Account Protector

[MrDt]

Hello forum, recently started using the Account Protector and its a throughly useful tool! thank you to earnforex and the developers.
It works very well for account protection but wondering if anybody has achieved this function;
I am wanting to find a method to take action (close trades) when the drawdown on a specific instrument is below a set criteria. So not account wide but on a specific instrument. As an example DD on EURUSD reaches <5% so closes EURUSD trades. But doesn't close trades on other instruments and only monitors the DD of that specific instrument - not account wide.
Any help / ideas are much appreciated.

 

[Enivid]

Hello forum, recently started using the Account Protector and its a throughly useful tool! thank you to earnforex and the developers.
It works very well for account protection but wondering if anybody has achieved this function;
I am wanting to find a method to take action (close trades) when the drawdown on a specific instrument is below a set criteria. So not account wide but on a specific instrument. As an example DD on EURUSD reaches <5% so closes EURUSD trades. But doesn't close trades on other instruments and only monitors the DD of that specific instrument - not account wide.
Any help / ideas are much appreciated.

The 'Close positions' action respects the filters. So, everything will be calculated based on EURUSD (apart from certain conditions) and only EURUSD trades will be closed. You should be able to use the daily loss condition or floating loss condition (depending on what you need) with such a setup.

As always, please test on a demo account first before trying this on a live account.

 

[MrDt]

The 'Close positions' action respects the filters. So, everything will be calculated based on EURUSD (apart from certain conditions) and only EURUSD trades will be closed. You should be able to use the daily loss condition or floating loss condition (depending on what you need) with such a setup.

As always, please test on a demo account first before trying this on a live account.

Many thanks for the information.
as an example to help me grasp functionality...
If I set filters to 'use current trading instrument'
then set conditions to 95 @ 'equity <=% snapshot'
then set actions to close 100% of all positions volume.
then the conditions and actions are only applied to trades on that current trading instrument?

 

[Enivid]

Many thanks for the information.
as an example to help me grasp functionality...
If I set filters to 'use current trading instrument'
then set conditions to 95 @ 'equity <=% snapshot'
then set actions to close 100% of all positions volume.
then the conditions and actions are only applied to trades on that current trading instrument?

No, with the 'equity <= %', condition, it just checks the equity - there is no association between a currency pair and the equity, there is only one equity in your account. That condition won't be affected by filters.

 

[MrDt]

Ok, so it is not filtering for equity on a specific instrument?

Is there a way that I can use the account protector to close positions on a specific instrument when their drawdown reaches a preset level?
excluding drawdown generated by any other trades on other instruments.

Thanks

 

[Enivid]

Ok, so it is not filtering for equity on a specific instrument?

Is there a way that I can use the account protector to close positions on a specific instrument when their drawdown reaches a preset level?
excluding drawdown generated by any other trades on other instruments.

Thanks

How do you discern equity of different instruments? Equity is the account's property.

If you are looking for the daily drawdown, then use the daily loss condition.
If you are looking for floating losses, use the floating loss condition.

 

[MrDt]

Ok, so equity is for whole account, thanks for confirming.
Let me explain what i am trying to achieve.
I want to monitor the DrawDown in my account for trades only on a specific instrument
and if the DD for trades on single instrument reaches a level (e.g. 5%) then I want to close those trades - but not trades on other instruments.
so i want to monitor the DD that is created by just trades on a chart/instrument.
lets say my total account DD (equity) is -10% and is made up of 2% on eurusd and 8% on gbpjpy. Then it would close just the gbpjpy trades.
Can i achieve this function with account protector?

Thank you

 

[Enivid]

Ok, so equity is for whole account, thanks for confirming.
Let me explain what i am trying to achieve.
I want to monitor the DrawDown in my account for trades only on a specific instrument
and if the DD for trades on single instrument reaches a level (e.g. 5%) then I want to close those trades - but not trades on other instruments.
so i want to monitor the DD that is created by just trades on a chart/instrument.
lets say my total account DD (equity) is -10% and is made up of 2% on eurusd and 8% on gbpjpy. Then it would close just the gbpjpy trades.
Can i achieve this function with account protector?

This doesn't make sense because that can be calculated only for some fixed period. As I understand, you want to calculate both closed EUR/USD trades and running EUR/USD trades. If you want that, you need to somehow define the period for which to count the closed EUR/USD trades. Otherwise, there is no way this can be calculated.

