CloseProfit v2
CloseProfit v2 is a utility EA that automatically closes positions based on profit or loss thresholds. It monitors open positions and triggers closure when total or individual profit/loss reaches user-defined levels. This EA does not open any new positions and serves purely as a position management tool.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
Not backtested yet — this EA could not be converted automatically.
Strategy analysis
The core strategy concept of CloseProfit v2 is automated profit/loss management rather than generating trading signals. Entry conditions are not applicable since this EA does not open positions. Exit conditions are based on user-defined profit targets or loss thresholds, automatically closing positions when floating P&L reaches preset levels. For position sizing, this EA does not involve position opening logic and only manages the closing of existing positions. Money management is indirectly implemented by setting total account P&L thresholds to prevent excessive losses or lock in established profits. The tool supports closing positions based on either total P&L or individual position P&L, providing flexible risk control capabilities. Overall, this is an auxiliary risk management tool suitable for traders who need automated take-profit and stop-loss management.
Strengths
- Automated P&L management reduces emotional interference in trading decisions
- Supports both total and per-position P&L thresholds, offering high flexibility
- Compatible with any strategy EA, serving as a complementary risk management layer
- Profit locking feature helps traders maintain discipline and stick to their plan
- Simple and intuitive setup with easy-to-understand parameters
Weaknesses
- Does not generate trading signals, completely dependent on other strategies for opening positions
- May fail to close at expected prices during extreme market conditions, with slippage risk
- Lacks trailing stop or dynamic take-profit adjustment functionality
- Single interval check may cause delays in position closure timing
- Does not account for the impact of spreads and commissions on actual P&L
Possible improvements
- Add trailing stop and dynamic take-profit features for more refined P&L management
- Include spread and commission calculations for more accurate P&L assessment
Risk assessment
Overall risk: Safe
- As a utility EA, it carries no inherent trading risk, but closure execution may be affected by market liquidity
- Slippage during extreme market conditions may cause actual closure prices to deviate from expectations
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
ProfitTarget | 100 | Profit threshold for automatic position close |
LossLimit | -50 | Loss limit threshold for automatic position close |
CloseAllOnProfit | true | Close all positions when profit target is reached |
CloseAllOnLoss | true | Close all positions when loss limit is reached |
MagicNumber | 0 | EA magic number; 0 manages all positions |
CheckInterval | 1000 | Profit/loss check interval in milliseconds |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.