Trading utilities for MetaTrader 5
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MetaTrader 5
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Overview
Symbol Drawdown Protector is a utility tool used to manage your desired Max Daily Drawdown only on a specific trading symbol. It's like a %-based stop loss, but it's functioning as a revenge protector tool too.
In the era of prop firms and challenges, it's highly important to be aware of daily drawdown limits. It's an effective EA that is simple to use for Equity Drawdown Management and prevention of revenge trading.
Input parameters:- Daily % Drawdown - Here you set the Maximum Daily Drawdown in 0.0% format (i.e. 1.5%) that you want as a limit.
- # Hours to block trading? - Here, you set how many hours you want the EA to block new trades, after the Max % Drawdown is breached. Value must be >0.
- # Minutes to block trading? - Here, you set how many minutes you want the EA to block new trades, after the Max % Drawdown is breached. Value must be >0. Important: Either the # Hours or the # Minutes MUST have a value of zero (0)!
- Send Mobile Notification: If "true", the EA will send you notifications through your Mobile MT5 app. Make sure you've connected it with your computer's terminal. (I have attached a screenshot of a test notification, for illustration purposes)
- Alert on Terminal: If "true", the EA will send alerts in a new window when new patterns form, or when there's an error with a trade order.
- Print on Journal: If "true", the EA will print in the Journal tab of the terminal. It's the lowest form of communication between the user and the EA.
Make sure you have enabled "Algo trading" from both "Common" tab on the EA settings, AND from the top side of the MT5 terminal. (The EA on the top right of the chart should have a blue hat, not grey)
The "Demo Version" can't work on MT5 backtesting simulation, only in live markets. That's true for most of the Utility EAs out there, and it's not a problem of this EA.
Please feel free to contact me through my MQL5 profile (by clicking on my name at the top of this page) if you have any question, issue, or a request about an additional feature. Trade safely!
You can check my Website for the full list of Metatrader tools I provide.
