I'm currently trading with a martingale EA which will open max 4 levels of orders. I just think of a hedging strategy that may reduce the risk of using this EA. Below is a description of my strategy:
1. The hedging EA will monitor the drawdown of the opening orders. If the total floating losses is greater than a pre-determined amount, it will trigger the EA to open a hedged order in opposite to the opening orders.
2. The lot size of the hedged order is calculated based on a multiple (user can set the multiple) of the lot size of the last opening order (e.g. if the lot size of the last level order is 1.6 and the multiple is set at 2, then the hedged order will be open with lot size at 3.2.
3. When the hedged order returned to its opening level, the hedged order will be closed automatically.
4. When the overall basket (the opening orders + the hedged order) reaches a pre-determined net profit amount, all orders will be closed.
I wonder if some good programmer can code this hedging EA for me. I think it will be very useful for other martingale EA as well. Thanks a lot!