Prop Firm Daily Drawdown Visualizer - Free Risk Monitoring Tool
Info
The Prop Firm Daily Drawdown Visualizer - Free Risk Monitoring Tool is a Expert Advisor for MetaTrader 5 that protect your funded account with institutional-grade risk monitoring. The primary reason traders fail prop firm challenges is not a flawed strategy, but exceeding daily drawdown limits.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Prop Firm Daily Drawdown Visualizer - Free Risk Monitoring Tool
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
Protect Your Funded Account with Institutional-Grade Risk Monitoring.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Prop Guard Lite: Daily and Max Loss Protection for Prop Firm Accounts - another powerful expert for MetaTrader 5 traders.
Protect Your Funded Account with Institutional-Grade Risk Monitoring.Also recommended: Prop Firm Guard: Daily Loss and Max Drawdown Protection - similar expert with strong performance on MetaTrader 5.
The primary reason traders fail prop firm challenges is not a flawed strategy, but exceeding daily drawdown limits. The AlphaQuant Prop Firm Daily Drawdown Dashboard is a complimentary Expert Advisor with high visibility, specifically developed for funded traders.
Instead of cluttering your price chart with manual annotations, this Expert Advisor provides a sophisticated, professional risk monitor directly on your trading interface. It continuously tracks your account equity and calculates the remaining buffer before you reach your daily loss threshold.
Key Features:
- Real-Time Equity Tracking: Monitors your actual account balance and equity, not just the market price.
- High-Visibility Dashboard: Features large, color-coded text optimized for multi-screen trading setups.
- Dynamic Status Alerts: Automatically transitions from "SAFE" (Green) to "WARNING" (Orange) and "CRITICAL" (Red) as you approach your daily loss limit.
- Daily Auto-Reset: Automatically resets the baseline balance at server midnight to comply with prop firm regulations.
How to Use:
Attach the Expert Advisor to any chart.
Configure your "Max Daily DD %" in the input parameters (e.g., 5.0 for a 5% limit).
Visually monitor your risk exposure while you trade.
Note: This free dashboard enhances visual awareness. For advanced features such as multi-account automated protection, equity peak tracking, and automatic trade execution halts upon hitting limits, consider the premium Prop Firm AI Assistant V10 available on the MQL5 Market.
You may also like: Prop Firm Equity Guard: Daily Loss and Maximum Drawdown Protection - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "3.01"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
input double MaxDailyDD_Percent = 5.0;
input int DashboardX = 20;
input int DashboardY = 20;
double dailyStartBalance = 0;
datetime lastResetTime = 0;
string prefix = "AQ_DD_";.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.