How to Configure Multi Risk Manager Pro in MT5: First-Time Setup, Settings, Presets and Backups
Getting started with a new trading Expert Advisor can feel complicated, especially when the software includes multiple risk-management, order-execution, and position-management features.
The best approach is to begin with a simple configuration, understand the main controls, and test the workflow before using real capital.
Multi Risk Manager Pro for MetaTrader 5 / 4 brings together position sizing, Risk-to-Reward planning, trade execution, account protection, position management, trade copying, and reporting tools.
This step-by-step guide explains how to prepare MetaTrader 5, attach the EA to a chart, configure its essential settings, and manage presets and backups.
MT5 : https://www.mql5.com/en/market/product/201074
MT4 : https://www.mql5.com/en/market/product/201075
Public channel : https://www.mql5.com/en/channels/mqlexp
MT5 : https://www.mql5.com/en/market/product/201074
MT4 : https://www.mql5.com/en/market/product/201075
Public channel : https://www.mql5.com/en/channels/mqlexp
1. Installing Multi Risk Manager Pro
Multi Risk Manager Pro is distributed through the MQL5 Market for MetaTrader 5 / 4.
To begin, open MetaTrader 5 / 4 and sign in to the MQL5 account associated with your purchase, using the platform's supported Market access.
Locate Multi Risk Manager Pro in your purchased products and install it through the normal Market workflow.
After installation, find the Expert Advisor in the MetaTrader 5 / 4 Navigator.
The exact installation interface can vary depending on the terminal version.
Before proceeding, make sure that the installed product is the intended version and that the terminal is properly connected to your trading account.
2. Attach the EA to a Chart
Open the chart of the instrument you intend to trade or manage.
Then attach Multi Risk Manager Pro from the Navigator.
Review the initial EA properties and confirm that the necessary trading permissions are configured appropriately.
The EA includes features that submit and modify trades. Therefore, algorithmic trading permissions matter when you intend to use those functions.
Not every feature requires the same type of access. For example, a news-data source may require an additional WebRequest permission, while a remote trade copier may require separate connectivity settings.
Do not enable unnecessary external permissions merely to complete the initial setup.
For your first session, use a demo account and a familiar trading symbol.
3. Understand the Six Main Tabs
Multi Risk Manager Pro organizes its trading interface into six main tabs.
TRADE
The TRADE tab provides access to trade planning and execution tools.
This is where traders can work with position sizing, direction selection, and the Risk-to-Reward planning workflow.
MANAGE
The MANAGE tab contains operations for managing existing positions.
These include supported actions such as partial close, break-even, trailing management, and other position controls.
HISTORY
The HISTORY tab provides access to trading records and reporting features.
It can help traders review performance and examine historical trading activity.
NEWS
The NEWS tab provides news-related information and functionality.
It is associated with the EA's economic-news tools and trading restrictions around selected announcements.
SETUP
The SETUP tab is the primary place for configuring the EA.
It contains settings for risk management, trading limits, order behavior, appearance, and other functions.
COPY
The COPY tab provides access to trade-copying functionality.
It is used when configuring relevant sender and receiver workflows.
For first-time setup, focus mainly on TRADE, MANAGE, and SETUP. The more advanced features can be configured later.
4. Understand How Settings Are Stored
One important aspect of Multi Risk Manager Pro is its settings architecture.
The documented version contains 214 initial input parameters and an internal registry of 399 settings.
The input parameters establish starting values, but the panel uses the settings registry during operation.
Changes made through the panel are saved as per-chart state.
This means that changing a parameter in the EA's properties does not necessarily override a value already saved for the chart.
The documented per-chart state file is stored under:
MQL5\Files\RiskManagerPro\chart_<ChartID>.txt
The file can contain settings, text fields, and runtime information.
Why this matters
Suppose you change a risk setting through the panel and later modify the corresponding initial input in the EA properties.
You should not assume that the new input value immediately replaces the previously saved panel setting.
Instead, check the actual value displayed and used by the EA.
