Version 1.

00
Copyright 2012

1
 Copyright Information
REPRODUCTION AND OR TRANSLATION OF ANY PART OF THIS WORK BY ANY
MEANS ELECTRONIC OR MECHANICAL INCLUDING PHOTOCOPYING BEYOND
THAT PERMITTED BY COPYRIGHT LAW WITHOUT THE PRIOR WRITTEN
PERMISSION OF THE PUBLISHER IS UNLAWFUL.

Copyright 2012 - Accura-FX Limited, All Rights Reserved

Authors : John Grace & Albert Perrie

Website : forex-megadroid.com
Publisher : Accura-FX Limited

2
 Disclaimer and Risk Warnings

Trading any financial market involves risk. The content of this e-book, its various
associated websites and all related correspondence are neither a solicitation nor
an offer to purchase or sell any financial instrument.

Although every attempt has been made to assure accuracy, we do not give any
express or implied warranty as to its accuracy. We do not 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 in this e-book. Past
performance is not indicative of future results.

By purchasing the software, subscribing to our mailing list or using the website
you will be deemed to have accepted these terms in full.

John Grace & Albert Perrie (authors), Accura-FX Limited (publisher), 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 in this e-book 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.

3
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.

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.

The content of this e-book and all related websites and correspondence are
copyright and may not be copied or reproduced.

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 FOREX, futures and
options markets. The past performance of any trading system or methodology is
not necessarily indicative of future results.

4
 Index
Foreword 6
Getting Started With PipJet 7
- New Users 7
- Existing Users 22
Configuring MetaTrader 24
Installing the PipJet Robot 26
Updating the PipJet Robot 40
Using the PipJet Robot 41
Setting Up For Trading 43
Inputs An Explanation 47
- System Parameters 47
- Comment Position Parameters 49
- Strategy Parameters 50
- Order Management Parameters 50
- Ratio Order Management Parameters 50
Preparing To Trade 52
On-Chart Messages An Explanation 54
Stopping Trading 56
Strategy Testing 58
- Preparing for Testing 63
- Running a Strategy Test 65
Issues and Solutions 72
- Frequently Asked Questions 79
- Error Messages Explained 86

5
 Foreword

We would like to thank you for purchasing the PipJet robot the
challenge of creating a system which flourished, regardless of market
condition, was extremely difficult though very rewarding.

One of the largest obstacles we needed to overcome was the fact that the
all-out assault on brokers over the last 18 months by owners of another
very successful robot has resulted in a very hostile environment for any
new robot to exist in.

Various measures have been implemented by brokers (most especially by

dealing desk brokers) in an attempt to stem a flood of winning trades
these measures include price-spiking, excessive spread widening and, in
an extreme case, simply preventing all robots from trading specific
currency pairs during certain market hours.

Please understand that the PipJet robot includes a number of very

advanced features and principles which have been designed to make the
most of each trading opportunity whilst avoiding the dirty tricks which
many brokers now resort to when a profitable robot hits the streets.

With the above in mind, it is very important that you read this entire
manual thoroughly before making any attempt to use or back-test the
robot as there are some critical settings that you need to understand in
order for the robot to function optimally.

Please, make sure that you are subscribed for the updates mailing list.
The process is quick, easy and will ensure that you receive notification
emails whenever we update the system. You can find the subscription
form in your members area account section: PipJet > Subscribe for
updates.

So... let the games begin!

6
 Getting Started With PipJet

The PipJet robot requires the MetaTrader 4 trading platform which is

freely available from a wide selection of Forex brokers.

New Users
If you do not have MetaTrader 4 installed on your computer then you can
download a copy by going here and requesting a practice account:

http://www.finfx.fi/account.php

In this manual, we examine an exemplary setup with FinFX. It is one of

the recommended brokers for the PipJet EA.

Of course, you are free to use any MetaTrader 4 broker you wish.

Note: Regardless of your chosen broker and regardless of whether you

have a live or practice account, the actual setup processes for both
MetaTrader 4 and the PipJet robot are exactly the same.

So, let us begin!

If you decide to download a new copy of MetaTrader from FinFX or

another broker then you will normally need to submit your details, after
which you will be presented with a download link from their website.

7
Simply (left-) click the link and a download window similar to the
following one should appear:

Either click the Save button, then select Desktop followed by Save
from the window that appears next:

...then double-click (left mouse button) the new mt4setup icon that will
have been created on your Windows Desktop, or...

...simply click the Run button instead.

8
In either case, you are likely to be asked to confirm that you know / trust
the source of the file and that it is okay to continue this is perfectly
normal and simply function of the Windows in-built security system so
just agree to any questions asked.

Please be aware that you *might* receive a warning from your Anti-Virus
system that the mt4setup file contains a virus this is not the case at all
and any anti-virus warnings should be ignored. The MetaTrader 4 system
includes protection code to prevent hackers from reverse-engineering the
software - this protection code looks very virus-like to some Anti-Virus
systems which are unable to determine the difference.

From this point onward, the installation process is identical...

9
As you make your way through the installation process, you will see
screens looking very similar to the following ones:

Select your preferred language then click the Next button to continue...

10
Click the Next button to continue...

11
Check the agreement box...

(the Next button remains inactive until the agreement box is checked)

12
Click the Next button to continue...

13
Important: Make a note of the installation folder you will need to know
the location later in order to install any robots (EAs Expert Advisors),
custom indicators, code libraries and/or templates that you may wish to
test or trade.

