Home Forex trading Purveyor – Analytics & Forecasts – 23 July 2022

Purveyor – Analytics & Forecasts – 23 July 2022

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Purveyor is an AI Expert Advisor based on a Neural Network specifically designed to trade 3 major USD currency pairs – USDCAD, USDCHF and USDJPY. Unlike our previous products, this one has a floating SL and TP making it more adaptable to current market conditions. Purveyor trades on H1 time frame and potentially on H4 as well which can be turned on or off according to user’s preferences. There is a new feature which has not been seen previously in any of our products – smart recovery. It helps a lot in case of any losses by changing AI decisions to not place orders that were unprofitable in the past. Smart news filter provides extra security for the capital which we believe is the most important thing in Forex trading. Purveyor is a result of years of trading & coding experience of a group of professionals based in Warsaw, Poland. It is a fully automated, multi-currency, multi-timeframe Expert Advisor.

Purveyor MT5 is available herehttps://www.mql5.com/en/market/product/83814

Purveyor MT4 is available here: https://www.mql5.com/en/market/product/83815

PLEASE NOTE! MT4 version of Purveyor is not capable of performing multicurrency backtest, so please use its MT5 version

Frequently Asked Questions

What kind of account should I use?

We recommend a low spread (Raw, ECN) account with at least 1:100 leverage. 

What timeframe should I use?

Please put Purveyor on USDCHF H1 chart and it will automatically trade all the symbols it’s been trained for


How much profit does it make per month?

Around 5 percent with 1 percent risk  (it may be a lot more or even less depending on the market conditions)


What is an approximate drawdown per month?

Usually anything between below 5% if you choose to use 1% risk per trade. 


Drawdown in the backtest is low so can I use a higher risk percent?

It is up to you but I don’t recommend more than 5 percent.


Is it FIFO compliant?

No, it is not. Purveyor requires a hedge account to run properly


Which version should I get? MT4 or MT5?

They are absolutely the same so it is completely up to you. 


How many activations do I get?

Purveyor comes with 10 activations.


How often do you plan updates?

For now, Purveyor is a complete product. However, we constantly monitor the market as well as the EA and if necessary, new updates will be implemented accordingly. 


Which VPS provider do you recommend?

Unfortunately I can’t recommend any VPS.


Is there a Telegram group?

Yes, there is a Telegram customer support group. Please message me to get an invitation.


Is Purveyor available to purchase anywhere else?

No, Purveyor is available only on MQL5 so if you find it anywhere else, it will not be a genuine product. 

Why do I get different/worse backtest results?

  1. The quality of market data provided by your broker (it varies from broker to broker)
  2. The swaps and spread of each broker may have an impact on the backtest results

Is live trading the same as backtesting?

If you have high quality data provided by broker yes, it is exactly the same as real trading


How do I backtest it?

In order to test it properly and see its full potential you need to 


Is there a real tick 100% quality backtest available?

Yes, there is. Please see below.


What year can I backtest from?

There is no limit and you can start the backtest even from 2000’

How to start the expert:

  1. After you’ve downloaded Purveyor into your terminal, please make sure to add the following URL to the list of allowed URLs:  https://nfs.faireconomy.media
  2. Run Purveyor just on one chart – USDCHF (timeframe only H1). Once it’s attached to a chart, it will automatically scan charts of other currency pairs and open positions accordingly. 

Are the default settings good?

Yes, they are but you can change them accordingly to your style of trading for example by changing “Risk per trade”


Is there a recommended set file available?

Default settings are recommended


What’s the minimum start balance?

The minimum recommended start balance is $500 for every 0.01 if you chose fixed lot in lot sizing method. If you choose lot sizing method: based on the balance, then the risk percentage should be like this: 

  • 0.5% min. $3500
  • 1% min. $2000
  • 2.5% min. $750
  • 5% min. $350 

What symbols does it support?

USDCAD, USDCHF and USDJPY


Can Purveyor run alongside other experts? 

Yes, but please make sure that all your expert advisors have different magic numbers.


How can I increase the profit?

You can increase your profit by either increasing fixed lot or increasing risk per trade in the settings. 


How to increase traded lot sizes?

The easiest way to increase the traded lot size is by increasing the Risk of each trade (%) or use fixed lot. 

The inputs are described in details in the input section


How is the T/P determined?

The T/P is determined by the strength of the signal so if the signal is strong enough the TP will increase.


How is the S/L determined?

Just like the T/P, stop loss is determined by the strength of the signal.


How to fix error 4752?

This error indicates that you’ve not enabled auto trading. In order to fix this, you need to perform two tasks:

Firstly, the “Algo Trading” button on top of your Metatrader terminal should be green (enabled)

Then in expert settings in “Common” section the “allow Algo trading” box should be checked 


My symbols have prefix or suffix, what do I do?

Leave symbols to trade as they are and in the inputs below add your suffix or prefix. For example if USDCHFis xUSDCHF then put “x” in the prefix input. If it’s USDCHFx, then put “x” in the suffix input.


What if my account is in a different currency than USD?

It doesn’t matter what currency is your account in, Purveyor handles it automatically


How to fix error “Indicator ‘Average True Range’ cannot load”?

It means the history of charts are not loaded, to fix this once open all the charts of the symbols you included in the symbol list and let the charts load

Please see a detailed description of all the inputs of Purveyor below:

Activate scoring algorithm

The scoring system provides an extra layer of protection. It is up to you whether you’d like to turn it on or off


GMT (only needed for backtest)

In order to get the right backtest results please make sure to put the correct time zone of your broker. If it’s GMT +3 then you should put 3 in here


Symbol Suffix:

It is very important to set the right suffix if your broker uses one. For example if USDCHF pair with your broker is USDCHFx, you must put “x” here


Symbol Prefix:

It is very important to set the right prefix if your broker uses one. For example if USDCHF pair with your broker is xUSDCHF, you must put “x” here


Magic Number:

This is where you set your magic number. If you decide to change it from the default one you can easily do so by double clicking on that number and changing it to whatever you please.


