Mastering MQL5 For Multi Currency Hedging

Quoting skipperxit

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In addition to the suggested reading, let me point out a series of videos on how to hedge on a single instrument/currency How to Hedge trading Forex | Forex Hedging Strategy https://www.youtube.com/watch?v=Fzh4dNhYga0 and all the video from the same trader in his youtube channel

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Quoting EgoNoBueno

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I will try to update this notebook weekly for a while, then see how it goes. Changes: Added positive and negative correlation multi currency examples. Added FOREX Hedging video links to the video section. @ Merka - Thanks for joining the thread. @Skipperxit, Data suggests 10 to 15% DD is typical. In some version of the EA, I'll track historic peak monthly DD. Regarding not using the same asset to hedge, it is illegal in the USA, unless you do it in to separate accounts. The good news is MQL5 can handle that, so yes we can focus on direct hedges,...

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Quoting EgoNoBueno

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... I originally specified multi-currency as a personal work around, but that looks unnecessary for now. I may change my mind later. In the EA I will code in Account A and B for US traders, and code an option for single account hedging.

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Quoting Merka

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{quote} Yes the 2 accounts workaround is the option available to USA resident people. Are you personally trading from US? 10 to 20% DD is not bad for a hedging strategy. You mentioned you started coding so guess you are a coder or have some coding skills. I'm totally newbie in coding in any language

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// Global Magic Seed Declaration
input int MagicSeed = 1000; //Number from which to compute MagicNumber
//Instantiation in OnInit()
// SELL and BUY Control.
   MagicNumber = MagicNumberGenerator();
   
   //Magic Number Generator Function
//+------------------------------------------------------------------+
//|  Magic Number Generator                                          |
//+------------------------------------------------------------------+
int MagicNumberGenerator()
  {
   string mySymbol = StringSubstr(ThisSymbol, 0, 6);
   int pairNumber = 0;
   int GeneratedNumber = 0;
   if(mySymbol == "EURUSD")
      pairNumber = 1;
   else
      if(mySymbol == "AUDUSD")
         pairNumber = 2;
      else
         if(mySymbol == "GBPJPY")
            pairNumber = 19;
         else
            if(mySymbol == "GBPUSD")
               pairNumber = 21;
            else
               if(mySymbol == "NZDUSD")
                  pairNumber = 25;
               else
                  if(mySymbol == "USDCAD")
                     pairNumber = 26;
                  else
                     if(mySymbol == "USDCHF")
                        pairNumber = 27;
                     else
                        if(mySymbol == "USDJPY")
                           pairNumber = 28;
                        else
                           pairNumber = 3;
//--- Generate the magic number.
   GeneratedNumber = (pairNumber * MagicSeed);
   return(GeneratedNumber);
  }
//--- END

Quoting EgoNoBueno

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[...] This is how I always did it before, courtesy of Jim Dandy training: [...]

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//+------------------------------------------------------------------+
//| Magic Number generator                                           |
//| Magic has form XzzzzY where                                      |
//| X  = strategyID (to distinguish different EA on same symbol)     |
//| zzzz = symbolID (SymboID generated from broker trade list)       |
//| Y  = suffix for Long/Short trade                                 |
//+------------------------------------------------------------------+
int AutoMagic(int parmStrategyID, string parmSymbol) {
  
   int autoMagic = 9999;
   string suffix;
   bool found = false;
  
   string thisSymbol;
  
   if(!TradeLong && !TradeShort) suffix = "0";//None
   if(TradeLong  && !TradeShort) suffix = "1";//Long
   if(!TradeLong &&  TradeShort) suffix = "2";//Short
   if(TradeLong  &&  TradeShort) suffix = "3";//Long + Short
 
   for(int k = 0; k < SymbolsTotal(false); k++) {
  
      thisSymbol = SymbolName(k,false);
      
      if(SymbolInfoInteger(thisSymbol,SYMBOL_TRADE_MODE) == SYMBOL_TRADE_MODE_FULL && thisSymbol==parmSymbol) {
        
         autoMagic = StrToInteger(StringConcatenate(parmStrategyID,ZeroPad4(k),suffix));
         found = true;
         break;
      }
   }
   if(!found) {
      MessageInfo("Symbol not allowed", clrYellow);
      autoMagic = StrToInteger(StringConcatenate(parmStrategyID,ZeroPad4(9999),suffix));
   }
   return(autoMagic);
}
 
//+------------------------------------------------------------------+
//|Convert an integer to string padded with initial zeros     !    
//|eg: 9 ---> 0009                                                         |
//+------------------------------------------------------------------+
string ZeroPad4(int pNum) {
   string tmp = StringConcatenate("0000",pNum);
   tmp = StringSubstr(tmp,StringLen(tmp)-4,4);
   return(tmp);
}