14
Click the Next button to continue...

15
Click the Next button to continue...

16
Click the Finish button...

When MetaTrader 4 starts up for the first time, you will need to create a
demo / practice account.

17
First, complete...

...the details shown in red

...then select your country

...then check the agreement box...

18
...then change the Account Type, Leverage and Deposit settings
as shown for maximum compatibility with various expert advisors you
may wish to try out. Of course, you can leave the Leverage setting at
200:1 (some brokers even offer higher ratios!) if you are not aiming to
compare the performance of robots with different brokers on a like-for-
like basis.

If you are considering funding a live account with an amount between

$500 and $10,000 then the Deposit setting for your demo/practice
account should ideally be 10x that amount.

The logic behind this is actually very simple: When you fund a live
account with up to $10,000, the smallest order size permitted is usually
0.01 lots. However, demo / practice accounts with many brokers, often
cannot open orders smaller than 0.1 lots i.e. 10x larger.

This can produce vastly skewed results when comparing demo/practice

trades between brokers so, to compensate, we simply increase the demo
account deposit by a factor of 10 so, for example, if you plan to open a

19
$5,000 live account then specify a $50,000 demo account - this approach
allows you to compare brokers on a more level playing field before
actually opening a live account.

Normally on this screen you can just click the Next button to continue...

(if more than one server is listed, select one with Demo in its name;
otherwise just leave the default server selected)

20
Finally, click the Finish button to complete the installation process.

21
Existing Users
If you already have MetaTrader 4 installed on your computer then the
first step is to ensure that you have the most recent version. To do this,
click Help in the main MetaTrader 4 menu, then click About... - a
window similar to this:

...will appear showing the version and build details plus the date it was
released.

Note: The PipJet robot requires Build 409 or higher.

Under normal circumstances, MetaTrader 4 will automatically check for

newer builds each time you start the application and will immediately
offer you the opportunity of updating your version. If you find that an
earlier version is installed on your computer and you are not being offered
the option of updating then please call your broker for assistance.

22
Assuming that a newer build is available and everything is working
correctly, you will see a screen similar to this:

Whenever you see a screen like this, click the Start button and
MetaTrader 4 will update itself to the latest release. The process does not
take very long and will reduce the possibility of you encountering issues
with robots that you may wish to use.

Once complete, the following screen appears:

Click the Update and Restart button to launch the updated version of
MetaTrader 4.

23
 Configuring MetaTrader 4
Once MetaTrader 4 has been installed, the next thing to do is go to the
Tools Options menu.

Select the Expert Advisors tab and ensure that the highlighted options
are set exactly as shown below:

Do not overlook the Confirm DLL function calls option (which should be
unchecked) when doing this or the robot will not function correctly later.
You may also wish to uncheck Disable experts when the account has
been changed and Disable experts when the profile has been changed
options though this is more of a convenience rather than a requirement.

24
Click the OK button to continue.

The next stage is to install the PipJet robot but before doing so,
MetaTrader 4 should be closed down by clicking the large X button in
the top-right of the application window as shown:

25
 Installing the PipJet Robot
The PipJet system consists of 2 files:

- The robot file (PipJet.ex4)

- The support file (PipJet.dll)

Once you have the files on your Windows Desktop, you will need to locate
the icons. Please note that the robot is a .ex4 file, not a .exe file. Do
NOT attempt to execute it as it will not run as a Windows application, it
can only function within the MetaTrader 4 trading platform.

Note: Some screenshots are based on the Forex Megadroid setup. These
two robots are set up and installed in a practically identical manner.

Depending upon how your computer is set up, the PipJet robot icon may
look like this or may display an entirely different icon image.

There is also the support (DLL) file which will probably look like this.

The actual icon image displayed for each file is not really relevant and in
no way affects the operation of the system.

Having said that, whilst the icon image is not relevant, please be careful
to locate the correct file do not confuse the robot (or support) file with
any other PipLaser file if you are in any way unsure, click the icon
once then hover your mouse over the highlighted icon you will see a
small panel appear with some details about that file.

26
The details for the robot file icon should state Type: EX4 File.

...and the details for the support file icon will usually not state anything...

...because the file type is a standard Windows file type, whereas .ex4
(the robot file type) is not.

27
 Once located, simply click the MegaDroid icon using your right mouse
button to bring up the context menu and select Copy.

The next thing to do is locate the correct folder to install the robot into.

As standard, all installations of MetaTrader 4 follow a specific convention

for installing the various files which make up the MetaTrader system:

C:\Program Files\MetaTrader Folder\experts

Primary Path Application Folder Robots Folder

Unless you have deliberately chosen a different location, the Primary Path
(C:\Program Files) will always remain constant. The only variation
appears in the newer 64-bit (x64) versions of Windows. On these
systems, the older technology, 32-bit applications such as MetaTrader 4
are installed into the C:\Program Files (x32) folder.

28
By contrast, the Application Folder varies for every brokers version of
MetaTrader 4 and is the reason for the earlier suggestion to make a note
of the installation folder during the MetaTrader 4 installation process.

If you are not certain where your installation is located then one simple
way of finding out is to position your mouse cursor directly over (do not
click!) the icon on your Windows Desktop that you use to start
MetaTrader 4...

...and the location will be displayed.

