Discussing the article: "Creating a Daily Drawdown Limiter EA in MQL5"


Check out the new article: Creating a Daily Drawdown Limiter EA in MQL5.

The article discusses, from a detailed perspective, how to implement the creation of an Expert Advisor (EA) based on the trading algorithm. This helps to automate the system in the MQL5 and take control of the Daily Drawdown.

A drawdown limiter is a tool used in trading and investment for managing risk by limiting potential losses during a drawdown period. A drawdown period occurs when the value of an asset or a portfolio drops due to market volatility or economic conditions. During this period, the drawdown limiter helps to safeguard investors from substantial losses by automatically selling all or part of the investment if the value goes below a set level. This tool aims to reduce possible losses and safeguard the investor's capital. Managed futures accounts and other investment vehicles commonly utilize drawdown limiters to control risk and shield against significant market declines. 

Traders suffer from controlling their drawdown when trading funded accounts. A daily drawdown limiter is meant for them. The Prop firms usually set a rule called 'Trader Daily Drawdown', and if it is not respected, the trader is disqualified. The Drawdown Limiter helps traders in:

  1. Tracking the account drawdown
  2. Alert the trader when he or she is taking  high-risk trades
  3. Tracking the daily trader drawdown
  4. Prevent the trader from overtrading by limiting open positions

The following is what we get. Example of a far-threshold logic.


    Author: Kikkih25


    Seems like you just used ForexAlgo-Trader (YouTube) without giving him any credit at all and claiming his work as yours. From his video here, you can tell that this is his code line by line, variable by variable.

    At least provide credit where it is due. Yes, the code is open source, but there's nothing wrong with providing credit where is it is rightfully deserved.

    Outsmart Forex Prop Firms With SEXY DrawDown Limiter Tool FREE In MQL5/MT5 - PART 234 #forextrading
    Outsmart Forex Prop Firms With SEXY DrawDown Limiter Tool FREE In MQL5/MT5 - PART 234 #forextrading
    • 2023.09.25
    • www.youtube.com
    #howto #forex #forextrading #algotrading In this video, you will learn and understand how to BECOME SUCCESSFUL IN TRADING FOREX IN PROP FIRMS IN MQL5 + FREE ...