Reverse Trade EA
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I have used Signal Copy to turn a consistantly losing EA into a profitable one.
Especially when used in conjunction with the ManageTP2-4.mq4 EA.
The only problem I have is that Signal copy will only copy from one account to another.
Ok, so why don't I start a demo account and run the Master on the Demo and the Slave on Live?
Signal Copy Master will only run on a live account. It uses your account number to activate. I thought of registering the software to a demo account, but then remembered that demo accounts usually expire.
So, is there an EA that can be developed with the following parameters?
1) Reverse Trade: Deny/Allow
When an EA or manual trade is opened (Filters could separate this so that this function will only work with a specific comment, pair or magic number) a reverse trade is opened
2) Customisable S/L and T/P. Deny or Allow. 0 = S/L and T/P reversed from master trade
3) Pending Orders reversed. Deny or Allow
4) Profit Target and Stepped S/L.
For example, as the trade progresses from the entry price and meets the targets, the S/L's will follow. The difference between this and a trailing stop is that you can specify different percentages of gain and loss along the way. A tailing stop of 15 pips is too small. A trailing stop of 50 pips is too big. But if you can lock in a breakeven at 10 pips. Lock in 10 pips at 25 pips. Lock in 30 pips at 50 pips and so on.
example of parameters:
Stepped S/L: Allow/Deny (true/false)
Target 1: 10 pips SL = 0 (for example)
Target 2: 30 pips SL = 15 (for example)
Target 3: 50 pips SL = 25 (for example)
Target 4: 80 pips SL = 40 (for example)
5) Partial Closing
As the trade progresses, the partial closing feature can close a portion of the order to lock in profit.
For example, you open an order with 1.0 lot. When the trade reaches +10 pips above entry the EA will close .1 lot and you can then set the increment to 10 pips. So that for every 10 pips of the first target (in this case +10 pips), the EA will close .1 lot. This in turn means that that if you execute a 1.0 lot trade and close .01 every +10pips the trade will close at +100 pips above entry. You have just earned 10 pips at .1 lot. 20 pips at .1 lot and I'm sure you can calculate the rest.
Example of Parameters
Partial Closing: Allow/Deny (true/false)
Target 1: 10 pips (for example)
Close Lots: 0.1 (for example)
Increments: 10 pips (for example)
6) Max Loss
Because things can get a little confusing, the max loss feature keeps things simple. You set the max loss to 30 pips and you know that whatever happens, the trade will not go below -30 pips from entry.
7) A lot mulitplier could be added.
For example, if you have a consitantly losing EA, you want risk as little as possible. So, you set the EA to open a .01 or .1 lot. You want the reverse trade to open 10 times that amount. So you set the multiplier to 10.
Where would this EA be used. If you have an EA that execute's a trade in the opposite direction expecting a recoil during a plunge or a sudden surge in the market, and that recoil doesn't take place on average until -50pips, reverse the trade and pick up those 50 pips or more. You can set your S/L to -15 pips (Extremely low drawdown) You can set your Stepped S/L to break even at 10 pips. You can partially close the trade along the way. In my mind the parfect EA.
I know there are EA's on the market that do portions of what I have just portrayed, but I currently have 4 EA's (not including the consitantly losing one) set up on one account to try and replicate this. And with signal copy, I also require to run 2 live accounts. The VPS I am using has problems running this.
I am prepared to pay for this EA and I am sure a lot of traders can benfit from this one EA.
I am also up for extra idea's to add to the EA.
Thank you for your time,
Rod.