This is the full user guide for Iron Risk Guard (MetaTrader 5). It covers installation, the panel, every setting, and what happens when a rule is broken. Examples use a $10,000 account.
1. Before you start
- It only protects you while MT5 is open. MT5 must be running and connected, with the Algo Trading button on (green). If MT5 is closed, the computer sleeps or the internet drops, nothing is checked. When MT5 comes back, the EA checks everything again within seconds and closes anything that broke a rule while it was away. For 24/5 protection, run MT5 on a VPS.
- Attach it to one chart only. One copy watches the whole account: every symbol, every chart, and trades opened from the MT5 phone app. Two copies would both try to close the same trade.
- One copy per account. If you switch accounts inside one MT5 (File → Login), one copy is enough – it keeps each account's locks separate.
- It closes trades, it cannot block them. MT5 does not let an EA stop you from clicking Buy or Sell. A trade that breaks a rule is closed about a second after it opens, which may cost the spread.
- Built and tested on hedging accounts.
2. Install
- Open any chart (any symbol, any timeframe).
- Navigator → Expert Advisors → Market → drag Iron Risk Guard onto the chart.
- Common tab: tick Allow Algo Trading.
- Inputs tab: set your rules (section 4), or keep the defaults to start.
- Click OK. The panel appears at the top left of the chart and shows STATUS: ARMED.
Phone alerts (optional): in the MT5 phone app go to Settings → Messages and copy your MetaQuotes ID. In desktop MT5 go to Tools → Options → Notifications, tick Enable, paste the ID and press Test.
3. The panel
- Status: ARMED (rules active), COOLDOWN (pause after a loss, with countdown), DONE (max trades for today used), DAY OVER, WEEK OVER, WEEKEND, or NOT ACTIVE (Algo Trading is off).
- Today and this week: your result against the daily and weekly caps, e.g. Daily cap $250 (2.5%).
- Countdowns: time left in a pause, and seconds left to set a stop loss on a new trade.
- Right side: account size used for % limits, your time and server time, when the new day starts, breakeven zone, allowed symbols, trading hours.
Every line can be moved left, right or hidden (except the status line). The left side starts below MT5's one-click trading panel when that is shown.
4. Settings
How money settings work
Every money setting has two lines: one in % of the account, one in $. Fill one and leave the other at 0. If both are filled, the stricter one is used. Both 0 = the rule is off. The panel always shows the dollar amount in use.
Time
All times are picked from drop-down lists (Off, 00:00, 00:30 … 23:30). The EA works out the difference to your broker's clock by itself, including daylight-saving changes.
- New day starts at · Off = broker midnight. When your daily loss, trades today and losses in a row go back to zero, and a locked day opens again. If you trade late at night, pick a time when you are never trading. Prop firm traders: use the time your firm resets its daily loss. The week starts at Monday's day start.
- Trading hours from / until · Off = any time. A trade opened outside these hours is closed. A trade opened inside your hours may stay open after they end. Hours may cross midnight (22:00 → 02:00). Set both or leave both Off.
- Friday: close all trades at · Off = never. At this time on Friday every open trade is closed, pending orders are deleted, and new trades are closed until the weekend is over.
- Times above are in · This computer (default) or Broker server. Choose Broker server when MT5 runs on a VPS, whose clock is often set to London or UTC.
Account
- Account size for % limits · 0 = automatic. Every % limit is worked out from this amount. With 0 the EA uses your first deposit and shows it on the panel, e.g. Account $10000 (detected). Type a number if you added money later, if your broker shows no deposit in the history, or if you want to trade a big account as if it were smaller.
Daily limits
- Max trades per day · 0 = no limit. Counts trades opened today; closing one does not give the slot back. Pending orders count once they are filled.
- Max trades open at the same time · 0 = no limit. If one more of today's trades opens, the newest one is closed. Trades you already had are not touched.
- Losses in a row that end the day · default 3, 0 = off. After this many losing trades in a row, the day is over: new trades are closed and pending orders are deleted. Trades already open keep running. A winning trade resets the count.
- Breakeven zone · default $10. A trade that closes with a loss smaller than this counts as breakeven: it does not add to losses in a row and does not start a pause. Keep it well below your normal stop-out, or real losses will be ignored.
