Martingale ea instead of stop loss

I have a cost average advisor that will cover a defined range.For example you must find the average daily range of say 100 pips and you must set the advisor (according to your account balance and margin requirements) to take 5 positions at 20pip intervals and is adjustable to any range you want.

So..if you are long 1lot and price continues to go against you it will open another position in 20 pips at 2 lots and if price continues to go against you it will open a position at 4 lots and then 20 more pips against you 8 lots then 16.Which is 20 pips at 5 positions lots1,2,4,8,16,32,ect until price reverses to cover all position= you have effectively covered 100 pip range.-20&1lot,-20&2lot,-20&4lot,-20&8lot,-20%16lot,continues if you have more balance.

Price could reverse and exit out of trade at any pip position or will continue to open positions until your set defined range is covered.This has an advantage and a disadvantage.During ranging markets you will make much money as price runs 1 or 2 positions open the pullsback to close them out as price is trading in a tight 20 to 40pip range.If it stayed in that range you could double your account in 4 days.If a major news event is released like nonfarm payroll or interest rates you will get a 150pip bar and price will continue (majortrend without a pullback)on and never return to cover your range as these events are not factored into your plan and will effectively blow up your account.

You can get around this by keeping a close eye on the news releases and cut the advisor off those days with loss of whatever postions are open.Is this what you are looking for and if so I can send it to you but it requires constant adjustment of lots and monitoring of economice releases to avoid trouble?

well, thank you very much for your help and quick reply.. yes, somehow it's what I need.. and I know well the risk of Martingale system, I just want to demo first.. so could you send it to me?

This advisor takes alot of management.In order to optimise it you will need a server information script to get information like tick value and margin requirements,a excel spreadsheet calculator to determine lot sizes tradeable in order to correctly input the correct lot sizes according to your account balance so as to not get yourself a margin call for incorrect math.

For instance..if you have a balance of 1000.00 and want to cover adr200 pips range on eurusd by 5 positions that means the advisor will open a position every 40 pips if price goes against you.Some brokers have stopoutlevels of 100%which means that if your margin level gets below100% then you will get stopped out.I would demo it withibfx as their stopoout level is 50%as if you have to open those last positions on your range margin level will be close to 100 but if it is 50% you have alot more room to manuever.

Margin requirments to open .10 position is also needed which you can get from the serve script.You will also need tick value which also can be found on the script.You must input all of this into the calculator that I am going to give you along with the server script and advisor.Understand that if you do not use the calculator to determine what is the maximum lots you can trade to cover the range you will be guessing and may overshoot or undershoot the max lots you can trade.

So you add the script to the scripts folder then attach to chart to get the correct information about your account.

You must use the excel spreadsheet calculator and input the information found on the server script to determine what lot sizes you can trade without overextending your account.

It may seem like a lot but it will get easier overtime to get the input this information.These steps must be taken as the account balance changes because of withdawl or wins or loss.

yes, thanks again.. of course, I will have to demo it first, to understand how it works and how to adapt it to my account balance.. the main thing is that it could open positions in the same direction of the trade I opened perviously.. not hedging, I have many EAs that can do this..

Theory--Advisor was made to cover the daily range of a given chart .You ustmust find an indicator or website that will give you the average daily range numbers of a given pair.To use advisor effectively you m attempt to cover that range by positions..if the ADR of eurusd is 100pips you must divide that by 5 to 10 positions meaning an order at every 10 pips until 100 piprange is covered or every 20 pips or 50 pips.However you work out the math is fine just as long as you cover 100 pips but you can cover up to 1000pip range as long as your account balance can handle opening positions.EA looks to macd to open orders and starts to trade as soon as you attach it to chart.

Script info--You must attach script to chart in order to obtain the correct information about your account.There are items like tick value and margin required that even your broker rep may not know and is need to input into the excell calculator.c/programfiles/mt4broker/experts/scripts..close and reopen terminal then attach to chart.

Spread sheet calculator--fortunantly I have a easy user friendly one.You must input the information from the script into the calculator. Pip-this is how many pips until a new position is open so if you want a new position every 10 pips input 10 if 20 input 20....important to add you must know what range you want to cover...example if i want 200 pips covered by 5 positions you would enter 40 as the pips 40x5 =200,,20x5=100piprange.

start price end price--if you want 100pips covered SP is 100 EP is102/ if you want 100 pips covered SPis100 Ep is 101/ if you want 300 pips covered SP is 100 EP is you get it 103.

Margin and tick value you input from scritp info.....Lots you adjust to fit your account balance.

DO NOT CHANGE LINES 11 THROUGH 21 THIS IS THE MATH SECTION

Do not worry about eurjpy as it works on all pairs.

EA--input the information you have from the spread sheet calculator into the ea.

Final--the advisor can cover any range you want effectively and if you have price contained in your net you will have a advisor that will run for ever without loss.There is only two condition that will blow up your account that is fomc minutes interest rates releases and employment reports like aud employment and nonfarm payroll.Find a calendar of news releases and if you see the next day that these reports will be release cut the ea off as the spike is not good for this type of trading that depends on a pullback as it will create a 150 pip bar without pull back then a long trend started.This is a price net as it will contain price when used correctly.

I hope I covered everything and if you have any questions let me know.

you've been really clear.. but I'm afraid that I haven't.. because I don't want the EA to open positions as soon as I attach it to the chart.. I want to open the trade manually, and let the EA manage to open the pending orders if the trade goes against me..

Yes you should have stated that earlier nevertheless here is swiss army EA the order management advisor.

I'm sorry for misunderstanding, I tried to explain my need in the very first message.. I have some EAs that manage open trades, but unfortunately none of them places martingale positions based on already open trade, including Swiss Army (it opens only hedged trades)..

anyway, I thank you very much for your time and help, I really appreciated it.. and I will demo test the EA you suggested (it would be perfect for me, if only it could let me open trades manually)