Protect EA is robot to hide the levels of Stop Loss and Take Profit from broker. After starting, EA controls all opened positions for the current symbol and sets virtual stop loss / take profit lines in current chart window.
If price will cross one of the line, EA automatically will close order. If in order exist the standard SL and TP, then the EA will remove them and at the same levels sets virtual SL/TP (hidden). When there wasn’t set SL or TP, then EA will set the virtual SL and TP in the distance specified in EA params.
EA works on any pair and any timeframe. It is possible to run more than one copy of EA in one MT4 terminal. If you want to change the TP or SL, just click on the line and you can move on the chart.