Loss Recovery Trader
- Experts
- Michalis Phylactou
- Version: 12.4
- Updated: 11 December 2023
- Activations: 7
This robot attempts to recover losing trades.
Place a trade and if it moves in the wrong direction, the Zone Recovery algorithm initiates.
An alternating series of Buy and Sell trades at two specific levels will be taking place, with two Exit Points above and beyond these levels.
Once either of the two exit points is reached, all trades are closed with a combined profit or approximate breakeven.
To use
1) Place the EA on a chart and select how the first trade will open (Manual/Via EA strategy/Use EA panel/External EA)
2) Configure your recovery region settings (Gap Pips/TP Pips / Lot Calculations)
3) Adjust your risk preferences
4) All others are optionals
Usage
1. Initial trade Settings
- FistTrade option allows you to select the method the first trade opens
- External_Manual_Trade : Manually opened trade
- EA_Panel: Buttons for opening Trades on Screen
- External_EA_Trade : Opened by an external EA (remember to match the magic numbers between the EAs)
- Moving Average: A Moving Average strategy
- Buy /Sell Continuous: For Non Stop Buy /Sell
- Lot: Lot Value
- Take Profit: Take Profit in Pips
2. Set recovery Settings
- Recovery Pips Gap: Pips to be lost in order for an opposite direction trade to opened
- Recovery Profit Pips: Pips to be won by the last trade for the recovery to complet
- Recovery Trades Type: Instant or Pending (Instant recommended)
- Set Take Profit At Profit Exit Levels (not recommended) : For selecting if trades will close with TP/SL or instant trades
If the option is false(as recommended) can configure the following two
- Min Profit Amount To Exit Trades : Trades to be in profit before closing
- Protective TP and SL : A wider TP/SL is added to trades in case MT4 is disconnected
- Hedge_Trade_Start: Set at how many trades the recovery shall begin.Good for when using external grid strategies. (Default 1)
- RecoveryLotMethod option allows you to select the method the Recovery lot sizes get calculated
- Profit_In_Amount: Once recovery is over the Net Amount Won will be equal to this
- Multiplier_Addition: Each trade will be a multiple and addition of the previous trade
- Custom Lots: User can specify own lots modify Lot Size. It is done automatic.
3. Risk management
- Max Active Trades: Max trades that can be opened
- Close Trades When Max Trades Exceeded: If max number of trades is reached and last opened trade is losing the Recovery Pips Gap all trades closes
- Max Profit Amount : Closes all trades once the account’s total open profit reach this amount
- Max Loss Amount: Closes all trades once the account’s total open losses reach this amount
- Max Spread: Max Spread for trades to be placed. Is highly suggested to set a max spread to prevent multiple recovery trades when spread becomes abnormal
4. Trailing Stop And Break Even (Optional for first trade)
- Enable Trailing Stop: Enables Trailing Stop For First
- Trailing Stop Start Level: Activation level in pips
- Trailing Stop Distance: Trailing stop step in pips
- Enable Break Even: Enables Break-Even
- Break Even Start_Level: Break-Even Activation Level in pips
- Break Even Exit_Level: Break-Even Profit Level in pips
5. Moving Average (Optional for first trade)
EA would open initial trade based on two MAs if selected .
Buy when Fast MA>Slow MA and vice versa
- Requires_Crossover: true means trade opens only when the MAs cross
- MA Fast Period
- MA Fast Method
- MA Slow Period
- MA Slow Method
6. General
- Orders Comments: Comments Appearing on Trades
- EA magic number: When using with external EA ,number should match
anyone have a manual?