Prop Risk Guard MT5 and Prop Risk Guard Pro MT5 - user guide

Products:

• Prop Risk Guard MT5: https://www.mql5.com/en/market/product/200447
• Prop Risk Guard Pro MT5: https://www.mql5.com/en/market/product/200548

Free 14-day trial of the Pro version for demo accounts: https://www.mql5.com/en/blogs/post/777264

1. Installing

• Buy or download the product in the Market tab of MetaTrader 5. It appears under Navigator > Expert Advisors > Market.
• Turn on Algo Trading in the toolbar.
• Drag the guard onto ONE chart (any symbol). It watches the whole account: every symbol, every EA and every manual trade. Don't attach it twice.
• On the Common tab tick "Allow Algo Trading", set your rules on the Inputs tab and click OK.

2. Setting your firm's rules

Pro: pick your firm under "Firm rules" (FTMO 2-Step, FTMO 1-Step, FundedNext Stellar 2-Step, The5ers High Stakes). The guard then measures the limits the way that firm does, including the day reset in the firm's own time zone. Choose Custom to set everything yourself.

Standard version and Custom:

• Initial (challenge) balance: for example 100000. 0 = the balance when first attached.
• Daily loss limit, %: for example 5.
• Daily limit is measured as: % of the initial balance (most firms) or % of the day-start value.
• Daily loss counts from: balance, equity or the higher of the two at the reset (read your firm's rules).
• Day reset hour and minute: server time in the standard version; in Pro you can also choose Prague, New York or UTC time.
• Max loss limit, %: for example 10. Static = initial balance minus 10%. Trailing = follows your highest equity (Pro also has end-of-day trailing).
• Trailing that started before you attached the guard: enter your highest balance so far.

Always compare the floors on the panel with your firm's dashboard after setting up.

3. When a limit gets close

"Step in at % of a limit" (default 80) keeps a spare part of the limit for slippage and gaps. At that point the guard:

• closes all positions and deletes pending orders
• locks trading: any new trade (yours or an EA's) is closed at once
• daily limit: locked until the next reset; maximum loss: locked for good

"Warn at %" (default 60) gives a pop-up (and a push notification if enabled) before that.

"Lock the day after this profit" (optional) protects a good day.

4. Pro extras

• Per-trade loss cap: closes a single trade when its loss reaches the cap (% of the initial balance).
• Trades without a stop loss: leave them, close them, or let the guard add a stop at the price where the trade would lose exactly the cap. A grace period (default 10 seconds) gives EAs time to set their own stop.
• Max open positions, max total lots, max new trades per day: a trade over a limit is closed at once.
• News lock: uses MetaTrader's built-in calendar. Blocks new trades X minutes before and after high-impact news (optionally medium) on symbols that use the news currency; optionally closes those trades before the release.
• Friday close: closes everything at the time you choose and locks trading until Monday.

5. The panel

Shows equity, today's result, the exact floors for the daily and maximum limits, how much of each limit is used, when the day resets and whether trading is locked. Pro adds the active rules, the per-trade cap, the trade limits and the next news release.

6. Common questions

• It says "locked" after I entered the wrong numbers: set "Clear a saved lock" to true once, then back to false.
• The terminal was off at the daily reset: the day-start value is taken when the terminal comes back online; the panel shows when it was taken. Use a VPS for funded accounts.
• The panel is hidden behind the candles: right-click the chart > Properties > Common > untick "Chart on foreground".
• Will it trade? Never on a live chart. In the Strategy Tester it opens random demo trades so you can watch it work (input "Tester demo trades").
• Netting accounts: supported; the trade limits count positions.

Problem not listed? Send me a private message on MQL5 before leaving a review, and I'll help you sort it out.