- Win to reset losses in a row · 0 = any profit. A win of at least this amount resets losses in a row. Raise it if you don't want a +$3 trade to wipe out real losses.
- Trades closed by the EA still count · default true. A trade the EA closed for breaking a rule still uses a trade slot, and its loss can add to losses in a row and start a pause. Its loss always counts toward the daily and weekly caps.
- Daily loss cap · default 2.5%. Trades closed today plus the floating result of open trades. When the total reaches the cap, every trade is closed, pending orders are deleted and the day is over. Example ($10,000): closed −$100, closed −$100, open trade −$50 → −$250 → everything closed.
- Pause after a loss · default 15 minutes, max 1440. After a losing trade closes, a trade opened during the pause is closed. Trades already open are not touched. The pause ends when a new day starts.
Stop loss
- Every trade must have a stop loss · default true. A trade with no stop loss is closed when the grace time runs out. Removing a stop later closes the trade within about a second. A stop at breakeven or in profit counts. Take profit is not checked.
- Seconds to set your stop loss · default 60, allowed 0–600. Time you get after entry to put the stop in place. 0 = the stop must be on the order itself.
Trade size and symbols
- Max lots per trade · 0 = no limit. A bigger trade is closed whole. Each trade is checked on its own, and one number applies to all symbols.
- Only trade certain symbols + Allowed symbols (e.g. XAUUSD,EURUSD). A trade on any other symbol is closed. XAUUSD also covers broker versions such as XAUUSDm or XAUUSD.x, and case does not matter. Names are checked against your broker when the EA loads; a typo stops the EA with a hint such as "Did you mean XAUUSDm?".
Weekly limit
- Weekly loss cap · default 10%. Like the daily cap, for the whole week. When it is hit, everything is closed until Monday's day start.
Prop firm limits (optional, off by default)
- Protect the prop firm's limits · turn on for a prop firm account. When equity gets within the safety buffer of the firm's daily loss or max loss line, everything is closed and the day is over.
- Firm daily loss · default 5%. Measured from today's starting balance, using equity.
- Firm max loss · default 10%. A fixed line at account size minus this amount. Firms whose max loss trails profit are not followed.
- Safety buffer · default 0.3% ($30 on $10,000). How early the EA acts before the firm's line. A bigger buffer is safer in fast markets.
Alerts
- Pop-up alerts · a pop-up with sound saying what was closed and why.
- Phone notifications · the same message on your phone (needs the MetaQuotes ID set up, see section 2).
Panel
- Left / Right / Hide for each line, left and right text colour, text size (6–20), line spacing (1.0–3.0), gap below the chart title (0–200).
5. When a trade is closed
| About 1 second after it opens | After the grace time (default 60 s) | Everything closed at once |
|---|---|---|
| outside your trading hours | no stop loss | daily loss cap reached |
| over max trades per day | weekly loss cap reached | |
| over max trades open at once (newest closed) | too close to the prop firm's limit | |
| after losses in a row ended the day | Friday close time reached | |
| during the pause after a loss | ||
| symbol not allowed / over max lots |
Every close shows the reason in the Experts tab, in a pop-up and on your phone.
6. Locks
- A day or week lock lasts until the next day or week starts, even if you restart MT5 or the computer.
- Changing New day starts at after a lock does not end the lock sooner.
- Changing any setting restarts the EA; locks stay in place.
7. Questions
Why did it open trades in the Strategy Tester?
In a backtest there are no manual trades, so the EA opens small demo trades with no stop loss and closes them, so you can see it work. This only happens in the tester, never on a live or demo account.
Can it lose more than my limit?
Closes are market orders. On fast moves or price gaps, the close price can be slightly worse than the limit. For prop firm accounts, set the safety buffer with that in mind.
Does it work with other EAs?
Yes. It watches every trade on the account, manual or from other EAs, and closes those that break your rules.
The panel says NOT ACTIVE.
Turn on the Algo Trading button in the MT5 toolbar, and make sure Allow Algo Trading is ticked in the EA's Common tab.
Iron Risk Guard is a discipline tool, not a trading strategy, and it does not guarantee profits. Questions are welcome in the product comments.
