Activation
Each MQL5 purchase can be installed a limited number of times. Buying Smart Gold Hunter includes 5 activations, so keep track of where you use them.
Home / Glossary
Glossary
The trading words used on this site, in plain English. Each one has its own link you can share.
Balance
The account value counting only closed trades. It does not move while a trade is still open.
Break even
Moving the stop loss to the entry price once a trade is in profit, so that trade can no longer end in a loss, apart from costs.
Drawdown
A drop in an account from its highest point to a later low, usually shown as a percentage. Experienced traders look at the deepest drawdown and how long it took to recover.
Equity
Your account balance plus or minus the result of every trade that is still open. Equity protection watches this number, not only closed trades.
Expert Advisor (EA)
A program that runs inside MetaTrader 5 and opens and manages trades by itself, following fixed rules.
Grid
A method that opens more and more trades at set price steps as the price moves against it. Smart Gold Hunter never uses one.
Hedging against its own trades
Opening an opposite trade instead of closing a losing one. Smart Gold Hunter does not do this.
Lot
The unit of trade size. On gold, one lot is often 100 ounces, but brokers differ; the contract size is in the symbol specification in MT5.
Martingale
A method that raises the trade size after each loss to win it back. It can look smooth for a long time and then lose a large part of an account. Smart Gold Hunter never does it.
Profile
A ready group of settings for one trading style. Smart Gold Hunter has six profiles that share one engine.
Prop firm
A company that gives traders a funded account once they pass a challenge, with strict rules such as a daily loss limit and a maximum loss.
Recovery trade
An extra trade opened to win back an earlier loss. Smart Gold Hunter never opens one.
Set file
A small file that loads a whole group of EA settings at once. Each profile has its own set file, and version 6.0 needs the new ones.
Slippage
The difference between the price you asked for and the price you actually got. Fast markets and slow connections make it bigger.
Spread
The gap between the buy and sell price. On gold it widens around news, at the daily close and on some brokers, which makes every trade cost more.
Stop loss
An order that closes a trade automatically at a set price, so the loss on that trade is capped. Smart Gold Hunter sets a real one the moment each trade opens.
Strategy tester
The part of MetaTrader 5 that runs an EA on past prices. The MQL5 demo of Smart Gold Hunter runs only there.
Take profit
An order that closes a trade automatically once it reaches a set profit.
Trailing stop
A stop loss that follows the price as a trade moves into profit, locking in part of the gain.
VPS
A virtual private server: a computer in a data centre that runs MetaTrader 5 all day, so the EA keeps working when your own computer is off.
XAUUSD
The symbol for gold priced in US dollars. Brokers sometimes add letters, such as XAUUSDm, or call it GOLD.