Automatic Loss Recovery System (ALR) - read this first

[bentonp]

Hello,

I just wanted to know if there are anyone available for testing / fixing my version of ALR, based in the second version that closes each trade. I just modify the code to be an MQH so I can include in any of my EAs.

Anyone interested?

Regards,

Benton

[gtactual]

Hi Benton,

I am ready to give it a try. I have some capacity to set up a few more demo accounts on the GP platform to test your modifications. Just send the details on how you want it to be set up.

Cheers

Gameli

[bentonp]

Hello,

I just modify the code so you only have to:

#include <ALR.mqh>

int OnInit()
{
OnInitALR(void);
return(INIT_SUCCEEDED);
}

then your trade strategy to open/close orders, then decide when to call ALR(); if an adverse situation comes for example.

First of all is to fix bugs, I notice that is you change some of the parameters there is no control in case it's too tight(PIPs) for example.

Other thing is the "recovery" idea as described in the first post:

The idea is that say you take a buy order for 1 lot and would normally place a 150 pip TP and a 50 pip stop loss, instead you take a sell order for 1.4 lots. If price keeps going down another 150 pips you will make a small profit. If it goes back up to where you first took your order (this area is called the recovery zone), you open another buy order for 1 lot. If it goes up another 150 lots, once again you get out with a small profit where you would have taken a loss otherwise. Each time price reverses instead to the other side of the recovery zone then you open another trade. Eventually price will go up or down enough to be able to close all the trades. This means when you are right, you will hit your tp as you planned. When you are wrong, your trades will close at a modest profit. Once in a blue moon you will hit SL but it won’t devastate your account.

It would be to make sure that works as described, so your EA will be trading normal or in "recovery mode".

I was about to contract a full-time programmer to do the job.

I will post later today or tomorrow, a tester EA with buttons for BUY/SELL CLOSE.

Regards,

Benton