ArgoGuardian is a new free trading utility from ARGOLab. This is an Expert Advisor, whose main purpose is to control the floating profit/loss on your deposit. When the floating profit or the floating drawdown on the account reaches the prescribed value, EA will close all open orders or place the full lock on open positions, delete all pending orders, notify the user by e-mail, and then stop.
An important feature of ArgoGuardian is the “locking regime” (UseLock = TRUE setting). In this regime, ArgoGuardian does not close trading orders but places the full lock on them. Specifically, for each open position, ArgoGuardian will open the opposite position of the same volume and remove all stop-loss and take-profit levels, thus “locking the position”. This method is used by many experienced trades in order to escape losses in difficult situations.
After performing its tasks, ArgoGuardian can release the AutoTrade button in the MT terminal, thus preventing other EAs from opening new positions (AutotradeOFF=TRUE setting). ArgoGuardian can also close all charts in MT terminal before closing the orders. This might be useful in order to prevent “fighting of EAs”, when ArgoGuardian closes orders while other EAs open them again (CloseCharts=TRUE setting).
ArgoGuardian can notify the user by e-mail in case the prescribed level of drawdown is reached. It is recommended to set up the notification level of drawdown well apart from the level of drawdown at which the loss is taken, so that the user may have enough time for possible manual interventions. The notification level of drawdown is set up by settings MaxDD_Email, MaxDDPerCent_Email, MaxDDEquity_Email.
ArgoGuardian has a powerful selection of filters, which determine which orders are taken care of, that is, included into the calculation of profit/drawdown and, if needed, closed/locked. With the default settings (Symbols = All, Magic = -1), ArgoGuardian takes care of all trades on your account. However, if Symbols = ThisSymbol is set, ArgoGuardian will account for only trades on the symbol of the chart to which ArgoGuardian is attached. The setting Symbols = MaxDDSymbol tells EA to account for only the symbol with the maximal floating drawdown.
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