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I had an ea coded, to 'open a new position when the terminal floating equity is at certain negative levels', but it does not work very well.
I am including it here, as some of the code may be useful.
I will first explain how I currently trade for clarity. Its not too complicated :)
1. I open 2 positions at the same time. ( I call this a SET; I currently use an EA to open the positions, and it works pretty well )
2. When terminal drawdown gets to a specific equity drawdown level ( -$ 10 for example) > I open the SAME SET again. I do this manually
* ( I cannot monitor the dd all the time so this is the main reason why I need an EA > to open a new SET at the specific equity drawdown level ( of terminal)
4. If the terminal drawdown goes down more ( to $ -20 for example) > the EA ( or me) must open the SAME SET again.
This carries on unlimited,,,until step 5 below.
5. If the floating equity goes into profit , I have a ea that closes it.This EA can also disable autotrade once all positions are closed.
6. If the disable function is not used, no1 ( 2 position = a SET) starts again
I need the EA for the reason at * above.
I need to know what will work the best in terms of the logic , to get everything to work the way it should:
For example : The EA must know the values of the SET it must open ; The SET is always 2 pairs
SET = Pair ; Buy or Sell ; Lot size
Example : of a SET :
Pair 1 : USDCAD , sell , 0.1 lot
Pair 2 AUDUSD, buy , 0.1 lot.
I have a separate ea hat opens the trade on launch, Currently I attach the ea to a chart of each pair and switch on autotrade to open 2 positions at the same time.
Maybe ONE EA should do this ?
Why I say this : Point 2 above refers: The SAME 2 positions, with the same values ( buy / sell ; lot size) must open at the specified DD level of the MT4 terminal
So to me its logical that the EA that opens the first SET (2 pairs) , must also open the 2nd SET ( same 2 pairs with same values) on trigger ( - negative DD level reached) agian
....and I guest one EA could also close ALL open trades at a certain floating equity PROFIT level ; and disable any further trading
How I used the EA attached :
I attached the EA to 2 charts ( the 2 pairs trade) . It is suppose to monitor the floating equity and open another position( of each pair) when the Floating P?L reaches the levels on the INPUTS. But it does not work correctly. EA on chart 1 sees dd of $-10 and same EA on chart 2 sees $-10 dd > so 2 positions are opened at that dd level.
If you can advise what the best way would be to do this I will appreciate it ; to me there are the following options:
A Fix the EA attached so it can execute point * 2 above effectively
B-Build one EA that 'does it all'
- Open 2 position with on launch at the same time;
- open the 2nd, 3rd, 4th etc SETs ( same 2 pairs with same trade values as opening pairs )- when equity drawdown reaches ... minus $ ...; and again when equity reaches ..- minus ,,,, etc
- Close all open positions when floating Equity profit reaches $ ....;
- True / false option to disable all further trading when all positions close at specified profit , (if NOT not selected EA must start a new cycle ( as per point 1)
above)
note : The ea should only open the 2 positions ONCE at the specified level ( Example : if the level to open a SET is -$10 and the 2 positions is opened ; if price then turns and goes to - $8 and the back to -10 , it must not open the same 2 positions again , it must only open the 2 positions at the next specified level again ( $- 20 for example)
I appreciate your advice on best way to do this
Regards,Mike