can be dragged into the chart window from the Navigator

After dropping the EA into the chart window, the options box will appear. Clicking the Common tab will produce a window similar to the Options box that had previously been adjusted. It is important to ensure that the same previous settings are also applied to this box. The boxes should be checked just as in the following image.

Ensure the Common properties are correctly set

-9-

Clicking the Inputs tab will produce a window similar to this, from which the different parameters can be altered.

Ensure the Winalot Inputs are correctly set

ProductKey
A unique number is needed for the operation of this Expert Advisor. The number of your key will have been mailed to you along with the different files. If not, please contact sales@easy-ea.com to find out how to obtain your unique number so that the Winalot EA can work. Double left-clicking over the Value for the ProductKey will enable you to paste the key from your email into this field. Please note that the Product Key locks your copy of the EA to your computer. If you attempt to use the EA on a different machine, the login will fail and you will need to contact us for details of how to overcome the problem.

IsHedgingAllowed
This feature is only applicable to those users with US-based accounts who are applying the NFA Hedging rules introduced in the summer of 2009. If you are unsure of whether your broker is applying the rules, please check with him first.

- 10 -

If your broker is US-based and is applying NFA hedging and FIFO rules, this parameter must be set to false. If your broker is not applying NFA rules, the parameter may be left at its default setting of true

Risk
This value is preset to 50.0 and you can enter any value you wish between 1.0 and 100.0. If you enter a value outside of these levels, a comment will appear in the top left corner of the chart window and the EA will fail to function. The higher the value of the risk, the larger the position size the system will take. It is very important not to take positions that are too large. Large positions can result in large profits, but they can also result in large losses which may unnerve users and it is important to recognise this risk from the beginning.

Risk values must be between 1 and 100

In addition to prohibiting risk levels in excess of 100, Winalot also issues a warning if a user selects a risk level in excess of 60.

Risk levels in excess of 60 are not recommended

It is recommended that the EA is run in the strategy tester first to enable users to obtain an idea of the sort of performance that can be expected for different risk levels and ensure they are comfortable with the level of risk and the drawdowns that the system will possibly produce for various settings.

- 11 -

FixedRisk
Users with larger account balances who may wish to use Winalot for income rather than growth, may take advantage of this feature. If it is set to true, each and every trade will be set to risk the same percentage of your account balance. Also, any value entered in the Risk field above will be ignored as will anything entered in the LossAction field. The advantage of using a fixed risk is that the balance curve will be more even and will show fewer spikes. The disadvantage is that the account growth will be less dynamic. Its default value is set to false. Please note that the lot increments offered by your broker may mean that the balance risk will not be exactly as intended because the lot size will be rounded to the nearest available. This will particularly apply to users with lower account balances.

FixedRiskPercent
If the FixedRisk field above is set to true, the value entered here will represent the percentage of your account balance that will be risked on each trade if the stop-loss were to be hit.

MaxLots
As the EA makes profits and the account balance increases, the EA will automatically increase the size of the positions. There may come a point in time where you dont want to take positions above a certain size. The maximum position size can be entered here.

MaxOrders
Most trades are closed within the same day, but sometimes they may be open for several days. The system will continue to take fresh trades in the meantime. This value specifies the maximum number of trades that can be open at any one time. It is probably best to leave this value at its preset value of 3. Once Winalot is running correctly, you will see a notification in the top left corner of the screen if Winalot already has its maximum number of orders open. Once Winalot has closed a position, this notification will disappear.

- 12 -

Setting the MaxOrders input will limit the number of open trades

LossAction
The LossAction parameter provides an option of increasing the lot size of the next trade following a loss trade. The potential benefit of using this feature is that it will assist recovery from the loss quicker. A value between 0 and 5 can be entered to adjust the amount by which the size of the next trade is increased. Value 0 will not increase the next lot size. Values between 1 and 5 reflect a level of increasing risk. Any value entered greater than 5 will cause the system to default to 1 and a warning message will advise of this action.

Users can adjust the manner in which Winalot reacts after a losing trade

Please note that if the FixedRisk field is set to true, any value entered in the LossAction field will be over-ridden and this parameter will be ignored.

