GREAT EA...just one problem....HELP

Hello Group,

I have been using a great EA that does a wonderful job until the market takes a right hand turn and drops 500-600 pips in a day. What type of protection do you all suggest to prevent such a drop with no retracement? Yes, I know the best protection would be to just turn it off, but I would like either a stop-loss (the one in mine doesn't appear to work) or an indicator that stops all trade when a massive change occurs. I am open to all suggestions and help in coding. I would be happy to share the end results if I can just can some quality help. I've attached my statement. After the attached statement I stopped trading the usd/jpy and usd/chf because they truly didn't help the bottom line.

I really have no experience in coding MT4.

Any help would be very appreciated.

Blewsky:
I had the same problem with an EA I had developed - I had some nice gains (demo account), 5 in a row, but then 2 losses reduced my account balance by 33%.

My EA increases lot size by .1 for each trade, so a large loss down the road would eat up alot of profit previously made. I may change that instead by gradually building up lot size - for example, by .1 for the 1st 5 trades, .2 for the next 5 trades, etc. In addition to that, I plan to have a feature added that my programmer recommended called Global MM:

"If I choose to enable Global Equity Gain, I would like to be able to enter a $ amount (ex. 100) and when/if the account equity value increases by $100, then all open trades are closed automatically. Same with Percentage Equity Gain. If this setting is enabled, I would like to be able to enter a % amount (ex 10) and when/if the account equity value increases by %10, then all open trades are closed automatically"

"If I choose to enable Global Equity Loss, I would like to be able to enter a $ amount (ex. 100) and when/if the account equity value decreases by $100, then all open trades are closed automatically. Same with Percentage Equity Loss. If this setting is enabled, I would like to be able to enter a % amount (ex 10) and when/if the account equity value decreases by %10, then all open trades are closed automatically".

I believe % Equity Loss would be most applicable to what you are looking for.

I plan to have this feature added to my EA soon. If you want the name of the programmer, I'll send it to you via PM and the amount he charges to add it to an EA (which may vary depending on your EA).

Also, I read about a feature in this forum called Decrease Factor:

http://www.forexfactory.com/showthread.php?t=10813

This will help reduce risk when there is more than 1 consecutive loss.

Why was this thread moved to the recycle bin?

Hello group, I received a warning about this being a commercial product IT ISNT.

Thanks and I hope they repost it.

blewsky

I like your idea....please contact me @ [email protected].

To whoevever moved this thread to recycle bin - why is this thread considered commercial? Blewsky isn't trying to sell his EA, he is just asking for help with it. I feel it should be re-posted in MetaTrader forum, because I think his question is excellent.

I appreciate your helping in getting this back up. It will help everyone understand just a little more.

I like your idea...can you put in touch with your programmer so I can chat with him?

Thanks again.

Blewsky

The mistake was mine. I am moving this back to the Metatrader forum.. Sorry for my mistake. I will reverse the infraction.

Blewsky, don't know if this could help in any way but there is a very good EA that i use for exits that can handle stoplosses, exits based on equity etc. Perharps if you run this together with the other EA to manage your wins/losses?

I'll attach the EA so you can check it out.

Also, it would be cool if you could supply your EA so i can do some tests of my own.

Happy trading

Does anyone know how to make this EA monitor 2 different charts, and close when total pips gained is a certain amount, say 100 pips between the 2 charts?