Equity Sentry mod request

PM sent . . .

Hi RaptorUK
Will you be able to code this EA for MT5? Or maybe you might know where I can get an EA like Equity Sentry for MT5? Like Thepipster, I require an EA to close ALL open trades when a pre-set cumulative profit or pip target is reached. I will open the trades manually.
Regards
Glen

It's really not difficult to do even in mql5, you could post a Job request here: MT5 EAs

Thanks RaptorUK, I'll take a look. What would you charge to code such an EA in MT5? Cheers

More than you would want to pay, but I don't currently code for cash, sorry.

Erm, isn't that my decision to take or not to take ?

I'll be happy to take it back off, if you wish, I just have a PM box full of requests.
let me know what you want, and your wish is my command.

It would have been nice for you to ask first, I've been asked about this EA too via PM and have provided it. It just would be nice to have an illusion of control over ones own work . . . you can't wind back time, it's already been downloaded. I guess this is what happens when I give up my free time to help . . . never mind.

I'm very sorry!
I removed the post (one lucky person got 1 download).
I didn't know you felt that way about your work, but agree you have every right to.

Is it still downloadable? It seems really useful

Fraois,

Im not sure if you are still looking for the EA but i found it at another thread. Its called equity guard EA. http://www.forexfactory.com/showthread.php?t=159563

That's great!

Which is better based on your experience?
Are they both still working?

Thanks,
Fraois

I haven't been able to get my hands on the modded one that it has been talked about on this thread so i can't make a comparison. however the equity guard EA on the other thread seems to work fine.

Sometimes i think it is a bit slow to react (2 seconds slow), however not sure if its because of the server or the ticks being sent or if its actually the EA. It doesn't really make that much of difference to me as sometimes it'll close the the positions slightly short of the equity target, sometimes slightly more. In the end i think it evens out. Im using it with 5 currencies pairs at the same time which each have their own EA.

I tried the original equity sentry EA and it works fine as well, but as mentioned, is not based on the floating equity.

Good luck Fraois

Thank you huckyfu!

Do you mean the original equity sentry EA is based on the original equity?
Like this Drawdown Percent Close EA is not based on floating equity
http://raidenworks.com/2012/05/31/dr...cent-close-ea/
http://raidenworks.com/2012/01/25/drawdown/


But I need drawdown calculation based on floating equity... Equity Guard EA has the ability to close all trades based on the floating equity? Does it virtual click the smiley face to close out all trades? I'm kind of afraid if things go wrong sometimes...and leave deep drawdown

From my understanding, the short answer is that equity guard EA seems to do the same thing as the drawdown percent close EA (assuming it takes open trades into account), however it also clicks the "expert advisor" button which turns off all EAs. (there are some exceptions such as commercial EAs which wont be affected and i think there are ways to tweak it using different magic numbers). Im not able to try it out the drawdown percentage close EA atm, but im sure you've had a play around yourself.

Sorry i think i confused you/myself when i said its based on floating equity so ill explain it so that you can see what happens on mt4. Both of the equity sentry and equity guard expert advisors are based on the initial capital (you'll see why i didnt use the word balance/equity next) you have in the account at the time when you turn on the expert advisors. It does not recalculate the capital until it has closed and you have to manually reset the inputs. Both of them display the numbers on the chart whilst its in action.

when u go to the terminal and have the "trade" tab selected, you will see balance, equity and profit. In the examples we will assume the capital is $100 and we are setting a maximum drawdown at 20%, or a loss of $20. Note that in MT4, "equity = balance + profit"

the original equity sentry EA has 2 options:

Equity loss - if the " MT4 balance" is $80 it will close all trades and turn off all EA's REGARDLESS of what the " MT4 equity" is AND REGARDLESS of the "MT4 profit." so it is based on closed trades and does not take into account open trades. If you have an open trade that is -$60 yet to close, it will still keep everything turned on (which can be potentially dangerous unless you have tight stop losses).

Cumulative loss - seems to be the same as above. Instead of saying "balance reaches $80" you input "loss of $20 from the balance". Once again, it is based on closed trades only. so u can be losing alot more than $20 by the time it decides to close all orders/turn off EA's. (i dont really understand why the word "cumulative" was used.


The good thing about the sentry EA is that it has the option to close mt4 completely which really ensures all the EA's are off.

The equity guard EA:

If the "equity" is $80 it will close all trade and turn off all EAS. So remembering the ""equity = balance + profit" this means that you can have your balance as $50, equity at $110 and profit as $160.

Vice versa it will close down if your "balance" says $110 and your "profit" is -$30 as the equity will be $80.

The thing to check with the drawdown percentage close EA is whether or not it takes into account the existing open trades, or does it only calculate off the closed trades, like the equity sentry EA. It doesn't mention anything about closing other expert advisors either. I've used the "close all at equity level EA" mentioned in the link that you posted, which works well but does not turn off EA's. It seems that the "tweak" that has been made to it is adding the option of percentage as opposed to only using equity amount.

hope i've made everthing clear, if not, then the best thing to do is test them on a demo account and watch the balance, equity and profit.

You've made everything clear. I want my EA that closes all trades based on floating equity drawdown, I guess I have to get someone to develop it for me or do you think this one works?
http://www.forexfactory.com/showthread.php?t=91007

BTW...is virtual clicking the "expert advissor" or "smiley face" dunt wurk sometimes?

Sorry...would you evaluate this EA also? http://www.forexfactory.com/showthread.php?t=312841
Thanks for your explanation, I just had luck for 2 weeks not to trigger the close all trades function

Hey Fraois,

i think i get what you are looking for but i think its better if you start a new thread because its unrelated to this topic. In order to create an EA you have to be able to explain exactly what you want it to do. Lets say your balance is $100. If your equity goes to $90, what do you want it to do? same goes for if its at $101, $113, $84 or $127?

It sounds like you want to risk a percentage (lets make it 20% for example) of your account based on the equity (which includes open trades), not the balance. But if this is the only rule, then how does the EA close the positions? If the balance is at $100 then 20% would mean that the equity close out would be at $80. however if its truely based on equity, by the time it hits $90, then the close out is now at $72. As such the EA would never trigger.

In order to overcome this issue then it needs a sort of trailing stop function. But when does the equity stop move up? is it based on the latest high of the equity, or does it move up in incremental steps, ie 110 120 130.

If you want your EA to also turn off the expert advisor button as well this is quite hard to find in the forums and i think you will need to find somebody to make it for you ( sorry i cant code). I havent had any problems with EA's turning of the expert advisor button. This does not make the sad face, it makes a cross instead. but i think some purchased EA's wont turn off unless MT4 is shut off.

Hey hyckyfu,

I want to make the equity trailing stop function based on the latest high of the equity, so it represents maximal equity drawdown on MT4 statements. I want this function because some EAs are winning steadily but tend to have a continuous drawdown at a certain time that includes some martingale EAs and some non-martingale trending EAs if the market is not suitable for them at that certain specific time. Thus I want to limit the loss and close all trades before their algorithm start to recover. If the demo accounts are stable again, I'll turn the EAs on and change the magic numbers and start all over again.

It looks like the safest way is to shut MT4 off. I'll start a new thread, see if I'm lucky!

Happy New Year

Hi pipster,

this is exacly what I'm looking for, it would be verry nice if you share this EA...

thx!!!