The Expert Advisor helps reduce the account drawdown.
To do this, the losing deal is split into multiple small parts, the EA closes each of these parts separately.
It is possible to work in conjunction with other experts. For example, when your EA accumulates loss, Open Lock can disable it and start working with its orders.
Money Management Methods
- Locking to prevent a drawdown increase
- Averaging orders used to cover the loss
- Partial closure to reduce the load on deposit
Averaging orders are opened with a small lot so as not to load the deposit.
Profit of these orders is used to partially close the furthest losing position.
After closing the averaging positions, the EA aligns the lock.
- 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
- Trading mode - trading mode
- Opening and closing orders - open and close orders in normal mode
- Only closing orders (Another advisors will open orders) - the EA will only close and lock (if enabled) positions. Orders must be opened by another EA. The EA will work only with the orders that have been opened with the magic number of the Open Lock EA
- 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
- 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)
- 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
- Time to open orders - time when opening averaging orders is allowed
- All time
- Schedule for opening average ord(24H) - allowed time interval
- From - time to start trading if scheduled trading is selected (can take values from 0 to 23)
- To - time to stop trading if scheduled trading is selected (can take values from 0 to 23)
- 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
If the work is planned from evening until morning, then you should specify From: 22 To: 6
If the work is planned in the daytime, then From: 12 To: 21
- Locking - enable full locking of positions on the financial instrument. If 5 Buy lots are open, the EA opens 5 more Sell lots. Thus, the loss will not increase.
- Average orders
- Lot - lot size for first averaging order
- Step - distance in pips between orders
- Way - the direction to open averaging orders
- Close orders
- Selection of orders for the EA to work with. You can choose all the orders or a specific one. Only unprofitable orders are displayed in the list
- Lot - the lot of a losing trade to be closed. If the parameter is equal to 0.2, and the volume of an opened trade is 1.0, the EA will close such a trade in 5 steps
- Profit - the minimum profit that should be present when closing averaging orders and a part of an unprofitable order
The EA removes all SL and TP levels. This is necessary for correct operation.
When specifying the direction of trade, you should set a greater averaging lot than the lot you close.
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.
- Added the ability to set the parameters in the EA settings, without using the control panel. This mode should be used to run the EA on the VPS by MetaQuotes.
- Made corrections to rounding of lots when the multiplier is used.
- Changed the Close Only mode. Buy deals opened by another expert will be used for closing unprofitable Buy deals, sell deals will close unprofitable sell deals.
- Added support for the DrowdownSYL, BalanceAndEquitySYL indicators. They plot a graph of changes in the level of drawdown, balance and equity. They work in the tester and in live trading. (https://www.mql5.com/ru/blogs/post/711734)
- Added comment text when opening orders
- Minimizing and maximizing the panel is now more convenient
- Fixed various visual errors
- Ability to turn off the opening of orders. Then the EA will work only on locking and closing positions. Another EA should open trades
- Ability to limit the maximum number of open orders
Added actions for achieving critical drawdown
- Close all positions and stop
- Close all positions and stop
Disabling other Expert Advisors:
- It is possible to close only the charts with the current symbol
In the control panel:
- Single on/off ratio for the step and for the lot
- Tooltips for all elements
- Moving control panel
- Minimize control panel (double click at the top)
-Added a dynamic step when opening new orders
-Various visual and program changes
-Updated the overview of the adviser
- Disabling other EAs (if another EA has accumulated a drawdown, then Open Lock will turn it off and take the trade on itself)
- Open orders at a specified time (you can specify an interval when there is no news)