ShowOnScreenBalance
If ShowOnScreenBalance is set to true, your account balance and equity will display in the bottom left corner of the chart window and will update automatically with each incoming price tick.

- 13 -

BalanceColour
The BalanceColour parameter allows you to change the display colour if ShowOnScreenBalance is set to true.

Users can choose to see their account balance on screen

It is recommended that, at this stage, you save your chosen parameters. You will then be able to quickly re-load the saved parameters at any time in the future.

Saving the settings to a file makes future re-loading easy

Click the Save button and choose a filename that you wish to save your settings under. Once the parameters have been set as you want them and you have saved them, click OK.

- 14 -

What Happens Next?

Winalot will now ensure that your ProductKey is valid and will start its login process. You will see a message on screen as it completes this process.

Winalot shows it is logging in

Once logged in, the login status message will change.

After a successful login

Winalot will then set a Randomiser which will be used to hide its true Stop-loss and Take Profit levels from the market and users will see a box advising them of this.

The Winalot Randomiser conceals the true SL and TP from brokers

In the top right corner of the chart window you should see the name of the EA with a smiley face as in the following image. This means that the EA is working fine and it will start placing trades at the correct time.

- 15 -

Winalot is working normally and should place trades

You will also see a comment in the top left corner of the chart window indicating when Winalot will next trade.

Users can see when Winalot will next trade

The time until the next trade will count down in hours and minutes, and this indicates that the EA is functioning normally. After Winalot has taken a trade, the details of this and any other trades taken by Winalot on the symbol will appear on your screen. These details show the trade direction, the ticket number, the current open profit or loss and also the risk to your account balance expressed as a percentage should the trade be stopped for a loss. As already mentioned Winalot hides its true Stop-loss and Take Profit values from the market and, instead, declares false random values. It is important that the chart window remains open so that Winalot can close any open orders at the appropriate time.

MetaTrader should not be closed while there are open orders

- 16 -

Once Winalot has closed all open trades, it will then reset the Randomiser in advance of taking any new trades. The Randomiser changes frequently and its concept is to prevent a build up of market orders from Winalot orders at the same or a similar price, making an easy target for market makers. Users will see an alert advising that the Randomiser is being reset.

Winalot changes its Randomiser from time to time

On a Friday, once all trades have been closed, users will see a message advising that Winalot will not trade again until the following week.

Winalot will not trade until next week

Please remember not to close any charts whilst it is still managing any open trades and the market remains open. Please also note that it is perfectly safe to close MetaTrader at weekends and when the market is otherwise closed, even if Winalot has open trades. When MetaTrader is restarted after the weekend, Winalot will automatically know the correct Randomiser to apply and will resume management of any open trades.

- 17 -

Winalot is still managing trades even though it wont take a new trade until next week

Strategy Testing at weekends and times when the market is closed

Some users may wish to test Winalot using the MetaTrader Strategy Tester with a view to determining a suitable risk level to use. In order for Winalot to be used in the Strategy Tester, it must first be attached to a live chart. This does not mean that it has to be set up to take trades and live trading can be disabled on the chart it is attached to. If it is not attached to a chart, it will not be able to obtain some of the information necessary to correctly process trades in the tester. In this situation, Winalot will not place trades and an error will be reported in the Journal advising of this. In addition, and only when Winalot is run for the first time, it will collect some information relating to your broker. For it to collect this information, the market must be open and there must be incoming price ticks feeding through. If Winalot is first installed during a weekend or when the market is closed, it will be unable to collect this information until the market re-opens. In this situation, it should not be used in the tester until after the next price tick has arrived and Winalot has completed its registration for that particular account. A comment will appear on screen as in the image below to advise that registration is incomplete and that Winalot should not be used in the tester.

Winalot cannot be used in the Strategy Tester until registration is complete

It is also important that Winalot is tested on the M5 timeframe to obtain the most accurate results.