The documented implementation also deletes the chart-state file when the EA is removed or the chart closes. A fresh attachment can therefore initialize the EA from its input values.
For repeatable configurations, use the available preset features rather than relying exclusively on temporary chart state.
5. Configure Your Money Management Method
Position sizing is one of the most important settings to review before placing a trade.
Multi Risk Manager Pro documents eight money-management methods:
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Risk % Balance
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Risk % Equity
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Risk % Free Margin
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Fixed Money
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Fixed Lot
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Lot per Balance
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Fixed Ratio
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Kelly Criterion
The referenced default method is Risk % Balance, with a default risk-per-trade value of 1.00%.
This is a software default, not a recommendation that every trader should risk 1% on every trade.
Choosing a method
For a straightforward percentage-risk workflow, traders may choose a risk-based method and define the intended stop-loss distance.
For a fixed-volume workflow, Fixed Lot uses a specified lot size instead of calculating volume from a percentage-risk target.
Other methods use different sizing rules and assumptions.
Before selecting a method, understand how it calculates volume and whether the resulting risk is appropriate for your account.
6. Configure Your Risk Currency
The EA documents the following risk-currency options:
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Account currency
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USD
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EUR
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GBP
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JPY
The default selection is Account currency.
The settings also provide live-market or fixed exchange-rate options where currency conversion is involved.
For initial setup, using the account currency can make it easier to compare the displayed risk figures with your account balance.
If you select a different currency, verify that the conversion method and rate behave as expected.
Do not assume that a risk value expressed in another currency is automatically equivalent to the same numeric amount in your deposit currency.
7. Review Trading Limits
The SETUP area also contains controls related to trading limits.
The referenced settings include:
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Maximum lot size per trade.
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Maximum risk per trade.
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Maximum calculated total open risk.
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Daily, weekly, and monthly profit or loss protections.
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Additional account-protection rules.
The documented initial values include a maximum risk per trade of 5% and a maximum total open risk of 10%.
These are initial configuration values, not universally suitable trading limits.
Before trading, review them against your own risk policy.
A limit set much higher than your intended exposure may offer little practical protection.
Also remember that calculated open risk depends on the implementation and the positions included in the calculation. It should not be treated as a complete measure of every possible account loss.
8. Configure Your Risk-to-Reward Planning
Multi Risk Manager Pro includes a Risk-to-Reward Box that allows traders to plan entries, stop-loss levels, and take-profit targets visually.
The documented functionality supports:
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A draggable entry level.
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A stop-loss level.
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Up to five take-profit levels.
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Up to three staged stop levels.
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Live information related to planned lot size, risk, reward, and margin.
For a first-time setup, begin with one take-profit target and a clearly defined stop-loss.
Practice moving the chart levels and observing how the planned values change.
Do not execute an order until you understand the difference between selecting a trade direction and submitting the trade.
When the planning box or lines are displayed, the standard workflow uses EXECUTE to submit the planned order.
Other panel states, including scalping mode, can behave differently.
9. Review Order Confirmation and Execution Settings
Order confirmation is enabled by default in the referenced configuration.
For new users, retaining confirmation during initial testing is sensible because it creates an additional opportunity to review a trading request.
However, confirmation is not displayed in every mode.
The documented implementation bypasses normal confirmation in scalping mode and in the Strategy Tester.
Other execution settings include filling-policy selection, order retries, and slippage-related controls.
The referenced General settings include:
| Setting | Initial value |
|---|---|
| Order filling | Auto |
| Order retries | 2 |
| Pause between retries | 150 ms |
| Journal log | Errors only |
| Panel refresh | 250 ms |
These values describe the referenced configuration. They do not guarantee that orders will execute successfully or at the requested price.
For initial testing, leave advanced execution settings at their documented defaults unless you have a specific reason to change them.
10. Identify Which Trades the EA Should Manage
Multi Risk Manager Pro provides controls for determining which trades are eligible for management.
The documented General settings include a trade-management scope with options such as:
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Trades associated with this EA.
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All eligible trades on the symbol.
