PipMaker v1 - Price action based EA - page 81
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Thank you Enforcer, this will be a new step in pipmaker I hope.
Some quick tests and mq4 file.
Default settings for GPBUSD.
First file is report for this month with Loss Management turned on, second is default v10.Some quick tests and mq4 file.
Default settings for GPBUSD.
First file is report for this month with Loss Management turned on, second is default v10.Hello Enforcer,
How to on the loss management? is it simply key in "true" in the column?
Please explain.
Thanks
Edick
Hello Enforcer,
How to on the loss management? is it simply key in "true" in the column?
Please explain.
Thanks
EdickHi
Is simple.
AllowRecovery is main switch, other options have no effect without this.
With all options set to true, if buy or sell orders reach maximum allowed loss (MaxLoss) will exit all trades, will place a single order to recover the loss amount and will stop trading.
Whit only AllowRecovery=trueall that is doing is to forbid placing new orders in losing direction.
ExitAllTrades=truewill exit all trades if MaxLoss is hit.
StopTrading=true will stop activity and will not place any new orders.
PlaceRecoveryOrders=true will place a recovery order (rarely more than one)
Lot size for this order is = sum of lots of losing direction(buy or sell).
It have to take profit quickly,at 4-5 pips so here is needed RecoveryLotMultiplier in order to get in profit i 4-5 pips
Example: 2 orders are losing more than 5$. Lot sum is 0.03 (0.01+0.02)
To get back those 5$ and get a profit you need 6$.
To get 6$ in 5 pips you need 0.12 lots so multiplier has to set to 4.
Maybe this Loss Management is nothing fancy and clever and can be improved, but is doing his job quite well as is not intended for continuous trading but as escape sequence from a losing situation.
Keep in mind even those recovery orders may go wrong and fail to take profit in 4-5 pips so is intended to use with StopTrading=true.
Some notes:
Do not set Spacing too tight, in this way will place too many orders for one direction and if trend jump in opposite direction...guess what?
Do not set too low MaxLoss, it will keep closing prematurely all orders, script need some space to move.
Do not set too high RecoveryLotMultiplier, if fail will create big loses, keep it at minimum necessary to recover closed orders.
Use a stop loss for all orders, without may crash account very quicly.
Better lose 300$ than all account, right?
Hi
Is simple.
AllowRecovery is main switch, other options have no effect without this.
With all options set to true, if buy or sell orders reach maximum allowed loss (MaxLoss) will exit all trades, will place a single order to recover the loss amount and will stop trading.
Whit only AllowRecovery=trueall that is doing is to forbid placing new orders in losing direction.
ExitAllTrades=truewill exit all trades if MaxLoss is hit.
StopTrading=true will stop activity and will not place any new orders.
PlaceRecoveryOrders=true will place a recovery order (rarely more than one)
Lot size for this order is = sum of lots of losing direction(buy or sell).
It have to take profit quickly,at 4-5 pips so here is needed RecoveryLotMultiplier in order to get in profit i 4-5 pips
Example: 2 orders are losing more than 5$. Lot sum is 0.03 (0.01+0.02)
To get back those 5$ and get a profit you need 6$.
To get 6$ in 5 pips you need 0.12 lots so multiplier has to set to 4.
Maybe this Loss Management is nothing fancy and clever and can be improved, but is doing his job quite well as is not intended for continuous trading but as escape sequence from a losing situation.
Keep in mind even those recovery orders may go wrong and fail to take profit in 4-5 pips so is intended to use with StopTrading=true.
Some notes:
Do not set Spacing too tight, in this way will place too many orders for one direction and if trend jump in opposite direction...guess what?
Do not set too low MaxLoss, it will keep closing prematurely all orders, script need some space to move.
Do not set too high RecoveryLotMultiplier, if fail will create big loses, keep it at minimum necessary to recover closed orders.
Use a stop loss for all orders, without may crash account very quicly.
Better lose 300$ than all account, right?Hello Enforcer,
Thanks for the explanation.
You are saying that the default setting can be used right away?
Regarding the Recovery lot multiplier, the default setting is 14, is this correct?
I just run the EA on the live account using micro lot, it opens 2 trades, buy and sell at the same time. is this OK?
Thanks in advance
Edick
Those values was used on testing.
Run optimizer to find your own best values.
Also keep it running for a while on a test account before going live.
I did not have time to test it properly as I just made the code.
Anyway, absolutely NO method is 100% safe.
ANother thing, how about the TP? there is no parameter for this
a buy position has profited 40 pips but it did not close positiion
Nothing is changed in take profit side.
When sum of all open transactions reach ProfitTarget all are closed.
Loss Management take care of losing positions, not of profitable ones.
Hi Enforcer, can you please point where I have to put the reverse signal script, I need reversesignal outside the lossmanagement part,
Hi Enforcer, can you please point where I have to put the reverse signal script, I need reversesignal outside the lossmanagement part,
You mean reverse the signal for main trades?