Review of the tester for MT4 FX Blue. Part 2 (Setting Test Parameters and Running the Tester)
FX Blue is a handy, simple, with optimal functionality manual strategy tester designed for installation in MT4. Where to download FX Blue, how to install it and register, you can find out from the previous review. In this part, you will learn how to set up basic test parameters and run the simulator.
FX Blue simulator – setup and launch
In comparison with MT4, the simulator is quite convenient. Just for fun, before downloading FX Blue, run a test on your native MT4 tester and save the result. Therefore, it will be interesting to compare both backtests.
Launching FX Blue – only through the MT4 tester window (this point was described in the previous part).
Here we specify the following parameters:
- Symbol. We indicate the currency pair on which the testing will be conducted. There are even several indices and securities on the list.
- Test type (model). Models differ in speed and accuracy of running. The rough method is needed more in order to, in principle, understand how the strategy is working. But even after running the “Every tick” model, do not expect an ideal result. In terms of accuracy, the built-in MT5 tester works best.
- Date. Here we indicate the time period for testing.
Below in the “Visualization” window, be sure to put a tick (if there is no window, as in the screenshot above, stretch the tester window up). Visualization is the speed of scrolling the chart and the slider allows you to adjust it.
Placing orders FX Blue
Press the “Start” button, after which the FX Blue window appears on the chart, allowing you to manually place orders at any point. The tester is compatible with indicators that can be applied only after starting, since the simulator opens a new window after starting.
In the window for quickly opening deals, you can set the volume of a deal, pending orders and open a long or short position in one click. Recall that the control of the chart scrolling speed is a slider in the “Visualization” column, the stop of scrolling is the “Stop” button in the lower right corner of the tester. Please note that the stop is complete (that is, it is not a pause), when you restart the test, the test will be restarted in a new window.
The control window with open orders looks like this:
The currency window has a dropdown menu. Click on it with the left mouse button and a window for managing all orders will appear with the ability to close all open, profitable or unprofitable orders.
Pop-up menus have other windows, which are called by pressing CTRL on them and the left mouse button. It is not necessary to call these windows, but any trading system provides for compliance with the rules of risk management. Excel or other editors can be used. And you can calculate the maximum permissible values of pending orders in FX Blue. Below is an example of such a window for calculating take profit.
There are two icons in the upper right corner of the order window (to the right of the currency pair window) – blue and orange. The orange icon allows you to display fields with advanced order settings.
Here you can set the following values:
- Order type. The tester allows you to place 8 standard and non-standard orders. Standard – market, pending and limit buy and sell orders (6 options). And two non-standard interchangeable orders – for a channel breakout and a pullback from the borders. In the first case, two pending stops are placed and when one is triggered, the second is removed. In the second case, two limit orders are placed on both sides of the price; when one is triggered, the second one is deleted.
- The volume of the transaction. Fixed volume or fixed risk in the deposit currency, percentage of equity or balance. The risk level is calculated from the specified stop length. Therefore, when trading with a dynamic lot, a fixed stop is indicated in points.
- Stop and take profit level. It also indicates either a fixed amount or a percentage of risk from equity / balance.
- Trailing. Floating stop setting parameter.
If you left-click on the orange icon with CTRL pressed, the order templates window will appear. All data entered in the order settings window is saved in FX Blue. Then they can be installed on any other tested asset.
In many places, the simulator has hints, as in the screenshot above. Hover over a menu or icon – a tooltip appears.
The blue icon calls up the settings menu, which has several items:
- Account information on the developer’s website. Before downloading FX Blue, you registered on it and at the end you will have to return to it again (we will talk about this in the 3rd part).
- Pause testing.
- Other settings for placing orders, including hedging.
- Setting automated tasks
Already placed orders and open positions can be managed directly from the chart.
When you open a position, a marker appears on the chart, by clicking on it, you can call a menu with its parameters, as shown in the screenshot above. After grabbing a marker, you can manually move it around the chart.
In the following overview, read about how to analyze test results. In the meantime, we recommend downloading FX Blue and trying to open several deals on it. Write any questions about the tester in the comments – we will try to answer!