As you can see, in this case it is:

C:\Program Files\Meta Trader 4 FinFX

29
Having confirmed the location of MetaTrader 4, it is a simple task to
navigate there and install the robot.

To do this, you can use either the My Computer (Windows XP) or

Computer (Windows Vista) utilities located on your Start menu:

Begin by navigating to the Program Files folder which is under:

My Computer Local Disk (C:) for Windows XP, and

Desktop Computer ???? (C:) (where ???? is the drive name) on

Windows Vista

30
...as shown below:

This example shows Windows Vista but Windows XP and Windows 7 look
quite similar and is equally intuitive.

31
The next thing to do is expand out the Program Files folder by clicking
the small [+] (Windows XP), or small arrow (Windows Vista and Windows
7) to the left of it...

...so it looks something like this:

32
Now, scroll through the list of folders to locate the installation folder for
MetaTrader and expand that too, followed by the experts folder:

By simply clicking the experts folder icon using your right mouse button
(to bring up the context menu) and selecting Paste...

33
...as shown here, the robot will appear in the experts folder...

34
...as you can see:

...and will be available to you from within MetaTrader 4.

The next thing to do is repeat this process for the support file
(PipJet.dll)...

35
As with the robot (.ex4) file, the support (.dll) file will also be placed in a
specific folder, as shown below:

C:\Program Files\MetaTrader Folder\experts\libraries

Primary Path Application Folder Robots Folder Libraries Folder

(DLL files)

Just as with the robot file, locate the support (DLL) file then simply click
the PipJet.dll icon using your right mouse button to bring up the context
menu and select Copy.

36
This time, click the libraries folder icon using your right mouse button
(to bring up the context menu) and selecting Paste...

37
...as shown here, and the support (DLL) file will appear in the libraries
folder...

38
...as you can see:

It is very important that the support (DLL) file is not renamed it must
be left exactly as we provide it on the download page.

If you rename this file in any way then PipJet will not work!

39
 Updating the PipJet Robot
In order to install an updated version of PipJet, simply download the
revised robot files from the download page then follow the installation
instructions in the previous section.

The only difference in the process is that you will be asked to confirm
whether the existing files (PipJet.ex4 & PipJet.dll) should be replaced /
overwritten when you attempt to paste them into their respective folders.

In both instances, allow the files to be replaced, then (re)start

MetaTrader.

There is no need to remove PipJet from the USD/CAD chart before closing
MetaTrader to perform the update.

Note: Updates should not be applied while PipJet trades are open.

Once MetaTrader has restarted, click on each chart running PipJet, in

turn, to make it the active chart and press the F7 key to open the Inputs
tab for that chart so that any applicable new parameters can be set.

In most cases, updates will be drop-in replacements for earlier versions

but it is always prudent to check.

You will find that the default settings for new parameters will display
correctly but revised default settings for existing parameters will not. The
best approach is therefore to note down the existing value of each
parameter setting, then click the Reset button to force default values
from the updated robot to be applied.

40
 Using the PipJet Robot
Having installed the robot, restart MetaTrader 4 and check the Navigator
pane on the left side of the MetaTrader 4 window:

41
Clicking the small [+] to the left of Expert Advisors...

...will expand that section to display the available experts (robots):

If everything is correct then the list will contain the PipJet robot along
with any other expert advisors that you have installed or were provided
as part of the MetaTrader 4 system.

Please note that the PipJet icon is gray ( ) whilst other icons in the list
are colored ( ) this is perfectly normal.

A colored icon means that you have the source code for that particular
expert i.e. the instructions that tell the expert how to trade. A gray icon
means that you do not almost all commercial experts will be gray.

42
 Setting Up For Trading
Although it is fine to trade a demo account at any time, avoid trading a
live account in and around major holidays as volume is generally light and
market movement can be erratic. In addition, large gap openings are
common after weekends and holidays.

To begin trading, you will require a USD/CAD

chart. You can either use an existing chart
(if no other expert advisor is attached to it)
or just open a new one. To open a new
chart, click the New Chart button in the
toolbar.

...then click USDCAD. The chart timeframe

usually defaults to H1 but if not, simply
click the H1 button in the toolbar:

43
Once the chart is open, left-click the PipJet icon in the Navigator and it
drag to the chart.

Changing the chart timeframe once the robot is attached is not an issue.

When you drop the expert advisor onto the chart, a Properties dialog
window will open. The dialog contains two tabs Common and
Inputs.

The Common tab looks like this:

It is very important that all three of the settings circled in red match the
image above or the expert advisor will not function correctly.

Please pay special attention to the Confirm DLL function calls option
which should be unchecked.

Failure to correctly set this option will result in several pop-up windows
similar to the following:

44
You can click the Yes button each time to continue (clicking any other
button will prevent the expert advisor from functioning correctly) but you
should really click the Cancel button, close the chart then correct the
settings as shown in the Configuring MetaTrader 4 section of this
manual before dragging and dropping the robot onto a new chart.

Assuming that everything else is correct, the Inputs tab looks like this:

By scrolling the list, you will see that the Inputs tab has a number of
adjustable settings which are explained in the following pages.

45
To change the value of any setting, double left-click in the Value column.

For example, to change the Slippage setting, simply activate the

property editor by double-clicking the value area (the right portion of the
parameter line) as shown below and the property editor will activate.

Once changes are complete, click the OK button to restart the robot.

