Announcing Coral Rescue!

I've just released a new EA for MT4 on the MQL5 Market: Coral Rescue! (link)

Coral Rescue is not a typical EA. It does not automatically open any trades or implement any particular trading strategy. Its purpose is to help you with Drawdown Control, either manually by showing you where you have enough profits; or automatically, to consistently chip away at that drawdown until your account has been Rescued!

You would use Coral Rescue in combination with some other source of trading that will be adding profits to your account. I use MultiMAX of course, but Coral Rescue will work with any other EAs you like, or with your own manual trading.

• Coral Rescue (this website)

• Coral Rescue on the MQL5 Market

How to Rescue your Account!

Here's how it works. First, set your Minimum Account Balance. When you have profits in your account above this balance, that is the Available Balance to apply to Drawdown Control (DDC). Coral Rescue will never use more than this amount to pay for DDC.

Set the magic numbers of the trades you want to perform DDC on. You can either identify magic numbers of trades to include or to exclude (not both). When including magic numbers, Coral Rescue will only look at trades with these magic numbers. This lets you focus with pinpoint precision on exactly the trades you want to fix.

Or, set the magic numbers to exclude. Coral Rescue will look at all trades in your account except for those that have these magic numbers. This approach works well when you're using Coral Rescue with another EA that is generating profits, and you have lots of trades in drawdown to deal with. Set that EA's magic number(s) here, and Coral Rescue will not interfere with the trading that the other EA is doing. But it will use its profits!

Show me where it hurts

Coral Rescue will identify the trades that are the farthest from their opening price; with the largest drawdown per minimum lot; and the smallest drawdown per minimum lot. Which should you use for DDC? This is really just a matter of personal preference. If you want to start quickly and start reducing drawdown as soon as you have the smallest amount available, then go with "smallest." If you'd rather wait a little longer and take fewer, but larger, bites out of your drawdown, then go with either the farthest or the largest trades. You'll see each of these in the list so you can better judge which approach will work for you.

You can have Coral Rescue simply show you which trades you can afford to do DDC on, and notify you when you have the available balance to do it. The "Partial" buttons will light up in red when the balance is large enough to do the partial close of the minimum lot size of that symbol. Click the button; you'll get a confirmation dialog before Rescue does anything.

Or, turn it to automated Rescue mode and have it select the farthest, largest or smallest trade when you have enough balance to do DDC, and it will handle it for you. Coral Rescue can notify you when it does any DDC, so you can see your account getting healthier over time.

Whether you're doing this manually or letting Rescue take care of it automatically, Rescue will track the history of how much it's Rescued your account by. You can always reset this number to zero by clicking the header "Total DD Rescued".

Part of the Coral Family

Of course, Coral Rescue is part of the Coral Tools family. Which means it supports the same skins and standard UI conventions you're familiar with from other Coral tools.

Download Coral Rescue