Open lock EA v5.4 MT4 (Platform build 1428+)

Introduction

Open Lock EA is a professional trading tool designed for the MetaTrader 4 (MT4) platform. It employs a hedging strategy, executing both buy and sell orders simultaneously. This allows it to navigate volatile market conditions while managing risk effectively.

A standout feature of Open Lock EA is its ability to interact with other Expert advisors (EAs). It can automatically disable them when drawdowns reach a set threshold. Open Lock EA supports all currency pairs and timeframes, offering traders high flexibility and efficiency.

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About the Author

This product is compiled by Sergey Likho. This author has more than +10 years of experience working on MQL5 with many famous products such as Open lock EA, Metusha EA and others. Among them, Open lock EA is his best performing product in 10 years.

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Open Lock EA features

1. Drawdown reduction:

• • Partial Order Closure: Splits losing positions into smaller parts and closes them individually to minimize potential losses.
  • Averaging Orders: Opens additional orders with smaller lot sizes to offset the initial loss, reducing the overall risk.
  • Dynamic Lot Sizing: Adjusts lot sizes based on market conditions and risk tolerance.

2. Risk management:

• • Risk Limit Monitoring: Tracks the account’s equity and free margin to prevent excessive risk.
  • Emergency Stop: Automatically triggers actions like locking positions or closing all positions when the risk limit is reached.

3. Expert advisor Interaction:

• • Disabling Other EAs: Can temporarily disable other running Expert Advisors to prioritize its own strategies.
  • Chart Management: Can close specific or all charts to prevent conflicting signals or resource usage.

How does Open Lock trading strategy work?

Core strategies:

1. Locking:
   • When a position starts to incur losses, the EA splits the losing position into multiple smaller positions.
   • These smaller positions are then closed individually, gradually reducing the overall loss.
2. Averaging:
   • The EA opens additional orders in the same direction as the initial losing position.
   • These orders are typically opened with smaller lot sizes to minimize risk.
   • The goal is to average down the entry price and improve the overall position’s profitability.
3. Partial Closure:
   • As the market moves favorably, the EA can partially close the position to secure profits.
   • This strategy helps reduce the exposure to risk and lock in gains.

Risk management:

• Drawdown Control:
  • The EA can be set to automatically disable other EAs or close positions when a predefined drawdown level is reached.
  • This helps prevent significant losses during adverse market conditions.
• Risk Limit:
  • The EA can take specific actions, such as locking positions or closing all positions, when the equity level reaches a critical low point.

Open Lock EA Review

Open Lock EA is a reliable solution for traders seeking effective risk management and flexibility. Its hedging strategy and ability to interact with other EAs make it a strong choice for minimizing losses and maximizing profitability.

Open lock EA reviews

Open lock EA MT4 reviews

Open lock EA review

Latest product download package includes

The download package includes the official version of the advisor:

• Experts: Open lock EA v5.4_fix.ex4

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Conclusion

In short, Open Lock is a tool designed to reduce risk and minimize potential losses in forex trading. By using strategies such as locking orders, averaging, and partial closing, the EA aims to protect trading accounts from significant drawdowns.

The EA can be customized to suit individual trading preferences and risk tolerance, with parameters controlling its behavior in different market conditions.

>>> Reviewed by Jason Stap