Trading utilities for MetaTrader 5
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MetaTrader 5
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Overview
Advanced Risk Manager EA - Complete User Guide
What is Advanced Risk Manager EA?
The Advanced Risk Manager EA is a professional risk management and account protection system for MetaTrader 5. It's NOT a trading robot that opens trades - instead, it protects your account by monitoring your trading activity and enforcing strict risk limits.
Core Purpose
- Prevent account blowups by enforcing daily loss limits
- Protect profits with automatic profit targets
- Monitor trading remotely via Telegram
- Close unauthorized trades automatically
- Track daily performance with detailed statistics
What It Does
✅ Monitors all your trading activity 24/7
✅ Calculates real-time daily P&L and risk exposure
✅ Enforces daily loss limits by closing trades automatically
✅ Protects against emotional overtrading
✅ Notifies you via Telegram of all important events
✅ Provides mobile control of your trading account
✅ Tracks detailed trading statistics and performance
What It Doesn't Do
❌ Does NOT open new trades for you
❌ Does NOT provide trading signals
❌ Does NOT predict market movements
❌ Does NOT replace your trading strategy
Key Features
?️ Account Protection
- Daily Loss Limits: Automatically stop trading when daily loss reaches set percentage
- Profit Targets: Lock in profits when daily target is achieved
- Position Monitoring: Track all open positions in real-time
- Emergency Closure: Instantly close all positions via Telegram or dashboard
? Mobile Control via Telegram
- Remote Monitoring: Check account status from anywhere
- Trade Control: Close positions, pause trading, lock account
- Real-time Alerts: Get notified of important events instantly
- Command Center: 25+ Telegram commands for complete control
? Advanced Analytics
- Daily P&L Tracking: Precise calculation of daily performance
- Trade Statistics: Win rate, profit factor, trade analysis
- Risk Metrics: Real-time risk usage and remaining limits
- Performance History: Detailed logging of all trading activity
? Mobile Protection System
- Unauthorized Trade Detection: Automatically close trades opened while account is locked
- Multi-device Safety: Protects against accidental mobile trading
- Override Protection: Prevents manual trading during risk limits
?️ Professional Dashboard
- Real-time Display: Live account metrics and risk status
- Visual Risk Meter: Color-coded risk usage indicators
- Quick Controls: One-click emergency actions
- Status Monitoring: Trading status, protection level, system health
Who Should Use This EA?
Perfect For:
- Day Traders who need strict daily risk limits
- Scalpers who make many trades and need protection from overtrading
- Prop Firm Traders who must follow strict risk rules
- Mobile Traders who trade on phones and need protection
- Professional Traders who want institutional-level risk management
- Anyone who has ever blown an account and wants protection
Trading Styles Supported:
- ✅ Manual Trading (Primary use case)
- ✅ Semi-Automated Trading (with other EAs)
- ✅ Copy Trading (with risk protection)
- ✅ Mobile Trading (with mobile protection)
- ✅ Multiple Strategy Trading (unified risk management)
Account Types:
- ✅ Live Accounts (Main purpose)
- ✅ Demo Accounts (For testing and learning)
- ✅ Prop Firm Challenges (Perfect for passing challenges)
- ✅ FTMO, MyForexFunds, etc. (Meets all prop firm requirements)
Installation & Setup
Step 1: Download and Install
- Download the AdvancedRiskManager.ex5 file
- Copy to MetaTrader5/MQL5/Experts/ folder
- Restart MetaTrader 5
- Drag EA onto any chart (timeframe doesn't matter)
Step 2: Basic Configuration
Essential Settings:
Risk Management: - Max Risk Per Trade: 1.0% (Recommended for beginners) - Max Daily Risk: 3.0% (Adjust based on your risk tolerance) - Daily Profit Target: 0.0% (0 = disabled, or set like 2.0%) - Enable Daily Lockout: true Telegram Settings: - Bot Token: [Get from @BotFather on Telegram] - Chat ID: [Your Telegram chat ID] - Control Password: [Change from default ARM2024] - Enable Telegram Control: true Display Settings: - Show Dashboard: true (Recommended) - Dashboard Corner: 0 (Top-left)
Step 3: Telegram Setup (Optional but Recommended)
Create Telegram Bot:
- Message @BotFather on Telegram
- Send /newbot
- Name your bot (e.g., "My Trading Risk Manager")
- Get the bot token (looks like: 123456789:ABCdef... )
- Copy token to EA settings
Get Your Chat ID:
- Start chat with your bot
- Send any message
- Visit: https://api.telegram.org/bot[YOUR_BOT_TOKEN]/getUpdates
- Find your chat ID in the response
- Copy to EA settings
Step 4: Initial Setup
- Attach EA to chart
- Send QUICKSETUP via Telegram (or use dashboard button)
- Send STATUS to verify everything works
- Start trading with protection active!
