Omega Gold Risk Guard
- Utilities
-
Keegan Ellis
I’ve been involved in the markets for over 6 years and have spent the last 4 years focused on automated trading and EA development. After learning the hard way through real market experience, I’m now focused on building professional Expert Advisors with clear logic, disciplined risk management, and - Version: 1.21
Omega Gold Risk Guard
Plan your gold trades, calculate position size and manage execution from one chart panel.
Omega Gold Risk Guard is a manual trading utility for MetaTrader 5, designed for XAUUSD traders who want a clear view of their planned risk before placing an order. It brings position sizing, selectable targets, execution controls and daily trading limits into one interface.
You choose the direction and the setup. The utility handles the calculations and checks your configured limits before submitting an entry.
Trade planning and position sizing
Adjust the entry and stop-loss lines directly on the chart. Risk Guard calculates the planned lot size using your risk percentage, account balance or equity, and the broker’s volume specifications.
The panel displays estimated monetary risk, stop distance and target reward, helping you review the plan before execution.
Selectable profit targets
Choose one, two or three targets. The default reward-to-risk levels are 1.2R, 2.2R and 3.3R, with ratios adjustable in Inputs.
On hedging accounts, the calculated total volume is divided between the selected targets. Each target uses a separate position. If the volume cannot be split within the broker’s minimum lot requirements, execution is blocked.
Execution controls
Lock and load your plan, then confirm using the matching Buy or Sell button.
Before submission, Risk Guard checks conditions including spread, available margin, stop and target placement, daily limits and available position slots.
A fixed 300-point entry-distance allowance is checked before each target order. If the executable quote moves outside that allowance, further entries are blocked.
Daily discipline and position limits
Monitor closed results, floating profit or loss, daily loss allowance and the daily trade count.
The MaximumOpenTrades input limits new Risk Guard entries on the chart symbol. Each target position counts separately, and pending orders reserve slots.
Position management
Review active Omega positions and use confirmed controls to move eligible stops to entry or close the Omega group. These controls apply to positions on the chart symbol with the configured Risk Guard magic number. Unrelated manual trades and other Expert Advisors’ positions are excluded.
Before use
-
Designed for XAUUSD, including broker symbols with an XAUUSD prefix.
-
Multiple targets require a hedging account. Netting accounts support one target with no existing exposure on the symbol.
-
The entry allowance uses broker points, not pips. It checks the quote before submission and cannot guarantee the final fill price.
-
Daily and position limits control orders submitted through Risk Guard; they do not prevent trading elsewhere.
-
Break-even means moving the stop to entry. Commission, swap and slippage can still affect the result.
Risk Guard does not generate trading signals or guarantee profits. Test the settings and execution behaviour on a demo account before live use.
Blog on how to use the Risk Guard: https://www.mql5.com/en/blogs/post/776075
For setup assistance, use the product comments or contact me through MQL5 messages.
