WiKO is an utility that is used in combination with your favorite Expert Advisor. Do you have an Expert Advisor with a good winning percentage, and do you want to increase the position size only after a loss? That is exactly what WiKO does. WiKO monitors the Expert Advisor of your choice by Magic Number, so that when your Expert Advisor opens a new trade after a loss, WiKO can also open an extra percentage in order to recover from the loss.
For example: you have an EA that opens 0.10 lots on every trade. While you're winning WiKO will not do anything. Now imagine you have one loss, then after that the EA opens a new trade with 0.10 lots again. Depending on how you've configured WiKO you can open an additional 25% to 100% of the original lot. So let's say you wanted WiKO to open a 50% more, then you will have the new 0.10 opened by your EA plus 0.05 opened by WiKO - in all that would make 0.15 lots.
Why this? It's a very common and useful practice to open an additional percentage of the usual lot size after a loss, provided that you have an EA with a good winning percentage. Statistically under these circumstances it is not very likely that with such EA you have two losses in a row, and that is why you want to bet a bit more after a loss - because chances are that the next trade will result in a win, thus recovering faster from the loss.
- Can be attached to any chart time frame.
- Works based on a unique Magic Number running in the same MT4 terminal.
- Opens trades only after a loss.
- Does not increase continuously the lot size. The increase percentage is always related to the lot size which the monitored EA opens after a loss.
- Magic - 8 digit Magic Number (by default "16052403").
- Copy - Magic Number of the Expert Advisor to monitor (by default "0" - must be changed).
- Comment - custom comment of the trade (by default "WiKO").
- Wager - additional percentage of the original trade to be opened (by default "No" - can be 25%, 50%, 75% or 100% or the original trade opened by the monitored Expert Advisor).
How to use WiKO
- Configure your favorite Expert Advisor, and attach it to a chart as you would normally do.
- Open another chart for the same symbol, and attach WiKO to it. The time frame is not relevant as WiKO works based on the Magic Number.
- Configure WiKO per the following guidelines:
- Leave the "Magic" parameter as it is, or change it at your discretion. This is the WiKO Magic Number.
- Populate the "Copy" parameter with the Magic Number of your favorite Expert Advisor set in step #1.
- Use the "Comment" parameter to include a comment to every order that WiKO opens. Leave the default value or change it at your discretion.
- The "Wager" parameter establishes what percentage of the copied order will WiKO open. For instance, if after a loss your favorite Expert Advisor (set in step #1) opens a buy order with 0.10 lots, WiKO will also open a buy order with either 0.03 lots (if "Wager" is set to 25% since 0.10 lots x 25% = 0.025 lots) or 0.05 lots (if "Wager" is set to 50% since 0.10 lots x 50% = 0.05 lots) or 0.08 lots (if "Wager" is set to 75% since 0.10 lots x 75% = 0.075 lots) or 0.10 lots (if "Wager" is set to 100% since 0.10 lots x 100% = 0.10 lots). Use this parameter to select how much extra lots you want to bet after a loss as per your choice.
You can download the demo version with some restrictions here.