Daily Limit Guard
- Utilities
- Version: 1.1
- Activations: 10
Daily Limit Guard watches an account and enforces the exit rules you set for it. It
does not decide what to trade and it does not open positions. It works on
positions that are already there, whoever opened them: your own click, another
Expert Advisor, or a copier.
What it does
- Attaches a protective stop to any managed position that has none. The
distance is a multiple of ATR measured on that position's own symbol, so the
same setting behaves sensibly on a fast index and a slow currency pair. It is
never placed closer than the broker's minimum stop distance.
- Moves the stop to break even once open result reaches a chosen R multiple.
Off at factory settings.
- Trails the stop at a multiple of ATR behind the extreme price reached since entry - the highest for a long position, the lowest for a short. It
never moves backwards. Off at factory settings.
- Closes managed positions when the day's loss reaches your limit, and keeps
the account flat until the next daily reset hour. The limit is a percentage of
the equity recorded at that reset hour, on the trade server's clock.
- Closes down to a total volume ceiling when aggregate open volume exceeds
it. Off at factory settings.
- Closes and stands down when the day reaches a chosen gain. Off at
factory settings.
- Shows a panel with the day's starting equity, the day's result, the
distance remaining to the loss limit, how many positions are under management
and when the day restarts.
What it does not do
- It cannot prevent an order from being sent. It closes what is open. A gap, a
news spike or a slow fill can move an account past a limit before any program
can act, and the amount closed at is the amount the market gives.
- It does not generate entries and has no opinion on direction.
- It is not a hidden-stop system. Every stop it sets is a real stop on the
server, visible in the terminal.
Running it beside another Expert Advisor
Daily Limit Guard is written to sit beside an Expert Advisor you already run, not to
replace it. The other program keeps deciding entries; Daily Limit Guard applies your
exit limits to what it opens. Neither needs to know about the other.
If the account is under a programme with its own daily loss rule, read how that
programme measures the day - from balance or from equity, and on which clock -
before choosing settings. Daily Limit Guard measures the day from equity at the reset
hour on the trade server's clock. Set its limit inside the programme's limit
rather than at it, because a limit is acted on after it is reached, not before.
Scope
By default it manages every position on the account. Set it to the chart symbol
only, or restrict it to one magic number, if another program should be left
alone.
Notes on use
Algorithmic trading must be enabled in the terminal for it to act. Attach it to
one chart only: a second copy on a second chart would manage the same positions
twice. The daily reset hour is a server hour; set it to the hour your broker or
your programme treats as the start of the trading day.
Support through the product comments or MQL5 messaging.
