Forex EA OPEN LOCK v5.9 ( RECOVER EA ) - REDUCE DRAWDOWN - HIGHLY RELIABLE, MT4

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Forex EA OPEN LOCK v5.9 ( RECOVER EA ) - REDUCE DRAWDOWN - HIGHLY RELIABLE, MT4

Open lock

The Expert Advisor helps reduce the account drawdown.

To do this, the losing deal is split into multiple small parts, each of these parts is closed separately.

The EA can interact with other experts. For example, when a certain drawdown is reached, Open Lock can disable the other expert and start working with its orders.







The main goal of the advisor is to reduce or completely close the loss on the account.

To begin work, one or more transactions must be already opened.

 

Algorithm

When started, the advisor searches for profitable transactions and at their expense it tries to close a part of failing orders.

If loss-making orders remain, Advisor will open additional transactions in such a way that the number of lots per buy could be equal to a number of lots per sell (this is called locking). In this situation, wherever the price goes, the size of the loss will not increase.

Transactions that are open for locking are marked with a locking comment.

Then Advisor finds a long failing transaction deal, and cventionally divides it into several small parts. (for example, a order with 1.0 lot will be divided into 10 transactions 0.1 lot each)

In the future, each of these small transactions will be closed separately.

With partial closing of transactions, the risk is significantly lower than with the classic making up for the whole item.



How to open new orders

Advisor opens orders through a certain number of points specified in the options. A new order is opened if the previous one is at a loss.

These items are marked with an average comment and are opened with a magic number specified in the options.

In the future, Advisor considers these orders "its own ones".

Each new order is opened by a lot indicated in the options times the factor.

 

How to close orders

New orders are opened with a small amount. When the profit with these orders exceeds the size of the loss part, the closure occurs.

With standard settings, loss-making buys are closed at the expense of new buys. It is similar with sale transactions.

For example: a loss-making order was opened by lot 1.0 with a loss of -$1,000

In Advisor settings, we specify the part we want to close: 0.1 lot (i.e. 1/10 of the loss-making order).

In the same way we specify profit that we want to receive from such a close: $15.

To close the transactions, the account should receive a profit of $1,000 * 1/10 + $15 = $115.

When this profit is achieved, Advisor closes its orders and a part of the losing transaction.

After the transaction part is closed, we have a profit of +15$ and a loss-making order of 0.9 lot remains.

This is a very simple example. In real trade, the situation changes constantly. Advisor keeps its track at every price change.

 

How to prepare an account before running Advisor

You do not have to do that, but it will help Advisor handling a drawdown quicker.

If there are many transactions opened at different levels and in different directions, then before starting Advisor, you can manually close all the profitable ones, and close the  loss-making ones in the volume of profit received.

1. This approach will reduce the number of lots. It will also reduce a swap charge.

2. There will be fewer transactions and lots, then Advisor will quickly cope with the drawdown.

The work principle is shown at this page (RUS): https://likho.ru/kak-sokratit-lotyi-v-zalokirovannyih-sdelkah-chema/

 

When Advisor should be used

    When an account has a drawdown of 5% or more;
    When rhere are a lot of buy and sell transactions;
    When a lot in transactions can be divided in parts
    When there are funds available in an account has, which Advisor can use to open its items.

 

When Advisor should not be used

    When the drawdown size is extremely small

For example: a deposit is $3,000 and one transaction is opened with 0.01 lot and a loss of -15$. In this case, the Expert Advisor should not be started.
 

Expert Advisor Settings:

    Language - interface language of the control panel
    Magic Number - unique identifier of averaging orders. It must not coincide with the magic numbers of other EAs
    Start work - when to start working
        At startup - right after starting
        By drawdown level - after reaching the drawdown level
    Drawdown in currency - drawdown value in the deposit currency(it must be specified in case 'By drawdown level' is selected)
    Stop another advisors - stop the operation of other experts in the terminal (works only when the drawdown level is reached)
        Not use - disable this feature
        Close chart with same symbol (for single currency advisor's) - close charts of the current symbol. Charts of other symbols will not be closed
        Close all other charts (for multicurrency advisor's) - close other charts to disable the operation of other experts
    Action when the risk limit is reached - actions for critically low level of free margin (action is activated 30 seconds after the drawdown is reached)
        Nothing
        Locking all positions and stop
        Сlose all position and stop
    Equity level in currency - equity level, below which the actions from the previous parameter are triggered (if 0, not used)
    Equity level in percent - drawdown percentage. If higher than 0, and Action when the risk limit is reached - None, the drawdown value will be displayed on the control panel
    Maximal lot in average ord (0-not used) - the maximum lot to be opened by the EA in an averaging order. If 0, the lot size is not limited
    Maximal number average ord in one direction (0-not used) - the maximum number of averaging orders in one direction
    Maximal step (0-not used) - the maximum step (in pips) that can be set between averaging orders. If 0, the step is not limited. This parameter is only used if the dynamic step is enabled
    Settings - how to set the EA parameters
        Use control panel
        Use expert inputs - parameters must be set in the EA inputs. This mode should be used when working with VPS by MetaQuotes


Testing

When you start the Expert Advisor, it opens a deal and then tries to close it with a profit.

To open additional market orders, you can use buttons on the control panel.




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