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Hedge Trade-panel

  • #121
  • Edited 2:58pm Jan 5, 2020 2:37pm | Edited 2:58pm
Here I'm attaching a copy of all the files including the updated mqh file
As usual, extract everything into the MQL4/Experts folder.
If you are copying all files on top of a previous installation, then allow the old files to be overwritten.
Attached File(s)
File Type: zip HedgeTradePanel2- Fixed.zip   317 KB | 789 downloads
Have a nice day
  • #122
  • Edited 2:42am Jan 14, 2020 2:28am | Edited 2:42am
New version 7, please test it and let me know if there are any problems.

Attached Image

As usual, extract everything into the MQL4/Experts folder.
If you are copying all files on top of a previous installation, then allow the old files to be overwritten.

The Button CLOSE ALL has been renamed " HEDGE "
The Button MAINTENANCE has been renamed "CLOSE HEDGED"
A new CLOSE ALL button has been added for closing ALL market orders of the chart pair.

Some other internal inputs have been added, including default values for SL, TP and a Break Even.
If you don't like to use a predetermined SL or SL then enter 0 in the default settings and save.

One function which many people would not have seen before is the sequential TP where the EA does partial or 100% closure of trades 1, 2 or 3 & more
This is primarily done for risk reduction OR for trade recovery.
For example, when we have a currency pair which is in draw down and we want the EA to recover it.

HOW TO USE THIS TYPE OF TP
I usually have the trade 1 TP set to close 50% of the trade and if our entry is good and price keeps on moving in our direction
then the TP1 will be reached again and again and again and the EA will keep on closing half trades until our original trade is reduced to 0.01
and it will then close 100% of the remaining trade in profit.
By using this technique we don't make as much profit as we would have made with a full size trade,
but this is a safer way to trade because when we get caught on the wrong side of the market and our SL is hit, we won't lose as much.
Traders who don't use SL's will also appreciate this feature because trade recovery is much easier on a reduced size trade.

TRADE RECOVERY OF INDIVIDUAL CURRENCY PAIRS
Many experienced traders prefer not to use a SL and when the market is not going in their direction they average in with more trades and wait for trade recovery.
If you are one of those traders then this TP feature will make your life a lot easier.
Simply set TP of trades 3 or more to close at break even and walk away or go and trade a different pair.

Btw, if you don't like this TP feature, then please go into the settings and turn it OFF.
Attached File(s)
File Type: zip HedgePanel7.zip   124 KB | 951 downloads
Have a nice day
  • #123
  • Jan 14, 2020 9:30pm Jan 14, 2020 9:30pm
Thank you so much for your great help to others billv.. is that available for MT5?
  • #124
  • Jan 15, 2020 1:12am Jan 15, 2020 1:12am
Quoting EnrichWave
Thank you so much for your great help to others billv.. is that available for MT5?
Sorry its not available for MT5
Have a nice day
  • #125
  • Jan 15, 2020 4:53am Jan 15, 2020 4:53am
Quoting billv
New version 7, please test it and let me know if there are any problems. {image} As usual, extract everything into the MQL4/Experts folder. If you are copying all files on top of a previous installation, then allow the old files to be overwritten. The Button CLOSE ALL has been renamed " HEDGE " The Button MAINTENANCE has been renamed "CLOSE HEDGED" A new CLOSE ALL button has been added for closing ALL market orders of the chart pair. Some other internal inputs have been added, including default values for SL, TP and a Break Even. If you don't like...
Thanks Bill!..I hope you are fine..
“Stops don’t limit profits — they prevent disasters.”
  • #126
  • Jan 15, 2020 1:28pm Jan 15, 2020 1:28pm
Only a few traders will appreciate the idea and the value of this tool. The others just don´t know why they should use it.
It can reduce the costs for hedging a lot.
Thank you for sharing @Nicholishen and updating @billv
  • #127
  • Jan 16, 2020 3:23am Jan 16, 2020 3:23am
Quoting billv
New version 7, please test it and let me know if there are any problems...
Hi. I saw your post only today.
Wow! You have gone far beyond the original purpose of the OP. There are so many options now... I wish you had posted when I made my first appeal to modify the EA a couple of months ago. That would have saved me a few bucks! LOL Thank you very much anyway.
I hope you don't mind clarifying a few things... Would the current CLOSE ALL button close all the trades at market now? Also, could you explain the options for the basket sections, beside the Trade 1 percentage that you already have pointed out? I'm sure that other people, beside me, would appreciate that.
  • #128
  • Jan 16, 2020 7:13am Jan 16, 2020 7:13am
Quoting 4fxonly
{quote} Hi. I saw your post only today. Wow! You have gone far beyond the original purpose of the OP. There are so many options now... I wish you had posted when I made my first appeal to modify the EA a couple of months ago. That would have saved me a few bucks! LOL Thank you very much anyway. I hope you don't mind clarifying a few things... Would the current CLOSE ALL button close all the trades at market now? Also, could you explain the options for the basket sections, beside the Trade 1 percentage that you already have pointed out? I'm sure...
Hi 4fxonly

I renamed the buttons because I wanted them to have meaningful names.
All the trading buttons work only at chart level so if you want to place trades on EURUSD you would have to place the EA on a EURUSD chart.
The CLOSE ALL button closes open trades ONLY in the currency pair of the chart.

