Pirate EA MT4 with SetFiles (Unlimited)

🔢 Pirate EA MT4 Settings Guide

Pirate EA MT4 is an automated trading Expert Advisor with a compact configuration focused on money management, trade execution, Take Profit and Stop Loss control, position counting, trading-time restrictions, and account-level trade management.

The supplied settings show a risk-based configuration with USING = RISK, RISK/LOT = 3.0, Take Profit = 50, Stop Loss = 300, and separate Buy/Sell trade counts. The EA is also configured to trade during a specific 00:00–01:00 window, with both Monday and Friday trading enabled. A unique Magic Number of 130623 is assigned for trade identification.

Pirate EA MT4 Settings Panel

🔢 Pirate EA MT4 Settings Explained

Money Management Settings

🔹 USING: RISK — Selects RISK as the active money-management method, indicating that the EA is configured to calculate trading exposure using its risk-based system.

🔹 RISK/LOT: 3.0 — Sets the risk/lot parameter to 3.0. This value is used by the EA’s internal risk-based position-sizing calculation.

🔹 RESTORING_THE_BALANCE: true — Enables the balance-restoration function, allowing the EA to use its internal balance-restoration logic when applicable.

🔹 SHOW_THE_RESET_WINDOW: false — Disables the display of the reset-window feature or related reset information.

Trade Settings

🔹 TAKE_PROFIT: 50 — Sets the Take Profit parameter to 50 according to the EA’s internal price-distance unit.

🔹 STOP_LOSS: 300 — Sets the Stop Loss parameter to 300 according to the EA’s internal price-distance unit.

🔹 COUNT_BUY: 1 — Sets the configured Buy trade count to 1, allowing the EA’s internal logic to use one Buy position/order in the specified count setting.

🔹 COUNT_SELL: 1 — Sets the configured Sell trade count to 1, allowing the EA’s internal logic to use one Sell position/order in the specified count setting.

Trading Time Settings

🔹 START_TRADING: 00:00 — Sets the daily trading start time to 00:00.

🔹 STOP_TRADING: 01:00 — Sets the trading stop time to 01:00.

🔹 Trading Window: 00:00–01:00 — Based on the displayed start and stop values, the configured trading window covers 1 hour, from 00:00 to 01:00.

Swap Filter Settings

🔹 THE_SWAP_FILTER: === THE_SWAP_FILTER === — Identifies the Swap Filter section in the EA configuration.

🔹 Swap Filter Parameters: — No individual configurable Swap Filter parameter or value is visible in the supplied screenshot, so no additional Swap Filter setting can be reliably listed.

General Settings

🔹 TRADE_ON_FRIDAY: true — Enables trading on Friday.

🔹 TRADE_ON_MONDAY: true — Enables trading on Monday.

🔹 MAGIC_NUMBER: 130623 — Assigns 130623 as the EA’s Magic Number, allowing MT4 to identify Pirate EA trades separately from other Expert Advisors or manually opened positions.

🔹 PRINT_ENABLE: false — Disables the EA’s print/log output function.

🔹 ALL_MESSAGES: false — Disables the display or processing of all optional EA messages according to the EA’s internal messaging system.

Key Configuration Highlights

🔹 Money Management Mode: USING = RISK.

🔹 Risk/Lot Value: RISK/LOT = 3.0.

🔹 Balance Restoration: RESTORING_THE_BALANCE = true.

🔹 Reset Window Display: SHOW_THE_RESET_WINDOW = false.

🔹 Take Profit: TAKE_PROFIT = 50.

🔹 Stop Loss: STOP_LOSS = 300.

🔹 Buy Count: COUNT_BUY = 1.

🔹 Sell Count: COUNT_SELL = 1.

🔹 Trading Start: 00:00.

🔹 Trading Stop: 01:00.

🔹 Friday Trading: TRADE_ON_FRIDAY = true.

🔹 Monday Trading: TRADE_ON_MONDAY = true.

🔹 Magic Number: 130623.

🔹 Print Output: PRINT_ENABLE = false.

🔹 All Messages: ALL_MESSAGES = false.

Risk Management Considerations

🔹 Risk-Based Position Sizing: Because USING = RISK, the EA is configured to use its risk-management calculation rather than a straightforward fixed-lot mode.

🔹 Risk Parameter: RISK/LOT = 3.0 should be interpreted according to Pirate EA’s own position-sizing formula. The screenshot alone does not establish whether 3.0 represents a percentage, risk coefficient, or another internal unit.

🔹 Take Profit vs. Stop Loss: The displayed values are 50 Take Profit and 300 Stop Loss. If both use the same unit, the numerical TP-to-SL relationship is approximately 1:6, meaning the configured Stop Loss distance is six times the Take Profit distance.

🔹 Trade Count: COUNT_BUY = 1 and COUNT_SELL = 1 indicate a limited Buy/Sell count configuration, although the exact behavior depends on the EA’s internal order-management rules.

🔹 Trading Hours: The EA has a narrow displayed trading window of only 00:00–01:00, so its trading activity may be significantly restricted compared with a 24-hour configuration.

🔹 Balance Restoration: With RESTORING_THE_BALANCE = true, traders should understand how the EA attempts to restore account balance after losses or specific trading events before using it with real funds.

🔢 Conclusion

Pirate EA MT4 provides a relatively compact configuration centered on risk-based money management, balance restoration, predefined TP/SL levels, Buy/Sell trade limits, scheduled trading hours, and Magic Number identification.

The supplied configuration uses USING = RISK with RISK/LOT = 3.0, while RESTORING_THE_BALANCE = true enables the balance-restoration function. Trade management is configured with TAKE_PROFIT = 50, STOP_LOSS = 300, COUNT_BUY = 1, and COUNT_SELL = 1.

The EA is scheduled to trade from 00:00 to 01:00, with both Monday and Friday trading enabled. The Magic Number 130623 provides a unique identifier for Pirate EA positions, while PRINT_ENABLE = false and ALL_MESSAGES = false keep optional output and message functions disabled.

One important point is that the screenshot does not reveal the exact units or formulas behind RISK/LOT = 3.0, TAKE_PROFIT = 50, and STOP_LOSS = 300. Therefore, these values should not automatically be interpreted as percentages, pips, or points without checking the EA’s documentation. Thorough backtesting and forward testing are recommended before deploying Pirate EA MT4 on a live account.