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Open lock MT5


The Expert Advisor helps to decrease the drawdown on the accounts.

To do this, a losing transaction is divided into many tiny parts, each of which is closed individually.

The Expert Advisor can socialize with other experts. to example, when a particular drawdown is attained, Open Lock can disable another Expert Advisor plus take over the job with transactions.

Open lock for MetaTrader 4 is available here

Open lock for MetaTrader 4 is available here

The EA’s algorithm uses counter transactions and a high number of open positions, so it requires a hedge account.

The EA’s algorithm uses counter transactions and a high number of open positions, so it requires a hedge account.

Averaging orders are opened in small lots, so as not to load the deposit.

The profit on these orders is used to close part of the unprofitable positions.

Recommendations for setting up and using Open Lock are described in my blog

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  • Language – the language of the control panel interface
  • Magic number – unique number of averaging orders. It must not match the magic numbers of other Expert Advisors
  • Trading mode – the mode of trading
    • Opening and closing orders – open and close trades normally
    • Only closing orders (Another advisors will open orders) – the EA will only close and lock trades (if this option is enabled). Another Expert Advisor must open trades. The EA will only work with trades opened with the magic number of the Open Lock EA
  • Maximal lot in average ord (0-not used) – the maximum lot that will be opened by the Expert Advisor in the averaging order. At 0, the lot will not be limited
  • Maximal number average ord in one direction (0-not used) – maximum number of averaging orders opened in one direction
  • Maximal step (0-not used) – the maximum step (in pips) that can be set between averaging orders. At 0, the step will not be limited. Used only if dynamic step is enabled
  • Start work – when to start working with deals
    • At startup – immediately after the start
    • By drawdown level – after reaching the drawdown level
  • Drawdown in currency – the amount of drawdown in the deposit currency (must be specified if the value By drawdown level is selected above)
  • Stop another advisors-the ability to stop the work of other Expert Advisors in this terminal (works only when the drawdown level is reached)
    • Not use – do not use this feature
    • Close the chart with same symbol (for single currency advisor’s) – close graphics of the current symbol. Charts of other symbols will not be closed
    • Close all other charts ( for multicurrency advisor’s) – close all other charts to disable other Expert Advisors
  • Action when the risk limit is reached – actions at a critical level of free funds (the action is activated 30 seconds after the drawdown)
    • Nothing – do nothing
    • Locking all positions and stop – lock all positions and stop
    • Close all position and stop – close all positions and stop
  • Equity level in currency – the level of funds below which the actions from the previous parameter will work (if 0 – not used)
  • Equity level in percent – the amount of drawdown as a percentage. If the parameter is higher than 0, and Action when the risk limit is reached is None, the drawdown size will be displayed in the control panel
  • Time to open orders – the time when it is allowed to open averaging orders
    • All time – at any time
    • Schedule for opening average ord(24H) – only in the specified interval
  • From – the hour from which trading is allowed if scheduled trading is selected (values from 0 to 23 are possible)
  • To – the hour before which trading is allowed if scheduled trading is selected (values from 0 to 23 are possible)
  • Settings – how the Expert Advisor will be managed
    • Use control panel-from the control panel on the chart
    • Use expert inputs – parameters that are specified below in the Expert Settings. This mode should be used when working on VPS Metaquotes
  • Locking-enables locking of a losing position
  • New lot – the lot that will open the first position of the Expert Advisor
  • Dinamic lot-includes the coefficient for the lot. If this option is enabled, the lot in the new trade will be multiplied by the coefficient
  • Lot size multiplier – a multiplier for the lot
  • Step – step of opening new orders
  • Dinamic step-enables the coefficient for the step
  • Step multiplier size – the size of the coefficient for the step
  • Direction – the direction for trading that the Expert Advisor will follow
    • UP/DOWN-the EA will open buy and sell trades
    • UP-the Expert Advisor will only buy
    • DOWN-the EA will only sell
  • Close orders – which orders the EA will work with
    • All unprofitable orders – with all unprofitable orders
    • One order-with the order whose ticket is listed below
  • Order ticket if set “One order” – order ticket if the mode (One Order) is selected above)
  • Close lot – the lot that will be closed from a losing trade
  • Close profit – the profit that will be received from closing a part of a losing order
  • Opening and closing orders – open and close trades normally
  • Only closing orders (Another advisors will open orders) – the EA will only close and lock trades (if this option is enabled). Another Expert Advisor must open trades. The EA will only work with trades opened with the magic number of the Open Lock EA
  • At startup – immediately after the start
  • By drawdown level – after reaching the drawdown level
  • Not use – do not use this feature
  • Close the chart with same symbol (for single currency advisor’s) – close graphics of the current symbol. Charts of other symbols will not be closed
  • Close all other charts ( for multicurrency advisor’s) – close all other charts to disable other Expert Advisors
  • Nothing – do nothing
  • Locking all positions and stop – lock all positions and stop
  • Close all position and stop – close all positions and stop
  • All time – at any time
  • Schedule for opening average ord(24H) – only in the specified interval
  • Use control panel-from the control panel on the chart
  • Use expert inputs – parameters that are specified below in the Expert Settings. This mode should be used when working on VPS Metaquotes
  • UP/DOWN-the EA will open buy and sell trades
  • UP-the Expert Advisor will only buy
  • DOWN-the EA will only sell
  • All unprofitable orders – with all unprofitable orders
  • One order-with the order whose ticket is listed below

When the EA starts, it opens a trade itself, which it then tries to close with a profit.

To open additional market orders, you can use the buttons at the bottom of the control panel.



Free Download and Review Open lock MT5 from Fxbotreview.com/

About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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