46
 Inputs An Explanation

The first thing you will notice is that there appears to be a large number
of inputs, however, many are simply descriptions and section headers.
The remaining user settings are explained below:

System Parameter Settings

Version:
This confirms the version of the .ex4 file that you installed. When
upgrading, please ensure that this matches the current version number in
the members area section of PipJet.

Stealth:
When enabled (default), the broker is not informed of the true target and
stop loss levels. Instead, they are managed internally by the MegaDroid
robot to reduce or prevent the effects of price manipulation by
unscrupulous brokers.

Aggressive:
When enabled (default), the PipJet robot trades two strategies (one
conservative and one aggressive) simultaneously. This allows trading
profits to accumulate faster.

GmtOffset:
This parameter is primarily used for Strategy Testing or, in the event that
automatic computation of the GMT Offset is not appropriate.

NFA:
When enabled, the PipJet robot adapts its trading style to conform with
recent, restrictive rules imposed by the NFA. This option should *only*
be enabled if trading with brokers who have adopted the NFA no
hedging and/or FIFO rules if in doubt, consult your broker.

AutoLocalGmtOffset:
When enabled (default), the PipJet robot will calculate the GMT Offset of

47
your brokers server from information provided by Windows. This is often
the safest approach as it can automatically adjust for Daylight Saving.
Unfortunately, this is not possible when using the Strategy Tester and a
manually specified value is therefore required in order to achieve realistic
back-tested results. Determining the correct value is covered later in the
section on Strategy Testing.

AutoServerGmtOffset:
When enabled (default), the PipJet robot will calculate the GMT Offset of
your brokers server from information provided by our trade server. This
is an additional approach and a safeguard for instances where the local
Windows time settings are incorrect. As with AutoLocalGmtOffset, the
facility does not function within the Strategy Tester and a manually
specified value is therefore required in order to achieve realistic back-
tested results. Determining the correct value is covered later in the
section on Strategy Testing.

Setting AutoLocalGmtOffset and AutoServerGmtOffset to False will

force the MegaDroid robot to trade based on the GmtOffset value.

S1_Reference:
This parameter is used to identify Strategy 1 trades. This is one of the
primary methods that unscrupulous brokers use to identify which robot(s)
you may be using so it is strongly suggested that you enter a random (or,
at least, non-default) value here. Changing the value regularly is also
highly recommended. Simply ensure that no other EA you may be
running is using the same Reference / Magic number.

S2_Reference:
This parameter is used to identify Strategy 2 trades. This is one of the
primary methods that unscrupulous brokers use to identify which robot(s)
you may be using so it is strongly suggested that you enter a random (or,
at least, non-default) value here. Changing the value regularly is also
highly recommended. Simply ensure that no other EA you may be
running is using the same Reference / Magic number.

Under no circumstances should the S1_Reference and S2_Reference be

set to the same value. They should also never be changed if MegaDroid
trades are active.

48
ReceiptCode:
This is your 8-character ClickBank receipt number and is used by the
PipJet expert advisor to ensure that you are an authorized user. You can
find all your Receipt codes at the PipJet -> Licenses section of your
Members Area account.

NOTE: You only need to enter your ReceiptCode ONCE after your
system has been authenticated, the code will be internally recorded for
future reference.

Comment Position Settings

TopPadding:
This specifies the distance (default: 30) below the top edge of the chart
that the status information block should be displayed.

LeftPadding:
This specifies the distance (default: 20) from the left edge of the chart
that the status information block should be displayed.

TextColor1:
This specifies the color of information titles / labels within the status
information block.

TextColor2:
This specifies the color of information within the status information block.

49
Strategy Parameter Settings

RemoteSafetyMode:
When enabled (default) the robot will not open trades during potentially
dangerous periods. These times are signalled remotely by our server. This
happens very rarely so seldom affects trading but may prevent you from
entering higher risk trades. If you wish to allow trading during those
potentially dangerous periods simply set this option to False.

Slippage:
It is not always possible to obtain the exact price wanted when trading -
this setting specifies how far from the expected order price (in pips) is still
considered acceptable when opening and closing orders. If the available
price is further away than the Slippage value specified then the order will
not be executed.

SendEmails:
If required, the PipJet robot can send e-mailed notifications of trades. To
use this option, you will require the configuration details for your e-mail
account.

OrderComments:
This feature allows a comment to be added to each order to help identify
PipJet orders when several strategies are being traded.

Order Management Settings

LotSize:
If the automated order sizing options are not required then the value
specified here will be used to specify the size of each order opened.

50
Ratio Order Management Settings

RiskLevel:
Many people starting out in trading have difficulty with the principles of
Money and Risk Management. To simplify this aspect of trading, the
expert advisor can calculate everything for you and adjust the size of your
trades based on the balance of your account whilst respecting your
tolerance for risk. When set to a value above zero, this feature will
calculate the optimal LotSize to ensure that a losing trade will not risk
more than the specified percentage of the account. The distance of the
actual Stop Loss is taken into account in the calculation. If you are
comfortable risking 5% of your equity on each trade then set RiskLevel to
0.05. If you wish to risk 10% then set RiskLevel to 0.10, etc.

Look at an example:

Assume that you have a $1,000 micro trading account - that means that
the minimum lot size is 0.01 and each pip (the minimum price move) is
worth $0.10. Let us also assume that you are prepared to risk 3% of
your account on each trade.

