FX Governor
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FX Governor
FX Governor is a multi-currency Forex Expert Advisor for MetaTrader 5. The EA combines an internal H1/M15 portfolio of selected FX pairs with automatic balance scaling, candidate-specific weighting, and an optional Risk Governor.
The focus is not on a large number of external parameters, but on a controlled and easy-to-understand product logic: the strategy candidates, weights, and portfolio rules are built into the EA. The user only controls the key operating and risk settings.
Core Idea
FX Governor trades Forex pairs only. It does not trade indices, commodities, metals, cryptocurrencies, or stocks.
The portfolio includes:
- 26 H1 candidates
- 60 M15 candidates
- candidate-specific weightings
- automatic balance scaling
- profit ramp for a controlled start
- optional linear Risk Governor
- Daily Stop and Total Stop
The weighting of each individual candidate is built into the EA. This helps prevent the tested portfolio structure from being accidentally changed through incorrect single-strategy parameters.
Traded Markets
FX Governor uses the following Forex symbols:
AUDUSD, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCHF, USDJPY.
The EA supports broker suffixes and prefixes, for example EURUSD.pro , EURUSDm , or i.EURUSD , as long as the symbols are available at the broker.
Status Panel
FX Governor displays a small chart panel with the most important live information:
EA Status
Shows whether the EA is currently allowed to trade or whether a block is active. The status checks the internal input Trading enabled , the EA trading permission, account permissions, Daily Stop, and Total Stop.
Selected Risk Profile
Shows the currently selected risk level: Conservative , Balanced , Aggressive , or Custom . This value corresponds to the input Risk profile and acts as the global risk preset for all internal strategy candidates.
Governor Status
Shows whether the Risk Governor is active. When the Governor is active, the EA can automatically reduce risk during drawdown. When it is disabled, Daily Stop, Total Stop, and Profit Ramp remain active, but the additional linear drawdown reduction is switched off.
Balance Scale
Shows whether the EA adjusts position sizes to a smaller or larger reference balance. A lower value means the EA is trading reduced size for a smaller account. A higher value means the EA uses more room for a larger reference balance. This helps verify whether the account size or challenge size has been detected or entered correctly.
Current Risk Multiplier
Shows how much of the selected risk the EA is currently using. A value of 1.00 means the EA is using the selected risk in full. A value of 0.25 means the EA is currently using about one quarter of it. This value can decrease because of the Profit Ramp, the Governor, or the current drawdown situation.
Daily Loss and Daily Stop
Shows the current internal daily loss compared with the configured daily loss stop. This value is based on the reference balance and the EA's daily reset logic. When the Daily Stop is reached, the EA closes managed trades and does not open new trades until the next daily reset.
Total Loss and Total Stop
Shows the current internal total loss compared with the configured total loss stop. This is especially important for prop firm accounts, because many firms define maximum loss based on the original account size.
Number of Open EA Positions
Shows how many open positions are currently managed by FX Governor. Only positions with the EA's Magic Number are counted.
Open EA Lots
Shows the total open lot size of all positions managed by the EA. This helps quickly assess current exposure, especially when several FX pairs are active at the same time.
Possible status messages:
- Active : the EA is active and allowed to trade.
- Input off : the internal input Trading enabled is disabled.
- Algo off : the MT5 Algo Trading button is disabled.
- EA trading off : Auto Trading is not allowed in the EA properties.
- Account trade off : the account currently does not allow trading.
- Expert trade off : Expert Advisor trading is disabled for the account.
- Daily stop : the daily loss stop has been reached.
- Total stop : the total loss stop has been reached.
If chart objects are not visible on the selected chart template, FX Governor also uses a simple text fallback in the upper-left corner of the chart.
Installation in MetaTrader 5
FX Governor can be installed and attached to a chart like any other MetaTrader 5 Expert Advisor.
Installation Through the MQL5 Market
- Open MetaTrader 5.
- Open the Market or My Purchases section in the terminal.
- Select FX Governor and install it.
- Then look for FXGovernor in the Navigator under Expert Advisors .
- If the EA is not visible immediately, right-click Expert Advisors in the Navigator and select Refresh .
Manual Installation With an EX5 File
- In MetaTrader 5, click File > Open Data Folder .
- Open the folder MQL5 > Experts .
- Copy the file FXGovernor.ex5 into this folder.
- Restart MetaTrader 5 or refresh Expert Advisors in the Navigator.
- FX Governor should then be visible in the Navigator.
Attaching the EA to a Chart
- Open a chart, for example EURUSD on M15 .
- Drag FX Governor from the Navigator onto the chart.
- Allow Auto Trading in the EA properties.
- Make sure that Algo Trading is enabled in the MT5 toolbar.
- Check the inputs and adjust them if needed.
- After startup, the status panel should appear on the chart.
FX Governor is a multi-currency EA. This means it is attached to one chart, but it can monitor and trade several FX pairs internally. The required Forex symbols must be available at the broker, and prefix/suffix settings must be correct if the broker uses them.
Before live use, always run a backtest first and then a demo or forward test with your own broker.
Inputs
General
Trading enabled
Enables or disables new trades inside the EA. If this value is set to false , no new orders are opened. Protective logic and the status display remain active.
Magic number
Base Magic Number of the EA. This number should be unique per account and product if multiple EAs are running at the same time.
Max spread in points, 0 = disabled
Optional spread filter. At 0 , the filter is disabled. If a value is set, the EA does not open new trades when the current spread is above this value.
Max total open lots, 0 = disabled
Optional limit for the total open lot size of all positions managed by the EA. At 0 , the limit is disabled.
