| Product name | FRZ No Nonsense Forex EA |
| Platform supported | MT4/MT5 (depending on the version) |
| Timeframes supported | M15 |
| Recommended pairs | Any currency pair |
| Recommended broker | EA works with any forex broker. EA is FIFO compliant and supports US brokers as well.
However, we can recommend ICMarkets. You can get 30% lifetime discount on spreads and commissions if you use our IB code: 23649 in ICMarkets new registrations or transferring existing accounts. However, if you want to join our VIP Club, then you need to use ICMarkets IB Code: 60207. |
| Recommended deposit | $500 Minimum on 500:1 leverage. If leverage is less than this, you may have to increase the minimum deposit. Cent accounts can also be used. |
| VPS requirement | You need to run the EA 24/7. VPS is recommended unless you can keep your PC running 24/7. We can recommend this provider as a VPS provider, which is fast and affordable. 4GB RAM VPS is enough for this EA. |
Backtesting: Backtesting is not possible with the full version of the EA as the full version uses external server-based inputs. (only the demo version can be used in backtesting).
Video Guide
Installation Steps
1. Go to MetaTrader>Options>Expert Advisors, tick “Allow automated trading”, DLL, and add the following URLs under options:
https://faireconomy.media
https://frzserver.com
2. Copy and EA to the MetaTrader Expert folder.
3. Restart/refresh your MetaTrader.
4. Load the EA to forex pairs on M15 (use at least 15 pairs).
5. If your broker’s pair names have any prefix or suffix add them under settings.
6. Change the lot size and other settings as necessary
We recommend you set an equity-based stop loss under setting 15.
Settings
NB: the default settings will have no hard stop loss; if you need to have hard stop loss please disable setting 11; however we recommend using DCA mode with an equity-based stop loss on setting 15.
Setting Explanations:
1. Lot Size => Here you can set the lot size as a % of your account size. We recommend up to 2% per trade. However, if you have enabled DCA mode (setting 11), then it is better to reduce this to 0.25% or 0.1% (low risk).
2. Stop Loss (ATR Multiplier) => Stop loss is set as a multiplier of the ATR (Average True Range) (not in Pips). For instance, if you put 2 here, that means your stop-loss is two times your ATR at the time of trade entry. That means if the ATR was 15pips at that time, then the stop loss will be 30pips.
3. Take Profit (ATR Multiplier) => Take profit is also set as a multiplier of the ATR (Average True Range) (not in Pips). For instance, if you put 2 here, that means your take profit is two times your ATR at the time of trade entry. That means if the ATR was 15pips at that time, then the take profit will be 30pips.
4. Maximum Concurrent Trade Pairs => You can limit the no. of concurrent trading pairs here.
5. Enable DCA Mode => If enabled, the EA will use DCA averaging techniques to take profit level. In this case, the EA will not have a hard stop loss, instead, the EA will keep adding new positions when the price turns the other way based on an internal algorithm. Please note DCA is not a rule in NNFX trading. However, this could increase profitability while increasing the risk as well.
6.Recovery DCA Max for B/E => If the no of trades goes over this number, the EA will try to close the trades on breakeven rather than waiting for the profit to be reached. This can reduce the risk of higher drawdown.
7 & 8. EA Start and Stop Time => You can customize EA start and stop times here.
9. Max DD % Allowed => Here you can set the max DD % allowed. E.g. If you set this as 50%, if the account drawdown reaches 50%, then trades will be closed and no new trades will be entered.
10. Max DD % Allowed => Here you can set the max DD % allowed. E.g. If you set this as 50%, if the account drawdown reaches 50%, then trades will be closed and no new trades will be entered.
11. Symbol Name Prefix: If our prop firm’s currency pair names include a prefix, you need to add it here. If your prop firm’s pair names have no such prefix, you can simply keep this setting blank.
Example prefixes deEURUSD, dmEURUSD, m.EURUSD => In these cases de, dm, m. should be added under this setting.
12. Symbol Name Suffix: If our prop firm’s currency pair names include a suffix, you need to add it here. If your prop firm’s pair names have no such suffix, you can simply keep this setting blank.
Example suffixes: EURUSD.cc, EURUSDcash, EURUSDm => In these cases .cc, cash, m should be added here.
NB: If your pair name has both prefixes and suffixes, you need to add them both prefix and suffix settings.
13.Auto Recovery Lot Size Factor (1-10) (1=Biggest)
You can have 1 to 10 here. This setting will affect the lot sizes of the recovery trades (1 = higher lot size while 10=lower lot size).
14.Recovery Adjustment for Broker Fees.
Here you can adjust the recovery amount for any potential broker fees other than swaps. Usually trading commissions, slippage, spreads, etc. can impact the total amount recovered and then the total amount recovered can be less than the actual drawdown amount. This setting can be used to minimize this difference. For instance, if you want to increase the amount to be recovered by 1%, then you need to set this as 1.01. If you want to increase it by 5%, then set this as 1.05.
15.Recover Swap Charges
If you enable this, EA will consider the swap charges also to amount to be recovered. Please note swap charges will accumulate on a daily basis depending on your broker.
Magic Number => You may change it if you like (not necessary). But if you change it make sure you use the same number across all the charts with our EA.