Cerberus Equity Watcher
- Samuel Bandi Roccatello
- Version: 1.1
- Activations: 30
Cerberus the Equity Watcher is a risk management tool that constantly monitors your account equity and avoid major drawdowns, caused by faulty EAs or by your emotional behaviour if you are a discretional trader. It is extremely useful for systematic traders that rely on EAs that might contain bugs, or that might not performed well in unexpected market conditions.
Cerberus let you set a minimum equity value and (optionally) a maximum value, if either of those are reached all positioned are flattened, all pending orders are closedand all EAs are "killed". Upon flattening all positions a notification is sent to the user mobile phone and a clear message is displayed on the screen. After the "flattening" Cerberus keeps watching the equity value and keeps killing any further attempt to trade until it is reinitialized.
Any operation performed by Cerberus is clearly displayed on the screen, reported on the Expert advisor tab and notifications are sent to the user. In order to avoid user mistakes, several checks are performed on the input value inserted by the user and on the current status of the automatic trading.
Minimum and Maximum Equity Value can be set in the account currency or in percentage of initial equity
Maximum Equity value is optional
If min/max Equity is reached all EAs are killed indipendently of the symbol they trade
A double check is performed several seconds after the first flattening
Cerberus keeps monitoring the equity also after flattening
Equity is monitored every 1 second, frequency can be set by user ( multiples of 1 second only)
Push notification are sent after initialization, deinitialization and after flattening
Audio notifications are played after flattening and after the second check
After flattening: Status changed is displayed on screen, push notifications are sent to mobile phone
Option to turn the chart background red after flattening
Checks are performed on Input parameters
If autotrading is disabled for any reason: a message displayed on the screen and a notification is sent to the mobile
PROP FIRM CHALLENGES: use Cerberus to control max drawdown and max daily losses (for more details visit this link https://www.mql5.com/en/blogs/post/751110)SYSTEMATIC TRADERS: do not rely on EAs to "autokill" themselves if things go wrong, let Cerberus supervise them (please read further here)DISCRETIONARY TRADERS: Cerberus can be set on a VPS server and allow you to avoid huge losses caused by emotional states, in my blog I provide a detailed video on how to use Cerberus to control yourself
- EAs often contain bugs and they could wipe out your account in matter of seconds, Cerberus adds an extra layer of security to your account by "freezing everything" if things go really wrong!
- Market conditions are often unpredictable and when things go wrong multiple assets correlates in the same direction, in this situation many EAs can generate losses at the same time. By putting a max loss on your equity you keep living another day.
- Cerberus has been designed with a focus on reliability! We reduced the input parameters to the minimum in order to make sure the product is 100% reliable.
- Minimum and Maximum Equity levels are not updated daily: the idea behind Cerberus is that these parameters are manually set everyday before the trading session begins.
- flattening is done as fast as possible but the speed depends on the frequency paramater
- Frequency cannot be more than once per second
PROP FIRM CHALLENGES
- 80% of traders fail for breaking the max daily loss rule
- 40% of traders fail for breaking the max drawdown
- Both rules can be enforced mechanically by using Cerberus in conjuction with any productivity software (This trick is explained in the blog here)
- In order to avoid breaking any rules, we suggest using stricter values for the the min. Equity levels to compensate for slippage
Very good Product!