TradeSweeper EA

TradeSweeper EA is an Expert Advisor (EA) that manages StopLoss of your positions dynamically. It could be used both for manual trading and automated trading. 

One of the common issues with Forex trading is trader’s avoidance from closing positions, especially when they are in loss. While this is more common for human traders, many of automated trading strategies do have similar issues.

In general terms, open positions expose your funds to risk and therefore should be closed unless you have good reasons to keep them open. The reliability of those reasons typically gets weaker as time goes by. For example, a golden cross of two Moving Average lines that emerged five minutes ago is more likely to explain the price movement better than one emerged five days ago.

On the other hand, we all have experiences of seeing your positions hit StopLoss, after hours and days of them staying in your account as open positions. They were even in profit sometimes in the journey…

TradeSweeper EA implements the idea of dynamic StopLoss, as opposed to static StopLoss to approach these issues. It is an EA (Expert Advisor) that you can use on any MT4 (MetaTrader 4). It sets StopLoss dynamically so that the older positions are, the narrower their StopLoss levels become. That increases the chance of positions getting closed as they grow older.

Let’s take an example. Say you opened a EUR/USD long (buying) position at 1.1000, with an initial StopLoss placed at 1.0900 (100 pips). An hour later, TradeSweeper brings up the StopLoss level to 1.0910 (90 pips). Two hours later, TradeSweeper brings up the StopLoss level to 1.0920 (80 pips) and this process keeps on and on. This means that only winner positions can stay after 10 hours of being opened. Of course, you can set these numbers yourself so it fits your strategies.

Parameters

EnableSweeperSL (true / false) …
SLStartHours …
SLStartPips …
SLHourlyStepPips …

If you have any feedbacks, please feel free to post comments. Happy trading!