PropShield Risk Manager

Short description (Market field): Account-level risk guardian for prop firm challenges: daily/overall loss locks, SL risk limits, news filter, daily profit cap and consistency tracking.

PropShield Risk Manager protects a prop firm challenge or funded account from the mistakes that end it: a daily drawdown breach, an overall drawdown breach, an oversized trade, a trade opened into high-impact news, or one oversized winning day that ruins the consistency rule.

It is a utility, not a trading robot. It never opens entry trades. It watches the whole account in real time, measures every limit the way prop firms do, and blocks or closes exposure before a rule is broken. Attach it to any one chart and it guards manual trades, other EAs and trade copiers alike.

Everything is visible on a clean dashboard with dark and light themes and an adjustable font size: current state, daily and overall drawdown, open SL risk, projected worst-case loss, today's P/L, consistency score, news countdown and evaluation progress.

Key features

Prop firm loss limits

• Max Daily Loss with two calculation modes: from day-start equity or from the day's highest equity (trailing).
• Warning level at a chosen % of the daily limit, before the lock fires.
• Max Overall Loss measured from the initial balance, auto-detected on first run or entered manually.
• On a breach: close all managed positions and pending orders, then keep new trades blocked until the prop day resets.

Risk per trade (based on stop loss)

• Max risk per trade and max total open risk, calculated from entry to SL with the broker's own contract math.
• Optional risk lock, and optional auto-close of any new trade whose SL risk is too large.
• Positions without a stop loss are flagged on the dashboard.

Execution guard

• Projected loss headroom guard: if every open SL were hit right now, would the account still be inside its limits (minus a safety buffer)? If not, new trades are blocked.
• Spread guard blocks new trades when the spread is above your maximum.
• Trading session filter with its own hours, including sessions that cross midnight.

High-impact news filter

• Uses the built-in MetaTrader 5 Economic Calendar. No WebRequest, no URL setup.
• News trade Allowed or Not allowed. When not allowed, new orders are blocked X minutes before and Y minutes after each event (default 10 / 10).
• Positions and pending orders that already existed before the window are not touched.
• Filter by impact (High, or High + Medium) and by currency. Block all symbols, or only symbols that use the news currency.

Daily profit limit and consistency

• Profit Limit Per Day: when today's profit (closed + floating) reaches the cap, new positions are blocked for the rest of the prop day. Optionally close open positions to lock the profit in.
• Consistency score on the dashboard: best day profit divided by total profit, with a warning level you set.

Hedge protection mode

• Alternative overall-limit action for hedging accounts: neutralize net exposure per symbol with protective hedge trades instead of closing.
• Hedge status is verified against live positions: Pending, Complete, Partial, Unsupported or Failure.
• One-click Release hedge & unlock closes only the hedges.

Reliability

• State is saved in terminal Global Variables, so locks, day-start equity and hedges survive restarts and VPS migrations.
• Run it on several charts: one becomes the master, the others show the same dashboard and forward button clicks.
• Global Variables such as TRADING_ALLOWED let your own EAs check before they enter.
• Alerts by terminal popup, push notification and email.

How it works

PropShield checks the account every second and on every trade event. Each new position or pending order is tested against the active rules the moment it appears; if a rule blocks it, it is closed or deleted immediately.

• Daily loss = (reference equity − current equity) ÷ reference equity. The reference is the equity at the start of the prop day, or the day's highest equity in trailing mode. The prop day follows your firm's timezone (GMT offset and start hour).
• Overall loss = (initial balance − current equity) ÷ initial balance.
• Daily profit = current equity − equity at the start of the prop day (closed + floating).
• Projected loss = the drawdown if every open stop loss were hit from the current price, so floating loss is never counted twice.
• Consistency score = best day's closed profit ÷ total closed profit since the evaluation start.

The dashboard shows one state at a time, in this order of priority:

Daily, risk and profit locks can be released with a button for the rest of the day when Allow Manual Unlock Daily is on. The overall lock can only be released when Allow Manual Unlock Overall is on, and every manual unlock asks for confirmation.

Input parameters

Quick start

1. Turn on Algo Trading in MetaTrader 5.
2. Attach PropShield Risk Manager to any one chart and tick Allow Algo Trading.
3. Enter your firm's rules: Max Daily Loss, Max Overall Loss, Daily Loss Mode and Initial Balance.
4. Set the prop timezone so the daily reset matches your firm.
5. Choose News Trading, the profit limit and the risk limits you want, then press OK.
6. Trade as usual, manually or with other EAs. PropShield stays on the chart and does the rest.

For a new challenge, set Reset stored state on start to true once, then back to false.

Example settings

Always copy the exact values and timezone from your own firm's rules. With a 10% target and a best-day limit of 30–40%, a daily profit cap of about 3% keeps the consistency score safe.

Important notes

• PropShield is a risk management utility. It does not open entry trades and does not guarantee profit or that a challenge will be passed.
• Keep MetaTrader 5 running, ideally on a VPS. Protection only works while the terminal is online and Algo Trading is on.
• Closing on a breach uses market orders. Gaps, slippage and weekend opens can push the final loss past the limit, which is why the headroom guard and safety buffer exist.
• SL-based risk ignores positions without a stop loss. Daily and overall drawdown still cover them, because they are equity based.
• The news filter needs the MetaTrader 5 Economic Calendar. The calendar is not available in the Strategy Tester, so test the news filter on a demo account.
• Hedge Exposure mode needs a hedging account. On netting accounts it shows Unsupported and the overall lock stays active.
• Prop firms calculate drawdown in different ways. Match the daily mode, initial balance and timezone to your firm's written rules.