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Hi,
Many martingale EAs have the prospensity to get stuck or blow the account when the trend is strong.
I would much appreciate another EA (here we will call it monitoring EA or recovery EA) to monitor this (same symbol) and avoid this, this is the task. The martingale EA can be any martingale EAs that is available in the market although I will provide you this martingale EA.
The monitoring EA will detect when the account goes into a certain equity drawdown and start to fire up opposite trades to neutralize the drawdown, in other words hedging.
Example: After the account reached a drawdown of $100, the EA will monitor for additional trades in the same direction as existing ones, that is the martingale orders. Once it sees a new trade, it will do a trade in the opposite direction to neutralize the drawdown. The volume will be a multiplier of the trade volume, specified by the user. Why the multiplier? Partly because to overcome already open losing trades by the martingale EA.
There are two possible options to recover. The user will choose the option
1) It can recover by profitables, that is the profitable orders will be closed together with the losing martigale orders at breakeven or small profit
2) It waits until the account float reached breakeven or small profit, and close all trades.
User Input:
1-Options to recover (a) by proftables or (b) in totality.
For (a & b) can specify 0 (breakeven) or any number for profit
2-Drawdown to trigger neutralization (ex: -100)
3-Volume multiplier (example 3)
However, i realized that the trend can reverse and the monitoring EA trades can get into a loss. Therefore the floats of the trades and the floats of the martingale EAs are monitored. If the float of the martingale EAs have reduced enough and the float of the monitoring EA have started to increase beyond a threshold, all the monitoring EA orders are closed (not the martinagle EAs) to avoid them attracting drawdown when trend changes.
User Input for stoploss of recvery EA
- Stoploss option (default:true)
- Stoploss for monitoring EA (example: -60)
- and equity improvement for the martingale EA (30)
The coder needs to be able to understand what a martingale EA is and how it works. I will provide a martingale EA that you can work with.
The work obviously includes testing it with the EA I will provide and provide evidence, to make sure it does what it needs to do as indicated here. I will provide the market time when the martingale EA tends to trend for my favorite instrument.
There are no indicators to code. This is for MT4.