Open lock MT5
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 4 is available here
The algorithm of the EA uses counter transactions and a large number of open positions, therefore, need to use it on a hedge account.
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.
- 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 fro 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.