Open Lock EA MT4

Open Lock EA for MT4 by Sergey Likho

Introduction

Discover the innovative Open Lock EA for MT4, developed by the exceptional Sergey Likho. This Expert Advisor is designed to help traders manage and reduce account drawdown, ensuring that your investments remain secure even during volatile market conditions. The Open Lock EA achieves this by splitting losing deals into multiple smaller parts, each of which is closed separately. This strategic approach not only minimizes the impact of losses but also optimizes your trading performance.

What sets the Open Lock EA apart is its ability to interact with other experts. When a certain drawdown level is reached, Open Lock can disable other EAs and take control of their orders, providing a robust and flexible solution to managing risk in your trading portfolio.

Detailed Description of the Strategy

The Open Lock EA employs several sophisticated methods to safeguard your account and enhance your trading results. These methods include:

• Locking: This prevents further increases in drawdown by locking positions when the market moves against your trades.
• Averaging Orders: The EA opens additional orders with small lot sizes to average out losses, without overloading your deposit. The profit from these orders is used to partially close losing positions.
• Partial Closure: This method reduces the load on your deposit by closing parts of losing positions gradually, which helps manage drawdown effectively.

The EA’s decision-making process is guided by advanced algorithms that continuously monitor market conditions and your account’s status, ensuring optimal performance.

Trading Specifications: Recommended Pair, Timeframe, and Minimum Balance

Recommended Pair

The Open Lock EA is versatile and can be used with various currency pairs. However, it performs exceptionally well with major pairs that have high liquidity, reducing slippage and improving trade execution.

Timeframe

The recommended timeframe for the Open Lock EA is M15. This timeframe balances the need for timely trade adjustments and the stability required for effective drawdown management.

Minimum Balance

To operate the Open Lock EA effectively, a minimum deposit of $1000 is recommended. This ensures that the EA has enough capital to manage trades and utilize its drawdown reduction strategies efficiently.

Expert Advisor Parameters

• Language: Interface language of the control panel.
• Magic Number: A unique identifier for averaging orders. This must be distinct from other EAs.
• Start Work: Choose when the EA starts working—either at startup or after reaching a specific drawdown level.
• Drawdown in Currency: The drawdown value in the deposit currency, applicable if ‘By drawdown level’ is selected.
• Stop Other Advisors: Option to stop the operation of other EAs when a certain drawdown level is reached.
  • Not Use: Disable this feature.
  • Close Chart with Same Symbol: Close charts of the current symbol only.
  • Close All Other Charts: Close all other charts to disable other EAs.
• Action When Risk Limit is Reached: Choose actions for critically low free margin:
  • Nothing
  • Locking All Positions and Stop
  • Close All Positions and Stop
• Equity Level in Currency: Equity level below which the risk action is triggered.
• Equity Level in Percent: Drawdown percentage; shows drawdown value if no risk action is set.
• Maximal Lot in Averaging Orders: Maximum lot size for averaging orders.
• Maximal Number of Averaging Orders in One Direction: Maximum number of averaging orders in one direction.
• Maximal Step: Maximum step in pips between averaging orders.
• Settings: Choose between using the control panel or expert inputs for setting parameters.

Our Thoughts About It

The Open Lock EA is an invaluable tool for traders looking to mitigate risk and manage drawdowns effectively. Its ability to split losing trades into smaller parts and close them individually is a unique feature that sets it apart from other EAs. The interaction with other experts is particularly useful for traders who use multiple EAs, providing a safety net when drawdowns occur.

We appreciate the user-friendly interface and the comprehensive range of customizable parameters, which allow traders to tailor the EA to their specific needs. The inclusion of expert installation guidance ensures that even novice traders can get the most out of this powerful tool.

Reviews

The Open Lock EA has received glowing reviews from users who have experienced its benefits firsthand:

Martin Vovk (2021.11.17)
“Very profitable EA! Great author, great support! Sergey, thank you very much!”

Wohammad Subhi Hassan Abdel Nabi (2021.06.05)
“The developer is a genius. Five stars for my man Sergey. A must-have EA if the market beats your ass when you trade without stop loss.”

Lev Vladimirovic Marushkin (2019.11.23)
“Open Lock Evolution: Was okay, then better, then good, then really good, then great, then mind-blowing, and now finally we are approaching: WORLDCLASS. Thank you, Sergey!”

Conclusion

In conclusion, the Open Lock EA for MT4 by Sergey Likho is a revolutionary tool for managing drawdown and optimizing your trading strategy. Its advanced features, combined with a user-friendly interface and robust risk management capabilities, make it a must-have for any serious trader. Available on CheaperForex.com, the Open Lock EA offers an effective and reliable solution for enhancing your trading performance and safeguarding your investments. Don’t miss the opportunity to elevate your trading experience with this exceptional EA.