New free code from MQL5: indicators, EAs, and scripts for traders.
Features
- Equity drawdown protection — close positions when drawdown exceeds threshold (% or $)
- Daily loss limit — cap losses per trading day with automatic trading disable
- Trailing max drawdown — measure DD from peak equity (ideal for prop firm rules)
- Session filter — block trading outside allowed hours, optionally close positions
- Spread guard — prevent entries during high-spread conditions
- Auto lot sizing — fixed lot, risk % of balance, or risk $ per trade
- Position limits — max open positions, max total lots, max orders per day
- Multi-channel alerts with warning at configurable % of limit
- On-chart risk dashboard with color-coded status (safe / warning / danger)
- Magic number filter — protect specific EAs or monitor all
- Event logging to file for audit trail
Installation
- Copy ASQ_RiskGuard.mq5 to your 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 filter by magic number)
How to Configure
- Set Max Drawdown — 5% (default). When equity drops 5% from balance, positions are closed
- Set Daily Loss Limit — 3%. Max loss per day before trading is disabled
- Choose DD Base — "From Balance" (standard) or "From Peak Equity" (trailing, for prop firms)
- Choose Close Method — Close All (safest), Close Losers Only, or Close Largest Loser
- Session Filter (optional) — Restrict trading to specific hours (e.g. 08:00–20:00)
- Spread Guard (optional) — Block entries when spread exceeds threshold
- Set Warning at 80% — Receive alerts before limits trigger
Prop Firm Tip
Set DD Base to From Peak Equity and configure your firm's max drawdown percentage. RiskGuard will track your high-water mark and protect you automatically — works with Bulenox, FTMO, TopStep, and similar rules.
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Key Parameters
| Parameter | Default | Description |
|---|---|---|
| Max Drawdown % | 5.0% | Close positions when equity drops this much |
| Max Drawdown $ | $500 | Alternative: fixed dollar drawdown limit |
| Daily Loss Limit | 3.0% | Max loss allowed per trading day |
| DD Base | From Balance | From Balance or From Peak Equity (trailing) |
| Close Method | Close All | Close All / Losers Only / Largest Loser |
| Max Positions | 5 | Max simultaneous open positions (0 = off) |
| Max Total Lots | 1.0 | Max total lot exposure (0 = off) |
| Max Orders/Day | 10 | Daily order count limit (0 = off) |
| Session Filter | Off | Allowed hours: 08:00–20:00 (server time) |
| Spread Guard | Off | Max allowed spread: 30 points |
| Warning Alert | 80% | Alert at this % of limit before trigger |
| Magic Filter | 0 | Filter by magic number (0 = monitor all EAs) |
| Log to File | On | Save events to log file for audit |
Alert System
RiskGuard sends alerts through multiple channels when limits are approached or triggered:
- Popup alert on screen (default: on)
- Sound alert with custom .wav file (default: on)
- Push notification to mobile (default: off)
- Email alert (default: off)
- Early warning at 80% of limit before positions are closed
Author
AlgoSphere Quant mql5.com/en/users/robin2.0 Precision before profit.
Complement community code with advanced automation from RobotFX.
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