Introduction

This powerful MT4 trade management EA (Riskless Pyramid EA) provides a risk-free method to potentially multiply trade profits aggressively. Once a trade is initiated with a defined stop loss and take profit target, the EA adds three pyramid add-on trades to increase overall profit levels. Users can set the total combined profit target, which can be specified either as a multiple of the original trade profit or as a total dollar amount. For each add-on, the stop loss for the combined trade is moved to the break-even level, ensuring the trade becomes risk-free after the first add-on level is reached. As each successive add-on trade is entered, the stop loss is adjusted to maintain a risk-free status. If the profit target is reached without hitting the stop loss, the total multiplied profit is achieved. However, if the break-even stop loss is hit at any time during the trade, no profit is made.

How to Use the EA

The EA remains dormant on the chart until it identifies an open position with both a stop loss and a profit target defined. At this point, it generates three add-on trades, which appear as stop entry orders on the chart. The sizes of these three orders ensure that if the final profit target is reached, the target profit set within the EA will be achieved.

Each add-on trade has a pre-defined stop loss level on the chart, representing the break-even level for the combined position. As the trade progresses, the EA adjusts the stop losses for all open positions to this new break-even level. Once the trade closes for any reason, any untriggered add-on entries are automatically deleted.

EA Inputs

• Profit Type: This can be either “Total Profit” (specified in dollars or account currency) or “Multiplier” (a specified multiple of the original profit value).
• Profit Value: The combined total profit value, either a dollar amount or multiple of the original take profit amount, according to the Profit Type input value.
• First Add-on Fraction: The fraction of the way towards the final take profit level for the first add-on.
• Second Add-on Fraction: The fraction of the way towards the final take profit level for the second add-on.
• Third Add-on Fraction: The fraction of the way towards the final take profit level for the third add-on.
• Magic Number: A unique number used to identify trades managed by this EA. Only one set of trades can be active per symbol and Magic Number at any time. To run multiple sets of trades on the same symbol, apply the EA to the same symbol on a separate chart with a different Magic Number.