Equity Guardian 2.0
Metatrader Expert Advisor (MT4/MT5)
This Expert Advisor constantly monitors the equity of your trading account to prevent costly drawdowns or comply with trading rules. When a certain drawdown level is reached, the EA will close all trades and pending orders.
Optionally, it can also close all charts to remove all EAs operating in the account.
Other features are:
- It is dead easy to use
- Especially useful for money managers
- It implements alerts of all kinds
- Reports to the terminal
The EA executes every tick and displays the P/L on the screen.
How to get started
- Load the EA once a single chart
- Do not load the EA in other chart
- Type the maximum drawdown desired in inputs
- Leave the EA alone and never close that chart
The EA monitors all trades and magic numbers in your account.
- ≡ Input parameters
When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Account Balance
- The EA lets you set a desired reference account balance. If set to zero, the EA will use the current account balance and update its value as long as it is executing. Therefore the account balance will contain either your desired reference account balance, or the highest value achieved during the EA's current execution.
- Maximum Drawdown
- Maximum drawdown in percentage terms allowable in the account. When the drawdown level is surpassed, the EA will close all trades and pending orders, and optionally, close all charts to prevent EAs from further trading.
- Stop Automated Trading
- If enabled, the EA will close all charts on the platform to prevent further trading if the drawdown level is reached. If disabled, the charts will remain open and the EAs trading in the account will keep trading.
- Enable or disable alerts of all kinds.
- Max slippage allowed on order closing.
- ? FAQ
- Does the expert advisor affect pending orders?
- No, it does not. Pending orders are left intact.
- Is there any lag between the drawdown and the closing of trades?
- No, there is not. The EA logic is executed every tick.
- Are drawdown levels customizable?
- Yes, both drawdown levels are customizable. Default values are 22% and 30%.