The Protector strategy for futures trading

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Account Protector

Account Protector is a MetaTrader expert advisor that lets you manage trades and control your profit and loss across multiple currency pairs using a number of parameters and settings. Here are some examples of the things you can accomplish with Account Protector:

  • Close all positions once account equity increases by 10%.
  • Delete all EUR/USD pending orders once floating profit on EUR/USD trades reaches $500.
  • Email you the current account state and disable autotrading once free margin drops below $1,000.
  • Trail stop-losses on all trades with non-empty commentary field.
  • Close all positions and exit MetaTrader once total floating profit on trades with magic number “1000” reaches 50 pips.
  • Close 50% of the position’s volume when profit reaches 100 pips.
  • Exit the platform when local time is 23:59 Friday.

Account Protector’s main benefits include:

  • You control all the main settings using a graphic panel.
  • You can close, minimize, and move the panel freely across the chart.
  • Settings can be adjusted inside the panel with just a few mouse clicks.
  • You can apply mass breakeven and trailing stop mechanism to secure your profit.
  • Hidden trailing stop-loss by account equity.
  • You can set it to trigger by timer.
  • You can choose whether to count swaps and commission when calculating profit/loss.
  • The panel displays the current instrument’s spread.
  • Two snapshots (free margin and equity) are available for advanced trigger conditions.
  • You can filter trades by magic numbers, instrument, and order commentaries.
  • You can combine as many conditions and filters as you like.
  • The panel can inform you about its actions via email and mobile push-notifications.
  • The panel automatically saves and loads its settings on timeframe change or platform restart, preserving your configuration efforts.
  • It uses only one standard Windows DLL (to disable autotrading) — the EA can work without DLLs if you do not need it to disable autotrading.
  • You can use it in MetaTrader 4 and MetaTrader 5 (both hedging and netting modes).
  • The panel scales properly on high-DPI screens (4K, for example).
  • You are free to browse and modify its open-source code.

Interface

Main tab

The main tab of the panel serves to control the trailing stop and breakeven settings as well as free margin and equity snapshots. The same tab is used to control the equity trailing stop. Also, you can use it to set the timer and to choose whether to count swaps and commission as profit and loss. Additionally, this tab displays the current spread. All the tabs show the expert advisor’s status:

To turn on the timer, you need to set the checkbox and the time (trading server or local PC time) when you want expert advisor’s actions to be executed (not the time until those actions get triggered). You can also set the day of the week for the timer to set off.

Trailing stop and breakeven are set similarly — by clicking the checkbox and setting the relevant value in the input field:

  • The first trailing input allows you to set the profit level in pips when the trailing stop is first activated. For example, 100 pips; when position will reach at least 100 pips profit, the trailing stop will be applied using the stop distance from the next input field.
  • The actual trailing stop distance to be used.
  • The first breakeven input field is the target number of profitable pips when the stop-loss is moved to breakeven.
  • The input field below lets you enter the number of extra pips to add to the breakeven level if you want to capture some minimum profit with the trade. This value is useless if the main breakeven value is not set.
  • The final input field lets you set the equity trailing stop value in account currency. When there is an active equity stop-loss value, it is displayed under the checkbox and there is also a button to reset it.

Filters tab

This tab lets you restrict which trades are monitored and managed by the Account Protector using magic numbers, order symbol, and order commentary.

The magic number field lets you input several numeric values and either force the EA to work with the trades associated with these numbers or exclude such trades from being processed by the EA. Symbol filtering is organized as a group of radio buttons with explicitly described choices. Order commentary filtering is based on a textual input field and a choice of whether to look for exact match, comments containing the text, comments not containing the text, or comments not equal the entered text.

Conditions tab

In this tab, you can set the conditions to trigger the EA’s actions.

The first six conditions involve floating profit/loss and they trigger if:

  • Floating loss reaches a given percentage of balance. E.g., paper loss becomes greater or equal to 20%.
  • Floating loss reaches a number of currency units. E.g., paper loss becomes greater or equal to $100.
  • Floating loss reaches a number of pips. E.g., paper loss becomes greater or equal to 50 pips.
  • Floating profit reaches a given percentage of balance. E.g., paper profit becomes greater or equal to 40%.
  • Floating profit reaches a number of currency units. E.g., paper profit becomes greater or equal to $200.
  • Floating profit reaches a number of pips. E.g., paper profit becomes greater or equal to 100 pips.

The next two conditions compare account equity to a given amount of money:

  • Equity becomes less or equal to a given number of currency units. E.g., equity falls to or below $800.
  • Equity becomes greater or equal to a given number of currency units. E.g., equity rises to or above $1200.

