Averaging down EA
This cost averaging Expert advisor (EA) places additional trades in the same direction as the original (manually opened) order when the price goes against you. It can be used as a grid system or as pure martingale system (exponential increasing of lot size) or smoothed martingale (for instance linear increasing of the lot size). Due to the risk involved, this EA is more suitable for intermediate to advanced traders who are well aware of how to handle risk management and trading an already profitable strategy or EA.
The EA can manage any manual or EA trade for the symbol on which this EA has been loaded.
- Many options to select from when an averaging down (grid) order should be opened.
- Possibility to open a lock (hedge) order for fixation of the floating loss.
- Information about the actual status of the order basket is showed in the upper right corner of the chart.
The EA supports ECN accounts and complies with NFA FIFO regulations. The EA can be used with a US broker account only when Lock (hedge) order is disabled.
It is recommended to test this EA on a demo account for a week to get a clear picture of how it behaves with different settings.
- Enable averaging - When set to False the the EA is in sleeping mode doing nothing.
- Enable only for this magic number (-1 = all) - You can set this to 0 for controlling manually opened orders or set a magic number for a specific EA.
- Close all and stop trade - When changed to True the order basket will be closed and the EA will bet set in sleeping mode.
- * Maximum allowed spread in points (0 = not used)
- Maximum allowed slippage in points - Please note that not all brokers/account types support slippage control.
- Risk (for strategy tester) - Risk in percentage. The lot size will be calculated base on this value
- Take profit level in points (for strategy tester)
- Use take profit also for manual trading - If set to true then the value above will be set as TP in case you did not manually specify TP.
- Strategy to use (for stategy tester only) - Listbox with 2 alternatives:
- RSI M5-H4 - RSI 14 must be above/below on all these time frames on order for short/long trade to be opened.
- MA 50. Long trade above and vice versa.
- Averaging method - Listbox with 3 selections:
- DISTANCE - the next order will be opened as soon as the distance has been reached.
- TIMEFRAME - the next order will be opened upon new candle open and if the distance has been reached.
- PIVOT - the next order will be opened at the next closest pivot level.
- Time frame (if set to TIMEFRAME or PIVOT above) - There must be a new candle for the selected time frame and minimum distance reached in order for an averaging order to be opened.
- Use ADR (Average Daily Range) - True or False. ADR is calculated based on the sum of each days move (high-low) divided with the amount of days.
- ADR period (days) - Default is 60.
- ADR divider - If ADR for the last 60 days is 1000 points (100 pips) then the distance must be at least 1000 / 4 = 250 points before an averaging order will be opened.
- First averaging order distance (0=disabled)
- Min. distance for next orders (if Use ADR=False)
- Lot increase method - Select from MULTIPLIER or INCREMENT.
- * Lot multiplier/increment
- Take profit method - Select from POINTS or MONEY.
- Profit in points or money (0 = break even) - If the value is set to for instance 10 then if Points is selected above the averaging order basket will be closed when in 10 points profit. If money then when 10 in profit in the account currency.
- Wait for candle close (Virtual TP must be True) - Will wait until the candle has closed until the order basket will be closed.
- * Virtual TP (always used with Money. Must beTrue for FIFO)
- Lots limit method - Select from MAXORDERS or MAXLOT.
- Lots limit value - Amount of averaging orders to open or max lot size to open.
- Close all orders at max orders - All orders will be closed when the last order has been opened and the price has moved yet a distance unit.
- * Enable lock order
- Lock distance in points (from last averaging order) - The lock order will be opened when this distance has been reached.
- Virtual lock order (False=pending order)
- Magic number for averaging orders
- Order comment - This text will be added to the end of the original order comment.
- added RSI strategy (for testing the EA in the strategy tester)