I just noticed this topic and interested in discussion on martingale + hedging strategy building.
Currently I’m developing strategy and running few tests on VPS.
My idea:
1.Martingale trades in direction of the trend (trend detection can be by different signals, currently using NonLagMa) Testing on H4 time frame but thinking maybe worth to go to much lower time frame.
2.Hedge is activated when trend changes (PZswing indicator). EA do not open/close any trades after this point.
3.Manually close of Hedge. After negative trend exhales, Hedge is closed. Usually when price are out of Bollinger Band dev2 range or momentum change (Macd). I’m working on automation this function to be able to run backtests.
4. After manual Hedge close, Martingale trades to BE point or activates Hedge again.

Next step in this strategy is to execute Anti Martingale (Pyramid) when price reaches BE + n points. So Martingale is used for cost averaging, increase of W/L ratio and Pyramid is used to generate profit by catching big moves. Hedging is to limit exposure and to work against inevitable martingale system crash.
My EA is built on heavily modified Blessing3.

Your thoughts and critique are welcome.