Prop Firm Risk Dashboard: Monitor Daily Loss and Drawdown
Info
The Prop Firm Risk Dashboard: Monitor Daily Loss and Drawdown is a Indicator for MetaTrader 5 that prop firm risk dashboard is a lightweight, read-only panel designed to help traders adhere to prop-firm risk limits. Apply this indicator to any chart, and it will monitor the entire trading account.
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 Prop Firm Risk Dashboard: Monitor Daily Loss and Drawdown
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
Prop Firm Risk Dashboard is a lightweight, read-only panel designed to help traders adhere to prop-firm risk limits.
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: Confirmed Swing Points Helper for MT5 - another powerful indicator for MetaTrader 5 traders.
Prop Firm Risk Dashboard is a lightweight, read-only panel designed to help traders adhere to prop-firm risk limits. Apply this indicator to any chart, and it will monitor the entire trading account.Also recommended: prop-firm traders utility dashboard - similar indicator with strong performance on MetaTrader 5.
The dashboard displays and color-codes the following metrics to indicate proximity to limits: balance and equity, floating profit and loss (P/L), today's P/L (which represents the equity change since the start of the trading day), daily loss as a percentage of a configurable daily loss limit, maximum drawdown as a percentage of a configurable maximum drawdown limit (calculated from a configurable starting balance), and the margin level.
User-configurable inputs allow you to set the daily loss percentage limit, the maximum drawdown percentage limit, the starting balance (setting this to 0 will use the current account balance), warning and danger thresholds for alerts, and customize the panel's corner, offsets, font, colors, and background.
The equity level at the start of the trading day is stored in a terminal global variable. This ensures that today's P/L is accurately maintained across chart reloads and terminal restarts.
This tool functions solely as a monitoring instrument and does not execute, modify, or close any trades. It is compatible with all symbols and timeframes.
You may also like: asq propguard: real-time prop firm rule monitor for metatrader 5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property version "1.00"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 0
#property indicator_plots 0
input double InpStartBalance = 0.0;
input double InpDailyLossPct = 5.0;
input double InpMaxDDPct = 10.0;
input int InpWarnPct = 60;.......
⚠ 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.