 

[MrDt]

no sorry, i will try to explain.
I want to monitor the current / live DD% on account - open (running) positions - but on an instrument - not whole account but on a specific instrument,
Then take an action to close trades if that level goes above a preset level.
I am not concerned with closed trades / history.
I hope that makes sense,

 

[Enivid]

no sorry, i will try to explain.
I want to monitor the current / live DD% on account - open (running) positions - but on an instrument - not whole account but on a specific instrument,
Then take an action to close trades if that level goes above a preset level.
I am not concerned with closed trades / history.
I hope that makes sense,

Then you can achieve this by using the "Floating loss rises to % of balance" condition.

 

[MrDt]

fantastic, so using the 'floating loss rises to % of balance' will only apply to trades that are filtered? i.e. ' only trades on current instrument / chart'?
Thanks

 

[Enivid]

fantastic, so using the 'floating loss rises to % of balance' will only apply to trades that are filtered? i.e. ' only trades on current instrument / chart'?
Thanks

Yes, it should respect the filters.

 

[RayRay]

Hi there,
Thank you for the free EA. Very helpful.
I am looking for a some help. Once I setup to close all trades once my "Floating profit rises to a certain currency units", it does close all trades, but then the condition is unchecked and no longer closes any more newly opened trades. How do I keep this going? I have another EA which is setup to open trades and I want to use this EA to continuously close all trades once my condition is met.
Please help
Thank you

 

[Enivid]

Hi there,
Thank you for the free EA. Very helpful.
I am looking for a some help. Once I setup to close all trades once my "Floating profit rises to a certain currency units", it does close all trades, but then the condition is unchecked and no longer closes any more newly opened trades. How do I keep this going? I have another EA which is setup to open trades and I want to use this EA to continuously close all trades once my condition is met.
Please help
Thank you

You need to set both the DoNotDisableConditions and DoNotDisableActions input parameters to true.

 

[RayRay]

You need to set both the DoNotDisableConditions and DoNotDisableActions input parameters to true.

Thank you

 

[BlondProtector]

Hi, I have a question. I need to monitor the unrealized loss of different magic numbers and close all trades of each magic number at a different unrealized loss. Eg. close all trades with magic number 111 at -$50 unrealized loss, close all trades with magic number 222 at -$100 unrealized loss, and so on. I guess I need to use multiple instances of the EA, one for each magic number, correct? Can I use, let's say, 4 EA instances on the same account without slowing down or crashing MT5? Is it too heavy for the CPU load?

 

[Enivid]

Hi, I have a question. I need to monitor the unrealized loss of different magic numbers and close all trades of each magic number at a different unrealized loss. Eg. close all trades with magic number 111 at -$50 unrealized loss, close all trades with magic number 222 at -$100 unrealized loss, and so on. I guess I need to use multiple instances of the EA, one for each magic number, correct? Can I use, let's say, 4 EA instances on the same account without slowing down or crashing MT5? Is it too heavy for the CPU load?

Yes, you would need to use different instances for each magic number in that case.
It's not too hard on the CPU, but I don't know your setup, so it's hard to tell until you try that.

 

[MrDt]

Hello team, I am using the ea regularly and love it- thankyou.
I am having an issue with its function and hope you can help.
I have the ea set with conditions; equity > 102% of snapshot and then actions;
close 100% of all trades -
disable autotrading
send push notification

I am experiencing that the ea triggers when the equity level is reached and it is closing trades & disabling auto trading,
but the push notifications are then looping constantly until I click the 'switch' to turn it off manually. so I am receiveing many hundreds of push notifications to my device before i get to switch it off.

If there an issues / bug / work around for this?

Thank you

 

[Enivid]

Hello team, I am using the ea regularly and love it- thankyou.
I am having an issue with its function and hope you can help.
I have the ea set with conditions; equity > 102% of snapshot and then actions;
close 100% of all trades -
disable autotrading
send push notification

I am experiencing that the ea triggers when the equity level is reached and it is closing trades & disabling auto trading,
but the push notifications are then looping constantly until I click the 'switch' to turn it off manually. so I am receiveing many hundreds of push notifications to my device before i get to switch it off.

If there an issues / bug / work around for this?

Thank you

That would be the case if you set the DoNotDisableConditions and DoNotDisableActions input parameters to true.

 

[MrDt]

Many thanks, all makes sense now!
I would also like some further information / assistance with the equity trailing stop feature I can see on the main input screen.
I have referred to the website manual although I would appreciate some guidance and advice with settings if possible...

I have being using the ea to close out all trades when a given profit target in currency units is reached, using the 'Equity >= currency units'.
For example I am using $200 daily target.

Is it possible to set a hidden USD trailing stop that activates when that $200 is reached and then steps up in a value until price then comes back down and it closes the trades?

If this is possible could you give me an example of entries?

Many thanks