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Hi,
I'm looking to create an equity protector to use with prop firms such as MyForexFunds and FTMO
The settings of the EA will be as follows.
Settings:
Max daily loss of equity in % (if set to 0 then setting not used) = x%
Max daily loss of balance in % (if set to 0 then setting not used) = x%
Minimum equity = x
Target profit in equity = x
Reset time = xx:xx
The display on the chart will be as follows.
Settings used:
max daily of equity = x%
max daily loss of balance = x%
Minimum equity = x
Target profit in equity = x
Reset time = x
Today's P/L = xx
Today's max daily loss of equity remaining = xx
Today's max daily loss of balance remaining = xx
Amount remaining until minimum equity is hit = xxx
Here is an example of how the EA will function.
Initial balance of account at 00:00 is $100,000.
Initial equity of account at 00:00 is $100,000.
I have started the trading day with $100,000 balance and $0 floating loss.
Let's assume the time is now 06:00. I have taken a number of trades which ended in a close loss of $5,000. Currently my total closed loss is $5,000. I also have an open position in a $1,000 loss. Therefore my current balance at 06:00 is $95,000 and my current equity at 06:00 is $94,000.
In this example, my settings are set to:
Max daily loss of equity in % (if set to 0 then setting not used) = 10%
When my equity hits or falls below $90,000 then the equity protector will close all trades and close all charts (preventing my EA from taking further trades). Any pending orders will also be removed.
Max daily loss of balance in % (if set to 0 then setting not used) = 15%
When my balance hits or falls below $85,000 then the equity protector will close all trades and close all charts (preventing my EA from taking further trades). Any pending orders will also be removed.
Minimum equity = $80,000
If my equity hits or falls below $80,000 then the equity protector will close all trades and close all charts (preventing my EA from taking further trades). Any pending orders will also be removed.
Target profit in equity = $110,000
If my equity hits or goes above $110,000 then the equity protector will close all trades and close all charts (preventing my EA from taking further trades). Any pending orders will also be removed.
Reset time = 00:00
At 00:00 server time (the time displayed in my MT5 terminal) the max daily loss of equity and max daily loss of balance will be recalculated based on the CURRENT equity and balance at 00:00. This will recalculate and reset once every 24 hours.
For example at 00:00, lets say the account equity is $120,000 and the balance is $130,000.
The max daily loss of equity will be calculated based on 10% x $120,000 = $12,000
The max daily loss of balance will be calculated based on 15% x $130,000 = $19,500
There are 2 separate losses the EA will track one for equity and another for balance.
Using the above example settings, there will be a display on chart which will show the below:
Settings used:
max daily loss of equity = 10% ($10,000)
max daily loss of balance = 15% ($15,000)
Minimum equity = $80,000
Target profit in equity = $110,000
Reset time = 00:00
Today's P/L = -$5,000
This will record my P/L from the reset time i've set at 00:00
Today's max daily loss of equity remaining = $4,000
This will show the remaining equity I can afford to lose before I hit my maximum equity loss for the day. In my example, the time is 0:600 and my current equity is $94,000, therefore this value will show $4,000 since $94,000 - $90,000 = $4,000.
Today's max daily loss of balance remaining = $10,000
This will show the remaining balance I can afford to lose before I hit my maximum balance loss for the day. In my example, the time is 06:00 and my current balance is $95,000, therefore this value will show $10,000 since $95,000 - $80,000 = $15,000.
Amount remaining until minimum equity is hit = $14,000
This value is calculated by taking the current equity - the "minimum equity" allowed. $94,000 - $80,000 = $14,000
Please let me know if it is possible for the losses recorded in the EA to be inclusive of the brokers swaps and commissions? it would be great if it could include swaps and commissions but I don't think this functionality is currently possible?
Please feel free to ask me any questions you need.
Thank you!
Sam