RBR Risk Guard MT4

RBR Risk Guard watches the limits of a prop-firm challenge on your account equity, the way prop firms count them, and closes everything before a limit is reached. It does not trade for you: no strategy, no signals, no automatic entries.

What it guards

• Daily loss limit: a percentage of the account size or of the balance at the daily reset, counted from the balance or from the higher of balance and equity at the reset. Reset hour in broker server time, UTC, Central European time or New York time, with summer time changes.
• Max loss limit: static, trailing from the end-of-day high, trailing from the intraday equity high, or trailing until it reaches the account size.
• Profit target, minimum trading days and minimum profitable days, shown as counters.

What it does near a limit

A warning comes first (default: 2 % of the account size left to a limit), as an alert and, if you want, a push notification. When the room to a limit falls to the buffer you set (default 0.5 %), the EA closes all open orders, deletes pending orders and blocks the trade panel until the next daily reset (daily limit) or until you remove the block (max loss limit). Opposite orders of the same symbol are closed with Close By when the broker allows it, to save one spread. Orders opened while the block is active are closed as well. Optionally it also closes everything and blocks when the profit target is reached.

Trade panel

A trade opens only when you click Buy or Sell. The lot is calculated from your risk per trade and the stop loss distance and rounded down. Before an order is sent the panel checks the room to both limits including the risk of open and pending orders, your maximum risk per trade and the weekend, and it always requires a stop loss. On accounts with market execution the stop loss is set right after the order is filled; if it cannot be set, the order is closed at once. Manual orders and orders of other EAs are not blocked before entry: they are checked after they open and closed if they break the rules.

Weekend

Block panel orders a set number of minutes before the market closes for the weekend and, if you want, close open and pending orders at that moment.

Settings tab

Protection and weekend settings can be changed in the panel without restarting the EA. A tighter setting applies at once; a looser one needs a confirmation and is refused while the account is close to a limit.

MetaTrader 4 notes

• News windows are not available: MetaTrader 4 has no economic calendar for programs.
• MetaTrader 4 gives programs only the period chosen in the Account History tab. Right-click it and choose All History, so the EA can rebuild today's reference after a restart.
• Orders are closed one after another, the largest loss first. On accounts with the FIFO rule the EA switches to closing the oldest order of each symbol first.
• Server time is taken from fresh quotes; on a closed market the last known offset is used.

Notes

• By default the EA closes all orders on the account (magic -1). To protect only one EA's orders, enter its magic number.
• Do not attach it to a terminal where another EA must keep its orders open.
• The day reference, the highs and the counters are saved and survive a terminal restart. If you start the EA in the middle of a challenge, enter the start values (today's reference balance, highest balance, days already done).
• The limits are checked by your terminal. If the terminal or the connection is off, nothing is guarded. Compare the numbers with your firm's dashboard; the firm's own rules always decide.
• The panel follows the terminal language (English, Polish, German).
• In the Strategy Tester there is no panel to click, so the EA only evaluates the limits there.