- 18 -

Problems
Winalot has been designed to keep users as informed as possible of what is happening inside the program, and it will report any errors that it encounters in the form of either a comment on screen or a pop-up message box. Users may see any of the following messages in the case that Winalot experiences a problem. If a user has neglected to enable DLL calls, Winalot will not be able to run and it will be necessary to enable DLL calls as detailed in the section entitled How to use the Winalot EA.

Winalot cannot trade unless DLL imports are allowed

Similarly, if a user has not enabled Live Trading, Winalot will be unable to place any trades and it will be necessary to enable Live Trading before any orders can be opened. Users will also notice a sad face instead of a smiley face in the top right corner of the chart in the event that Live Trading is disabled.

Live trading must be enabled

If you see an x in the top right corner of the chart, this means that Expert Advisors are disabled. You need to click the button marked Expert Advisors which will be red. It will turn green and the x should turn into a smiley face. A warning will also be issued notifying users that Expert Advisors are disabled.

- 19 -

Winalot can only run if Expert Advisors are enabled

Entering an invalid value into the ProductKey field will cause a comment to appear in the top left corner of the chart window and an alert to pop up on screen. In this case, please contact sales@easy-ea.com to find out how to obtain a valid product key.

Winalot notifies users if their key is invalid or has expired

Entering a value in the Risk field of less than 1 or more than 100 will cause a comment to appear in the top left corner of the chart window. The EA will not function if this is the case and it will be necessary to alter the risk by hitting the F7 key to call the properties box. Using Winalot with a broker who does not permit micro lot increments (0.01 lot) is not recommended for users with low account balances, as it can increase the risk unnecessarily and destabilise performance of the EA. In this instance, users will see a warning appear similar to this.

- 20 -

Winalot advises users if their account is unsuitable for correct operation

In this instance, Winalot will continue to place trades and operate as intended. It is recommended, however, that users either switch to a more suitable account or add sufficient funds to their account to assist safer trading. When an account is newly opened or when a symbol is opened for the first time on an existing account, MetaTrader does not automatically update all timeframes. As Winalot uses data from different timeframes, in may not be able to properly calculate its functions without a full dataset. In this situation, a comment will appear advising the user to switch timeframe temporarily.

After switching timeframe, we suggest that you disable Auto-scroll and wind the mouse wheel back a little way. This forces MetaTrader to download some older price bars to complete the missing dataset. The warning will disappear once sufficient bars have been downloaded and auto-scroll can be re-enabled once more.

Winalot needs to collect data from multiple timeframes

Winalot may also from time to time experience runtime errors. Generally they can be ignored as the warning message is simply intended for advice. Most times the errors rectify themselves very quickly, but please do not hesitate to contact us should they persist.

Occasional errors are not a cause for concern

- 21 -

Winalot allocates a 5 minute time slot following its intended trade time to provide for trade server errors and short outages which may prevent it from taking its daily trade. Please note that closing and restarting MT4 within this 5 minute period may result in Winalot inadvertently taking a second trade during that time. Several days before a monthly licenced version of Winalot is due to expire, a message box will appear on screen warning that the copy of Winalot will soon expire and inviting the user to renew their licence. Clicking OK will close the box for a further 24 hours at which stage it will re-appear. If a licence expires without Winalot being renewed, Winalot will fail to login on the expiry date.

Winalot advises if a licence is due to expire

Winalot is preset to trade only certain currency symbols. If the EA is attached to an invalid chart symbol an alert and on screen comment will appear as in the image below.

Winalot will only work on a limited number of symbols

- 22 -

Winalot may be used on several currency symbols as follows: GBPUSD USDCAD USDJPY AUDUSD EURJPY GBPCHF Users should note that Winalot will behave differently on each currency symbol. For instance, Winalot trading on the GBPUSD symbol is expected to win a high percentage of trades (75% over time), but the average loss size will exceed the average win size. On other symbols, the typical win ratio may be less (only 50% on some symbols) but the average win size will exceed the average loss size. It is recommended that Winalot is run in the Strategy Tester first to enable users to know what sort of performance can be expected. Users should remember to attach Winalot to a live chart before using the tester and also to only test on the M5 timeframe, otherwise Winalot will not place trades in the tester and errors will be reported in the logs

- 23 -