Bitcoin Wizard MT5 + SetFiles (Official version) | Unbounded

Performance and Risk Management

Bitcoin Wizard MT5 includes several tools designed to help traders manage trading risk and position exposure.

Lot and Money Management

Users can select different approaches to position sizing, including:

• Fixed Lot Size – trades using a predefined lot size.
• Fixed Money Size – adjusts the lot size according to the selected money allocation.
• Risk Per Trade % – calculates position size based on a percentage of account risk.
• Maximum Lots – limits the maximum position size allowed for a trade.

For example, with the Fixed Money Size method, the lot size can increase automatically as the account balance grows according to the configured money allocation.

Stop Loss and Take Profit

The EA allows users to configure:

• Stop Loss in pips.
• Take Profit in pips.

Every trade can therefore have predefined risk and profit targets.

Trailing Stop

The trailing system can be enabled to dynamically manage profitable positions.

Users can configure:

• Trailing type.
• Trailing start.
• Trailing step.
• Money-based trailing start.
• Money-based trailing step.

Break Even

Bitcoin Wizard MT5 also provides an optional Break Even function. Traders can specify when the position should move toward break-even and how much profit should be locked.

Time Management

The EA allows traders to control the trading schedule using broker server time.

Users can define:

• Trading start time.
• Trading end time.
• Trading days.
• Whether all trades should be closed when the trading period ends.

This can be particularly useful for traders who do not want the EA to open new trading cycles continuously.

News Management

The integrated News Filter can stop new trading activity before and after selected news events. Users can specify how many seconds before and after the event the EA should pause trading.

Spread and Slippage Protection

Bitcoin Wizard MT5 includes settings for:

• Maximum spread.
• Maximum slippage.
• Automatic deletion of pending orders when the spread exceeds the configured maximum.

These settings can help reduce exposure during unfavorable execution conditions.

Weaknesses and Risk Warnings

Although Bitcoin Wizard MT5 does not use traditional Grid or Martingale strategies, Bitcoin trading remains highly volatile and carries significant risk.

The developer specifically notes that the EA can be sensitive to differences in spread and slippage between brokers. Therefore, the same settings may produce different results on different trading accounts.

Important risks include:

• BTCUSD can experience extremely rapid price movements.
• Cryptocurrency spreads can expand significantly during volatile periods.
• Slippage can affect pending-order execution.
• Broker execution conditions can materially affect results.
• Different brokers may use different BTCUSD pricing and contract specifications.
• Leverage can amplify both profits and losses.
• Backtest results do not guarantee future performance.
• News events can cause sudden Bitcoin price movements.
• Poor VPS or internet connectivity can interfere with automated trading.
• Incorrect settings can lead to excessive position sizes.
• Recovery settings should be used carefully.

The EA should therefore be backtested using the same broker and account conditions intended for live trading before deployment.

The recommended modeling method is “Every Tick Based on Real Ticks” for backtesting.

Past performance is not a guarantee of future results, and traders should only risk capital they can afford to lose.

Pros and Cons

Pros

• Fully automated Bitcoin trading EA for MT5.
• Designed specifically for BTCUSD / Bitcoin.
• Uses momentum and breakout-style pending orders.
• Supports M15 and H1 timeframes.
• Suitable for 24/7 cryptocurrency markets.
• Does not rely on traditional Grid trading.
• Does not use Martingale as its core strategy.
• Every trade can use Stop Loss protection.
• Flexible lot-sizing methods.
• Supports percentage-based risk management.
• Maximum lot protection.
• Trailing Stop functionality.
• Break Even functionality.
• Optional News Filter.
• Flexible trading schedule.
• Spread and slippage controls.
• Automatic pending-order management.

Cons

• Highly dependent on Bitcoin market conditions.
• Sensitive to broker spread and slippage differences.
• Results may vary significantly between brokers.
• Requires appropriate BTCUSD trading conditions.
• A set file is required.
• Leverage can significantly increase risk.
• Pending orders may experience slippage during rapid Bitcoin movements.
• Requires thorough broker-specific backtesting before live trading.
• No automated strategy can guarantee profits.

How to Install Bitcoin Wizard MT5

Step 1: Install the EA

Install Bitcoin Wizard MT5 into your MetaTrader 5 platform and restart the terminal if necessary.

Step 2: Open the BTCUSD Chart

Open the broker’s BTCUSD / BITCOIN trading symbol.

The recommended timeframes are:

• M15
• H1

The provided specifications also reference M15 as the primary testing timeframe.

Step 3: Attach the EA

Attach Bitcoin Wizard MT5 to the appropriate BTCUSD chart and make sure automated trading is enabled in MetaTrader 5.

Step 4: Load the Required Set File

The EA requires a set file. Load the appropriate configuration before starting live trading.

Avoid changing advanced parameters without first understanding their effect on position sizing and risk.

Step 5: Configure Money Management

Choose your preferred lot-sizing method:

• Fixed Lot
• Fixed Money Size
• Risk Per Trade %
• Maximum Lots

For beginners, conservative risk settings are recommended.

Step 6: Configure Stop Loss and Take Profit

Set the appropriate Stop Loss and Take Profit values according to your trading plan and account risk tolerance.

Step 7: Configure Trailing and Break Even

If desired, enable the Trailing Stop and Break Even functions and define their respective start and step parameters.

Step 8: Configure Trading Times and News Filter

Set the preferred trading hours and days. You can also enable the News Filter and configure how long the EA should stop trading before and after news events.

Step 9: Configure Spread and Slippage Protection

Set the maximum acceptable spread and slippage. The EA can automatically delete pending orders when the spread exceeds the configured limit.

Step 10: Backtest Before Live Trading

Before using Bitcoin Wizard MT5 on a live account, perform a comprehensive backtest using your intended broker.

The recommended modeling method is:

Every Tick Based on Real Ticks

Because the EA is sensitive to differences in spread and slippage, broker-specific testing is especially important.

For live automated trading, a stable VPS is recommended to maintain continuous MetaTrader 5 operation.

Real User Reviews and Feedback

🔺Bitcoin Wizard MT5 is highly appreciated by the MQL5 community for bringing stable and reliable profits. Below are 5 star reviews from users: