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DrawDown For Prop Firm

The "DrawDown For Prop Firm" is designed to manage drawdown levels for prop firm challenges using the MetaTrader 4 (MT4) platform. The EA aims to monitor the drawdown of the trading account and take necessary actions when the drawdown exceeds a specified trigger percentage.

Example Scenario:

Assume you have a trading account with an opening balance of $5000. You decide to use the "DrawDown For Prop Firm" EA to manage your drawdown, and you set the drawdown trigger percentage to 4%.

EA Configuration:

  • Opening Balance : $5000
  • Drawdown Trigger Percentage : 4%

Monitoring and Actions:

  1. Initialization:

    • The EA initializes with your provided settings, including the opening balance of $5000 and the drawdown trigger of 4%.
  2. Drawdown Calculation:

    • As you execute trades, the EA constantly monitors the account's drawdown by calculating the difference between the opening balance and the current equity.
  3. Trigger Threshold:

    • Since you set the drawdown trigger to 4%, the EA will take action when the calculated drawdown percentage reaches or exceeds 4%.
  4. Example Drawdown Scenario:

    • Suppose, after executing some trades, your current equity drops to $4800. The drawdown would be $5000 (opening balance) - $4800 (current equity) = $200.
  5. Drawdown Trigger Action:

    • As the drawdown exceeds the 4% threshold, which is $200 (4% of $5000), the EA will trigger and take action.
  6. EA Actions:

    • The EA will automatically close all open positions to prevent further losses.
    • If configured (e_b_DeletePendingToo set to True), the EA will also delete any pending orders.

User's Role:

  • Manual Drawdown Entry:
    • Before running the EA, you, as the user, need to manually enter the drawdown trigger percentage (4% in this example) through the EA settings.

Benefits:

  • Risk Management:

    • The EA helps you manage risk by closing positions when the drawdown reaches a predefined threshold, in this case, 4%.
  • Account Protection:

    • By setting a drawdown limit, the EA acts as a safeguard, preventing excessive losses and protecting your prop firm account from breaching predetermined limits.
  • User Control:

    • The manual entry of the drawdown limit provides you with control over the risk management strategy, allowing you to adapt the EA to your specific risk tolerance.

Installation

  1. Download the EA: Obtain the compiled (.ex4) file for the "DrawDown For Prop Firm" EA.

  2. Copy to Expert Folder: Place the .ex4 file into the "Experts" folder of your MetaTrader 4 platform. This folder is usually located within the root directory of your MT4 installation.

    Example Path: C:\Program Files\MetaTrader 4\experts

Settings and Features

Settings Section

Opening Balance 

  • Default: 10,000.0
  • Description: The opening balance of the trading day. This value needs to be set by the user for the EA to function correctly.

Drawdown Trigger Percentage 

  • Default: 2.0
  • Description: The percentage drawdown trigger. If the current drawdown percentage exceeds this value, the EA will take necessary actions.

Maximum Slippage in Points 

  • Default: 30
  • Description: The maximum allowed slippage in points for closing positions.

Delete Pending Orders on Trigger

  • Default: False
  • Description: If set to True, the EA will delete all pending orders when the drawdown trigger is reached.

Display Section

Top Padding 

  • Default: 0
  • Description: Adjusts the vertical padding at the top of the display in the MT4 chart.

Left Padding 

  • Default: 0
  • Description: Adjusts the horizontal padding on the left side of the display in the MT4 chart.

Usage

  1. Initialization: The EA initializes the account currency, opening balance, and drawdown trigger percentage during the OnInit() function.

  2. Drawdown Monitoring: On every tick, the EA monitors the account's drawdown by calculating the difference between the opening balance and the current equity.

  3. Actions on Drawdown Trigger: If the calculated drawdown percentage exceeds the specified trigger percentage, the EA will close all positions and, if configured, delete pending orders.

  4. Display: The EA displays relevant information, including balance, equity, drawdown trigger, current drawdown, drawdown trigger percentage, and current drawdown percentage in the MT4 chart.

Additional Notes

  • Opening Balance: The user must set the opening balance for each trading day through the EA settings.

  • Website Link: For more information or support, visit www.meta4indicators.com.

  • Version: Current version is 1.5.

Disclaimer

Trading involves risk, and it is recommended to thoroughly understand the EA's functionality before using it in live trading. The EA's behavior can be adjusted through the provided settings to align with specific trading preferences and risk tolerance.


