Hedger: An Order Placement Tool for MetaTrader

Related: E-Close by Time: Automated Position and Order Management - another powerful expert for MetaTrader 4 traders.

This Expert Advisor (EA) is designed to fulfill specific order placement needs, offering a unique approach to managing trades.

Also recommended: exaccount: visualize order activity on chart - similar expert with strong performance on MetaTrader 4.

It is important to note that this EA does not guarantee success and losses are expected. It is not a hedging tool for existing trades or other symbols, but rather a method to manage a single trade with a unique hedging strategy.


Order Placement Tool

The EA places orders based on your instructions and stops working after the trade is completed. It aims to allow a wider stop-loss level while minimizing potential losses.

Hedging Strategy

When the main trade enters the 'loss zone', the EA creates a hedge position within the same symbol. This hedge is designed to minimize losses, but it has its limitations due to the spread. The EA attempts to modify the hedge to equalize the spread, but if unsuccessful, it may result in a 2*spread loss.

Risk Management

If the hedge doesn't trigger due to slippage or other factors, the EA provides two risk management options:

- RiskSL: Sets a definable stop-loss level for the main order if no active hedge is present.

- RiskHedge: Creates a new hedge in the loss zone, 3*spread away from the entry price, and adjusts the stop-loss accordingly.

The 'risksln' parameter sets the stop-loss distance for both methods (integer value multiplied by points).

Trailing System

The EA includes a trailing system to minimize losses. It doesn't aim for profit but tries to earn a few points by 'trailing' the market price at a small distance. The take-profit of the main order is triggered when the main order is stopped, and the EA attempts to recover the 2*spread difference.

Fine-Tuning

The distance for the trailing system is definable, with 'nsl_21_wert' for the hedge and 'newtp_21_wert' for the main order (double-var, multiplied by point). These values can be fine-tuned between 1-9 to optimize performance.

Trade Management

The EA can end the trade if hedges produce excessive losses. When 'k_aktivieren' is set to true, it will activate this function and set a take-profit for the main order at a 7*spread distance if hedges have produced losses four times.

75-50 Rule

The EA includes the 75-50 rule, which is disabled by default. When activated through 'regel_75_50', it measures the distance between the take-profit and entry price of the main order. If the market price reaches 75% of this distance, the main order's stop-loss is adjusted to 50% of the same distance.


Important Notes

- This EA works with 'orderselect -> select by position' orders and requires no other pending orders in the terminal.

- The EA is still under development and may require fine-tuning. Thorough testing is recommended before real trading.

- The EA may not work optimally with requotes and slippage, and users should consider the chance-risk ratio.

- Removing the EA closes all open orders and deletes pending orders.

- Timeframe changes during active trades will close orders, so it's advisable to place the EA in an additional window for analysis.

Two versions of the EA are provided: 'hedger_short' for short orders and another for long orders. A combined version may be added upon request.

Feedback and testing are appreciated to enhance the EA's performance.

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extern double preis = 0;            //preis = price
extern double stoploss = 0;
extern double takeprofit = 0;
extern double lots = 0.1;
extern double nsl_21_wert = 5;
extern double newtp_21_wert = 5;
extern bool riskhedge = false;         // 2x (2/5  besser) // "/" als trennstrich, nur gerundete int-werte
extern bool risksl = true;             // 1x (11   besser)
extern int risksln = 100;
extern bool regel_75_50 = false;

.......

• This tool is provided for educational and testing purposes only.
• Past performance does not guarantee future results.
• Trading involves substantial risk of loss. Use on a demo account first.
• Results may vary depending on market conditions, broker, and settings.
• We recommend thorough backtesting and forward testing before using with real funds.