Then, there are two conditions that compare account equity to the previously captured snapshot:

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  • Equity becomes less or equal to a given percentage of snapshot. E.g., equity falls to or below 90% of the previously captured snapshot.
  • Equity becomes greater or equal to a given percentage of snapshot. E.g., equity rises to or above 115% of the previously captured snapshot.

Similar conditions exist for free margin. The first two conditions compare it to some amount of money:

  • Free margin becomes less or equal to a given number of currency units. E.g., free margin falls to or below $500.
  • Free margin becomes greater or equal to a given number of currency units. E.g., free margin rises to or above $750.

The final two conditions compare free margin to a snapshot:

  • Free margin becomes less or equal to a given percentage of snapshot. E.g., free margin falls to or below 80% of the previously captured snapshot.
  • Free margin becomes greater or equal to a given percentage of snapshot. E.g., free margin rises to or above 130% of the previously captured snapshot.

After some condition is triggered, its checkbox will be unchecked unless DoNotResetConditions is set to true.

Actions tab

This tab lets you select the actions that should trigger if your chosen conditions are met.

Five actions are supported by Account Protector:

  • Close % of all positions will close (fully or partially) all active trades in all trading instruments that are not filtered out (using the Filters tab) and where trading is enabled.
  • Delete all pending orders will remove all stop, limit, and stop-limit orders in all trading instruments that are not filtered out (using the Filters tab) and where trading is enabled.
  • Disable autotrading will turn off the platform’s AutoTrading button preventing further operation of all expert advisors. Account Protector uses a call to one of user32.dll functions to emulate the button press. The action will not work if DLLs are disabled.
  • Send e-mail will notify you using an e-mail if there are correct settings under Tools->Options->Email menu. One e-mail message will be sent with brief description of what condition has been met and what actions have been taken.
  • Send push notifications will inform you using mobile push notifications if there are correct settings under Tools->Options->Notifications menu. Two notifications will be sent with brief description of what condition has been met and what actions have been taken.

After some action is taken, its checkbox will be unchecked unless DoNotResetActions is set to true.

Usage

The aim of Account Protector (AP) is to help you preserve your account balance. AP works based on the conditions and actions you set. The actions are applied at the moment when at least one of the conditions is triggered. The graphic panel helps you operate the expert advisor.

You can ensure proper operation of AP by turning on AutoTrading button in MetaTrader terminal. Allowing DLL imports enables AP to automatically disable autotrading when you configure it to do so. The expert advisor will alert you if either AutoTrading button or DLL imports are off but will continue operating in a restricted mode.

The EA will apply trailing stop-loss and breakeven stops if you configure it via the Main tab and enable autotrading.

If you set Enable emergency button input parameter to Yes, a big red emergency button will appear at the bottom of the Main tab. You can press it to close all positions, delete all pending orders, and disable autotrading immediately. The emergency button respects all filters set via the Filters tab.

Status

You can monitor the status of the Account Protector by looking at the panel’s top line. It shows the current status as one of the five possible values:

  • Autotrading is disabled — the expert advisor will not be able to perform any trading operations until autotrading is enabled.
  • No condition is set — you need to set some condition in the Conditions tab for the EA to trigger and to take some actions.
  • No action is set — you need to set some action in the Actions tab for AP to do anything when a condition triggers.
  • OK — AP is fully operational and will take some actions when at least one of the given conditions is met.
  • Triggered at — appears after some condition has triggered.

Logging

When AP is attached to the chart, it logs the trading account information and its input parameters if the log file name is set.

During its operation, AP logs the following events:

  • When some condition is triggered, AP logs the name of that condition, current account information, and all the panel settings.
  • When some action is taken, AP logs the name of that action and the detailed list of all the closed positions and deleted pending orders.
  • AP logs error messages (when some entered input value is invalid).
  • It is possible to see most of the log messages inside the Experts tab of the MT4/MT5 terminal.
  • When you remove AP from the chart, it again logs all the relevant trading account information and its own input values.

Each line of the log file is accompanied by a timestamp based on the trading server time.

Input parameters

  • Slippage (default = 2) — slippage value given in broker’s pips to be used when closing positions.
  • Log file name (default = “log.txt”) — if given, Account Protector will log its settings and events into that file.
  • Enable emergency button (default = No) — if Yes, the emergency button will be present on the panel for quick removal of all trades and disabling of autotrading.
  • PanelOnTopOfChart (default = true) — if true, the panel will be drawn on foreground, and the chart will be drawn as background. Setting it to false will uncover the chart behind the panel.
  • DoNotResetConditions (default = false) — if true, the triggered condition’s checkbox will not get unchecked on the Conditions tab.
  • DoNotResetActions (default = false) — if true, the triggered action’s checkbox will not get unchecked on the Actions tab. It is not recommended to set this parameter to true unless you are completely certain in what you are doing.