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Price Action Trade Panel MT4 calcula el balance del nivel de fuerza de compra / venta de cualquier símbolo / instrumento, basándose en datos puros de acción del precio de las velas pasadas especificadas (8 por defecto). Esto le dará el sentimiento de mercado más cercano posible al monitorear la acción del precio de 32 símbolos / instrumentos que están disponibles en el panel del indicador. Un nivel de fuerza de compra / venta superior al 60% proporciona un nivel bastante sólido para comprar / v
This adds an easy to use trading panel to your MetaTrader4 chart, enabling you to enter the market at lightning speed with your risk automatically calculated. Plus, it will help you automate your trade management with automatic & one click partial profits, stop loss to breakeven and more. Click here for the full Trade Buddy user guide If you want to test Trade Buddy before you purchase, please message us by visiting our profile and we will provide you with a 7 day free trial. Best of all, it’s c
DrawDown Limiter MT4
Haidar, Lionel Haj Ali
5 (9)
Drawdown Limiter EA You are in the right place if you were searching for Drawdown control, Drawdown limiter, Balance protection, Equity Protection or Daily Drawdown Limit related to Prop Firm, FTMO, or Funded account trading, or if you want to protect your trading account. Have you suffered from controlling your drawdown when trading funded accounts? This EA is meant for you. Prop firms usually set a rule called “Trader Daily Drawdown”, and if it is not respected, you are disqualified.  I am an
NEW :    integration with Ofir Signals to send personalized alerts Ofir Notify is a tool which send alerts on trades to Telegram Alert on any event concerning a position : Opening, Closing, modification (SL, TP) Send alerts to Chats, Groups and Channel Alert on Equity change Display Risk, Reward and progress of profit/lost for each position Customization of alerts Sending charts screenshots with alerts Send signals from your indicators or experts Daily, weekly and monthly summaries Reply mode:
Gann Model Forecast
Kirill Borovskii
5 (1)
I present to your attention a powerful utility for predicting the future movement of an asset based on W.D. Ganna’s law of vibration. This utility analyzes the selected market model and provides codes for future possible market movement patterns. If you enter the selected code into the appropriate box, you will receive a forecast of the potential market movement. The utility has the ability to display several potential forecast models. The forecast is not yet tied to time and price and gives th
Bar Replay MT4
Hoang The Manh
3 (11)
Don't purchase before testing the Demo version first. DEMO version:   https://www.mql5.com/en/market/product/76917 __________________________________________________ This EA  - Tool allow you replay bar in Meta Trader 4 for back test. This Tool can back test in multi timeframe in only one chart. This Tool is very useful for Price action trader. It can work with Indicators, some indicators cannot works. So please download Demo to test before purchase.  Demo Version We do not accept refund in any
Eezeorder 2
Tawanda Tinarwo
5 (1)
NEW VERSION!  Open Multiple Trades on MT4 in 1 click at one price. Enter the Lot size Specify the number of trades you want to open Choose whether you want TP SL or Trailing Stop Once you are done, click Buy or Sell Open Multiple Pending Orders on MT4 in 1 click at one price. Enter the Lot size Specify the gap from the current price, where you want to place the pending order Specify the number of trades you want to open Choose whether you want TP SL or Trailing Stop Once you are done, click Buy
This tool will allow you to export MetaTrader indicators data (Buffers) for any financial instrument present in your MetaTrader 4. You can download multiple Symbols and Timeframes in the same csv file. Also, you can schedule the frequency of download (every minute, 5 minutes, 60 minutes, etc.). No need to open a lot of charts in order to get the last data, the tool will download the data directly. The CSV File will be stored in the folder:   \MQL4\Files . How it works Report Tab : Select
Contact/message me if you encounter any issue using the product or need extra feature to add on the base version. There is a demo version of this panel Dashboard Trading Made Simple Demo in my product list, please try it out to get familiar with all functionalities free, LINK . This system basically utilizes TDI as the main indicator to generate trading signal mainly on H1 and H4 timeframes. The signal will be further filtered and trimmed. Stochastic; Heiken Ashi candle direction and candle s
TakePropips TradePad Pro
Eric John Pajarillaga Aldana
5 (4)
¡TakePropips TradePad Pro incluye un poderoso administrador comercial, un medidor de fortaleza de la moneda, herramientas de informes de cuentas, herramientas de gestión de riesgos y más! ¡Es uno de los gerentes y asistentes comerciales de forex más avanzados que jamás haya encontrado! Es la solución perfecta para los comerciantes que desean una forma más eficiente de administrar las transacciones comerciales. Puede descargar el manual de usuario en nuestra publicación de blog:   https://www.mql
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Welcome to Josmellon GOLD EA V5, an automated trading solution designed for XAUUSD (Gold) on MetaTrader 4. It uses automation and a sophisticated strategy tailored for the dynamic Gold market. Overview : Crafted for Gold trading to capitalize on its liquidity and movements. Relies on two Triangular Moving Average-based indicators for trade decisions. Key Features: Automated Execution: Executes precise and timely orders in the volatile Gold market. Indicator-Based Signals: Rel ies on two selecte
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