MT5 Prop Firm Risk Manager V01
- Utilities
- Version: 1.0
- Activations: 5
PropRiskManager is a risk-management utility for traders on prop firm challenges and funded accounts (FTMO, The5ers and similar). It does not open trades. It watches the whole account in real time, enforces your rules automatically, and shows everything on a clean on-chart dashboard.
Not affiliated with or endorsed by any prop firm. Rules differ between firms and account types and change over time. Always verify the current rules of your firm and set the inputs accordingly.
Key features
1. Daily and overall drawdown protection
- Monitors equity (including floating P/L), checked every 250 ms and on every tick.
- Daily loss limit measured from the day-start balance, calculated either as a percentage of the initial balance (FTMO-style) or of the day-start balance.
- Overall loss limit in two modes: static (fixed floor below the initial balance) or trailing (floor follows the highest equity).
- Safety buffer: the EA acts a configurable number of percentage points before the real limit to absorb slippage and spread.
- Configurable day reset hour (server time). The day-start balance is reconstructed from account history, so it stays correct after a terminal restart.
- Warning alerts at a configurable share of the limit (default 70 %).
2. Automatic enforcement
- On breach, the EA can close all positions and delete pending orders.
- Trading block: while a lock is active, any new position or pending order is closed or deleted immediately.
- The daily lock expires at the next day reset. The overall lock stays until you clear it with a one-time input.
- All states survive a terminal restart.
3. Daily trade limit
- Set a maximum number of new trades per day.
- Trades beyond the limit are closed and pending orders are removed.
4. Consistency rule helper
- Tracks the share of your best day in total profit (closed P/L plus floating).
- Three modes: Off, Warn only, Block (stops trading for the day once today's profit reaches the cap that keeps you within your consistency percentage).
- Set the challenge start date so the calculation uses the right history.
5. Risk per trade and lot-size calculator
- Interactive calculator on the dashboard: enter risk % and stop loss to get the lot size for the chart symbol.
- Uses the broker's tick value and contract specifications, respects volume step, minimum and maximum, and can include commission per lot.
- Can cap the risk by the remaining daily and overall limit, and warns when free margin is insufficient.
- Optional enforcement: close positions without a stop loss or with risk above your maximum per trade, after a configurable grace period for setting the SL.
6. News filter (MT5 Economic Calendar)
- Choose currencies, minimum importance, and minutes before and after each release.
- During a news window the EA closes new positions and deletes pending orders, optionally also closing existing positions.
- Can apply only to symbols that contain the affected currency.
7. Weekend holding protection
- Fixed mode: Friday cutoff time.
- Session mode: closes positions a set number of minutes before the symbol's last Friday session ends.
- New trades are blocked from the cutoff until the weekend is over.
8. Notifications and reports
- Alerts via terminal popup, mobile push and e-mail, with repeat throttling.
- Daily report saved as a text file at the end of each day, plus a row appended to a CSV summary (convenient for Excel). Contents: start and end balance, net P/L, minimum equity, maximum intraday drawdown, trade counts, win rate, best and worst trade, and which rules were triggered.
- Optional e-mail of the daily report and push summary.
- Report button on the dashboard for a live report at any time.
9. Dashboard
- Progress bars with colour zones (green below 50 %, orange 50–80 %, red above 80 %) for daily drawdown, overall drawdown, trades per day and consistency.
- Profit-target progress bar.
- Status line (trading allowed, blocked, news window, weekend, near limit), next news event, weekend status, reset time.
- Position adjustable via inputs.
10. Integration
- Publishes a global variable PRM_<account>_allow (1 = trading allowed, 0 = blocked) that your other EAs can read.
- Optional magic number filter to supervise only selected trades.
Settings overview
| Group | Main inputs |
|---|---|
| Account rules | Initial balance (0 = balance at first start), challenge start date, daily loss %, overall loss %, profit target %, daily limit basis, static/trailing drawdown, reset hour |
| Protection | Safety buffer, warning level, close on breach, block after breach, magic filter, one-time unlock of the overall lock |
| Trade limit & consistency | Max trades per day, consistency mode, maximum best-day share % |
| Risk per trade | Default risk %, default SL, SL unit (pips / points / price distance), risk basis (equity / balance / initial balance), cap by remaining limit, commission per lot, max risk per trade, require SL, grace seconds |
| News filter | Enable, currencies, importance, minutes before/after, affected symbols only, close existing positions, refresh interval |
| Weekend | Mode (off / fixed / session), Friday cutoff hour and minute, minutes before session end |
| Notifications & report | Popup, push, e-mail, throttle seconds, daily report file, e-mail report, push summary |
| Dashboard | Show/hide, X and Y position |
Requirements and setup
- MetaTrader 5, Algo Trading enabled, terminal running continuously (a VPS is recommended).
- Attach to one chart only; it supervises the entire account.
- Push notifications require a MetaQuotes ID, e-mail requires SMTP configured in the terminal options.
- The news filter needs a connection to the broker server.
- Reports are saved in the terminal's MQL5\Files folder.
Limitations
- No absolute guarantee. The EA reacts to equity changes; it cannot prevent losses from gaps, fast markets, slippage, rejected closes, connection loss or a stopped terminal. Use the safety buffer and test on a demo account first.
- It reacts, it does not pre-block orders. MT5 does not allow an EA to disable trading on the account, so blocked trades are closed or deleted right after they appear.
- Rules are approximations. Drawdown reference points, trailing behaviour, consistency calculations and news rules differ between firms. The EA implements configurable generic versions, not firm-specific rule sets. Verify against your firm's current terms.
- Day-start reference is the balance at the reset hour; firms that use a different reference (for example the higher of balance and equity) may need a different buffer.
- Trailing drawdown follows the highest equity seen by the EA and does not implement variants such as a trailing stop that locks at the initial balance.
- Trade counting includes adding to an existing position; on netting accounts, volume added to an existing position cannot be separated from the original trade when enforcing the limit.
- News calendar works in a live terminal only (not in the Strategy Tester), and the dashboard shows only the nearest event.
- Server time is used for resets, weekend cutoff and calendar. Check your broker's server time zone.
- Pip definition follows the usual 3/5-digit convention. For gold, indices and crypto, use points or price distance as the SL unit.
- Weekend rule blocks trading on Fridays after the cutoff and on Saturdays, so it is not suitable for 24/7 instruments such as crypto unless disabled.
- MetaTrader 5 only; not available for MetaTrader 4.
- This tool is a risk-management aid and does not constitute financial advice.