Downloads (ver. 1.03, 2020-09-30)

Account Protector is being developed via a dedicated GitHub repository. You are encouraged to actively participate in the improvement of this expert advisor by submitting your own features via pull-requests and by reviewing existing suggestions, changes, fixes, and so on.

To install — unzip and copy the whole Account Protector folder to MQL4/Experts/ or MQL5/Experts/ (if you are on MetaTrader 5) of your terminal’s data folder.

Discussion

Do you have any suggestions or questions regarding this expert advisor? You can always discuss Account Protector with other traders and MQL coders in the forum.

Trade Protector 1.2 and EA

I have been emailed Trade Protector 1.2 (loaded it to MT4) and it is not working properly/or i havent set the correct settings, I have searched for it but cant find it in the mql site. Does anyone have any info on it? or where it is located? also, i would like to set up EA and would be happy to pay someone to program my own EA, anyone interested?

I have been emailed Trade Protector 1.2 (loaded it to MT4) and it is not working properly/or i havent set the correct settings, I have searched for it but cant find it in the mql site. Does anyone have any info on it? or where it is located? also, i would like to set up EA and would be happy to pay someone to program my own EA, anyone interested?

8 MT4 Trailing Stop EAs For Managing Your Trades

Here are 8 MT4 trailing stop EA‘s you can use to manage your trades as well as locking profits in profitable trades.

Trailing stop loss is an important part of forex risk trading management as well as trade management.

Sometimes the default trailing stop feature of the MT4 trading platform does not really satisfy a forex trader the way he wants to apply trailing stop to his trades.

Who knows, you might be in a toilet, or on the phone with a friend you haven’t talked for a very long time and you have a profitable trade running and whilst you are away from the screen, the market can make a drastic move against your trade and the worse thing is, you have not locked any profit.

That’s where trailing stop expert advisors come in handy.

Here’s the list of 8 trailing stop ea’s starting with the first one…

#1: e-Trailing.mq4 expert advisor

How This MT4 Trailing Stop EA Works

  • works on one chart at a time therefore if you have trades open in different charts, you need to upload to each chart
  • creates automatic trailing stop for all trades that are open or will be opened in the future.
  • AllPositions-trailing stop is used for all positions
  • Profit Trailing-if “true”, it activates trailing stop as soon as your trade starts making profits and protect(locks in your profits) and if “false”, trailing stop is activated as soon as a new position is opened.
  • TrailingStop-this tells you the size of the trailing stop in pips
  • TrailingStep-this is hte step of the trailing stop
  • UseSound-option to use sounds or not.
  • NameFileSound-the name of the sould file

For Forex Trade Setups and Trading Signals that Move 100 Pips Plus Each Week subscribe using this form below:

#2: Swiss_Army_EA_V1.51.ex4-Expert Advisor

How This Trailing Stop EA Works

  • if you want to apply breakevens, trailing stops, setting and removing take profits and stop losses and variety of conditions for closing trades, this expert advisor is suitable for that.
  • this expert advisor will print to the screen what it allowed to do which helps you figure out what it does.
  • you also need to spend a bit more time to to really learn how to use it.

User Guidelines

Here’s the link to the guidelines if you are a first time use and want to have big of information on it:

#3: Tight_Trailing-Stops.mq4 Expert Advisor

How This Trailing Stop Expert Advisor Works

  • this expert advisor sets really tight stop loss order and trailing stops.
  • you may have an issue using this expert advisor with some forex brokers
  • If you set “UseTightStop” to true, it will setup a trailing stop
  • “TrailingAct” is the number of pips you set to start the trailing stop starts to trail. Example, if you want the trailing stop to activate when the trade is in 15 pips of profit then set TrailingAct to 15.
  • “TrailingStep” is the amount in pips you want to trailing stop to trail by.

#4: BreakEvenExpert_v1.mq4 Expert Advisor

How This Trailing Stop EA Works

  • this expert advisor is pretty good…what it does is sets the stop loss to breakeven when “x” amount of pips in profit is achieved.
  • In the figure above, note that “Breakeven=30” simple means that this expert advisor will move your stop loss to breakeven once 30 pips profit has been achieved.