The 3 level basket closures are for single currency take profit and each symbol will close individually.
We don't need to have the chart set to a particular currency pair for Symbol basket TP to take place
Example of TP entries
SymbolBasketCashTakeProfit= 7 ( means 7 euros or 7 $ etc. It is based on our account's base currency)
SymbolBask4etCashPercentageTarget ( means a percentage of our trading account equity)

So for an account size of $10K a TP entry of 0.1 means $10
I always use percentage TP because I don't want to have to adjust the TP amount as my account grows
If you have a $10K account and you enter 0.1 as the cash percentage TP then your trade/s should close when TP reaches $10

Remember to enter a value in only 1 of the TP inputs and not both.
I'm sure you'd know that pip value varies between currency pairs, so have this in mind when you set your TP
Have a nice day
  • #129
  • Jan 16, 2020 7:24am Jan 16, 2020 7:24am
Quoting GreyInvest
Only a few traders will appreciate the idea and the value of this tool. The others just don´t know why they should use it. It can reduce the costs for hedging a lot. Thank you for sharing @Nicholishen and updating @billv
Yes very valuable tool if we are hedging our trades but it can be good to use even if we don't hedge.
For example, if we place many trades in 1 currency pair and we want to close them all together, it can take a while before all trades are closed.
Using this tool we can lock in the profit using the "HEDGE button" and then close all trades using the "CLOSE HEDGED" button.

And yes there are NO hedging costs involved when using this trading panel.
I got confused in the beginning because I saw in the MT4 terminal that I got charged hedging commissions at the time of placing the hedge trade
but when we use the CLOSE HEDGED button the commissions are credited back into our account so there are no actual costs for hedging.
Have a nice day
  • #130
  • Jan 16, 2020 1:44pm Jan 16, 2020 1:44pm
Quoting billv
Yes very valuable tool if we are hedging our trades but it can be good to use even if we don't hedge. For example, if we place many trades in 1 currency pair and we want to close them all together, it can take a while before all trades are closed. Using this tool we can lock in the profit using the "HEDGE button" and then close all trades using the "CLOSE HEDGED" button. And yes there are NO hedging costs involved when using this trading panel. I got confused in the beginning because I saw in the MT4 terminal that I got charged hedging commissions...
But there is one "problem", which I noticed in theory.
If we take use of the "close" option, to hedge all positions, we do not have to pay the commissions, but we have the risk of the spread.

Especially if we only want to take around 10pips of win --> Hedge --> Spread of 0.7pips --> -0.7pips less

And if the broker widen the spreads (because whatever) the hedge position wouldn´t be that profitable.

What are your thought on this? Or do you don´t use hedging for intraday positons?
  • #131
  • Jan 16, 2020 3:02pm Jan 16, 2020 3:02pm
Quoting billv
{quote} ... For example, if we place many trades in 1 currency pair and we want to close them all together, it can take a while before all trades are closed. Using this tool we can lock in the profit using the "HEDGE button" and then close all trades using the "CLOSE HEDGED" button...
That's exactly how I use it and it's amazing how well it works.
  • #132
  • Jan 16, 2020 3:06pm Jan 16, 2020 3:06pm
Quoting GreyInvest
{quote} But there is one "problem", which I noticed in theory. If we take use of the "close" option, to hedge all positions, we do not have to pay the commissions, but we have the risk of the spread. Especially if we only want to take around 10pips of win --> Hedge --> Spread of 0.7pips --> -0.7pips less And if the broker widen the spreads (because whatever) the hedge position wouldn´t be that profitable. What are your thought on this? Or do you don´t use hedging for intraday positons?
Yes true, very valid point and thank you for bringing it up for discussion.
I have noticed this as well when I was playing with the EA on demo and while I was hedged, the net profit varied up and down.
I interpreted this variation as being temporary and because spread these days is very low (with most brokers) I didn't see it as a concern.

I don't use hedging in my live trading at present.
I was attracted to this idea for closing baskets of trades with the aim of preserving profits in trade recovery situations and on demo it worked well.
In Live trading the situation could be a little different but we would definitely be reducing -ve slippage and preserve most of the "locked in" profit by using this method.
I have not had the need to hedge yet in my live account so I cannot verify that ALL of the "locked in" profit will be preserved
but from the trade recovery point of view I would have achieved my goal which is to close the basket of trades in profit.
Have a nice day
  • #133
  • Jan 16, 2020 4:01pm Jan 16, 2020 4:01pm
@GreyInvest and billv
Can I suggest you guys to take note of the current overall gain just at the last instant before hedging your open trades? (There are many indicators around allowing that). Then hedge and close hedge and see if there is any difference between before and after. In my case there always is, but still in my favour...
  • #134
  • Jan 16, 2020 6:16pm Jan 16, 2020 6:16pm
Quoting 4fxonly
@GreyInvest and billv Can I suggest you guys to take note of the current overall gain just at the last instant before hedging your open trades? (There are many indicators around allowing that). Then hedge and close hedge and see if there is any difference between before and after. In my case there always is, but still in my favour...
Yes once the hedged trades are closed, the hedge order disappears from MT4 terminal and from MT4 history
So it looks like the hedged order commissions plus its spread costs don't get charged to our account.
Have a nice day
  • #135
  • Jan 17, 2020 11:53am Jan 17, 2020 11:53am
Quoting 4fxonly
@GreyInvest and billv Can I suggest you guys to take note of the current overall gain just at the last instant before hedging your open trades? (There are many indicators around allowing that). Then hedge and close hedge and see if there is any difference between before and after. In my case there always is, but still in my favour...
Good idea. I will try that in Demo mode.

