account loss too much script

Hi guys. I found this script online and I think what it does is that it closes all of your trades if your account is losing a predifined percentage of equity. For example: you have defined that script to get in if you are losing 4%. When you are losing 4% it closes all the trades.

What I want is for someone to make sure this is the right thing and help me to change the code so I can use it to get in if I am losing 4% of my account.

//+------------------------------------------------------------------+
//| CloseTrades_After_Account_Loss_TooMuch.mq4 |
//| Copyright 2007, Tradinator |
//| [email protected] |
//+------------------------------------------------------------------+
#property copyright "Copyright 2007, Tradinator"
#property link "[email protected]"


//+---------------------------------------------------------------------+
extern double Open_Loss_To_CloseTrades=-1000; //|The amount of money at which you want to take a loss & close ALL |
//|open trades. eg if the floating loss in your account reaches or goes |
//|beyond -$1000 then ALL the open positions in your account will be |
//|closed. |
//+---------------------------------------------------------------------+
int Slippage=5;
int i;
//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{
//----

//----
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----

//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
int start()
{
if (AccountProfit()<= Open_Loss_To_CloseTrades)
{
for(i=OrdersTotal()-1;i>=0;i--)
{
OrderSelect(i, SELECT_BY_POS);
int type = OrderType();

bool result = false;

switch(type)
{
//Close opened long positions
case OP_BUY : result = OrderClose(OrderTicket(),OrderLots(),MarketInfo(OrderSymbol(),MODE_BID),Slippage,Pink);
break;

//Close opened short positions
case OP_SELL : result = OrderClose(OrderTicket(),OrderLots(),MarketInfo(OrderSymbol(),MODE_ASK),Slippage,Pink);

}

if(result == false)
{
Sleep(3000);
}
}
Print ("Account Cutoff Limit Reached. All Open Trades Have Been Closed");
return(0);
}

Comment("Balance: ",AccountBalance(),", Account Equity: ",AccountEquity(),", Account Profit: ",AccountProfit(),
"nMy Account Cutoff Limit: ",Open_Loss_To_CloseTrades);

return(0);
}

Hi. I would also like to find a script which closes the last trade you have opened leaving the other trades opened.