Trading libraries for MetaTrader 4
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MetaTrader 4
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Overview
| DATE | VERSION | DESCRIPTION OF CHANGES |
|---|---|---|
| 2011-09-11 | Manual | Algorithm first created as manual equation |
| 2011-09-16 | WEB API | Web API launched on 4xlots.com |
| 2022-09-02 | 1.00 | standalone library released |
RedeeCash 4XLOTS library is a localized risk management library based on the 4xlots.com WEB API algorithm. This risk management algorithm is not dependent on currency as the quick lot size equation of,
lots = AccountEquity / 10000
which is for every $100 of account equity will have 0.01 lot.
The RedeeCash 4XLOTS library uses a more detailed, and enhanced algorithm first developed in 2011 as manual calculation.
RedeeCash 4XLOTS has a single function called LotsOptimize. Copy and include the following RedeeCash_4XLOTS.mqh file in your project.
//+------------------------------------------------------------------+ //| RedeeCash_4XLOTS.mqh | //| Copyright 2011-2022, PressPage Entertainment Inc DBA RedeeCash | //| https://4xlots.com | //+------------------------------------------------------------------+ #property copyright "Copyright 2011-2022, PressPage Entertainment Inc DBA RedeeCash" #property link "https://4xlots.com" #property strict //+------------------------------------------------------------------+ //| defines | //+------------------------------------------------------------------+ //+------------------------------------------------------------------+ //| DLL imports | //+------------------------------------------------------------------+ //+------------------------------------------------------------------+ //| EX4 imports | //+------------------------------------------------------------------+ #import "Market/RedeeCash_4XLOTS.ex4" double LotsOptimize(double deposit,int preserve); #import //+------------------------------------------------------------------+
To use the library, include the above MQH reference in your project file and pass two parameters, the total deposit amount on the account and a boolean flag whether to preserve the deposit by reducing the amount in the calculation.
The optimal lots size will be returned ranging between the account minimum and maximum lots size.
The video below talks about the Web API, but this version uses the same algorithm embedded in the library without the need for an external API invocation. More importantly, Priscilla talks about the importance of implementing a scalable risk management algorithm in your trading algorithm to minimize your risk while maximizing your profits.
RISK WARNING:
DRAW DOWN COULD EXCEED 50% OF THE ACCOUNT BALANCE.