Dashboard Overview
Main Sections:
? Account Overview
- Balance: Current account balance
- Equity: Current equity (including unrealized P&L)
- Free Margin: Available margin percentage
- Margin Level: Current margin usage
? Daily Performance
- Daily P&L: Today's profit/loss in dollars and percentage
- Calculated automatically from start-of-day balance
- Color-coded: Green (profit), Red (loss), Yellow (warning)
⚡ Risk Management
- Risk Used: Percentage of daily risk limit used
- Visual Progress Bar: Shows risk usage graphically
- Remaining Risk: How much risk budget is left
- Max Risk Setting: Your configured daily limit
?️ Protection Status
- Mobile Guard: Shows if unauthorized trade protection is active
- Trades Closed: Count of unauthorized trades closed today
- Status Indicator: ACTIVE, PAUSED, or LOCKED
? Trading Performance
- Trades Today: Total number of completed trades
- Win Rate: Percentage of winning trades
- Open Positions: Current number of open positions
? Control Buttons
- RESET: Reset daily counters (use carefully)
- PAUSE: Temporarily pause new trading
- STATS: Show detailed trading statistics
- SETUP: Quick system setup and initialization
- CALC P&L: Manual P&L recalculation
- ? CLOSE: Emergency close all positions
Telegram Control System
Information Commands (No Password Required):
Basic Status
- STATUS - Complete account and system status
- QUICK - Mobile-friendly quick overview
- PING - Test bot connectivity
- HELP - Show all available commands
Detailed Information
- ACCOUNT - Account details (balance, equity, margin)
- POSITIONS - List all open positions with details
- STATS - Detailed trading statistics and performance
- DEBUG - System diagnostics and troubleshooting info
- VERSION - EA version and configuration settings
Control Commands (Password Required):
Trading Control
- STOP [password] - Stop opening new trades
- LOCK [password] - Lock all trading completely
- UNLOCK - Resume trading (no password needed)
- PAUSE [password] [minutes] - Pause trading temporarily
- RESUME - Resume from pause (no password needed)
Position Management
- CLOSEALL [password] - Close all open positions
- CLOSEPROFITS [password] - Close only profitable positions
- CLOSELOSSES [password] - Close only losing positions
- FORCECLOSE [password] - Force close with multiple attempts
- EMERGENCY [password] - Emergency shutdown and close all
System Management
- RESET [password] - Reset daily counters and limits
- SETBALANCE [password] [amount] - Manually set start balance
- RESCAN [password] - Rescan trade history for today
- QUICKSETUP - Automatic system setup (no password)
- CALCPNL - Manual P&L calculation (no password)
Quick Recovery Commands:
- FIXPNL - Repair P&L calculation system
- ARRAYCHECK - Validate system integrity
- ARRAYCLEAN [password] - Emergency cleanup
Risk Management Features
Daily Loss Protection
How It Works:
- Start Balance: Recorded at beginning of each trading day
- Real-time Monitoring: Calculates P&L every tick
- Automatic Action: When daily loss reaches your limit:
- All positions closed immediately
- Trading locked for the rest of the day
- Telegram notification sent
- Dashboard shows LOCKED status
Example:
Account Balance: $10,000 Daily Risk Limit: 2% Maximum Daily Loss: $200 If daily loss reaches $200 (2%): → All positions automatically closed → No new trades allowed until next day → Account protected from further losses
Daily Profit Protection
How It Works:
- Optional Feature: Set daily profit target (e.g., 1.5%)
- Automatic Locking: When target reached, trading stops
- Profit Protection: Prevents giving back daily gains