#5: TrailingStop.mq4-expert advisor

How This mt4 Trailing Stop Expert Advisor Works

  • this trailing stop ea modifies trailing stop loss on all open trades that are in profit on teh current account and the charts where it is attached to.
  • it also closes all trades and can also take specified profits when the entire trading account is in profit.
  • For parameter, have a look at its intruction manual: Trailing_Stop_Manual

#6: EMATrailingStop_v1.4.mq4 Expert Advisor

How This mt4 Trailing Stop Expert Advisor Works

  • how thsi trailing stop ea works is by using a trailing stop based on exponential moving average.
  • so you set the “EMA Period” to 13 means that it will use the 13 EMA to trail stop your trades.
  • If you set “TrailAllSymbols” to “true”, it will trail all the currency pairs, not just the pair it is attached to on the chart.
  • “CloseWhenProfit”…you set this parameter to start trailing the sum of all profits gained from all open trades so when it reaches a value you’ve set, all the trades will be closed.
  • If you set “TrailOnlyInProfit” to “true” then it will activate a trailing stop on only those trades that are in profit. If “false” it will trail all the trades.
  • “EMAShift” simple means the bar of the EMA that is used as a trailing stop. If set to zero (0), it will do it on ever ema bar tick.
  • With “magicNumber.from” and “magicNumbe.to you” controls which numbers should it trail. Magic number 0 are usually for manual trades which means if you decide to put 0, this ea will monitor and trail manual trades along with chosen magic numbers.

#7: TrailingWithPartialClose.mq4 Expert Advisor

How This Trailing Stop Forex Expert Advisor Works

  • if you want a trailing stop forex expert advisor that closes partial positions when each target is reached then this is the one.
  • there are 6 different types of trailing stops you can apply here.
  • Best option is to download it and play around with it on a demo trading account and figure it out because there’s quite a lot of parameters to it.

#8: Trade_protector-1.2.mq4 Expert Advisor

How This Trailing Stop EA MT4 Works

  • this trailing stop is a bit different because it is based on a concept called proportional trailing stop.
  • what it does is setup a % ratio of pips to be protected by a trailing stop depending on how well the trend moves.
  • When you set the % ration, the expert advisor will move the stop loss to “x %” of the distance between the current market price and the price where the order was activated/executed.
  • Here’s the formula for Proportional Stop Loss=|Current Price-OrderOpen Price|x Ratio-Spread.
  • logging=1 means that if you want logs in the expert\files directory, 0 if you do not want that.
  • nTrailingStop=35 means that 35 pips for initial trailing stop until the trade reaches:profit=nPropSLThreshold.
  • nPropSLThreshold=12 means that 12 pips after reaching this the profit proportional trailing stop will be activated.
  • dPropSLThreshold=0.35 This is the multiplying factor and calculated by :(PropSL=Profit*dPropSLRatio-Spread)
  • nUseEscape=0. 1 or 0 escape misplaced trades as soon as they reach some minimal profit.
  • nEscapeLevel=0. This is the loss size in pips you want your trade to be terminated as soon as it will reach the next high.
  • nEscapeTP=35. This is the take profit level in pips. If you set this to a negative number then it will be a trading loss that you have determined and are willing to risk.

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8 Responses

Hello. Nice recommendations but i couldnt find the trailing ea in my mind. I will explain it with an example. Lets say I have opened a short on AUDUSD from 0.7660 and I am pretty sure that it will go to at least 0.76.. I want to trail my profit every “x” pips after 0.76.. but locking in 60 pips profit at least. If you know is there an EA like that or manually i can do this on MT4 ? I wonder what would happen if I set my SL to 0.76 and then trail command on MT4.
Thanks for your help.

I want to trail my profit .. let s say 60 pips is guaranteed but i want to trail ..

It really depends upon you how many pips away you want to trail stop your profitable trade. You place it too close and you get stopped out easily. Best way I thing is to use swing high/swing lows and manually trail stop your trades.

Quite a handy page, really.
There is one that you could mention which is called “silent tracker” (petit-trader.com). It works by applying an Elder % of profit, e.g. 40% or 50%. The second function offered by the expert, which may become precious is that it will record the full profit/loss history of the order, and the positive profit history associated to the trailing stop; this profit history will help refining the settings of the trailing stop strategy.
This is the expert that I use because I have another professional activity.
Their website also offers a tool for more active traders (day traders), which enables a trailing stop as well, it is a script so can be combined with an expert. Especially useful when you already have an expert that detects opportunities (having only one expert per chart is a MT4 limitation that I’ve never understood). The main function of that script is the calculation of the ideal position size and soft pending orders, but the other application of the script is a trailing stop strategy which is modifiable at all times.

Thanks for the heads up, Adam.
Other traders/readers of this blog may find that useful.

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