This EA is not a fully automatic EA. It is a semi-automatic EA. Its trades are based on the lines that a users draw on the chart. The main feature is ability to trade based on drawing, and automatically open opposite trade with higher risk if needed or hedge the order. A user needs to draw a set of following lines to enter the trade:
- Chartist Buy: the EA opens a Buy trade based on the calculated risk depending on the Stop Loss line
- Chartist Buy SL: the EA closes the trade when the market is below this line
- Chartist Buy TP: the EA closes the trade when the market is above this line
Or a trader can draw the following lines:
- Chartist Sell: the EA opens a Sell trade based on the calculated risk depending on the Stop Loss line
- Chartist Sell TP: the EA closes the trade when the market is above this line
- Chartist Sell SL: the EA closes the trade when the market is below this line
You can configure the EA parameters:
- Lots: Default is 1% risk. This means that the EA opens trades based on 1% risk depending on the stop loss level. 1% from the balance.
- Multiplier: An opposite trade is opened automatically (after Buy open Sell) and the risk is multiplied automatically as well.
- Max Consecutive Losses: Maximum consecutive losses allowed. The EA opens an opposite order until the profit or the maximum consecutive losses are reached. For example, when a trader enters max consecutive losses to 5, it means that after the EA opens Buy and SL is hit, it opens Sell with the same stop loss size and higher risk (depend on the multiplier).
- Lock/Hedge after Maximum Consecutive Losses: true/false, true means the order is hedged after maximum losses. False means the losses are cut after the maximum losses.
- Expert ID: Order magic number.
- Order Comment: Order comment, just for identification.
- Order Handle: "By Magic Number" means the EA only handles the trade opened by the EA. "By Manual" means the EA handles the trade opened manually by a trader, and "By Symbol" means the EA handles all the trades on the chart.
- Bug fixed: on order handle, only recognize consecutive losses on specific pair, previous version will recognize consecutive order on other pair.