Journal
Every successful trader maintains a trading journal. However, this task is labor-intensive for scalping and day trading. To alleviate this, the Meta Extender automates the process. This section will guide you in locating the auto-generated trading journal and interpreting the data and diagrams within it.
Folder path and data organization
The Meta Extender manages its file and folder input and output within the live folder. You can access these folders via the Windows start menu or through a shortcut configured on your Windows desktop, as shown in the image below.
As you delve deeper into the file structure, you will encounter the Journal Evaluation Excel file. This file is designed to import and display the journal data that the Meta Extender exports in CSV format. The complete directory tree, beginning with the live folder, is depicted below.
Alternatively, you can access the Journal output folder by entering the designated path into your Windows folder browser.
%AppData%\MetaQuotes\Terminal\Common\Files\FEA Trading Live Data\<META_TRADER_INSTANCE_NAME>\Meta Extender 2.0\Journal
<META_TRADER_INSTANCE_NAME> shall be your MetaTrader instance name, for example, MetaTrader 4 IC Markets.
Data import
The trading journal's raw output is a CSV file. This file can be used for direct, computer-assisted processing or imported into the pre-formatted Excel journal file. To import the trading data, open the Excel file and click the Import button on the Import sheet.
The import process may take a few seconds, depending on the volume of raw journal data. The Excel journal file should be in the same folder as the Final output folder, which contains the raw CSV export generated by the Meta Extender. The Excel file is automatically generated in the correct folder.
Further down this page, you'll find examples of each automatically generated journal diagram. These comprehensive data diagrams provide an easy-to-understand overview of your trading history. Each diagram can be displayed or hidden according to your visual preferences.
It requires installing Microsoft Excel on your computer and enabling the macro feature. Excel will prompt for this when opening the Journal Evaluation file for the first time. Please enable the content. If you are missing the evaluation Excel file, you can download it here.
Diagram - Equity
This diagram illustrates the progression of equity over a series of trades. The vertical axis represents account equity, while the horizontal axis denotes the number of trades executed.
Diagram - Volume (in lots)
This diagram displays the volume associated with each trade. The vertical axis shows the volume size in standard lots, and the horizontal axis indicates the number of trades executed.
Diagram - SL/TP Maxed Out (in %)
This diagram depicts the proximity of the actual price to the stop loss and take profit limits. The vertical axis signifies the price changes in pips towards the stop loss and take profit levels. In contrast, the horizontal axis represents the holding time of a trader, measured in milliseconds. Each trade is denoted by a pair of squares: red and green.
Diagram - Performance (in %)
This diagram demonstrates the performance at the end of each trade. The vertical axis illustrates the performance in percent, starting from zero at the beginning of the journal record. The horizontal axis shows the number of trades executed. Positive values indicate good trading performance and vice versa.
Diagram - Drawdown (in %)
This diagram portrays the drawdown at the end of each trade. It is represented as a positive percentage value on the vertical axis, with zero indicating a good value. The larger the drawdown, the worse the trading strategy. The horizontal axis illustrates the number of closed trades.
Diagram - Commission, Swap, Profit
This diagram displays each executed trade's commission, swap, and profit. The horizontal axis represents the number of trades, and the vertical axis represents the sum of all fees. Each fee type is color-coded: blue for commission, orange for swap, and gray for profit. A trade is profitable only if the sum of all fees is positive.
Diagram - Slippage Open
This diagram represents the slippage encountered when opening each trade. The horizontal axis illustrates the number of closed trades, while the vertical axis shows the slippage as an absolute price difference. These values can be used to evaluate your broker's order execution quality, with lower values being better.
Diagram - Slippage Close
This diagram represents the slippage encountered when closing each trade. The horizontal axis illustrates the number of closed trades, while the vertical axis shows the slippage as an absolute price difference. These values can be used to evaluate your broker's order execution quality, with lower values being better.
Diagram - Execution Time Open (in us)
This diagram illustrates the time required to open each trade. The horizontal axis displays the number of trades, and the vertical axis shows the execution time in milliseconds. Please note that these values are not representative in tester mode; only live trades can be used to evaluate your broker's order execution time.
Diagram - Execution Time Close (in us)
This diagram illustrates the time required to close each trade. The horizontal axis displays the number of trades, and the vertical axis shows the execution time in milliseconds. Please note that these values are not representative in tester mode; only live trades can be used to evaluate your broker's order execution time.
Raw data as table
This Journal Data sheet contains the raw data identical to the CSV output. This data table is used to generate the above diagrams. As you can see, there are numerous data points available.