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A configured magic-number range.
There is also functionality related to managing manual trades.
The referenced default is to manage this EA's trades.
This is an important setting because it determines whether the EA may act on positions beyond those it opened itself.
Before enabling broader management, verify exactly which trades will be included.
If you use several EAs on the same account, avoid configuring multiple systems to modify the same positions without understanding how their rules interact.
11. Customize the Interface
Multi Risk Manager Pro documents 20 interface themes and custom RGB color options.
You can also select from 16 supported interface languages.
Choose a theme that provides good contrast against your chart and makes important figures easy to read.
Be aware that language support is not necessarily complete across all alerts and reports.
Some generated messages may remain in English, and Persian and Arabic use a left-aligned layout rather than a fully right-to-left interface.
The EA also provides panel movement and minimization controls.
Arrange the panel so it does not obscure price levels or other chart information you regularly use.
12. Save Your Settings as a Preset
After configuring the EA, saving a preset is an important step.
The documented preset functionality is available through:
SETUP → Presets
Available actions include SAVE, LOAD, and DELETE.
Preset files are stored in a folder resembling:
MQL5\Files\RiskManagerPro\presets\
The documented preset format uses the .set extension, but it is the EA's own key-value format—not the standard MT5 / 4 input preset format.
Why presets are useful
A preset can preserve a configuration for later use.
For example, you might create separate presets for:
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Standard discretionary trading.
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Lower-risk trading.
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Different instruments or trading workflows.
When a preset is loaded, the documented implementation replaces the settings covered by the preset, including details such as magic number, language, and panel position.
Therefore, after loading a preset, review the complete configuration before trading.
Do not assume that a preset changes only the risk value or the settings currently visible on the screen.
The referenced interface displays up to 12 presets.
13. Understanding Scalping Profiles
The EA also documents separate scalping profiles.
These are stored independently from the main presets and are intended for scalping-related settings.
This separation matters.
A main preset and a scalping profile are not necessarily interchangeable.
If you use scalping mode, save and test its relevant configuration separately.
Remember that scalping mode uses a faster order workflow and can bypass the normal confirmation step.
For that reason, verify the lot size, stop-loss, take-profit, and associated automation settings before using a scalping profile with live orders.
14. Backup and Restore
Multi Risk Manager Pro includes a backup mechanism.
The documented backup files use an .rmpbak extension and are stored under the EA's backup directory.
The backup system records settings and a copy of completed-trade history data.
However, backup restoration has important limitations.
What RESTORE BACKUP does
According to the technical documentation, RESTORE BACKUP reads the file named:
latest.rmpbak
The restore operation applies the saved settings.
It does not restore the recorded trade history into the platform's trading history.
The documentation also states that strategies, presets, scalping profiles, and copier text data are not included in the backup restore workflow.
Furthermore, the restore function does not check whether the backup belongs to the current trading account.
What to check after restoring
After restoring a backup:
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Verify the risk-management method and risk values.
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Check the magic number and trade-management scope.
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Confirm the configured limits and protective actions.
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Review copier settings if you use trade copying.
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Check the selected language and panel behavior.
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Confirm that the restored configuration is suitable for the current account.
A backup should never be treated as a guarantee that all trading configurations, positions, and history can be reconstructed.
Keep any important presets, strategy records, and configuration notes separately.
15. Using RESET DEFAULTS
The EA documents a RESET DEFAULTS operation that restores settings to their input defaults.
This can be useful when experimenting with configurations or preparing a fresh setup.
However, resetting settings can also remove changes you intended to keep.
Before using RESET DEFAULTS, save any important configuration through the available preset or backup functionality.
After resetting, review the resulting values rather than assuming they match your preferred trading plan.
16. Templates and Chart Profiles
MetaTrader 5 / 4 has its own chart templates and platform profiles.
Multi Risk Manager Pro does not document a separate built-in chart-template system.
In the referenced implementation, applying a chart template containing the EA can initialize it from its input values when the associated per-chart state is removed.
This is different from loading an EA preset.
