SETTINGS
The NovaBot settings hold the key to unlocking the full potential of your trading journey, whether you're harnessing the power of automation, opting for a semi-automated approach, or executing manual trades. In this section, we delve into the intricacies of each setting, guiding you through their profound impact on your NovaBot trading experience. Prepare to embark on a comprehensive exploration, gaining invaluable insights into how these settings can shape your path to success with NovaBot.
Account Protection
Serial Key
To activate NovaBot for your free trial or after making a purchase, simply copy and paste the provided key into the designated field.
Pause On Drawdown Limit
This feature is important, especially if you are aiming to successfully pass a prop-firm funded challenge that enforces strict daily drawdown limits. By enabling this feature, NovaBot will proactively safeguard your trading activities. The moment the designated drawdown limit is reached, NovaBot will promptly close any open trade and transition into pause mode. This limit resets to zero once NovaBot is manually restarted.
Drawdown Limit %
This represents the maximum percentage drawdown limit that, when reached, triggers NovaBot to automatically close any open trade and enter pause mode. If, for instance, your funded challenge has a drawdown limit of 5%, it is advisable to set this value to 4.5% or lower to account for possible slippage and provide a buffer.
Reset at GMT
If the drawdown limit has been reached and NovaBot has entered pause mode, it will automatically switch back to active mode once the GMT reaches the specified value. However, this feature is primarily useful for backtesting purposes over extended periods of time. In real-time trading scenarios, it is unlikely that you would run NovaBot without regularly checking its status.
Max Allowed Drawdown Limit
Introducing the "Max Allowed Drawdown Limit" feature, tailored specifically for those navigating funded challenges. Typically in such challenges, traders aim to achieve a set profit goal, let's say 10%, without exceeding a specified drawdown limit, commonly 10% as well. Using a $10,000 account as an example, the objective is to touch $11,000 before descending to $9,000.
This essentially positions you to utilise only the $1,000 buffer granted. As a result, calculating trade sizes based on the total account balance isn't the most efficient strategy. Instead, it's more prudent to focus on the "relative balance", which we define as the current account size minus the Max Allowed Drawdown Limit.
By inputting a value into the "Max Allowed Drawdown Limit", all subsequent trade percentages will be computed based on this "relative balance", ensuring that your risk management aligns with the unique constraints of funded challenges. Should you input a zero in this field, NovaBot will revert to using the actual account balance for calculations, ignoring the relative balance. This feature offers flexibility and precise risk management tailored to the trader's unique goals and circumstances.
Lot Adjuster Panel
Default Size
The figure you enter here represents the lot size and will be shown in the Lot Adjuster panel of NovaBot when you initially activate the Trading Interface. Once you are actively trading, you have the flexibility to modify this figure in the Lot Adjuster. You can find more detailed information about the Lot Adjuster in the Trading Interface section, where it is thoroughly explained.
SL and TP
When utilizing the Quick Trade feature, as described above, this setting determines the default stop loss and take profit levels in pips that will be assigned to the trade initiated through Quick Trade.
Quick Profit Min Pips Threshold
When the Quick Profit feature is enabled, the Quick Profit button on the Lot Adjuster panel of the Trading Interface becomes visible once the trade has moved in your favor by the specified number of pips indicated here.
Show % Only
Successful traders aim to minimize emotional influences and approach trading with a focus on percentages rather than monetary values. To support this mindset, we have implemented a feature that allows you to display only percentages related to your overall account balance, eliminating monetary values from the Trading Interface. By enabling this option, you can further align your trading perspective with a percentage-based mindset, promoting a more disciplined and objective trading approach.
Trading Panel
Default Risk %
Here, you can establish the default risk percentage for any new trades executed by NovaBot. This default setting is initially displayed when you first activate the Trading Interface. Although this value can be adjusted in real-time after enabling the interface, this section allows you to set its starting value".
Paused
This configuration sets the initial state of NovaBot at the commencement of a session: in Active Mode (where it will execute valid trades automatically) or in Pause Mode (where it will await further directives before initiating any trades). After activation, the user can modify this setting screen, as detailed in the Trading Interface section.
Valid Trade
Use Quick Trade Settings
When activated, NovaBot will rely on the SL and TP pip values set in the Lot Adjuster Settings, bypassing the Momentum Indicator's determinations. This ensures a consistent lot size for trades based on your specified risk percentage. However, it doesn't adapt to the asset's daily volatility. This could lead to frequent stops if the market is highly volatile. Deactivating this setting allows NovaBot to dynamically determine the SL based on current market movement and adjust the lot size accordingly.
Break Point
When NovaBot operates in Active Mode, it will execute a trade if the 'Break Point pip value' is achieved, in the corresponding direction. To gain a comprehensive understanding of how this 'target' pip value is determined, I encourage you to read the crucial section titled “Sum of the two 5 minute periods - Break Point” located in the Trading Interface section. This section provides a detailed explanation of the calculation process.
SL %
Note: If you are using QuickTrade settings (above) then these will be overridden.
This Stop Loss (SL) will never be set lower than the Break Point pip value, but it may often be higher, especially when dealing with highly volatile assets. The SL is set based on a percentage of the pip value from the previous peak of the NovaBot Momentum Indicator. The video below offers a more detailed explanation of this process.
TP %
The Take Profit (TP) percentage functions as a multiplier of the Stop Loss (SL) percentage. For instance, if set to 200%, the TP will be twice the size of the SL. If it's set to 100%, the TP will be equal to the SL pip value.
Use Sound
When enabled, cTrader will produce a distinct tone as the Break Point target on the Info Panel is reached. Additionally, a clicking sound will be heard for every tick in the positive direction of an open trade.
Trailing Stop
Use Trailing Stop
This setting allows you to decide whether to utilize this feature or not.
Trailing Stop Trigger
The trailing Stop Loss (SL) will activate once a trade has moved in your favor by the specified number of pips.
Trailing Stop
This represents the pip value of the trailing Stop Loss (TSL).
Stop Trailing At Trigger
If this setting is enabled (set to 'yes'), the trailing Stop Loss (TSL) will cease its trailing function once it reaches the initial trigger pip value and will then act as a static Stop Loss (SL). If set to 'no', the TSL will continue its trailing function. For a more detailed explanation, please refer to the video below.
Time Filter
Use Time Filter
This feature is specifically designed for backtesting across various time frames. Its purpose is to allow you to simulate periods when you would actively trade with NovaBot, thus enabling you to identify the settings that most effectively align with your preferred asset.
Start Time
NovaBot will go into Active Mode at this time.
End Time
NovaBot will be paused at this time.