since you have the effort to make and modify / create a mart ea so i just gonna share my thoughts, not 100% correct just my personal view dont be offended in any way please.
Welcome brother, thanks for giving your time to share your thoughts.
1. a long trending wave will blow the account – so we have to find a filter somehow on the entry condition, your ea is without one clearly. and that is dangerous.
Brother, I agree to some extent but I have tried lot of martingale EA with very wise Entry mode. Even one has 17 indicators, once all aligned, it will make entry, or entry based on famous TMS system but still no one cannot avoid spike. Only difference is, they will have less entries and less profits.
2. a blackswan / huge spike will blow the account – CHF spike few years back should be a clear example. a filter to skip those event, like spread check and bar pips range / ATR / ADR some sort is needed.
I don’t know if any indicator can help us to avoid such events while back testing but in forward testing and live trading, Rule number 1 of every martingale EA is to Avoid Major Red News. You cannot survive without that.
3. Money management – this maybe the most crucial part of this mart system, we need to know how much maximum risk to involve with the capital on hand. A 1000usd account and a 10000 account is different, the latter should sail thru most market conditions with proper settings, thus making mart a working robot in 99% market condition.
Money management is included in this EA. Enter maximum amount in $ which you can afford to lose. Once floating loss will be equal to that, EA will lock total trades and will stop trading any further. For example, if account locking is set to 1000$, as soon as floating balance will reach -1000$, EA will open a single hedge trade against all open trades and will lock the account for further losses. Now if you know manual trading, you can still get back your money, if not then close all open trades.
to my understanding , a mart system can work with some manual intervention and monitoring, like deciding the direction of pairs in big timeframe Daily / weekly and only trade one way for example, closing / hedging opening when Mart gets to dangerous step.
With due respect, no one can predict intraday direction of price by analyzing daily, weekly monthly charts. Yes do agree that manual interruption is must for all martingale EA’s and also monthly withdrawals. First goal of any martingale EA is to earn your deposits and withdraw and then play with profits.
Thanks again for your feedback. Will expect your contribution in this regard. Thanks