Open Lock is an expert advisor that can be found within the MQL5 marketplace, we have added a link below to the exact expert advisor that we are looking at. Open Lock was first uploaded onto the marketplace on the 25th of July 2017, it was recently updated on the 14th of March 2020 and is now at version 5.19.
Overview
Open Lock is an expert advisor to be used with the MetaTrader 4 trading platform, its function is to help reduce the accounts drawdown, it will do this by splitting a losing trade into multiple parts, each part will be closed separately, the EA can interact with other expert advisors, for example when a certain drawdown is reached it will disable the other expert advisors until orders have been closed.
The expert advisor has three methods:
- Locking to prevent a drawdown increase
- Averaging orders used to cover the loss
- Partial closure to reduce the load on the deposit
There is a wide range of parameters available such as language, magic numbers, when to start working, the drawdown in currency, to stop other advisors, equity levels, maximum lots in averaging, and more.
Service Cost
It currently costs $299 to purchase this expert advisor, you are also able to rent it, it will cost you $149 per month to rent. There is also a free version of the expert advisor available, but it will come with some limitations, we are not fully clear on what these limitations are.
Conclusion
There are currently 38 different user reviews for Open Lock, they are giving it an overall rating of 4 out of 5 stars.
“Dangerous grid EA with no stop loss! With the big drop of EU my account is blown!” – A 1-star review.
“Open Lock Evolution: Was ok, then better, then good, then really good, then great, then mindblowing and now finally we are approaching: WORLDCLASS Thank you Sergey!!” – A 5-star review.
“Recent versions have improved over older versions (I bought when it was $75). I can recommend to others in its present rendition. After I’ve used it for a while (I stopped using it for a while and so I’m still cautious for now while testing) I might raise to 5 stars if no issues. I do think it is better than most of the other recovery EAs I’ve tried but that doesn’t mean I’ve tried all.” – A 4-star review.
So there is a kix of opinions, due to this we would highly recommend that you try pout the free version, this will help give you an understanding of how it works, it will also enable you to make sure that it is functioning properly and whether or not it meets your needs.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/23675
