I'm sure this has been tried before but I couldn't find it so I made this piece of code. As it is, it works as an ea with it's own entries and exits. The entry is very simple and based on RSI, tbh this is pretty random and I could have chosen anything. Same goes for the SL and TP.
The concept I want to test is adding to the profit. What this ea does is it looks at orders that are x points in profit and add another trade in the same direction. At the same time it moves the stoploss of the previous order(s) up to a joint point where if they get hit you break even on the last two orders (with AoPSecurePoints you can lock in a few more pips if you like).
I think the pro's and cons are obvious. It gives your orders less room to develop but it can also increase your profit potential by allowing you to expand on your profitable position without the initial risk of a large position size.
With some settings I got it to backtest in profit (about 1.1-1.3 profit factor) but that is with this randomly chosen entry. Perhaps there are better entry strategies that would benefit from this approach. It should be quite easy to use this code in any other ea. The SL and TP can also be made dynamic to go with the chosen strategy.
I would like to hear your ideas on this. If it's been tried and miserably failed before then I would like to know too.
The concept I want to test is adding to the profit. What this ea does is it looks at orders that are x points in profit and add another trade in the same direction. At the same time it moves the stoploss of the previous order(s) up to a joint point where if they get hit you break even on the last two orders (with AoPSecurePoints you can lock in a few more pips if you like).
I think the pro's and cons are obvious. It gives your orders less room to develop but it can also increase your profit potential by allowing you to expand on your profitable position without the initial risk of a large position size.
With some settings I got it to backtest in profit (about 1.1-1.3 profit factor) but that is with this randomly chosen entry. Perhaps there are better entry strategies that would benefit from this approach. It should be quite easy to use this code in any other ea. The SL and TP can also be made dynamic to go with the chosen strategy.
I would like to hear your ideas on this. If it's been tried and miserably failed before then I would like to know too.
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