$1,000 x 3% = $30 risk capital

The robot automatically determines the correct Stop Loss distance based
on recent volatility so is usually quite close to current price but, for ease
of calculation, we will use a Stop Loss distance of 100 pips in this
example:

$30.00 / 100 = $0.30 maximum risk per pip

Since the minimum lot size for micro account is 0.01 and a pip is worth
$0.10, the expert advisor would open a trade of 0.03 lots.

Therefore, your maximum actual risk would be:

3 * $0.10 pip value * 100 pip Stop Loss distance = $30

Note: Where apportioning of the risk capital would result in a lot size too

51
small to be traded, the minimum possible lot size will be used, in which
case, the actual risk would increase slightly above the specified level.

RecoveryMode:
An important trait of the PipJet robot is that it has a very high success
rate so consecutive losing trades are very, very rare. When
RecoveryMode is enabled (default) this fact is exploited in the event of a
losing trade and the LotSize for all trades is doubled until the loss has
been recovered.

52
 Preparing To Trade

That is about all there is to do!... everything has been set up, all of the
parameters have been configured so the only thing left to do is click the
OK button to start the robot trading!

Depending on how well you have followed instructions so far, there will be
one of three possible things displayed in the top-right corner of the chart
with the robot attached:

The first possibility is an X, as shown below.

This means that expert advisors have not been enabled and can be
confirmed by the red Expert Advisors button in the toolbar:

Simply click the button to turn it green and enable expert advisors:

The next possibility is a sad face, as shown here:

53
This means that the Common tab settings are incorrect. Either press the
F7 key or click the sad face to open the properties dialog window again
then confirm that the Allow live trading setting is checked before
clicking the OK button.

The final possibility is a smiley face which means that the robot is
correctly configured:

54
 On-Chart Messages An Explanation

Assuming that all is well, there will be a status information block in the
top-left of the chart...

Important: The version number displayed and the general content above
will change over time as new versions are released and additional
features are incorporated!

As you can see, there are various items of information displayed,

including two times, plus an offset.

Working from top to bottom, they represent:

Robot / Version / Currency pair

Status: This should be Authenticated other status messages

indicate a problem with the system.

Members Area: Members Area account that has this receipt. Your
account password can be sent to that e-mail.

55
Aggressive: Whether the secondary strategy is enabled.

ServerTime: This is the chart time and varies between brokerages -

the offset displayed will vary dependent upon which
broker supplied your copy of MetaTrader

The offset (2 in the example above) is the value that

you should set the GmtOffset parameter to when
using the Strategy Tester.

UtcTime: This is GMT-time (Greenwich Mean Time)

GmtOffset: When AutoLocalGmtOffset and/or AutoServerGmtOffset

are enabled, this will show the calculated difference
between your brokers server time and GMT (UTC). If
the Auto settings are disabled then it will show the
offset specified manually on the Inputs tab.

Lot: The size of the current / intended trade.

Spread: The current difference between the buying and selling

prices in both 4 and 5 decimal notation.

Leverage: You account leverage.

Status: Whether the robot is trading or waiting for potential

trades to setup. This also describes what the system is
currently monitoring and/or has identified regarding
price activity.

56
 Stopping Trading

There are four ways to stop the PipJet Robot from trading:

1) Click the green Expert Advisors button in the toolbar please be

aware that this will also stop any other expert advisors that you
may be running.

2) Right-click the smiley face in the top-right of the chart window

When the context menu, select Expert Advisors => Remove

57
3) Click the USD/CAD chart then press the F7 key to open the
properties dialog window. You can also right-click the smiley face in
the top-right of the chart window and from the context menu select
Expert Advisors => Properties. Once the properties dialog
window is open, switch to the Common tab and un-check the
Allow live trading option before clicking the OK button.

4) Last, but not least, simply close the chart by clicking the red X
button in the top-right of the chart window.

Do not click the red X button in the top-right of the MetaTrader

window unless you actually want to close MetaTrader.

58
 Strategy Testing

If you intend to perform strategy testing then you will need data to test
against. When installed, MetaTrader contains no historical data at all so it
must be downloaded.

From the MetaTrader menu, click the Tools option, then select History
Center (alternatively, simply press the F2 key) and the following
window will appear:

The layout of the left-hand panel varies between brokers but the
operation is the same.

Start by clicking the small [x] to the left of Forex to open out the list of
available currency pairs.

59
Next, locate the USD/CAD entry and double left-click it to expand out the
data timeframes.

60
Now double left-click on the 1 minute (M1) tag which loads a few
recent data records.

Note: Its EUR/USD pair on these examples, but you need to select
USD/CAD for PipJet.

61
The last thing to do is click the Download button which will trigger the
download warning window...

Click the OK button to begin downloading the process can take several
minutes so be patient.

A rather annoying issue with the data that can be downloaded is that it
includes a number of errors. It is possible to purchase excellent quality

62
data from commercial data providers but the cost tends to be prohibitive
usually in excess of $200 per currency pair and only for a limited
historical period (approximately 2 years).

Fortunately, it is possible to repair the most glaring errors in the free

data provided by MetaQuotes.

As soon as the download has completed, click the Download button

again. The download warning window will appear again and, a few
seconds after clicking the OK button, a new window will open, explaining
that no new data is available and offering you the option of recalculating
all timeframes.

