A professional risk management dashboard for prop firm traders and disciplined retail traders.
Overview
RiskGuard is an Expert Advisor designed to help traders stay within the daily and total drawdown limits required by prop firms like FTMO, FundedNext, E8, The5ers, and others.
It does not open trades for you. Instead, it monitors your account in real time and enforces the rules you set. When a limit is reached, RiskGuard locks trading and blocks new positions until the next trading day.
This gives you an automated safety layer — especially useful during volatile markets, emotional trading sessions, or when running multiple Expert Advisors on the same account.
The Problem It Solves
Many funded accounts are lost not because of bad strategy, but because of one or two careless trades that push the account past its daily or total drawdown limit.
Manually monitoring equity and drawdown is difficult when:
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You are trading multiple symbols
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Multiple EAs are running on the same account
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You are not at your computer all day
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Emotions take over after a losing streak
RiskGuard is built to remove that burden.
Key Features
1. Daily Drawdown Protection
Set your daily loss limit as a percentage of your starting balance (for example, 3% or 5%). RiskGuard compares your current equity to the start-of-day balance in real time.
If the daily loss limit is reached, the EA:
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Locks the account until the next trading day
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Blocks any new positions from being held
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Sends an alert notification
2. Total Drawdown Protection
Set your maximum total drawdown limit (for example, 8% or 10%). RiskGuard tracks the peak equity of the account and monitors the drawdown from that peak.
If the total drawdown limit is reached, the same locking and blocking behavior applies.
3. Automatic Trade Lock
Once a limit is breached, trading is locked until the next trading day (based on server time). The lock persists even if you close or restart MetaTrader, preventing accidental bypasses.
4. New Trade Blocking
MT5 does not allow Expert Advisors to prevent manual clicks before an order is sent. RiskGuard works around this by monitoring new positions and closing them immediately when a lock is active.
You can choose between two behaviors:
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Close New Trades — any position opened while locked is closed automatically
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Alert Only — you receive a warning, and the position stays open for you to close manually
5. Per-Trade Risk Limit
Set the maximum risk allowed on a single trade as a percentage of equity. RiskGuard checks each open position and closes any that exceed the limit.
Positions with no stop loss are also detected and closed for safety.
6. One-Click Trade Management
The on-chart dashboard includes four buttons:
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Close All — closes every open position
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Winners — closes only positions currently in profit
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Losers — closes only positions currently in loss
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Breakeven — moves the stop loss of each position to its entry price with a spread buffer
These actions are useful when you need to react quickly to market conditions.
7. Visual Dashboard
A clean panel is displayed on the chart showing:
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Account equity
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Account balance
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Daily profit/loss
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Current daily drawdown vs. limit
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Current total drawdown vs. limit
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Trading status (Protected or Locked)
The panel updates live with each tick and timer cycle.
How to Use
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Open any chart in MetaTrader 5.
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Drag RiskGuard from the Navigator onto the chart.
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In the input window, enter your daily and total drawdown limits.
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Enable Algo Trading in MetaTrader.
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Leave the chart open while you trade.
That's it. RiskGuard will monitor the account and enforce your rules automatically.
Important: For continuous protection, keep MetaTrader running. For 24/7 coverage, we recommend running RiskGuard on a VPS.
Input Settings
Risk Limits
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Daily loss limit (%) — maximum allowed loss per day (default: 3.0)
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Total drawdown limit (%) — maximum allowed total drawdown (default: 8.0)
Actions
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Close all trades when limit hit — automatically close all positions when a limit is reached
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Lock trading until next day — prevents new positions after a breach
Lock Behavior
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Close new trades immediately — any new position while locked is closed
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Alert only — new positions are allowed but you receive a warning
Per-Trade Risk
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Enforce max risk per trade — turn the per-trade limit on or off
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Max risk per trade (%) — maximum risk allowed on a single position (default: 1.0)
What RiskGuard Is Not
To set clear expectations:
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RiskGuard does not open trades. It is a monitoring and protection tool.
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It does not guarantee profits.
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It cannot prevent the initial click that opens a trade. It closes positions after they appear when a lock is active.
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Its accuracy depends on the chart remaining open and MetaTrader running while you trade.
Compatibility
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MetaTrader 5
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Works on all account types (hedging and netting)
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Works on all symbols
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Works on demo, live, and funded accounts
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Compatible with any broker
Why Traders Use RiskGuard
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To help stay within prop firm drawdown rules
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To add a safety layer while running multiple EAs
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To manage open positions quickly with one-click tools
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To see account risk at a glance on the chart
Support
If you have any questions, suggestions, or issues, please contact me through the MQL5 messaging system. I usually reply within 24 hours.
Disclaimer
RiskGuard is a trading utility designed to assist with risk management. Trading in financial markets involves risk. No software can eliminate the possibility of losses or guarantee that drawdown limits will never be exceeded. Results depend on market conditions, broker execution, connection stability, and how the tool is used.
Always test RiskGuard on a demo account before using it on a live or funded account.
