Partial Close EA is an automated trading system that partially closes your trading positions and is available for the MT4 platform. The EA is available on the MQL marketplace, and you can download a demo version for free.
In this article, we’ll look at the Partial Close EA, how it works, its strategy, features, and settings.
Partial Close EA Strategy
Partial Close EA is a software tool designed to manage open positions in the forex market. The primary objective of this EA is to apply partial close to your trades according to your predefined settings.
Partial close is a trading strategy that allows you to close a portion of your open position while keeping the remaining part of the trade open.
Suppose a trader buys 1 lot of EUR/USD at 1.1000, and the market moves up to 1.1050. The trader could choose to close the entire position for 50 pips. Alternatively, the trader could use partial close and close half of the position (0.5 lots) at 1.2050 and leave the remaining half (0.5 lots) open.
However, it’s important to note that there are potential cons to a partial close strategy. One of the main risks associated with a partial close is the possibility of missing out if the trade continues to go in your direction.
The Partial Close EA can be used with non-forex pairs or instruments like indices, commodities, etc. However, in some cases, you may need to use the CustomPipSizes option to adjust the partial close levels according to the pip size of the instrument.
The Partial Close EA can be used in combination with other EAs. When using the Partial Close EA with other EAs, it’s important to ensure that the settings and strategies of each EA are compatible and do not conflict with one another.
For example, you may use a trend-following EA to identify potential entry points in the market and then use the Partial Close EA to manage trades.
Partial Close EA Features
- The EA works on all forex pairs on all timeframes.
- It partially closes a position.
- The EA can be applied with other EAs.
- Partial Close EA is available for the MT4 platform.
Partial Close EA Settings
- ManageMagicNumber – With this setting, you can specify a certain magic number, and the EA will apply partial close only to trades with that number.
- ManageTradeNumber – This setting allows you to specify a particular trade number, and the EA will apply partial close only to that trade.
- PartialCloseCount – This setting lets you choose how often the EA will apply partial close to a trade.
- PartialCloseOnHoldPips – This setting tells the EA to start partial close when a trade reaches a certain number of pips in profit.
- PartialCloseStepPips – With this setting, you can specify how many pips the trade needs to move in your favor before the EA applies partial close.
- PartialCloseStepPercent – This setting tells the EA to close a certain percentage of the trade when it applies partial close.
- SlippageClosePips – This is the slippage setting that the EA will use when it exits the market.
Partial Close EA Summary
The Partial Close EA applies partial close to the trading positions. So, you can lock in the current move while keeping a portion of the trade open. The EA can be used with all forex pairs on all timeframes and non-forex instruments such as indices and commodities. It’s important to use the EA alongside other risk management approaches.
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