Expert Comment:

This is a comment section which some users find quite useful. You can easily edit it by double clicking on the comment that is currently set as “P”


Avoid long term trades:

As a default it is set to true but you can change it if you want to and you will get long term trades with higher SL and TP value. 


Slippage

The maximum slippage value set in default inputs is 10 pips. If you decide that it is too low or too high for you, you can amend it.


Max spread for market order in points (Purveyor’s orders)

This is the maximum spread that is allowed for the EA to open a position. In case Purveyor would want to place a trade but the spread is too high, the trade will not be placed.


Max open positions (Purveyor’s orders)

As a default Purveyor will not have more than 3 positions open at any time.  This is the optimal number of max trades, however, you can change it if you want to 


Stop trading that day after X loss:

As a default it is set to 2 so if there is a day with 2 unprofitable trades in a row, Purveyor will not open any new positions that day. 


Use floating TP and SL:

As a default it is set to true. TP and SL values aren’t hard coded so if market conditions change, they can be adjusted automatically as well. 


Prop Firm TP & SL adjustment

If you use this EA for any of the prop accounts, then it is often important that your trades will be different than other people’s trades. For that reason, if you set this input to true it will always slightly modify the order by adding or removing extra points.


Force stop loss

If you decide to change the stop loss for example to 50 pips, once you’ve put the value here, it will override it to 50 pips for all future trades. If you leave it as it currently is “-1”, S/L in all future trades will be set by the EA.


Force take profit

If you decide to change the take profit for example to 30 pips, once you’ve put the value here, it will override it to 30 pips for all future trades. If you leave it as it currently is “-1”, T/P in all future trades will be set by the EA.


Extra stop loss pips

If you would like to add extra pips to stop loss value you put the number here. For example if you put in 10, then the SL value will increase for another 10 pips in every order


Extra take profit pips

If you would like to add extra pips to take profit value you put the number here. For example if you put in 10, then the TP value will increase for another 10 pips in every order


Limit the maximum value of a SL (in pips)?

As a default it is set to false. If you change it to true, it will override all the future trades’ value to whatever you’ll put in here. It’s a useful input for those who chose not to avoid long term trades.


Maximum SL for orders (pips)

As a default it is set to 60. If you set the above input to true , then here you set the value of max value of future orders. If, for example, you set it to 60 pips, it will only override the value of SL for those trades that has higher SL than 60 pips.


Adjust the lot base on Maximum SL

If the “Limit maximum value of a SL (in pips) is set to true and you set this input to true as well, lot size may be adjusted in order for proper risk calculation.


Lot sizing method

You’ve got a choice of 9 different methods here. Everything is pretty straightforward but in case it isn’t – please do let me know.


Risk of each trade(%): 

If you choose lot sizing method either “Based on the Balance” or “Based on the Equity” then this input will make a significant difference. For example if it’s set to 1%, then once it hits the S/L, then you will lose 1% of your balance.


Fixed lot

If your selected lot sizing method is “fixed lot”, then you can set its size here. 


Fixed Lot Per X balance

If you choose Fixed lot to 0.1 and this input will be set to 1000 then for every 1000 (of your base currency) its orders will have a size of 0.1 lot. For example if your balance is $12300 and you set this value to 1000 then it will open XXXYYY position of 1.23 lot


Turn on smart recovery

As a default it is set to true. If you leave it  that way, the AI making decision will slightly change and AI will not repeat same decision its made in the past which resulted in unprofitable trades. It will also slightly increase size of the future trades until the loss is completely recovered. It is very safe and complex input as the users shall not notice much of a difference in the future trades.


Close at Equity DD limit

You can either set “true” or “false” and then it will either be on or off. Very useful input for a trader who doesn’t want to go above certain drawdown value. 


Equity DD limit in %:

If you set the above to true, then on here you can set the actual drawdown limit For example if your Equity is $1000 and you set the value to 10, then all your open trades will be automatically closed once the total drawdown hits -100 USD. Currently it’s set to 30%


Close all trades on Friday

You can either set it to “true” or “false” here. It is useful for people who rather don’t like to keep their trades over the weekend


Friday close at

If the above input is set to “true” then on here you can set the actual time at which all trades will be closed on Friday for example 21:00


Trading on Monday

If you set it to “true” it will trade on Mondays, otherwise if you’d like NOT to trade on Mondays, then change it to “false”


Trading on Tuesday

If you set it to “true” it will trade on Tuesdays, otherwise if you’d like NOT to trade on Tuesdays, then change it to “false”


Trading on Wednesday

If you set it to “true” it will trade on Wednesdays, otherwise if you’d like NOT to trade on Wednesdays, then change it to “false”


Trading on Thursday

If you set it to “true” it will trade on Thursdays, otherwise if you’d like NOT to trade on Thursdays, then change it to “false”


Trading on Friday

If you set it to “true” it will trade on Fridays, otherwise if you’d like NOT to trade on Fridays, then change it to “false” 


News filter enabled

You can either leave it as it is “false” and Purveyor will not be using the news filter or you can set it to “true” and it will. 


Wait Hours before Event

If news are coming up let’s say at 3.00 pm then if you put “1” here then the EA will not open any trades between 2.00 pm and 3.00 pm


Wait Hours after Event

If news are coming up let’s say at 3.00 pm then if you put “1” here then the EA will not open any trades between 3.00 pm and 4.00 pm



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