Prop Firm Risk Guardian MT5: Account-Wide Risk Protection EA
Info
The Prop Firm Risk Guardian MT5: Account-Wide Risk Protection EA is a Expert Advisor for MetaTrader 5 that prop firm risk guardian mt5product overviewan account-wide risk protection expert advisor for metatrader 5, designed for both proprietary trading firm and personal trading accounts. Key Protection FeaturesAccount-Level Protection- Monitors and safeguards against exceeding the daily drawdown limit.
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 Risk Guardian MT5: Account-Wide Risk Protection EA
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 Risk Guardian MT5Product OverviewAn account-wide risk protection Expert Advisor for MetaTrader 5, designed for both proprietary trading firm and personal trading accounts.
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 Risk Guardian MT5Also recommended: Prop Firm Guard: Daily Loss and Max Drawdown Protection - similar expert with strong performance on MetaTrader 5.
Product Overview
An account-wide risk protection Expert Advisor for MetaTrader 5, designed for both proprietary trading firm and personal trading accounts.
Key Protection Features
Account-Level Protection
- Monitors and safeguards against exceeding the daily drawdown limit.
- Monitors and safeguards against exceeding the maximum overall drawdown limit.
- Includes an adjustable safety buffer before reaching the proprietary firm's specified limit.
- Automatically closes all open positions when a defined protection limit is reached.
- Automatically deletes any pending orders once a drawdown limit is breached.
- Maintains its protection status and settings even after the MetaTrader 5 terminal restarts.
Position-Level Protection
- Offers protection against losses on individual trading positions.
- Includes an optional fixed monetary loss limit for each trade.
- Can be configured to halt all trading activity after a loss on a single position.
Monitoring and Compatibility
- Accommodates broker-server trading day rollover settings.
- Compatible with all trading symbols and capable of protecting the entire MetaTrader 5 account balance.
- Performs risk checks every second and on every market price tick.
- Utilizes a Terminal Global Variable to ensure coordination with other Expert Advisors.
Default Settings
- Daily loss limit: 5%
- Overall loss limit: 10%
- Safety buffer: 1%
- Single-position loss limit: 1%
- Automatic position closing: Enabled
Important Risk Disclaimer
This Expert Advisor functions as a risk-protection and management tool; it is not a trading strategy. It does not generate trading signals or initiate trades autonomously.
Prior to deploying the Expert Advisor on a live trading account, ensure all risk limits are precisely configured to align with your proprietary firm's official rules. This EA is designed to assist in managing risk according to predefined parameters and does not guarantee profits. Trade responsibly.
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 "3.00"
#property strict
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#include <Trade/Trade.mqh>
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.