PropFirm Equity Protector – Institutional Risk Manager (Open Source) - expert for MetaTrader 5

🛡️ PropFirm Equity Protector (Institutional Risk Manager)

1. Recommended Symbol & Timeframe

• Symbol: Any (Highly recommended for volatile assets such as XAUUSD, GBPUSD, or indices such as US30).

• Timeframe: Any. This Utility EA is timeframe-independent as it relies on the OnTimer() event (1-second intervals) rather than OnTick(), ensuring constant risk monitoring even if the market freezes.

2. Core Concepts Embedded in the Code The primary concept behind this code is to provide an institutional-grade risk management framework for prop firm traders. Traditional stop-loss orders are vulnerable to extreme slippage during news events. This EA mitigates this by introducing a dual-tier risk mitigation system:

• Tier 1 (Soft Limit): When the account reaches a warning drawdown level, the EA identifies the worst-performing open position and executes a partial close (e.g., 50 per cent of the volume) to free up margin in the account and prevent a total breach.

• Tier 2 (Hard Limit): If extreme volatility pushes the equity to the absolute daily Prop Firm limit, the EA triggers an aggressive panic-close loop, bypassing broker requotes to secure the account.

3. Description of External Variables

• InpMaxDailyLossPercent: The absolute maximum daily loss permitted by your Prop Firm (e.g., 4.5%). Triggers Tier 2.

• InpAutoCloseOnLimit : Enables the Tier 2 absolute panic close.

• InpRemoveEAOnLimit: If set to true, the EA detaches itself from the chart following a Tier 2 breach to prevent further automated trading.

• InpMitigationLossPercent: The warning threshold (e.g., 3.5%). Triggers Tier 1.

• InpEnableMitigation : Activates the Tier 1 partial closing module.

• InpPartialClosePercent: The percentage of the worst position’s volume to be closed during Tier 1 mitigation (Default: 50.0).

• InpSlippagePoints: Permitted deviation to enforce closure in fast-moving markets.

• InpSendPushNotification: Sends a mobile push notification when limits are breached.

• InpMaxRetries: The number of times the EA will force the close command to be sent if the broker’s server returns an error.

4. Brief Explanation of the Code Structure To help other users understand the implementation, this EA was developed using strict Object-Oriented Programming (OOP) principles.

• CPropFirmProtector Class: Encapsulates all risk logic, preventing conflicts with global variables.

• CalculateDailyStartBalance() Method: Instead of relying on static variables, it scans the HistorySelect() from 00:00 server time to mathematically calculate the exact daily starting balance, taking into account swaps, commissions and realised profits.

• Self-Healing GUI: The on-chart dashboard utilises a Z-order-locked background and a self-repairing loop (ObjectFind). If another indicator accidentally deletes the risk dashboard, the EA reconstructs it in a millisecond.