Coral Rescue is a tool to automate Drawdown Control (DDC) on your trades in trouble. Set the minimum balance in your account and identify which trades need to be rescued, and when you have enough balance to perform DDC it will (in manual mode) alert you; or (in automated mode) perform a partial close on the trades for you. Use this in conjunction with an EA like MultiMAX that generates profits in your account (or trade manually), and rescue your account from drowning in drawdown!
Chart Timeframe
Coral Rescue will only apply automated DDC on a new candle. Set the chart timeframe where Coral Rescue is running to how frequently you want DDC to be performed.
Values are updated and alerts are checked continuously, regardless of chart timeframe.
Rescue Options
Minimum Account Balance - Set the minimum balance for your account. Coral Rescue will only work with available balance above this amount. For instance if you set the minimum balance to $10,000.00 and your current balance is $10,100.00, then $100.00 is available to perform DDC.
Increment (percent) - optional (new in version 1.4). When set then Rescue will wait until the available balance exceeds this amount before applying DDC, and the maximum number of lots that can be closed without exceeding the available balance will be closed in a single operation from the matching trade. Set to 0.0 to simply operate on the minimum lot size when the available balance exceeds the value per minimum lot of the matching trade.
Rescue Mode - Controls how Rescue applies your available balance to DDC:
Manual Only - No automated DDC; you can perform DDC by clicking the "Partial Close" buttons in the window
Auto - (Farthest, Smallest, Largest) Trade - When the available balance is greater than the value per minimum lot of the (farthest, smallest, largest) trade in drawdown, automatically close that minimum lot size.
Rescue Orders - If you want to identify which trades to Rescue by their ticket numbers, then supply the ticket numbers here. This is a comma-separated list, no spaces. The Include/Exclude magics will be ignored.
Include Magics - If you want to identify which trades to rescue by their magic numbers, then supply their magic number(s) here. This is a comma-separated list, no spaces. The Exclude magics will be ignored.
Exclude Magics - If you want to Rescue all trades except those being managed by another EA (for example, if you're using another EA to generate profit in your account, like MultiMAX, and you don't want Rescue to interfere with those trades) then provide the magic number(s) used by that other EA here. This is a comma-separated list, no spaces.
Rescue Alerts
Popup Alerts/Push Notifications - Standard MT4 stuff. Controls whether alerts are shown in a popup window in the terminal and whether a notification is pushed to your mobile device, if you have this configured in MT4.
Alert Repeat Delay - To avoid being alerted too frequently. Set the number of seconds that Rescue has to wait before sending another alert.
Alert when reaching Minimum Balance - If you start out by setting a balance that your account hasn't reached yet, and then the account balance is increased to exceed that balance (e.g., your other EA has closed some trades in profit), get an alert.
Alert on Rescue - This depends on whether you're in manual mode, or an automatic mode.
In "Manual Only" mode, you will get an alert when the available balance exceeds the value per minimum lot of any of the trades being Rescued, letting you know that you could perform DDC. If the Increment input is set, then the available balance must also exceed the increment amount.
Otherwise, you will get an alert when Rescue performs DDC on any of the trades.
Operation
First, set the minimum account balance and identify the trades that you want to Rescue, either by ticket number(s) or magic number(s). Rescue will show you the largest, farthest and smallest trades available for DDC.
The "farthest" means that this trade is the farthest from current price on that symbol, as measured in ADR. ADR is the "Average Daily Range" for that symbol.
The DD for each trade includes not only the negative balance for the trade, but also the costs for that trade (commissions and swap costs).
The "largest" and "smallest" are measured by the value per minimum lot for that trade for that symbol, as shown in the "$/0.01" column. The value per minimum lot first looks up the minimum lot size that you can trade for that symbol, and then divides the total DD for that trade by the number of minimum lots in the trade. For example, in the image above, the "smallest" trade has 0.1 lots, which means it has 10 minimum lots. EURUSD has a minimum lot size of 0.01 lots.
When the available balance is greater than the value per minimum lot of any of these trades, then the "Partial" button in that row will be highlighted in red, showing you that you could perform DDC on that trade. In Manual Only mode simply click the button and, after a confirmation dialog, Rescue will close the minimum lot size of that trade. Voila! Drawdown control!
New in 1.4: When the Increment input is set then the above logic is extended. There will be another row in the "Account" section showing the increment percent and amount. The available balance must exceed the increment amount before the buttons will be highlighted and before alerts will be sent. And when DDC is applied (either by clicking a button in manual mode or automatically), the maximum number of lots that can be closed without exceeding the available balance will be closed in a single operation, rather than multiple operations of the minimum lot size. Hover over the "Lots" cell for each trade row to see the number of lots that can be closed with your current available balance.
Where Rescue really shines is in an automated mode. When we reduce the size of trades in drawdown we are not only reducing our account's drawdown, but we are also moving the average price of that position closer to current price. The way to perform DDC that has the biggest impact on your position average is to close the farthest trades from average. If you're position trading and you want to have Rescue focused on the DDC that will have the biggest impact on improving your positions, then have it operate on the Farthest trades. If you want Rescue to reduce the total drawdown in your account as quickly possible (e.g. if you're not position trading), then have it operate on the Smallest trades. Farthest and Largest will take longer before you have enough available balance to close partial trades, but when they do get closed it will have a more significant impact on the position averages that those trades are a part of.
As Coral Rescue peforms DDC it will keep track of how much it has Rescued over time, in the "Total DD Rescued" cell. This is showing both the amount and the percentage. To clear this amount and start tracking from zero again, click the header cell where it says "Total DD Rescued", and it will reset the amount.
In automated mode, after Rescue closes trades, it will re-read the list of trades that it's operating on. When identifying trades by magic numbers, this means that the farthest, largest and smallest trades that Rescue is working on could change over time.
And finally, when Coral Rescue detects that you have no remaining drawdown, you will get an alert letting you know that the Rescue is Complete. Congratulations, you have Rescued your account!
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