An EA to protect against EAs 'going loco'

[v1trader]

Hi All,

I got caught out recently by not having enough margin on an EA I'm using that went a bit bananas(worst draw down ever, horrible).

It's made me realise that I need some alert parameters for my EAs. 

A few alerts I've thought of so far are, alerts when:

Number of trades exceeds X

Margin in use rises above x%

Drawdown goes above x%

Anyone know of a configurable EA that will do this and more?

Thanks!

Stuart

[Alexandr Bryzgalov]

v1trader:

If you do not find a suitable one, you can use the "freelance" service.

[ntk2017]

Post Deleted

Discussion of market products is not allowed in the forum.

[William Roeder]

v1trader: not having enough margin on an EA I'm using that went a bit bananas(worst draw down ever, horrible).

Control your risk.

Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk (on leveraged symbols). Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.

1. You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.

2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/PIP, but it takes account of the exchange rates of the pair vs. your account currency.)

3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
             MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
             Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
             Lot value calculation off by a factor of 100 - MQL5 programming forum (2019)

4. You must normalize lots properly and check against min and max.

5. You must also check Free Margin to avoid stop out

6. For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)

Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.