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Revenge Trading Protector

5

Revenge Trading Protector is a simple but effective tool for traders who can fall victim to revenge trading. Being a day-trader myself, I understand the psychological aspect of revenge trading and the desire to cover the losses.
So, I developed this tool (that I use myself too) to be 100% sure I’m able to remain patient after a loss and not make irrational trading decisions.


When you take a loss, the Revenge Trading Protector EA prevents you from opening another order (either limit order, stop order or market execution order) until the desired time break has elapsed. 
For example, if you take a loss at 10:45am and you have set a 30-minute time break, any order you set before 11:15am will be instantly canceled by the EA. Once you’re allowed again you’ll be notified with an alert.
Any attempt of entering a trade before the 30 minutes have elapsed, you’ll be notified respectively.


Additional feature: The Maximum Equity Drawdown is meant to prevent any type of entry order for the rest of the day (calendar day) when you exceed the desired maximum equity drawdown. 
For example, let’s assume you’ve set the maximum drawdown at 2% and you’re already -1.75% for the day, if you take another trade and the floating loss exceeds 0.25% (so it goes at -2%),
the EA will automatically close the trade and prohibit trading for the rest of the day.


The user inserts the value of the 3 parameters:

  • Max DD:  It’s the desired maximum drawdown in %. By typing “2”, it translates to 2% maximum desired drawdown for each day. 
  • MinutesBlock:  It’s the desired number of minutes that will need to elapse in order to enable trading again. (based on the first example, here you would type “30”)
  • HoursBlock: It’s the desired number of hours that will need to elapse in order to enable trading again.


         Important Notes: 

  • You must set the value of the desired time block ONLY on ONE PARAMETER. Either “MinutesBlock” or “HoursBlock”. The other parameter must be remained at 0. You can’t insert “30” on MinutesBlock and “1” on HoursBlock if you want a 1.5-hour break.
  • If you don’t want to use the Daily Drawdown Protector feature, just leave the “Max DD” parameter’s value at 0. It’ll not be used.
  • If a loss is registered and trading becomes prohibited for the desired time period, please note that any other pending order/running trade will be automatically closed! Any pending orders will need to be set again when trading becomes enabled again.
    If you wish this to be different, please contact me.
  • Make sure to enable Auto-Trading from the MT4, otherwise it’ll not run properly. (the EA isn’t permitted to open new orders, only to cancel/close orders/trades)
  • The EA doesn’t consider the seconds in the time break. For example, if a loss is taken at 10:45:26, and the time break is set at 3 minutes, the trading will be allowed again at 10:48:00. 
  • It is advised that you first test in on a demo to see how it works.
  • You only need to activate the EA on one chart, and it'll work across all pairs you trade. Any loss/drawdown is measured globally and not for each pair. (for example, taking a loss on EUR/USD will disable trading for X amount of time you've set)

Please feel free to contact me through my MQL5 profile (by clicking on my name at the top of this page) if you have any question, issue, or a request about an additional feature. Trade safely!

You can check my Website for the full list of Metatrader tools I provide.



Reviews 1
reakown
31
reakown 2024.01.27 15:21 
 

This revenge protector tool works perfectly, Kostas was always available to answer my questions and customized the EA features ! I highly suggest it for traders that have hard time with revenge trading. Just make sure to run the EA on a VPS and give the VPS credential to a person you trust to not being tempted to turn of the EA on the VPS.

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reakown
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reakown 2024.01.27 15:21 
 

This revenge protector tool works perfectly, Kostas was always available to answer my questions and customized the EA features ! I highly suggest it for traders that have hard time with revenge trading. Just make sure to run the EA on a VPS and give the VPS credential to a person you trust to not being tempted to turn of the EA on the VPS.

Konstantinos Kalaitzidis
2356
Reply from developer Konstantinos Kalaitzidis 2024.01.27 17:15
I appreciate your words mate! I'm glad to hear that this tool helped your trading, and will always be available for any problem or suggestion! Take care
Reply to review
Version 1.1 2022.03.19
Updated messages on alerts and optimized the code to be more efficient