Choose Yes and, after a few moments, the recalculation will be

complete and your data will be of significantly better quality.

If you find that strategy test reports mention a number of Mismatched

data records then you may wish to repeat this process one or more
times.

Click the Close button to close the History Center window to finish.

63
 Preparing for Testing

Before running a test with the PipJet Robot, you will need to identify the
correct GmtOffset value.

Although not always the case (a number of brokers do not correctly

adjust for Daylight Saving in their historical data) the value to use is often
displayed on the chart during normal market hours (late Sunday through
to late Friday).

For brokers who maintain Daylight Saving adjustments within their

historical data, you will simply need the GmtOffset displayed on the chart
when the PipJet Robot is running.

If you find that test results with your broker are poor then try adding or
subtracting 1 hour i.e. if the chart GmtOffset shows 3 then try 2 or 4.

There are well over 100 brokerages offering MetaTrader so we cannot list
them all, however, we have provided the values for a few well known
brokerages:

64
Brokerage Live Trading Back Testing

FinFX +2 (+3) +2

FXDD +2 (+3) +2

Forex Meta +2 (+3) +2

Insta Trader +2 (+3) +2

Alpari UK +1 (+2) +1

Alpari RU +2 (+3) +2

Gallant FX +1 (+2) +1

InterBank FX +0 +0

ODL +0 +0

Forex.com +0 +0

IamFx +0 +0

FxCBS +2 (+3) +2

ATC +2 (+3) +2

FXCM Trader 4 -4

FXCM MT4 +1

Oanda - 5 (- 4) -5

Some brokers use historical data from MetaQuotes. It has GmtOffset set
to 1 and it doesnt matter what is displayed on the chart.

65
 Running a Strategy Test

In order to begin testing a strategy, the Strategy Tester must be selected

click the Strategy Tester button in the toolbar...

...to display the Strategy Tester panel at the bottom of the MetaTrader
window.

Click here to select the expert advisor...

...here to select the currency...

...and here to select the 1-hr (H1) timeframe

Select Use date then specify a start & end date

- you may wish to test back from 01/01/2001
though it will take some time to complete.

Finally, select Visual mode or you will not see the trades being made (or
any of the warning messages if you have missed something!)

Once everything has been set, the Strategy Tester panel should look like
this:

66
The last task is to click the Expert Properties button which opens a
dialog window similar to the usual properties dialog covered earlier:

Accept the $10,000 initial deposit then click the Inputs tab.

67
The Inputs tab lists the same parameters as the normal properties
window covered earlier but has some additional columns.

As this is the first time running a test with the PipJet Robot, some values
will require changing (only update the Value column):

GmtOffset: Set to the correct value for your broker

RiskLevel: Set to a positive value (0.2 is fine for testing)

ReduceLots: Optional

RecoveryMode: Optional

Once the values have been updated, click the OK button.

The last thing to do is to click the Start button.

A visual mode test chart will appear and, after a short delay while
MetaTrader loads the historical data required, you will hopefully see the
system opening and closing trades.

68
If any MetaTrader or parameter settings are incorrect then you will see
the relevant message (covered earlier in this manual) displayed on the
chart.

If a warning message does appear, simply click the Stop button (which
was the Start button earlier), resolve the issue then click the Start
button again.

During testing, you may switch between the various tabs at the bottom of
the Strategy Tester window. The most interesting will be the Results
tab

...which shows each trade, its profit (or loss) plus a running balance, and
the Graph tab which shows the trading results in graphical format:

Important: One point that I need to clarify is shown in the following

Results and Graph extracts...

69
Quite often, the very last trade in a strategy test will appear as a losing
trade... but all is not as it seems!

If you look at the comment just to the left in the results list...

...you will notice the phrase close at stop. That does not mean what you
assume it does! As you can see in the following screen shot, the Stop
Loss did not get hit at all.

70
The order was closed at 1.3770 yet the Stop Loss was at 1.3635 135
pips away! What actually happened is that the Strategy Tester reached
the end of the test period and still had that order open, so it was simply
closed.

That is an aspect of strategy testing that you always need to be mindful

of. The Strategy Tester can only do the best it can and sometimes that
can result in misleading information if you are not aware of how things
work.

71
Once the test has concluded, you will want to review the Report tab
which provides a summary of the test results.

As mentioned before, one thing to watch for is Mismatched chart errors

which are shown in the top left of the report if the number is more than
2 or 3 then you should try cleaning the data again.

One final aspect of Strategy Testing that you should be aware of is the
inherent inconsistency between brokers. As I hope you already realise,
each broker will have different server times, treatment of Daylight Saving
Time, spreads, swap rates, etc.

All these things will impact on your testing results so great results on one
platform may equate to poor results on another.

To further complicate matters, the spread used by the Strategy Tester is

the actual spread when you begin your testing process so, tests initiated
during the main sessions will generally enjoy a narrow spread whereas
tests initiated during the Asian session may have spreads several pips
wider this can mean that Stop Loss levels which were missed during
main session tests may be hit during Asian session tests and will affect
the profitability.

These are just some of the things to keep in mind when running tests,
especially because this makes it quite difficult to reproduce results.

72
 Issues and Solutions

Meta Trader Crashing The Solution

If you experience issues with MetaTrader crashing after installing the

PipJet robot then the most likely cause will be an out-of-date version of
MetaTrader 4.

