There were many people requesting some type of equity monitoring tool that can lock in profits after a pre-determined account equity is reached (e.g. close all open trades when profit target is hit). Profitkeeper was built to fulfill this gap for professional and casual traders looking to focus on the bottom line of their equity. This was designed mainly for cost averaging strategies, and martingale lovers will probably see this as very useful. Anyone looking for an ability to forward-test any type of entry strategy to see how well they would perform after the fact can use ProfitKeeper.
Because of the compounding ability, this is great for larger accounts like hedge funds. I used to use this tool daily on VPS to test like 30-50 demo accounts of varying strategies. I decided to give it away for free mainly because the logic is incorporated the into entry EAs to build a complete system (entry/exit handled by one EA). Hopefully I will will update with a video tutorial maybe in a week or so.
Installation: Profitkeeper_EA_FREE.ex4 file belongs in '...\experts folder'. profitkeeper.dll goes in '...\experts\libraries' folder. Ex4 file was compiled in mt4 build 402. Should work in previous/later versions without problem.
- restart MT4. You should see Profitkeeper_EA_FREE in the navigator 'expert advisors' folder. Drag it to any open chart. If you did everything correctly, your chart should look something like the screenshot below. Best to use a 1 Minute Chart. Not for the calculations (uses time loop, not incoming ticks, to recheck calculations), but the closeall draws triangles and dashed lines for all of the trades it closes. Longer timeframes will make the chart become very messy when closing many trades.
There is a separate .png file that explains the inputs. It may look a little intimidating to the uninitiated, but once you get used to it you'll probably never go back to trading manual TP again.
Notes: for email functionality, you must properly setup email settings in MT4 email tab [Tools > Options > Email].
- use only 1 PK per terminal
- The PK uses a time loop (checking account equity twice per second), so you can trade multiple pairs and focus on net profits. The drawback is that you cannot change the EA input settings once the EA is started. To change settings, you must remove the EA from chart, delete the profitkeeper.ini file [...\experts\libraries], and then apply PK to chart again.
- take extra care when using multiple sets (compounding/scaling). Attention to detail is important, especially when using live account.
- there is a 400-500 character limit that MT4 has when pulling values from a preset file (.set) . So if you have a very long list of values, when you load the preset, you may have to manually re-copy/paste inputs for those fields prior to starting PK.
- there is a "resume" feature in case of computer/terminal crash and restart unattended, but it is much better to use an always-on computer. The resume feature will also not work correctly if using long inputs (400+ characters)
I hope that's everything. Constructive feedback is appreciated. The mq4 source code, if it is made available, will be posted in the commercial forum, or you can PM myself.
update 11/26/2011: Fixed minor bug that caused dll crash if any single input value was greater than 99,999,999.99 . I'm sure many of you trade with over $100 million dollars anyway . Profitkeeper_FREE_kit.zip