Require additional feature on my EA to improve money management.
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Attached is a semi manual trade management EA. I am requesting to add the following feature to this EA
Partial on loss: True/False. Default False
Let's explain how this EA works.
You attach this EA to any time frame. Now you place a trade, example:You attach the EA on GU and let's say you placed a Short trade on GBPUSD for the size of 1.0 and you placed a 40 pip SL. You must also navigate the EA to look at time frame by typing it inside the comment box. In this example, we type H1 inside the comment field.
You'll realize that there is a counter that says "open position: 1 and partial close: 0"
If the price goes 20 pips towards profit (Half of Entry and SL (40 pips), towards profit) 70% or to the nearest of 70% partial closure of lot size 1.0 will take place. So, here 0.7 will close and 0.3 will remain open. At the same time SL will move to secure the same 20 pips of position. If on the setting of EA the Trailing SL has not been selected, then the remaining 0.3 or 30% will close when 3 EMA and 5 EMA crosses on H1 time frame (H1 the time frame we navigated the EA inside the comment).
Looking at the above explained example, I am risking $400 to gain $140 (at 70% partial closure) + $? (at 30% partial closure) the risk looks almost three times more than gains. Therefore, I need someone to help me out within the forex-tsd community to help me out in improving the risk and reward issue of my EA.
What I would like is a partial closure of 50% of lot size when the price moves half way between Entry and SL. Only one partial closure per trade, either on loss or on profit. After adding this additional feature the risk and reward would improve significantly. Now instead of risking $400, my risk would reduce to $100 at the partial and on the ultimate SL another $100. That's a $200.
An additional line counter such as "partial loss: 0" if no partial or "partial loss:1" if loss on one position etc. would be great.
This EA is great if any body uses fxchild's play system or like me uses it on my own created system.