ForexPhantom FAQs

You get full access to the ForexPhantom Trading EA for MT4 and MT5, downloadable from the members area. This includes the EA file itself, plus regularly updated setfiles tuned for specific brokers, prop firm challenges, and trading pairs. All plans also include email support and access to the Telegram community.

Yes — you can cancel at any time from your account area with no penalties. Your access continues until the end of the current billing period. There is no minimum term on monthly or quarterly plans.

ForexPhantom supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both files are available in the members area after purchase.

Yes. ForexPhantom v2.9 includes dedicated prop firm features — auto lot sizing based on your max daily loss limit, daily target percentage mode, news filter, and drawdown-aware pausing. Setfile packs configured for specific prop firm challenges (including Blue Guardian and FXIFY) are available in the members area. Always check that your prop firm permits automated trading before use.

See our Brokers & Prop Firms page for the full list of tested platforms, compatibility notes, and recommended settings. Setfiles for each are available in the members area.

Email support is included with all plans. You can also join the ForexPhantom Telegram community for setup tips, setfile recommendations, and discussion with other members. Yearly subscribers receive priority email response.

ForexPhantom is being extended with an AI-powered direction analysis layer. Before opening a new cycle on a pair, the EA will query an AI model to assess directional bias — bullish, bearish, or neutral — adding an intelligent confirmation step on top of the existing EMA, ADX, and RSI filters. This feature is currently in development and will be rolled out to all active subscribers automatically via an EA update. The API call counter already visible on the EA dashboard is the infrastructure this feature will use.

All payments are processed securely via Stripe. We never store your card details. Subscriptions renew automatically and can be cancelled at any time from your account area.

ForexPhantom is an automated grid-based trading system that opens trades in both directions (buys and sells) based on configurable distances in points. It scales lot sizes, trails profits, manages daily profit and loss targets, and uses filters such as RSI and trend direction. It handles full "cycles" of trades per direction and can automatically close an entire basket when profit or loss conditions are met.

A cycle is a group of trades in a single direction (either buy or sell) that starts with the first trade in that direction and ends when all trades in that direction are closed. Cycle-level profit and loss is tracked and used by features like TakeProfitAmount, PhantomRecovery, and Cycle Max Loss.

Hedged Basket TP (introduced in v2.9) allows you to manage the buy and sell cycles as a single combined profit pot. When enabled, the EA adds the floating P&L from all buy and sell trades together. If the combined total reaches your target, both sides close simultaneously. This is ideal for ranging markets where the two sides naturally offset each other.

You enter your License Key in the EA inputs. The EA periodically validates your key against the ForexPhantom license server using your MT4/MT5 account number. If the license is valid, trading continues normally. If it cannot be verified beyond the grace period, the EA stops opening new trades and shows a "License: DENIED/ERROR" status on the dashboard.

These toggle whether the EA can open new buy or sell cycles. Setting either to false stops new trades in that direction — but existing trades are still managed (trailing, PhantomRecovery) until you close them manually.

The minimum distance (in points, not pips) between the adverse extreme price of the current cycle and the next trade in that direction. Once price moves against your existing positions by at least this distance, the EA is allowed to open another trade in the same direction.

First Order Distance: When no trades are open in a direction, this is the distance used to place the very first pending order for a new cycle. Open Distance: For additional trades, once the grid spacing condition is met, the EA places a new pending order at this distance from current price so it follows price until triggered.

Move Step (in points) controls how often a pending order is adjusted as price moves. The EA chases price with the pending order, keeping it at the configured distance. It only moves the pending order if price has moved at least MoveStep points since the last adjustment, avoiding excessive modifications.

This multiplier makes each additional trade further apart than the last. A value of 1.0 means even spacing (classic grid). Larger than 1.0 spreads trades further apart, which can reduce risk exposure during strong trends.

The initial trade in a cycle uses Order Lot Size (or the Auto Lots value if enabled). Each subsequent trade multiplies the previous lot size by Multiply Lot Size.

With Use Auto Lots enabled, the EA calculates lot size automatically. You can base this on your full account balance (standard mode), your max daily loss limit, or your max cycle loss limit. The prop firm basis modes are designed for funded accounts where your effective trading pot is your risk allowance — not the full account balance.

Take Profit Amount is a basket profit target in money for each direction. When the floating profit of all trades in a direction reaches this amount, the EA closes all trades in that direction, ending the cycle and locking the profit.

Trailing Profit works on the first trade in a cycle and trails once activation conditions are met, ignoring the fixed TakeProfitAmount. Trailing Stop applies to subsequent add-on trades individually once they reach a profit threshold.

Daily Target can be set as a fixed monetary amount (e.g. $200) or as a percentage of your account balance (e.g. 1%). When the day's net P&L reaches the target, open trades are closed and trading pauses for the rest of that server day. Percentage mode automatically adjusts as your account grows.

If daily net P&L falls to or below the Max Daily Loss threshold, all trades and pending orders are closed and the EA stops trading for the day. There is an option to override the minimum trade time so loss protection can act immediately regardless of how long trades have been open.

Cycle Max Loss caps the loss for a single directional cycle (buy or sell separately). Max Daily Loss caps the full day's loss and stops all trading for the day once hit. Cycle Max Loss resets with each new cycle; Max Daily Loss resets each day.

When enabled, if a cycle has reached a minimum number of trades and the cycle's net P&L meets your breakeven or profit threshold, the EA can close the entire cycle — even if some trades are in loss — to escape extended grid situations cleanly.

When Trade Market Trend Only is enabled, the EA uses a multi-timeframe EMA + ADX model to determine the dominant trend direction and restricts new cycle openings accordingly — only taking buys in an uptrend and sells in a downtrend.

Regular mode is contrarian — it buys when RSI signals oversold and sells when overbought. Inverted mode flips the logic, buying into strength and selling into weakness, allowing a more trend-following approach.

It limits the EA to opening only one new trade per direction per candle, helping prevent over-trading on fast timeframes during volatile conditions.

Min Trade Time prevents closing logic (basket TP, trailing, PhantomRecovery) from exiting positions too early. In hedged mode, the entire combined pot waits until all open positions across both directions have met the minimum hold time before closing. Max Daily Loss can always override this to protect equity.

These options open the first and/or subsequent trades as market orders instead of pending orders that follow price. More aggressive entry style, but you lose the "follow price" pending order behaviour.

It caps the number of open positions per direction (0 = unlimited). Useful for controlling maximum grid exposure per symbol, particularly important on prop firm accounts where you need to limit drawdown.