1. Trading symbols
The trading strategy of the ProfitLocker EA is adapted for a certain set of currency pairs. Working with these pairs guarantees a profitable and safe system operation. The working timeframe and currency pairs are listed on the "About" tab, in the settings window:
Recommended currency pairs for the current version: EURUSD, USDJPY, EURJPY, EURGBP, CHFJPY, USDCHF. Working timeframe: H1.
With the release of the next versions of EA, the set of recommended tools will expand.
2. Money management and lot size selection
The trader himself must calculate and set the size of the initial lot with which the system will work. It is not difficult to do this, if you have any questions, please contact our technical support or write in the comments.
The minimum deposit is $ 500 on a dollar account, or 500 cents on a cent account. To calculate the lot size, if the currency of your account is not the US dollar, then in the calculations you need to transfer the deposit from its currency into dollars, at the current rate.
The basic rule for calculating the initial lot when working with ProfitLocker EA is 0.01 lot for each currency pair, for every $ 500 or cents. For example, with a deposit of $ 500, ProfitLocker can be set on one pair with a lot of 0.01. And with a $ 1000 deposit, it can be set for two pairs, also with a lot of 0.01 for each - this is a more optimal option, so the profitability will be greater and the risks will be diversified.
The principle of calculating the lot size: divide your trading account balance by 500 and you will get the number of minimum lots of 0.01, which can be divided into several financial instruments and used in trading. So, for example, if your balance is 500 dollars or cents, then without options, you can trade only with lot 0.01 and only one instrument - EURUSD, as the most optimal one. If you take a balance of 2000 dollars / cents, then you already have 4 minimum lots at your disposal, which can be distributed over 4 recommended currency pairs (put an advisor on 4 recommended pairs with a lot of 0.01 for each).
If the number of minimum lots exceeds the number of recommended pairs, then you can already increase the lot size. So, for example, if the deposit is $ 5000, and the number of recommended pairs is 4, then the received 10 minimum lots of 0.01 can be distributed as lot 0.03 for 3 pairs and lot 0.01 for 1 more pair.
Start Lot - the initial lot with which the first deals are opened. ProfitLocker EA trades not one deal, but systems of deals, consisting of several deals with different volumes.
Max. drawdown, % of balance - maximum drawdown in percents of the balance. If the total profit on open positions reaches the negative value specified in this parameter, then the action set in the "Action for max. drawdown" parameter will be applied. The value is indicated in percents of the total account balance. Profit is calculated on the positions opened by the current instance of the EA on the current chart. For example, if the value "Max. Drawdown,% of balance" = 10 and the balance is $ 1000, the action "Action for max. drawdown" will be applied when the profit is $ -100 (-10% of $ 1000). There is no need to put a minus sign.
Action for max. drawdown - selection of the action that will be applied when the drawdown is reached, specified in the previous parameter "Max. drawdown, % of balance".
There are three actions in total:
- "No action" - do nothing.
- "Stop" - all trading operations are stopped. When the drawdown decreases to the value specified in the "Max. drawdown,% of balance" parameter, the EA will continue working and will withdraw open positions from the drawdown. It’s like putting the Expert Advisor on pause until the drawdown decreases to an acceptable value.
- "Close all" - the advisor closes its trades and does not resume work anymore. To resume work, you must first install the advisor on the current or new chart of the selected currency pair.
Max. account drawdown, % of balance (0-off) - maximum drawdown on the account, in % of the deposit. If the total drawdown on the account reaches this value, then new systems of deals will not be opened, but current deals will be brought to closing. If the value is zero, this limitation is disabled. This limit is in effect when the ProfitLocker works simultaneously on several currency pairs. It is intended in order not to start opening new systems of deals on any particular pair, when the total drawdown for other pairs has already reached this value.
Max. spread, points (0-off) - maximum spread, in points. If the current spread exceeds this value, then all trading operations are postponed until the spread decreases again to the specified value. If the value is zero, this limitation is disabled. The value can be reduced to 50-60 points.
Work End - enable / disable the shutdown mode. When this parameter is enabled (value "On"), the ProfitLocker will bring open trades to the close and after that it will not start opening new systems of trades.
Magic number - a special number that the trading system assigns to each open deal. It is necessary for the system to be able to distinguish its trades from trades opened by other trading robots. You need to change it if your trading terminal already has a trading system with the same Magic number, or if you want to run the system with different settings, on two or more charts of the same currency pair, simultaneously.
The ProfitLocker EA, in addition to the Magic number set in the settings, uses several of its numbers. These numbers are automatically changed, when changing the main Magic number in the settings. The control panel lists Magic numbers that cannot be used on other graphs of the same currency pair.
License ID - your license identifier.
4. Control Panel
PrfotitLocker EA is equipped with a control panel that displays statistics on open deals and earnings, and provides trading process management functions. The panel can be moved by chart, fold, and turn on and disable in the inputs.
At the top of the panel, the current spread data is displayed. The current spread, the maximum spread limit, which is set in the inputs, as well as the minimum and maximum spread of the all time program work on the current chart. If the current spread exceeds the set limit, then its value will become red, the status of the program (in the lower right corner of the panel) will change to the "Pause: spread" and the system will not carry out any trading operations until the spread value decreases below the set limit.
Next is the table Displays statistics on open deals in real time. Profit is displayed in the currency of the deposit and (in brackets) as a percentage of the current balance sheet. The Volume is the total number of lots of open deals. Also, there is a table with data on incurred transactions. It displays earned (fixed) profit in the deposit currency for different intervals.
In the "Magics" string, the Magic numbers are displayed that the system uses in the trading process.
In the lower right corner there is a status string in which the current state of the program is shown. Most often, the state will "Working", "Completion of work" or "Stopped".
The "Start/Stop" button starts the system and completes it. After installing the ProfitLocker EA on the chart, the button will be the inscription "Start" and the program will wait for the launch. Without launching the deals will not start opening. After pressing the "Start" button, the program will start working and the first deals will open, while the inscription on the button will change to the "Stop", and the state (in the status bar) will be changed to "Working".
The "Stop" button does not stop the operation of the program completely. After pressing it, the status of the program will change to the "Completion of work" and the system will work until it closes the current series of deals in profit. Only after this, the status will be changed to "Stopped" and new deals will not be opened.
The "Close" button is intended for manual closing of deals in certain cases. The button itself consists of two buttons: the first is the button that starts the selected action, and the second, in the form of a "tick down", shows and gives you to choose this action. To use this feature, you must first select an action by clicking the selection button and selecting the action in the drop-down list. After that, on the main part of the button, the name of the selected action will be displayed and already by clicking on this basic button, the execution of this action will start.
You can choose the closure of all deals at once, or separately all BUY or SELL. Before closing all transactions, click the "Stop" button, otherwise immediately after closing, new deals will open.
You can also select "Close first Buy" and "Close first SELL" - this function closes the first time to open the deal of the selected direction. After the first deal is closed, the second deal becomes the first and re-pressing, will close this deal, which became the first and so on.
The button and functionality of the closing of deals are designed for experienced traders that may interfere with the operation of the program and manage trafficking manually. Usually, it is not necessary to manually close anything, the system itself will close at the right moment and the result will be the profit.
Current version: 2.1.1 from 2021.03.19
Leverage: any, from 1: 200 and above.
Recommended currency pairs: EURUSD, USDJPY, EURJPY, EURGBP, CHFJPY, USDCHF.
Recommended trading conditions: NDD / ECN account with 5-digit quotes, hedging allowed, swap-free is possible.
Recommended broker: Forex4You
If you have not purchased ProfitLocker EA yet, you can do it right on this page.