If this is the case, simply closing down and restarting MetaTrader should
activate the LiveUpdate system and resolve the problem.

One other possibility is a security feature of Windows and most often

affects Windows Vista systems. If you experience such a crash after
installing the robot into MetaTrader then please follow these steps:

1) Click the Start button on the Windows task bar and...

...from the menu that appears , click Control Panel

2) From the displayed options in the Control Panel window...

...click the System icon

3) Now, click on Advanced System Settings

(this is usually on the left for Vista and on the right for XP)

73
The following window should then appear:

Note: If the Advanced tab is not active, click it.

Next, click the Settings button.

74
When the Performance Options dialog window appears, switch to the
Data Execution Prevention tab by clicking it:

75
Your system should be as shown below, with the upper option selected:

76
If, for any reason, your system has the lower option selected...

...then simply click the upper option then click the Apply button. You
will be asked if you want to restart your computer - click the Yes
button. If your system does not restart automatically then restart it
manually.

77
Having the lower option selected is very likely the reason for MetaTrader
crashing as only specified applications are allowed to function.

The list of permitted applications is here:

Most often, this list is empty i.e. no applications have been approved,
which means that applications like MetaTrader are forcibly shut down by
Windows as soon as they start up.

78
 Frequently Asked Questions

Which currency pairs does PipJet trade?

This version trades only USD/CAD.

PipJet is not trading very often / at all

If you are experiencing minimal trades over a long period then there are
several possible causes:

1) Your broker's pricing conditions (spread, server delay, quote quality)

are not good. In this case we suggest trying a different broker.

2) Be especially aware that the PipJet robot does NOT trade on Fridays, at
weekends, on Monday mornings and during the last few days of each
month.

3) Check whether you have any error messages or warnings, either on

the chart or on the Experts / Journal tabs.

It is also very possible that the robot will not trade for 24-48 hours,
regardless of broker, due to non-conducive market conditions. Hopefully
you would agree that standing aside when conditions are uncertain is far
better than entering into low probability trades which result in losses.

Remember that the objective of trading is profitability - it is NOT an

exercise in "thrill-seeking" from high-frequency trading!

79
How often should PipJet trade?

There really isn't an average as such - everything is determined by

market movement. The robot is theoretically able to trade every day, but
sometimes the market is either too calm or too volatile for opening new
trades.

Mostly the robot trades during the overnight sessions, so your computer
should be turned on 24 hours per day. The entry criteria are usually met
quite often but it is also possible to have several days pass without a
trade.

It's important to remember that prices will always differ between brokers,
so it's quite common to find that the robot has traded with one broker
and not another - this is pretty normal for any Forex Expert Advisor.

What are the default StopLoss and TakeProfit values?

The maximum SL value is 150 pips, but it is usually much lower. The
maximum TP value is 15 pips, though this value varies dynamically too.

A strange automatic GmtOffset value is showing on the chart

Please check your PipJets properties / inputs. AutoServerGmtOffset

setting should be set to true. With this option enabled EA will
automatically calculate Gmtoffset value for you according to our server
time.

Are there any special settings for 4 / 5 decimal prices?

PipJet adapts automatically to either price format no manual settings or

adjustments are required.

Where can I find a small deposit broker?

80
If you want to open a very small live account then we recommend
LiteForex. We have used them in the past and had no issues.

You can review their account options here:

http://www.liteforex.org/accounttypes.php?lang=en

Our recommended minimum for trading with PipJet is $250 when trading
with micro lots but you are free to open an account with any amount they
accept.

Slow / unstable internet connections

If you have a slow or unstable internet connection then we suggest

changing the Stealth setting to False - this will prevent potentially large
losses in the event that your internet connection fails during a trade.

Of course, the ideal situation is to make full use of Stealth mode so you
may wish to rent a VPS (virtual private server) for running with live
accounts.

81
Safe spread limit exceeded: spread >= 3(30)

This warning means that your broker's spread is too high to trade in
normal mode and the safe mode is turned on. If this occurs frequently
then we suggest trading with a different broker offering spreads of 3 pips
or lower (30 or lower for 5-decimal brokers).

No status message in the top-left of the chart

This may be caused by any of the following:

1) PipJet.dll file not installed:

Please, make sure that you copied "PipJet.dll" (you should have obtained
this from our download page) to the "/experts/libraries" sub-folder of your
MetaTrader folder. This procedure is described in the User Manual on
pages 27-40.

2) Error 126 message:

Please check your Experts or Journal tab for the error 126 message. If it
is there, please raise a support ticket here:

http://www.forex-megadroid.com/support/

3) Not logged in to the broker:

Make sure that you are logged into your broker's server. If the bottom-
right corner of your MT4 window is not displaying a "No Connection"
message then you are logged in.

4) Invalid account message:

This mostly applies to demo accounts which have expired.

Use the File Create an Account option from the MetaTrader menu to
open a new account.

82
5) Expert Advisors are disabled or Live Trading is not allowed:

Make sure that you enabled Expert Advisors in MetaTrader and you see a
smiling face in the top-right corner of the chart. Both issues are covered
in depth within the manual.

MegaDroid is crashing MetaTrader4

Please check the following details:

1) the build number of MetaTrader (shown on the Help->About menu)

- build 409 (or higher) is recommended

2) that your operating system (XP/Vista/7) has all updates applied

3) your operating system and version (Home/Pro/Ultimate..)