Quoting billv
{quote} Yes once the hedged trades are closed, the hedge order disappears from MT4 terminal and from MT4 history So it looks like the hedged order commissions plus its spread costs don't get charged to our account.
Then it would be no problem to hedge if the spread really disappears after netting all positions.


My usage of this Hedge Panel is to reduce my risk per trade to zero percent. I just do the statistcs at the moment until end of march to see if it`s really a good idea to further use this panel.
  • #136
  • Jan 17, 2020 12:30pm Jan 17, 2020 12:30pm
I just tested it out, if the spreads during hedging have an influence on the net-profit.

As you noticed, after the Close All action we are more into the negative than before clicking on it.
But after we do the "Order Maintenance" we are more in "profit" than before.

What are your thouths about it and do you have more results about the spread-problem?

(I know, there is no profit, because I closed all in negative because of low volatilty right now)
Attached Image (click to enlarge)
Click to Enlarge Name: Test of the Hedge Panel Spreads.jpg Size: 297 KB
  • #137
  • Jan 17, 2020 3:30pm Jan 17, 2020 3:30pm
Quoting GreyInvest
I just tested it out, if the spreads during hedging have an influence on the net-profit. As you noticed, after the Close All action we are more into the negative than before clicking on it. But after we do the "Order Maintenance" we are more in "profit" than before. What are your thouths about it and do you have more results about the spread-problem? (I know, there is no profit, because I closed all in negative because of low volatilty right now)
Hello GreyInvest
Your example is good but you should have noted the account equity before you hedged because we want to see if the hedged order's spread lowered our equity.
Low volatility is good, it is needed for this test.
I don't trade indices, does the SP500 normally have much spread?
Perhaps you should have picked some instrument which has high spread.
Maybe try GBPCAD early in the European session (or during the Asian session) before London opens and place a 1 lot trade.
This pair should have at least a 2 pip spread.
cheers
Have a nice day
  • #138
  • Jan 17, 2020 10:49pm Jan 17, 2020 10:49pm
Quoting Nicholishen
I know, I know... we've all said it before, hedging is f*** stupid because it costs you double in fees, right? Well that's actually not (always) the case. There's a neat little hidden gem in MT that's almost entirely undocumented and almost never used by developers (ever) that's called OrderCloseBy. What this function does is takes hedged orders and reconciles the transactions as netted. This allows you to do some neat things we'll talk about in a minute, but for now it's important to understand that if you use this method you are not charged double...
Well done Nicholishen, thank you for your idea.

Buy the way, other brokers have different volume, for example, with broker A we sell 1 lot size, but in broker B, we have to buy 2 lot size (sure same currency), for the balancing. How do you calculate lot size between other brokers?
  • #139
  • Jan 18, 2020 4:13am Jan 18, 2020 4:13am
Quoting billv
{quote} Hello GreyInvest Your example is good but you should have noted the account equity before you hedged because we want to see if the hedged order's spread lowered our equity. Low volatility is good, it is needed for this test. I don't trade indices, does the SP500 normally have much spread? Perhaps you should have picked some instrument which has high spread. Maybe try GBPCAD early in the European session (or during the Asian session) before London opens and place a 1 lot trade. This pair should have at least a 2 pip spread. cheers
Hello billy!

I will test your soultion next week by chance.
I useally dont trades indices as well, only currencies, but I picked some random instrument in the evening

So you say the test should look like this:
Pair: GBPCAD

Buy 1 Lot --> Use "Close All" --> "Order Maintenance" ?

Cheers
  • #140
  • Jan 18, 2020 6:55am Jan 18, 2020 6:55am
Quoting GreyInvest
{quote} Hello billy! I will test your soultion next week by chance. I useally dont trades indices as well, only currencies, but I picked some random instrument in the evening So you say the test should look like this: Pair: GBPCAD Buy 1 Lot --> Use "Close All" --> "Order Maintenance" ? Cheers
Please follow this order

--> Place a market order of GBPCAD 1 Lot
--> the moment you are about to press the CLOSE ALL button, please look in the MT4 terminal and see what the account equity is,
--> Press the "Close All"
--> press "Order Maintenance
--> Now see if the account equity is the same as it was BEFORE you pressed the CLOSE ALL button.

The 2 equity numbers should be similar.
A trade of this size would have large spread costs so you will easily see if the cost of hedging was added to your account.
Have a nice day
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