Risk Trade Manager MT5

Risk Trade Manager MT5 is a utility (Expert Advisor) for MetaTrader 5 that turns three chart lines into a correctly sized order, then manages the trade. Drag the entry, stop-loss and take-profit lines and read the lot for your risk. Press OPEN to send a market or pending order.

Quick start

1. Attach it to the chart of the symbol you trade and turn Algo Trading on.
2. In the inputs, set "Risk measured as" and "Risk per trade".
3. Press BUY or SELL to place the lines. Drag them, check the panel and press OPEN. A confirmation window shows the order first.
4. Set the partial close, break-even and trailing stop in the inputs (0 = off).

What it does

Sizing

• Size: risk as a % of the balance, a % of the equity, or a fixed amount of money. The lot is rounded down to the broker's lot step, so the money at the stop is never above the risk you set.
• Minimum lot: below it, the tool tells you so and shows what the minimum lot would risk, instead of rounding up.
• Loss per lot: taken from the symbol's tick value and the terminal's own profit calculation, whichever is larger. It works on forex, gold, indices and crypto in any account currency.

Sending the order

• Market or pending: while the entry line follows the price, it sends a market order. Drag the line and it sends a limit or stop order, chosen from where the line is.
• Checks: free margin, the broker's stop level, the spread, an open market and Algo Trading on. If something is wrong, the panel says what.
• Confirmation: a window shows the full order before it is sent. You can turn it off.

Managing the trade

• Partial close: at a profit of x R (R = the stop distance at entry), once per trade.
• Break-even: at x R, plus a few points to cover costs.
• Trailing stop: by ATR or by points, starting at x R. A stop only moves in the trade's favour, in steps of at least a tenth of R, so the broker is not sent a change on every tick.
• Buttons: close all, close half, break-even now.
• Scope: only the trades it opened, or every trade on the chart's symbol, manual ones included.
• Lock: while Prop Rules Guard MT5 has the account locked, it refuses new orders.

Good to know

• A trade without a stop loss has no R. It is not partially closed, moved to break-even or trailed.
• Management runs while the terminal runs. If the terminal is off, the stop and target sent with the order stay at the broker. Partial closes and trailing wait until it is back.
• R is stored per trade. Moving the stop later does not change the R levels, and a restart keeps them.
• It works on one symbol per chart.

Main inputs

Strategy Tester

In the tester only, the manager opens demo trades from its own lines every few hours. You can watch the sizing, partial close, break-even and trailing in visual mode. On a live or demo account it never opens a trade by itself.

Related products

• Risk Position Tool - the same lines, lot size, risk and reward, without sending or managing any order.
• Prop Rules Guard MT5 - locks the account at a prop-firm limit. This manager refuses new orders while that lock is on.
• All my products on MQL5

Questions

• Will it make my trades profitable? No. It sizes and manages trades you decide on. It does not choose entries.
• Is the risk exact? The lot is rounded down to the lot step, so the risk is at or slightly below the amount you set. Slippage and gaps can make a stop fill further away.
• Does it work with other EAs? Yes. Set "Manage" to the trades it opened, so it leaves other EAs' trades alone.

If it helps your trading, a short review on this page helps other traders find it.

Questions: use the comments on this page or send me a message on MQL5.

Trading involves risk. This utility calculates and manages orders you choose; it does not predict the market.