PropFirm Copilot Risk Management

PropFirm Copilot Trade Risk Management EA: The Ultimate Prop Firm Copilot

The Trade Risk Management Copilot EA is an automated trading utility designed to assist manual traders and proprietary firm traders in managing their open positions and risk parameters. The tool automates the process of stop-loss and take-profit calculations, position trailing, and account drawdown monitoring.

Managing multiple positions across various symbols requires continuous calculation of stops, break-even points, and risk variables. This EA operates in the background, executing user-defined management rules once a position is opened, reducing the need for manual order modifications.

Core Features:

Automated SL/TP and Risk-Reward Management:

• Volatility-Based SL: The EA calculates and applies Stop Loss levels based on current market volatility using the Average True Range (ATR) indicator, or it can be set to use fixed point values.

• Risk-Reward Ratio: Automatically places Take Profit levels based on the user's predefined Risk-Reward Ratio parameter immediately after a trade is executed.

Position Management:

• Calculated Break-Even: The EA utilizes native MQL5 functions to calculate break-even points. It includes estimated commissions, accumulated swap, and current spread in its calculation before modifying the Stop Loss to the entry price area.

• Trailing Functions: Features stepped Trailing Stop-Loss and Trailing Take-Profit options to automatically adjust order levels as the market price moves.

Multi-Symbol Control:

• Single Chart Attachment: The EA only needs to be attached to one chart. It has the capability to scan and apply management rules to all open positions across different symbols running on the account.

• Trade Limits: Users can set maximum open trade limits per symbol or per direction to monitor account exposure.

Drawdown and Equity Monitoring:

• Parameter Limits: Allows users to input specific daily loss limits and maximum total drawdown limits (e.g., 4% daily, 10% total). If current equity breaches these user-defined thresholds, the EA will execute a command to close open positions.

• Target Lock: Users can input a specific profit target percentage. Once reached, the EA halts new trading activities based on user settings.

• Economic Calendar Integration: Uses the native MQL5 Economic Calendar database to restrict automated parameter executions before specific user-defined news events.

Technical Specifications:

• SQLite Database Integration: The EA utilizes the native MQL5 SQLite database function to save account states (initial balance, highest equity, daily thresholds). This helps maintain the accuracy of drawdown tracking even if the MetaTrader 5 terminal is restarted.

• CCanvas Interface: The graphical dashboard is developed using the MQL5 standard CCanvas class. It renders the user interface as a bitmap image to maintain chart readability and manage terminal resource allocation.

• Native Calculation Engine: Employs MQL5 built-in functions like OrderCalcProfit() and Deal History structures to calculate required margin, account parameters, and position values systematically.

Who Can Use This Utility:

• Traders participating in proprietary firm evaluation models.

• Manual traders seeking an automated trade management tool.

• Traders managing multi-asset portfolios on a single account.

Configuration Instructions:
The EA operates entirely based on the parameters set by the user in the Inputs tab. You can tailor the settings to match specific trading rules or risk models.

• Setting Limits: Input your required percentages in InpMaxDailyLossPct and InpMaxDDPct.

• Phase Management: Toggle InpEnableProfitTarget to set a defined goal, or disable it for continuous management.

• Rule Toggling: Every major function, including news filtering and weekend holding parameters, can be toggled True or False depending on your specific requirements. Disable any feature that does not apply to your current trading methodology.