Equity Guardian EA 4.4
Metatrader Expert Advisor (MT4/MT5)
This Expert Advisor constantly monitors the equity of your trading account to prevent costly drawdowns and/or to comply with trading rules. When a certain set of rules are breached, the EA will alert, close all trades and in some cases, delete all pending orders. Optionally, it can also close all charts to remove all EAs operating in the account. This EA is particularly useful for Prop Trading Challenges, such as the FTMO Challenge or PZ Challenge.
The following features are implemented and can be enabled or disabled at will:
- Equity Maximum Loss a.k.a as Trailing Equity Drawdown
- Daily Equity Maximum Loss
- Equity Profit Target
- Equity Trailing Stop
- Close trades on Friday night
Other benefits are:
- Dead easy to use
- Useful for Prop Trading firms and Traders
- It implements alerts of all kinds
- Reports to the terminal
- It calculates the maximum equity and daily equity by itself
- It uses global variables to store account and daily equity watermarks
- It executes every tick and displays information on the chart
- It monitors all trades and magic numbers on the account
- It can be used with the investor password and will monitor and alert on breaches
How to get started
- Load the EA once a single chart
- Do not load the EA in other chart
- Customize your events and setttings
- Leave the EA alone and never close that chart
How to use it for Prop Trading Challenges
This EA is useful for Prop Trading Firms or Traders as it encapsulates all the rules of the FTMO Challenge or the PZ Challenge. Any Prop Trading Firm can use this EA to monitor breaches of the trading rules, whereas a trader can use it to avoid breaking the rules of the firm or other fixed criteria he deems adequate. If you are a trader, make sure to enter restrictive values that stop your trading before the actual rules are broken, for instance, if the Max Daily Equity Loss possible is 2%, make sure to stop your trading when it reaches 1%.
When loading the expert 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.
- You can manually set the equity to use as watermark. A value of zero means that the EA auto-calculates it.
- Profit Target
- The equity profit target for the account expressed in percentage. A value of zero disables this feature.
- Maximum Loss
- The maximum equity loss possible for the account expressed in percentage. A value of zero disables this feature.
- Maximum Daily Loss
- The maximum daily loss possible for the account expressed in percetage. A value of zero disables this feature.
- Equity Trailing Stop
- A trailing stop for the account profit expressed in percentage. A value of zero disables this feature.
- Close trades on Friday
- Enable this option to close all trades on Friday at the time specified below.
- GMT Time to store daily equity
- The EA will store the daily equity once every 24 hours at this time.
- GMT Time to close all trades on Friday
- If the feature is enabled above, the EA will close all trades on Friday at the time specified in this input.
- Stop EAs on Max Loss
- Choose i¡automated trading must be stopped when the max loss is reached.
- Stop EAs on Max Daily Loss
- Choose if automated trading must be stopped when the daily max loss is reached.
- Stop EAs on Profit Target
- Choose if automated trading must be stopped when the profit target is reached.
- Stop EAs on Equity Trailing Stop
- Choose if automated trading must be stopped when the trailing stop is executed.
- Alert Name
- Custom alert name for the alert messages.
- Display Alerts
- Enable or disable visual alerts.
- Email Alerts
- Enable or disable email alerts.
- Push Alerts
- Enable or disable push alerts.
- Sound File
- Name of sound file to play on visual alerts.
- Label Color
- Color of the text objects on the screen.
- Maximum slippage in points to close trades.
- Can I run this EA with investor password and get alerts only?
- Yes, the EA can monitor any account with investor password. It won't be able to close trades but it will alert when the trading rules are breached.
- Does the expert advisor affect pending orders?
- Yes. Pending orders are closed when all trading needs to be halted.
- Is there any lag between the drawdown and the closing of trades?
- No, there is not. The EA logic is executed every tick.