TrueRisk Trade Manager MT5 - user guide

Product: https://www.mql5.com/en/market/product/200816

Free 14-day trial for demo accounts: https://www.mql5.com/en/blogs/post/777318

1. Installing

• Buy or download the product in the Market tab of MetaTrader 5 (or from the product page). It appears under Navigator > Expert Advisors > Market.
• Turn on Algo Trading in the toolbar.
• Drag TrueRisk Trade Manager onto the chart of the symbol you want to trade. On the Common tab tick "Allow Algo Trading".
• On the Inputs tab pick your firm under "Firm rules" (FTMO 2-Step, FTMO 1-Step, FundedNext Stellar 2-Step, The5ers High Stakes) or choose Custom and enter the rules yourself. Then click OK.
• Enter the "Initial (challenge) balance" if the account is not fresh (for example 100000). With 0 the balance at the first start is used.

2. The panel

Top row: Risk % | Stop pts | TP R. Click a box, type a number, press Enter.

• Risk %: how much of the balance (or equity, or the initial balance; input "Risk is a % of") one trade may lose at its stop loss.
• Stop pts: stop loss distance in points. "auto" = 1.5 x ATR(14) of the chart's timeframe.
• TP R: take profit as a multiple of the stop distance. 2 = twice the risk. 0 = no take profit.

The line under it shows the lot, the money at risk and the room left before the guard would step in.

SELL / BUY: open the trade with the lot already worked out. If the room before your daily or maximum loss limit is too small, the lot is cut to fit (the panel says "cut to fit"), or the trade is refused if you set "Shrink the lot..." to false.

Lines: shows the stop-loss and take-profit lines on the chart. Drag them; the stop distance, the lot and the R multiple update as you drag. Dragging the stop line to the other side of the price switches between buy and sell.

Pending: adds an entry line. Drag it where you want to enter; the panel places a limit or a stop order depending on where the line is compared with the price.

Auto: on/off: switches the automatic management (below) on or off.

Close <symbol> / Close all: close the trades on this symbol or on the whole account. Both ask "Sure?" first; click again within 4 seconds.

Break-even: moves the stop of every managed trade that is in profit to its entry price.

The info lines at the bottom show today's result, the daily and maximum-loss floors, the automatic management in use and whether trading is locked.

3. Automatic management

R = the distance from the entry to the first stop loss.

• Partial close at X R: closes a part of the position (default 50% at 1R).
• Break-even at X R: moves the stop to the entry, optionally locking a little profit (default at 1R).
• Trailing stop from X R at a distance of Y R (default from 1.5R at 1R).

"Manage" decides which trades: panel trades on this symbol, all trades on this symbol (also manual trades and other EAs), or all trades on the account. With "all trades on the account" attach the manager to one chart only.

Management only acts while the market is open.

4. Limit-safe sizing

Before each trade the panel adds up what every open trade and pending order would lose at its stop loss. A new trade may only use the room left before your daily or maximum loss floor (at the "Step in at" level, default 80%). That is why a run of losers can't push you past a limit. Trades without a stop loss can't be counted; the panel shows "?" while one is open.

5. Trades from your phone

The MetaTrader app on a phone has no risk calculator, so a trade opened there usually has a round lot and often no stop loss. The manager can fix both while the desktop terminal runs (for example on a VPS):

• "Manual trade without a stop loss: add the panel's stop and take profit" (default off): a manual trade that still has no stop loss 10 seconds after it opened gets the panel's stop (Stop box, or the automatic ATR stop) and take profit. Only on the chart's symbol.
• "Cut manual trades to your risk %" (default off): the manager closes the part of a manual trade that risks more than your risk %, measured at its stop loss. On an account with loss limits it is also cut to the room left before the daily or maximum floor. The lot is only ever reduced, so open the trade from the phone with a bigger lot than you need and let the manager size it.
• Example: risk 0.5% on a 50,000 account = 250. A 3.00 lot EURUSD buy with a 20-pip stop risks 600; the manager cuts it to 1.25 lot (risk 250). A 2.00 lot sell without a stop first gets the panel's stop, then is cut to the lot that risks 250.
• Which trades: manual trades (magic number 0, also from the web terminal or one-click trading) opened after the manager started, on the chart's symbol, or on every symbol when "Manage" is set to all trades on the account. Trades of other EAs are never resized.
• Nothing is changed while a lock is on, or while the symbol's market is closed. Each action is written in the Experts tab ("manual trade cut from 3.00 to 1.25 lot").

6. The guard

The manager also guards the whole account, exactly like TrueRisk Account Guard Pro: when a limit gets close it closes all trades, deletes pending orders and keeps trading locked (daily: until the reset, maximum: for good). The optional per-trade cap, automatic stop loss, trade limits, news lock and Friday close are in the inputs. See the guard guide: https://www.mql5.com/en/blogs/post/777320

7. Common questions

• The buttons do nothing: Algo Trading is off, or "Allow Algo Trading" is not ticked on the Common tab. The Experts tab of the Toolbox shows the reason.
• BUY shows "-": no trade fits. The info line says why (no room left, the market is closed, a lock is on, or a trade limit is reached).
• The panel is hidden behind the candles: right-click the chart > Properties > Common > untick "Chart on foreground".
• Panel too small or too big: change the font size input.
• I entered the wrong limits and it locked: set "Clear a saved lock" to true once, then back to false.
• Does it work on a VPS? Yes. The terminal must run for the manager to work; for funded accounts a VPS is recommended.
• Mobile trades: with "Manage" set to all trades on the symbol or account, the desktop manager applies partial close, break-even and trailing to trades opened on your phone too (they need a stop loss, because R is measured from it). To have them sized and given a stop, see section 5.

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