Prop Firm Equity Guard: Daily and Max Drawdown Protection
Info
The Prop Firm Equity Guard: Daily and Max Drawdown Protection is a Expert Advisor for MetaTrader 5 that prop firm equity guard is a standalone account-level protection utility designed for prop firm challenges, such as those from ftmo and similar entities. Simply attach this EA to a single chart, and it will monitor your entire account.
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 Equity Guard: Daily and Max Drawdown Protection
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
Prop Firm Equity Guard is a standalone account-level protection utility designed for prop firm challenges, such as those from FTMO and similar entities.
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.
Prop Firm Equity Guard is a standalone account-level protection utility designed for prop firm challenges, such as those from FTMO and similar entities.Also recommended: Prop Firm Guard: Daily Loss and Max Drawdown Protection - similar expert with strong performance on MetaTrader 5.
Simply attach this EA to a single chart, and it will monitor your entire account. It is compatible with any symbol and timeframe.How it works:
Daily Loss Limit: This is calculated from a snapshot taken at the start of the trading day. The snapshot uses the maximum of the balance or equity. A configurable rollover hour allows you to match your prop firm's server time.
Maximum Overall Loss Limit: This is measured against the initial account size.
Safety Buffer: Trading is halted *before* the actual loss limit is reached. This crucial feature prevents spread spikes or slippage from causing your challenge to fail.
Action on Breach: If a loss limit is breached, the utility will close all open positions, delete all pending orders, and set a global variable named DDGUARD_HALT to 1.0. Other EAs running on the account can be programmed to respect this halt with a single line of code: if(GlobalVariableGet("DDGUARD_HALT") > 0.0) return;
Resetting the Limits: A daily loss limit breach is automatically reset at the start of the next trading day. A maximum overall loss breach is permanent, aligning with the logic of most prop firms.
Tested on MT5. No external dependencies are required.
Disclaimer: This tool is not affiliated with, endorsed by, or connected to FTMO or any other prop firm. The term "FTMO" is used solely to describe the nature of the rules this utility is designed to protect.
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 version "1.00"
#property strict
#include <Trade/Trade.mqh>
input double InpInitialBalance = 100000.0;
input double InpDailyLossPct = 5.0;
input double InpMaxLossPct = 10.0;
input double InpBufferPct = 1.0;
input int InpDayStartHour = 0;
input bool InpUseEquityForDay = true;.......
⚠ 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.