The Multi Purpose Trade Manager is an Expert Advisor (EA) designed to help traders manage their open trades on the MetaTrader 4 and 5 platforms. It offers a range of trade management options and provides traders with the ability to manage trades at an individual, group, or overall level, allowing for a high degree of customization and flexibility.
However, as with any trading tool, it’s important to thoroughly evaluate its effectiveness and suitability before incorporating it into a trading strategy. In this article, we will review the Multi Purpose Trade Manager EA and provide an in-depth analysis of its features, strengths, weaknesses, and risk management capabilities. By the end of this review, readers will have a better understanding of whether the Multi Purpose Trade Manager EA is suitable for their trading needs and risk tolerance.
Multi Purpose Trade Manager Strategy
The Multi Purpose Trade Manager (MPTM) strategy is a forex expert advisor (EA) designed to manage and supervise open trades in the foreign exchange (forex) market. It offers various features such as moving stop-loss orders, closing all open trades when a set target is reached, and opening hedge trades for positions that are going bad. These facilities can be applied to selected individual trades, groups of trades with a common magic number or comment, or all trades at once.
One of the strengths of MPTM is its flexibility and customizability. Traders can choose which trades to apply the different management features to, and the EA can adapt to various market conditions. For example, it can automatically move stop-loss orders to break-even, which means that a trade will be closed at its opening price if it starts to move against the trader, thus limiting the potential losses.
Another strength of MPTM is its ability to close all open trades when a set target is reached, which helps traders take profits and avoid letting their winning trades turn into losing ones. This feature can also include pending orders, which are orders to buy or sell at a specified price in the future. The EA also incorporates a hedging functionality that opens new trades in the opposite direction of the initial trades that are going bad. This feature helps to reduce losses by offsetting the risk in adverse market conditions.
The part-closure feature of MPTM, which allows traders to close a percentage of their trade when a set target is reached, can help lock in returns while still leaving a portion of the trade open to capture further gains if the market continues to move in the trader’s favor. The EA also incorporates equity protection, which is a crucial element of risk management. It allows traders to close all open trades when the UPL hits a specified level, ensuring that the losses are contained within acceptable limits.
However, MPTM also has some weaknesses. One of the main risks associated with the EA is that it can be over-optimized, meaning that traders may rely too much on its automated features and fail to consider the current market conditions. Additionally, the use of hedging can increase trading costs, such as spreads, commissions, and swaps and can reduce the potential return of a trade, especially in a ranging market, where the trades may oscillate around the entry price. Therefore, It is essential to implement proper risk management techniques and test the EA thoroughly on a demo account before using it on a live trading account.
Multi Purpose Trade Manager Features
- Management of individual trades, groups of trades with a common Magic Number or Comment, or all trades at once.
- Moving stop loss at appropriate intervals, including breakeven, jumping stop, and trailing stop.
- Closing all open trades, including pending orders, when the UPL reaches a specified target.
- Partial closure of trades at a specified price level, for example, 50% of the position size.
- Opening of hedging trades to offset the risk of trades going bad.
- Equity protection that closes all open trades when the UPL hits a specified level.
- Multi-currency support for trading on different currency pairs.
- User-friendly interface that is easy to use and customize.
- Ability to set trade size, stop loss, take profit, and other parameters through the EA.
- Compatibility with MetaTrader 4 and Metatrader 5 trading platforms.
- 24/7 trading automation with no manual intervention required.
- Advanced trade management tools, such as order modification and trade reversal.
- Real-time monitoring of trade performance and UPL.
Multi Purpose Trade Manager Settings
- ManageByMagicNumber: Manage trades with a specific Magic Number
- ManageByTradeComment: Manage trades with a specific Trade Comment
- ManageByTicketNumber: Manage trades with a specific Ticket Number
- ManageThisPairOnly: Manage trades for a specific currency pair
- ManageAllTrades: Manage all open trades
- Break even settings: Settings for breakeven functionality
- BreakEven: Enable/disable breakeven function
- BreakEvenPips: Number of pips for breakeven function
- BreakEvenProfit: Minimum profit to trigger breakeven function
- JumpingStop: Settings for jumping stop functionality
- JumpingStopPips: Number of pips for jumping stop function
- AddBEP: Add a buffer to breakeven function
- Trailing stop loss settings: Settings for trailing stop loss functionality
- InstantTrailingStop: Enable/disable instant trailing stop
- InstantTrailingStopPips: Number of pips for instant trailing stop
- StopInstantTrailAfterBreakEven: Stop instant trailing after breakeven
- GlobalOrderClosureEnabled: Enable/disable global order closure
- IncludePendingOrdersInClosure: Include pending orders in global closure
- ProfitInDollars: Target profit in dollars
- ProfitAsPercentageOfBalance: Target profit as a percentage of balance
- Part-close settings: Settings for partial closure functionality
- PartCloseEnabled: Enable/disable partial closure function
- EU=true: Enable/disable partial closure for specific currency pair
- EUTargetPrice: Price level for partial closure function
- EUTargetPips: Number of pips for partial closure function
- HedgeEnabled: Enable/disable hedging functionality
- HedgeAtLossPips: Number of pips for hedging function
- HedgeTradeStopLoss: Stop loss for hedging trades
- HedgeTradeTakeProfit: Take profit for hedging trades
- ShortProtectionEnabled: Enable/disable equity protection
- MaxLoss: Maximum loss before equity protection triggers
Multi Purpose Trade Manager Summary
The Multi Purpose Trade Manager is an Expert Advisor designed for traders to manage their open trades on the MetaTrader 4 and 5 platforms. Its strengths lie in its customizable and flexible trade management options such as breakeven, trailing stop loss, partial closure, hedging, and equity protection.
However, the EA’s weakness lies in its use of hedging which can increase risk. Traders are advised to Demo test the EA and apply good risk management settings before using it live. The Multi Purpose Trade Manager is suitable for traders who want to automate their trade management and have a good understanding of risk management.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.