FTMO Protector PRO MT5

Short Description:
FTMO Protector PRO MT5 is an EA designed to protect your funded account by managing risk and ensuring compliance with the Prop Firm's trading rules. This EA automatically monitors equity levels, closes trades when profit targets or drawdown limits are reached, and provides a visual display of key account metrics.

Overview:
FTMO Protector PRO MT5 is an Drawdown Safeguard Expert Advisor meticulously crafted for traders participating in Prop Firm challenges, particularly those who need to strict equity and drawdown limits. This EA acts as an automated risk manager, continuously monitoring your trading account to safeguard it from exceeding the daily drawdown or equity targets. With a focus on simplicity and reliability, this EA is an essential tool for serious traders looking to maintain compliance and protect their accounts.

Key Features:

• Equity Monitoring: The EA continuously tracks your account's equity, ensuring that it stays within the defined profit targets and drawdown limits.
• Automated Trade Management: Automatically closes all open trades and pending orders when the upper profit target equity is reached or the drawdown limit is breached, helping you to stay within Prop Firm requirements.
• Visual Information: Displays real-time account metrics, including current equity, target equity, daily starting balance, daily starting equity, daily profit target and daily profit/loss, directly on the chart.
• Adaptive Daily Starting Balance and Daily Starting Equity calculation.
• Daily Reset Balance and Equity. Normally Daily Starting Balance is used for main calculation if P/L is negative. If overnight Reset Time the account is in positive floating profit and equity exceeds the balance then Daily Starting Equity will be used for main calculations that day.
  
  
• Configurable parameters:
• Target Equity: Profit target equity level to automatically close all trades once reached.
• Daily Drawdown Limit: Define the maximum acceptable daily drawdown to protect your account.
• Daily Profit Target (Optional): Optionally set a daily profit target to automatically close trades when achieved.
• Daily Reset Time: Automatically reset the daily starting balance and daily starting equity to current balance and equity at a specified time (01:00) each day, aligning with Prop Firm rules.
• Slippage: Control slippage when closing orders to ensure smooth execution.
• Closing Pause Between Orders (ms): Adding small delay between closing orders to avoid server spamming.
• Show Daily Starting Equity: Show or hide Daily Starting Equity on info panel.
• Show Digits: Determine how many digits are displayed after the balance/equity decimal point.

• Visual panel:
• Current Equity: The current equity on the account.
• Target Equity: Profit target equity level to automatically close all trades once reached.
• Daily Starting Balance: Daily starting account balance.
• Daily Starting Equity: Daily starting account equity.
• Daily Drawdown Limit: Define the maximum acceptable daily drawdown to protect your account.
• Daily Profit Target (Optional): Optionally set a daily profit target to automatically close trades when achieved.
• Daily Current P/L: Current day floating profit loss on the account.

Compliant Trading Approach:

• Daily Balance Reset Time: Resets the daily starting balance to current balance and daily starting equity to current equity at a specified time, ensuring that the account's daily drawdown and profit calculations are accurate and aligned with the Prop Firm's rules.
• Trade Management: FTMO Protector PRO MT5 automatically manages all trades by closing them if the set equity thresholds are reached, preventing violations of the Prop Firm's rules.

Specifications:

• Platform: MT5
• Account Type: Designed for Prop Firm accounts (e.g., FTMO)
• Default Account Size: Default settings are optimized for a $10,000 account. Can be used on all Prop Firm Accounts with different balance sizes. (settings below).
• Default settings: Profit target at 10% and daily drawdown limit at 4.5%.
• Timeframe: H1 or lower.

Account Sizes and Settings:

• $10,000 Account: Target Equity: 11010 / Drawdown Limit: 450  (Default Settings)
• $20,000 Account: Target Equity: 22020 / Drawdown Limit: 900
• $50,000 Account:  Target Equity: 55050 / Drawdown Limit: 2250
• $100,000 Account: Target Equity: 110100 /  Drawdown Limit: 4500
• $200,000 Account: Target Equity: 220200 /  Drawdown Limit: 9000

Who Should Use This EA?
FTMO Protector PRO MT5 is ideal for traders in Prop Firm challenges who require drawdown risk management and ensuring compliance with the Prop Firm's trading rules. Whether you're new to Prop Firm challenges or a seasoned trader, this EA offers the robust protection needed to safeguard your account and achieve your trading goals.

Version: v1.16
Last update: January 2, 2024