The Expert Advisor helps reduce the account drawdown.
To do this, the losing deal is split into multiple small parts, each of these parts is closed separately.
The EA can interact with other experts. For example, when a certain drawdown is reached, Open Lock can disable the other expert and start working with its orders.
Open lock for MetaTrader 5 is available here
Methods used by the EA
- 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 losing position.
Expert Advisor Parameters
- 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
- Locking - enable locking losing positions
- New lot - lot size for the first position
- Dinamic lot - enable the lot multiplier. If this parameter is enabled, the lot size of the new deal will be multiplied by the coefficient
- Lot multiplier size - lot multiplier
- Step - step for opening new orders
- Dinamic step - enable the step multiplier
- Step multiplier size - step multiplier
- Direction - trading direction for the EA
- UP/DOWN - the EA will open both buy and sell deals
- UP - the EA will only buy
- DOWN - the EA will only sell
- Close orders - orders for the EA to work with
- All unprofitable orders - all losing orders
- One order - order with the ticket specified below
- Order ticket if set "One order" - order ticket, if the "One Order" mode is selected above
- Close lot - lot of the losing deal to close
- Close profit - profit to be gained form closing a part of the losing order
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.
- OL API allows you to remotely change any settings of the EA
- OL API allows you to open/close and modify orders
- Added the ability to disable removing of stop levels
- Added the ability to set a range of magic numbers for the EA to ignore. (This allows using multiple strategies on a single currency pair)
- Fixed various bugs from previous versions
- Added a button for manually closing a part of the losing deal, in the case there is a profit.
- Added a button for manually closing the profitable positions of the EA. It can be useful if the deals were opened with large volumes.
- When working with the disabled control panel, the EA's settings are displayed on the chart.
- Fixed calculation of closing levels. The level is calculated more accurately and on any instruments, but it does not take swaps and spreads into account.
- When working with one deal, the EA will store the ticket of the deal in case of a terminal failure.
- 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)