Free semi-automatic Expert Advisor for working with a breakeven DaVinci Breakeven Definer
We present you a compact, absolutely free Expert Advisor for Meta Trader 4 trading platform – DaVinci Breakeven Definer.
Convenient and intuitive menu of advisor settings will allow you to start working with trading orders in MT4 after the first installation on the chart. This advisor is an excellent tool in the hands of a trader who prefers to work in the financial markets in a semi-automatic mode, but traders who use full automation of the trading process will certainly find it useful. Breakeven Definer advisor is a functional, but most convenient assistant for working with market orders already in trade.
Let’s take a case study. It often happens that a third-party EA has opened too many orders, which cause significant drawdowns in the trading account. To reduce the risks, it is necessary to transfer these orders to breakeven or to a specific profit or loss in points. For example, the market has a grid of trading orders with a large drawdown. After technical or fundamental analysis, you understand that the risks of unidirectional movement towards Margin Call or worse, Stop out are high and do not want to wait for the price to reach Take Profit. In this case, the Expert Advisor will move your price by a specified mark from the break-even level, for example, by 3 points plus for the entire order grid. It can also set a Stop Loss from this level, or close all orders at all when the specified drawdown is reached. And also, if you want to remove all targets of previously opened orders at all – the Expert Advisor can do it in a few seconds.
The Magic Number filter allows you to select exactly those orders that your trading advisor has opened, or all trade orders opened by hand if you set the value to 0.
With the specified “Don’t change” setting, the Expert Advisor can simply indicate to you the future value of Take Profit and Stop Loss with a deviation from the VA level in points or percentage of the deposit in the form of horizontal lines, for making a trade decision.
There are three options for working with targets: Calculation and display only on the chart (Don’t change), setting targets with order modification (Modify TP/SL), or deleting already existing Take Profit and Stop Loss (Delete TP/SL) targets for open positions.
Additional features of this auxiliary advisor are:
- Ability to close all open trade orders in a specified direction on the specified magic number / or all;
- Delete all pending orders (Pending orders) in the specified direction;
- Forced to close transactions when the specified drawdown (Drawdown) in percent or currency of deposit is reached.
Flexible settings of DaVinci Breakeven Definer allow to fully personalize color display of information lines on the trade chart.
|Main Settings ==> Basic settings of the EA|
|MagicNumber||Specified magic number for open market orders. At 0, the Expert Advisor will analyze all orders.|
|Trade Direction||Select the order direction for modification: Buy or Sell.|
|BE: Include Swap and Comission||Close all open orders when the specified drawdown value in the deposit currency is reached.|
|Show Comments||Display log comments and an information panel in the upper left corner of the screen.|
|Order manager ==> Order management|
|Close All Orders Now||Forcedly close all open market orders with the specified magic number and in the specified direction at once.|
|Delete Pendings Now||Forcedly delete all pending orders with the specified magic number and in the specified direction at once.|
|Close Max Drawdown In deposit currency||Close all open orders when the specified drawdown value in the deposit currency is reached.|
|Close Max Drawdown Percent||Close all open orders when the specified drawdown value in percentage of the deposit is reached.|
|Take Profit ==> Take Profit Control Settings|
|Take Profit: Modification||Choose one of three options for working with Take Profit:|
|– Don’t change||Calculate Take Profit value, display it as a horizontal line in the chart, but do not modify it, allowing the user to evaluate the correctness of selected settings.|
|– Modify TP||Modify TP orders with the specified direction and targets in the settings.|
|– Delete TP||Delete the already existing TP of the open order.|
|Take Profit: BE + pips||TP deviation from Breakeven level in old points. It may have a negative value, then the closing will occur with a loss. It will not be taken into account if the Take Profit: Percent profit parameter is greater than 0.|
|Take Profit: Percent profit||The deviation of TP from the Breakeven level as a percentage of the account deposit is convenient for closing exactly by % profit. For example, if the account balance is 1000$, and the specified percentage is 1%, the distance of total TP from the break-even level will be automatically calculated so that the profit is 10$.
If you incorrectly set a deviation from the current price, the Expert Advisor will display a notification about it in the journal.
|Stop Loss ==> Stop Loss Control Settings|
|Stop Loss: Modification||Choose one of three options for working with Stop Loss:|
|– Don’t change||Calculate Stop Loss value, display it as a horizontal line in the chart, but do not modify it, allowing the user to evaluate the selected settings.|
|– Modify SL||Modify SL orders with the specified direction and targets in the settings.|
|– Delete SL||Delete the already existing SL at the open order.|
|Stop Loss: BE + pip||SL’s retreat from the Breakeven level at the old points. May have a positive value, then closing will occur in the plus, if the current price allows. It will not be taken into account if the Stop Loss: Percent profit parameter is greater than 0.|
|Stop Loss: Percent profit||The deviation of SL from the level of Breakeven as a percentage of the account deposit is convenient for closing exactly by % profit.|
|Color settings => Color settings|
|Line Color: Breakeven||Color of text and horizontal line at break-even level. To prevent the line from being displayed, you must select None in the color settings.|
|Line Color: Take Profit||Color of text and horizontal line at TP level.|
|Line Color: Stop Loss||Color of text and horizontal line at SL level.|