A chart template mainly helps reproduce a chart environment, while the EA's preset system is intended to preserve its own settings.
If you move between charts or reinstall the EA, verify the resulting configuration carefully.
17. Configure Optional Features Only When Needed
Multi Risk Manager Pro contains several advanced modules, including news filtering and trade copying.
These can require additional setup.
News filtering
The Forex Factory source requires the appropriate WebRequest permission.
The MT5 / 4 Economic Calendar source depends on available platform data.
Verify the selected source before relying on news-based trading restrictions.
Trade copying
Local copying uses shared files between terminals on the same machine or VPS.
Remote copying uses a network relay between separate machines.
These modes have different setup, reliability, and security considerations.
Do not enable copying until the sender and receiver configuration has been tested independently.
For first-time use, keeping these optional systems disabled or unconfigured until needed can make troubleshooting easier.
18. Your First Demo Trade: A Practical Walkthrough
After completing the initial setup, perform a simple demo test.
Step 1 — Open a familiar chart.
Choose a symbol with sufficient market data and an active trading session.
Step 2 — Review the risk method.
Confirm the selected sizing method and intended risk.
Step 3 — Display the Risk-to-Reward Box.
Place the entry, stop-loss, and target levels according to a hypothetical test setup.
Step 4 — Check the calculated volume.
Verify that the proposed lot size and margin requirements are reasonable for the demo account.
Step 5 — Submit the test order.
Use the appropriate execution workflow and review the confirmation if one appears.
Step 6 — Inspect the actual position.
Check the executed entry price, lot size, stop-loss, and take-profit.
Step 7 — Test one management action.
For example, practice a supported break-even or partial-close operation.
Step 8 — Review the result.
Check the HISTORY tab and the relevant MT5 / 4 trading records.
Step 9 — Save your preferred configuration.
Once the workflow behaves as expected, create a preset.
This simple exercise can reveal configuration misunderstandings before they affect a live account.
19. Common First-Time Setup Mistakes
Several issues are worth watching for.
Changing inputs without checking saved settings
The panel may continue using previously saved registry values.
Verify the active settings after changing EA properties.
Loading a preset without reviewing all settings
Preset loading can replace more than the specific parameter you intended to change.
Always review the resulting configuration.
Assuming backups restore everything
The documented backup restore operation is limited and does not reconstruct all related data or configuration files.
Enabling advanced automation too early
News filters, scalping automation, copying, and account protections can interact with execution and management rules.
Test each function separately before combining them.
Ignoring broker differences
Volume restrictions, filling modes, order types, stop distances, and account structures vary between brokers.
Verify the setup on the actual account and symbols you intend to use.
20. Final Setup Checklist
Before transitioning from demo testing to a live account, confirm the following:
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The correct EA version is installed.
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MetaTrader 5 is connected and trading permissions are configured.
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The intended money-management method is selected.
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Risk values and maximum limits match your trading plan.
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The Risk-to-Reward Box behaves as expected.
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Order confirmation and execution settings are understood.
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The EA manages only the intended positions.
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Optional news and copying features are configured only when needed.
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A tested preset has been saved.
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Backup and restore limitations are understood.
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Demo trades, modifications, and exits have been completed successfully.
Even after passing these checks, continue monitoring execution and account risk.
Conclusion
Multi Risk Manager Pro combines several trading and risk-management functions in one MetaTrader 5 / 4 interface.
For new users, the most effective approach is to start with the essentials: configure position sizing, review trading limits, understand the six main tabs, and test a complete trading workflow on a demo account.
Once the basic operation is familiar, presets, backups, customization, news controls, and trade copying can be introduced gradually.
A carefully tested configuration is more valuable than enabling every available feature on the first day.
Remember that presets and backups serve different purposes, and that panel settings may take precedence over initial input values.
Understanding these details can help make the trading workflow more consistent and easier to maintain.
Multi Risk Manager Pro is a trade-management tool, not a guarantee of profitability. Always verify the current release, test the configuration, and manage financial risk independently.