4) whether you have the x32 (32-bit) or x64 (64-bit) version

...then raise a support ticket with the above information by going here:

http://forex-megadroid.com/support/

If possible, please also check the Experts and Journal logs for comments
which might assist us in particular, check for messages such as those
shown below (the important comment / warning is the `error 126`
message):

83
2009.03.06 16:36:59 PipJet USDCAD,H1: initialized

2009.03.06 16:36:59 PipJet USDCAD,H1: expert stopped

2009.03.06 16:36:59 PipJet USDCAD,H1: cannot load library 'PipJet.dll'

(error 126)

2009.03.06 16:36:59 PipJet USDCAD,H1: uninit reason 5

2009.03.06 16:36:59 PipJet USDCAD,H1: deinitialized

If the `error 126` message is present then the DLL file has been blocked
so please locate the PipJet.dll file in the experts\libraries folder using a
file browser (as shown in the installation section of this manual) and
right-click the icon. Select Properties from the context menu and look
for an Unblock button on the Properties dialog that will appear. If the
button is visible, click it, then restart MetaTrader.

Can PipJet be used on several accounts?

A single PipJet license can be used on one LIVE account only. You are free
to use PipJet on DEMO accounts without limitation, except that all
instances of PipJet must be running on the same physical computer.

Can PipJet be set to trade fixed lots?

To trade fixed lots, simply change the following settings:

RiskLevel = 0

LotSize = (your preferred lot size)

All other settings can be left as default values.

84
What is the correct chart timeframe?

We suggest using the robot on the H1 timeframe for simplicity, though

any timeframe is fine in practice - the results will be the same.

Does my computer need to be left connected to the internet?

In order for the PipJet robot to trade correctly, you must leave
MetaTrader running and your computer connected to the internet from
Sunday evening through until Friday evening. If you need to turn off or
restart your computer for any reason, please try to ensure that there are
no open trades.

When the robot is not trading, it is collecting information for future trades
and that is why being on-line is very important.

85
Error messages explained:

Error: Unable to retrieve authentication code:

This means that you have forgotten to enter your ClickBank receipt code.
Click the smiley face icon to open the Inputs dialog and enter the code
again.

Note: If you experience this error after restarting MetaTrader then it is

most likely that your Windows user account does not have Administrator
rights you will either need to change your Windows user account
permissions (we are not able to provide support for this contact your
computer vendor) or you can simply re-enter your ReceiptCode each time
you restart MetaTrader. This is really nothing more than an
inconvenience and will not affect the operation of MegaDroid in any way.

Error: Invalid authorisation details:

This means that you have entered your ClickBank receipt code incorrectly.
Click the smiley face icon to open the Inputs dialog and enter the code
again.

Error: Authorisation declined:

This means that you have either entered an incorrect ClickBank receipt
code or the receipt code has been disabled following a product refund.
Assuming the former, click the smiley face icon to open the Inputs dialog
and enter the code again.

Error: WinINet initialisation failed:

This means that PipJet cannot connect to our server - it is usually caused
by internet connection problems on your computer.

Try turning off your FireWall software (or at least allowing all activity from
the "terminal.exe" process), then restart your MetaTrader platform.

86
Error: WinINet connection failed:

This means that PipJet cannot connect to our server - it is usually caused
by internet connection problems on your computer.

Error: Invalid account status:

Please try changing the selected MetaTrader4 language to English using

the View -> Languages -> English menu options, then restarting
MetaTrader.

Error: Invalid account number:

First, ensure that MetaTrader is actually connected to your brokers server

(look for changing numbers in the very bottom-right of the MetaTrader
window frame then restart PipJet by clicking the smiley face in the top-
right of the chart window then clicking the OK button.

Attention: Upgrade available:

This means that a recommended upgrade is available please visit the

download page in the Members Area and obtain the updated version as
soon as possible.

Please ensure that both the robot (PipJet.ex4) file and the support
(PipJet.dll) files are replaced.

87
Attention: Upgrade required:

This means that a required upgrade is available and the system will not
trade until the upgrade has been installed please visit the download
page in the Members Area and obtain the updated version as soon as
possible.

Please ensure that both the robot (PipJet.ex4) file and the support
(PipJet.dll) files are replaced.

Error: Dll and Expert versions mismatch:

This means that an upgrade was not correctly installed and only one of
the required files (PipJet.ex4 or PipJet.dll) was replaced. Download the
files again and repeat the upgrade process.

Error code 126:

Please check the following with MetaTrader closed:

1) Ensure the support file is named "PipJet.dll" - if you have previously

renamed it then change it back before restarting your MetaTrader
platform.

2) The DLL file (PipJet.dll) may have been blocked so please locate the
PipJet.dll file in the experts\libraries folder using a file browser (as
shown in the manual) and right-click the icon. Select Properties from
the context menu and look for an Unblock button on the Properties
dialog that will appear. If the button is visible, click it, then restart
MetaTrader

88
Error code 133:

Error 133 means that your broker is preventing you from trading with
Expert Advisors. In this situation we can only recommend that you use a
different broker.

Other error codes:

If you experience any other error codes then please raise a support ticket
and provide as much information about your system and configuration as
possible, including the steps that you have already taken in an attempt to
resolve the issue. A ticket stating I have error xxxx is really not helpful
to us. You can raise a support ticket here:

http://forex-megadroid.com/support/

89