- Next Day Reset: Automatically unlocks for new trading day
Position Size Management
Risk Per Trade:
- Calculates optimal position size based on your risk percentage
- Considers stop loss distance for accurate risk calculation
- Prevents oversized positions that could blow your account
- Works with any trading strategy or timeframe
Example Calculation:
Account: $10,000 Risk Per Trade: 1% Risk Amount: $100 Stop Loss: 50 pips on EURUSD → Calculated Position Size: 0.20 lots
Mobile Protection System
The Problem It Solves:
Many traders accidentally open trades on their phone or tablet while their account should be locked due to risk limits. This can lead to:
- Exceeding daily loss limits
- Ruining a good trading day
- Breaking prop firm rules
- Emotional revenge trading
How Mobile Protection Works:
Unauthorized Trade Detection:
- Monitor New Positions: Constantly checks for new trades
- Time-based Logic: If a trade opens after lockout, it's unauthorized
- Automatic Closure: Immediately closes unauthorized trades
- Instant Notification: Sends Telegram alert with details
Protection Scenarios:
- ✅ Daily loss limit reached → Account locked → Mobile trade opened → Immediately closed
- ✅ Manual pause activated → Phone trade opened → Immediately closed
- ✅ Telegram LOCK command sent → Desktop trade opened → Immediately closed
Smart Recognition:
- Legitimate Trades: Opened before lockout are left alone
- Manual Overrides: Can be temporarily disabled if needed
- Multiple Attempts: Handles rapid-fire mobile trading attempts
Trading Scenarios & Use Cases
Scenario 1: Day Trader Protection
Situation: You're a day trader who tends to overtrade when losing
Setup:
- Max Daily Risk: 2%
- Risk Per Trade: 0.5%
- Daily Profit Target: 1.5%
- Mobile Protection: ON
How It Helps:
- Stops you after 4 losing trades (2% daily limit)
- Locks profits when you're up 1.5%
- Prevents emotional overtrading
- Telegram alerts keep you informed
Scenario 2: Prop Firm Challenge
Situation: You're trying to pass an FTMO or similar challenge
Setup:
- Max Daily Risk: 4% (slightly below prop firm limit)
- Risk Per Trade: 1%
- Daily Profit Target: 0% (disabled)
- Mobile Protection: ON
How It Helps:
- Ensures you never break daily loss rules
- Protects against account termination
- Provides detailed statistics for review
- Remote monitoring during challenge
Scenario 3: Mobile Trader
Situation: You trade primarily on mobile devices
Setup:
- Max Daily Risk: 3%
- Risk Per Trade: 1%
- Mobile Protection: ON
- Telegram Control: ACTIVE
How It Helps:
- Quick status checks via Telegram
- Emergency position closure from anywhere
- Protection against accidental trades
- Complete mobile account management
Scenario 4: Multiple Strategy Trader
Situation: You run several EAs plus manual trading
Setup:
- Max Daily Risk: 5%
- Risk Per Trade: 1%
- Unified monitoring of all strategies
- Mobile Protection: ON
How It Helps:
- Monitors combined risk from all sources
- Protects against strategy correlation
- Unified P&L calculation
- Emergency shutdown of all activity
Scenario 5: Copy Trading Protection
Situation: You copy other traders but want risk protection
Setup:
- Max Daily Risk: 3%
- Position monitoring: ACTIVE
- Telegram alerts: ON
How It Helps:
- Monitors copied trades for risk
- Closes all positions if daily limit reached
- Protects against bad copy trading days
- Maintains control over your account
Troubleshooting
Common Issues and Solutions:
P&L Not Showing
Symptoms: Dashboard or Telegram shows blank P&L Solution:
- Send FIXPNL via Telegram
- If that fails, try QUICKSETUP
