riskguard: professional risk management ea for metatrader
Info
The riskguard: professional risk management ea for metatrader is a Expert Advisor for MetaTrader 5 that features equity drawdown protection- close positions when drawdown exceeds a threshold, either as a percentage or a dollar amount. daily loss limit- cap losses per trading day and automatically disable trading when the limit is reached.
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 riskguard: professional risk management ea for metatrader
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
features equity drawdown protection- close positions when drawdown exceeds a threshold, either as a percentage or a dollar amount.
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: Professional Automatic Trailing Stop Utility for MetaTrader 5 - another powerful expert for MetaTrader 5 traders.
featuresAlso recommended: Quantora Position Size Calculator MT5: Professional Risk-Based Lot Size Calculation - similar expert with strong performance on MetaTrader 5.
equity drawdown protection
- close positions when drawdown exceeds a threshold, either as a percentage or a dollar amount.
daily loss limit
- cap losses per trading day and automatically disable trading when the limit is reached.
trailing max drawdown
- measure drawdown from peak equity, ideal for prop firm rules.
session filter
- block trading outside allowed hours and optionally close positions.
spread guard
- prevent entries during high-spread conditions.
auto lot sizing
- fixed lot, risk percentage of balance, or risk dollar amount per trade.
position limits
- maximum open positions, total lots, and orders per day.
multi-channel alerts
- receive alerts with a warning at a configurable percentage of the limit.
on-chart risk dashboard
- color-coded status (safe, warning, danger).
magic number filter
- protect specific eas or monitor all.
event logging
- log events to a file for an audit trail.
installation
copy asq_riskguard.mq5 to the mql5/experts/ folder.
compile in metaeditor or restart metatrader 5.
attach to any chart and enable 'allow algo trading'.
riskguard monitors all positions on the account or filters by magic number.
configuration
max drawdown
- set the maximum drawdown percentage (default: 5%). when equity drops below this threshold, positions are closed.
daily loss limit
- set the maximum loss percentage per day (default: 3%). trading is disabled when this limit is reached.
dd base
- choose 'from balance' (standard) or 'from peak equity' (trailing) for prop firm rules.
close method
- select a close method: close all, close losers only, or close largest loser.
session filter
- optionally restrict trading to specific hours, e.g., 08:00–20:00.
spread guard
- optionally block entries when the spread exceeds a defined threshold.
warning threshold
- set a warning level at 80% of the limit to receive alerts before positions are closed.
prop firm tip
- set dd base to 'from peak equity' and configure the firm's max drawdown percentage. riskguard tracks the high-water mark, ensuring compliance with prop firm rules.
alert system
riskguard provides a comprehensive alert system:
- popup alerts on the screen.
- sound alerts with customizable .wav files.
- push notifications to mobile devices.
- early warnings at 80% of the limit.
You may also like: Quantora Risk Calculator MT5 - Professional Trade Risk and Reward Calculator - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "2.00"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#include <trade/trade.mqh>
#include <trade/positioninfo.mqh>
#include <trade/accountinfo.mqh>.......
⚠ 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.