Basket Close 2
Basket Close 2 is a utility EA that monitors the net profit/loss of all open positions (the 'basket') and automatically closes all trades when a user-defined profit target or loss limit is reached. It serves as a portfolio-level risk management tool rather than a signal-based trading system.
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 strategy concept of this EA is basket-level position management based on aggregate profit/loss, rather than an indicator-driven entry strategy. Entry conditions are not applicable since this EA does not open trades on its own; it only monitors existing positions. Exit conditions are triggered when the net floating profit of all open positions reaches a user-defined profit target (closing all for profit) or when the net floating loss hits a user-defined loss limit (closing all to stop further loss). Position sizing is not handled by this EA as it does not calculate lot sizes for new orders; it only manages the batch closure of existing positions. Money management is implemented through basket-level profit/loss thresholds that control overall account risk exposure, preventing excessive drawdown in one direction or locking in aggregate profits. This tool is well-suited for traders running multiple strategies or orders simultaneously, helping them implement account-level profit/loss control and avoid emotionally driven manual closure decisions.
Strengths
- Provides account-level aggregate profit/loss management, eliminating emotional trading decisions
- Supports simultaneous closure of all positions, effectively controlling tail risk and losses during extreme market conditions
- As a utility EA, it can be combined with any trading strategy, offering strong compatibility
- The profit-locking mechanism helps cultivate disciplined trading habits
Weaknesses
- Does not differentiate between positions from different strategies, potentially closing profitable strategy orders to cut losses from another strategy
- During network latency or extreme market volatility, batch closure may not execute all orders successfully
- Lacks partial or staggered closure functionality, limiting flexibility in profit-taking
- Without a reasonable loss limit configured, slippage during high volatility markets could result in significant losses
Possible improvements
- Add per-strategy magic number grouping, allowing different basket profit/loss thresholds for different strategies
- Add partial/staged closure functionality, supporting proportional gradual closing to reduce slippage impact
- Add a trailing stop feature for the basket, automatically raising the stop-loss line after reaching a certain profit ratio to protect gains
Risk assessment
Overall risk: Low
- Batch closure during extreme market conditions may result in actual losses exceeding the configured loss limit due to slippage
- When running alongside multiple strategies, closing all orders may disrupt the normal operation of other strategies
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
ProfitTarget | N/A | Basket profit target, close all when reached |
LossLimit | N/A | Basket loss limit, close all when reached |
CloseAllOnTarget | true | Close all orders when target is reached |
MagicNumber | 0 | Magic number to filter orders, 0 for all |
ScanInterval | N/A | Scan interval, controls check frequency |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.