Risk
Risk profile
Sets the global risk level:
- RISK_CONSERVATIVE : approximately 0.50x base risk
- RISK_BALANCED : approximately 1.00x base risk
- RISK_AGGRESSIVE : approximately 1.35x base risk
- RISK_CUSTOM : uses the value from Custom risk multiplier
Custom risk multiplier
Only relevant when Risk profile = RISK_CUSTOM is selected. The value is limited internally to avoid extreme accidental inputs.
Risk reference balance, 0 = account balance
Reference account size for automatic scaling.
At 0 , the EA uses the account balance at startup.
For prop firm accounts, this should usually be set to the original challenge size, for example 100000 for a 100k challenge. This keeps Daily Stop, Total Stop, Profit Ramp, M15 activation, and lot scaling aligned with the challenge size.
Risk governor enabled
Enables or disables the linear drawdown reduction.
When true , the EA automatically reduces lot sizes as equity drawdown, daily loss, or total loss increase. An early daily entry block is also active.
When false , Profit Ramp, Daily Stop, and Total Stop remain active, but the linear Governor reduction and the early daily entry block are disabled.
Daily stop percent
Daily loss stop as a percentage of the reference balance. Once the internal daily loss reaches this level, the EA closes managed trades and does not open new trades until the next daily reset.
Total stop percent
Total loss stop as a percentage of the reference balance. Once this value is reached, the EA blocks new trades. Depending on the state, managed positions are closed.
Daily Reset
Daily reset mode
Defines how the daily reset for Daily Loss and daily stops is calculated.
- RESET_MANUAL_SERVER_HOUR : uses the manually configured broker server reset hour.
- RESET_PRAGUE_MIDNIGHT : uses Prague midnight including daylight-saving logic.
Broker server reset hour
Server hour for the daily reset when RESET_MANUAL_SERVER_HOUR is used. Example: if a prop firm's trading day resets at 00:00 in a specific time zone, this value must be set so that it matches the broker server time.
Broker Symbols
Auto-detect broker symbols
When enabled, the EA tries to automatically find broker symbols such as EURUSD.pro , EURUSDm , or similar variants.
Symbol prefix
Optional prefix for brokers that offer symbols with a prefix.
Symbol suffix
Optional suffix for brokers that offer symbols with a suffix.
Panel
Show status panel
Enables or disables the chart panel.
Diagnostics
Write diagnostic CSV log
Writes a diagnostic CSV log file. For normal operation, this should remain disabled. It can be enabled for backtests, audits, or troubleshooting.
Diagnostic log file
File name of the diagnostic log.
Prop Firm Settings
Many prop firm rules are based not only on closed trades, but also on equity, floating P/L, swaps, and commissions. Therefore, Daily Stop and Total Stop should be set more conservatively than the official maximum limits.
Recommended base logic for prop firm accounts:
-
Set Risk reference balance, 0 = account balance to the original challenge size.
Example: for a 100k challenge, enter 100000 . -
Start with Risk profile set to RISK_CONSERVATIVE or RISK_BALANCED .
For new challenges, RISK_CONSERVATIVE is the more cautious starting point. -
Use Risk governor enabled = true .
The Governor automatically reduces position sizes when drawdown increases. -
Set Daily stop percent below the prop firm limit.
Example: if the firm allows a maximum 5% Daily Loss, an internal stop between about 2.5% and 4.0% can be reasonable. The default value 2.8 is intentionally conservative. -
Set Total stop percent below the prop firm limit.
Example: if the firm allows a maximum 10% Total Loss, an internal stop around 7% to 8% is more conservative than the limit itself. The default value 8.0 leaves distance to the official limit. -
Set Daily reset mode correctly.
For prop-firm rules based on Prague midnight, RESET_PRAGUE_MIDNIGHT can be used. For other firms, use RESET_MANUAL_SERVER_HOUR and align the daily reset with the relevant broker server time. -
Only set Max spread in points if the broker shows stable typical spreads in backtests and live conditions.
A spread filter that is too tight can block valid trades; a filter that is too wide provides less protection from poor execution. -
Max total open lots can be used as an additional safety limit.
For smaller challenge sizes, a global lot cap can be useful if the user wants a hard exposure limit.
Example: Prop-Firm Style 2-Step Challenge
The following values are a conservative starting point for a challenge with 5% Daily Loss and 10% Maximum Loss:
- Trading enabled = true
- Risk profile = RISK_CONSERVATIVE or RISK_BALANCED
- Risk reference balance = challenge size
- Risk governor enabled = true
- Daily stop percent = 2.8
- Total stop percent = 8.0
- Daily reset mode = RESET_PRAGUE_MIDNIGHT if the account uses Prague midnight as daily reset
- Broker server reset hour only relevant when manual reset is used
- Auto-detect broker symbols = true
- Symbol prefix and Symbol suffix only if required by the broker
- Show status panel = true
Important: these values do not replace checking the current prop firm rules. Every firm can have its own rules for daily reset, maximum drawdown, news trading, overnight holding, weekend holding, lot sizes, minimum trading days, or consistency requirements.
Important Notice
FX Governor is not a guarantee for passing a prop firm challenge and it is not protection from losses. The EA is an automated trading system with built-in risk management. Results depend on market conditions, broker data, spreads, commissions, slippage, execution, account size, prop firm rules, and the selected settings.
Before live or challenge use, users should always:
- run a backtest with their own broker,
- run a demo forward test,
- check the daily reset time,
- read all prop firm rules,
- monitor lot sizes and drawdown values,
- and start with conservative settings.
