Daily Risk Monitor Lite for MT5
Info
The Daily Risk Monitor Lite for MT5 is a Indicator for MetaTrader 5 that daily risk monitor lite is a free and open-source metatrader 5 indicator designed to clearly display intraday account risk directly on your chart. This indicator offers a focused set of practical features:- Daily Realized Profit and Loss (P/L)- Floating P/L- Daily Total P/L- Current Drawdown Percentage- SAFE / WARNING / DANGER status with color highlightingThe primary objective of this project is to provide traders with real-time visibility into their daily account risk.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Daily Risk Monitor Lite for MT5
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Daily Risk Monitor Lite is a free and open-source MetaTrader 5 indicator designed to clearly display intraday account risk directly on your chart.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Currency Exposure Monitor for Systemic Risk Management - another powerful indicator for MetaTrader 5 traders.
Daily Risk Monitor Lite is a free and open-source MetaTrader 5 indicator designed to clearly display intraday account risk directly on your chart.Also recommended: Color Candles Daily - similar indicator with strong performance on MetaTrader 5.
This indicator offers a focused set of practical features:
- Daily Realized Profit and Loss (P/L)
- Floating P/L
- Daily Total P/L
- Current Drawdown Percentage
- SAFE / WARNING / DANGER status with color highlighting
The primary objective of this project is to provide traders with real-time visibility into their daily account risk. It functions solely as a read-only monitoring tool and does not perform actions such as closing positions, blocking trades, or acting as a comprehensive protection system. It is intentionally developed as a lightweight CodeBase sample, suitable for monitoring, learning, and further customization.
Main Features
- Compact on-chart panel
- Account-level daily risk statistics
- Daily realized P/L from closed deals
- Floating P/L from open positions
- Daily total calculation
- Current drawdown percentage
- Color-coded risk status
- Optional commission inclusion
- Optional swap inclusion
- Broker-defined day start or manual day-start logic
- Custom draggable on-chart panel during the active trading session
Data Scope
- Account level data only
- No symbol-specific breakdown
- No aggregation across multiple accounts
Calculation Rules
Daily Realized P/L
- Includes closed deals within the active daily trading range.
- Only deals that have been exited are counted.
- Commission can be optionally included or excluded.
- Swap charges can be optionally included or excluded.
Floating P/L
- Reflects the current unrealized profit or loss of all open positions on the account.
- Swap charges can be optionally included or excluded.
Daily Total
- Calculated as `Daily Realized P/L + Floating P/L`.
Current Drawdown %
- Calculated using the formula: `max((Balance - Equity) / Balance * 100, 0)`.
- If the `Balance` is less than or equal to 0, the drawdown is displayed as `N/A`.
Risk Usage %
- This metric is only calculated when `Daily Total` is less than 0.
- Formula: `abs(Daily Total) / Daily Loss Limit * 100`.
- Warning threshold: 50%.
- Danger threshold: 80%.
Day Definition
- If `InpUseBrokerDay` is set to `true`, the trading day begins at the broker's server time of `00:00`.
- If `InpUseBrokerDay` is set to `false`, the trading day begins at the hour specified by `InpManualDayStartHour`, based on the broker's server time.
What This Indicator Does Not Do
- No automatic trade closing.
- No trade blocking functionality.
- No one-click closing of positions.
- No ON/OFF protection mode.
- No complex account protection state management.
- No push notifications.
- No report exporting capabilities.
- No comprehensive prop firm rule engine.
- No multi-page user interface.
Input Parameters
- `InpDailyLossLimitMoney`
- `InpIncludeCommission`
- `InpIncludeSwap`
- `InpUseBrokerDay`
- `InpManualDayStartHour`
- `InpCorner`
- `InpXOffset`
- `InpYOffset`
- `InpFontSize`
- `InpPanelBgColor`
- `InpSafeColor`
- `InpWarnColor`
- `InpDangerColor`
Installation
1. Copy the project folder into your MetaTrader 5 `MQL5/Indicators/` directory.
2. Open the `DailyRiskMonitorLite.mq5` file in MetaEditor.
3. Compile the indicator.
4. Attach the indicator to any chart.
How To Use
1. Attach the indicator to your desired chart.
2. Configure your daily loss limit in the input parameters.
3. Select either the broker's defined day or a manual day-start time.
4. Monitor the real-time display of Daily Realized P/L, Floating P/L, Daily Total, and Drawdown.
5. Utilize the color-coded status for immediate risk assessment.
6. If necessary, drag the custom panel to a more convenient position on the chart for the current session.
Suitable For
- Manual traders seeking clear intraday risk awareness.
- Traders who prefer a lightweight, account-level monitoring tool.
- Developers looking for a clean MetaTrader 5 sample for daily risk calculations.
Not Intended For
- Users seeking automated trading systems.
- Users expecting enforced account protection measures.
- Users requiring trade restrictions or automatic trade closure actions.
- Users looking for a complete solution for prop firm compliance.
Notes
- This indicator serves purely as a monitoring tool.
- It does not execute any protective trading actions.
- The position of the dragged panel is retained only for the current trading session.
- On accounts with zero commission or zero swap fees, adjustments to the related toggles may not result in observable changes.
You may also like: Risk calculator for MT 5 - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.