- Check with PNLDEBUG for detailed info
Array Out of Range Error
Symptoms: EA stops working, error in Expert tab Solution:
- Send ARRAYCHECK to validate system
- If issues found, use ARRAYCLEAN [password]
- Restart EA if needed
Telegram Not Working
Symptoms: No responses from bot Solution:
- Check bot token and chat ID in settings
- Verify internet connection
- Test with PING command
- Ensure Telegram bot is not blocked
Dashboard Not Updating
Symptoms: Static dashboard display Solution:
- Check if EA is running (smile icon in top-right)
- Verify "AutoTrading" is enabled
- Try CALCPNL to force update
- Restart EA if needed
False Risk Calculations
Symptoms: Risk percentages seem wrong Solution:
- Use SETBALANCE [password] [amount] to set correct start balance
- Run CALCPNL to recalculate
- Check account balance vs. equity for unrealized P&L
Best Practices
Daily Routine:
- Morning: Check STATUS before trading
- During Trading: Monitor dashboard risk meter
- Evening: Review STATS for daily performance
- Weekly: Run ARRAYCHECK for system health
Risk Management Tips:
- Start Conservative: Begin with 1-2% daily risk limits
- Gradual Increase: Only increase limits as you prove consistency
- Respect Lockouts: Don't try to override daily limits
- Use Profit Targets: Lock in good trading days
Telegram Usage:
- Keep Bot Token Secret: Never share your bot credentials
- Change Default Password: Use a strong, unique password
- Regular Testing: Send PING weekly to ensure connectivity
- Emergency Contacts: Ensure you can access Telegram in emergencies
Prop Firm Trading:
- Set Limits Below Maximum: Leave buffer room (e.g., 4% limit for 5% rule)
- Document Everything: Use STATS for performance reports
- Test on Demo First: Ensure EA works with your broker
- Monitor Closely: Watch for any unusual behavior during evaluation
Multiple Account Management:
- Separate Bots: Use different Telegram bots for each account
- Unique Passwords: Different passwords for each EA instance
- Clear Naming: Name your bots clearly (e.g., "Live Account Bot", "Demo Bot")
Advanced Features
Global Variables:
The EA saves important data in MT5 global variables:
- ARM_TradingLocked - Current lockout status
- ARM_DailyStartBalance - Today's starting balance
- ARM_SetupComplete - Initialization status
File System:
Daily data is saved to files for persistence:
- AdvancedRiskManager/DailyData_[DATE].json - Trading history
- AdvancedRiskManager/Settings.json - EA configuration
Integration with Other EAs:
The EA provides functions for other experts:
- ARM_IsTradingAllowed() - Check if trading is permitted
- ARM_CalculatePositionSize() - Get safe position size
- ARM_GetDailyPnLPercent() - Current daily performance
Support and Updates
Getting Help:
- Check This Guide: Most questions are answered here
- Use Debug Commands: DEBUG , PNLDEBUG , ARRAYCHECK
- Check Expert Tab: Look for error messages in MT5 logs
- Test Commands: Use PING and STATUS to verify functionality
System Requirements:
- Platform: MetaTrader 5 (Build 3815 or higher)
- Internet: Required for Telegram functionality
- Permissions: Allow WebRequests for Telegram API
- AutoTrading: Must be enabled for position management
Regular Maintenance:
- Weekly: Send ARRAYCHECK to verify system integrity
- Monthly: Review and update risk settings as needed
- Quarterly: Test all Telegram commands for functionality
- Annually: Update passwords and review security settings
Conclusion
The Advanced Risk Manager EA is a comprehensive account protection system designed to prevent trading disasters and enforce disciplined risk management. It's not a "get rich quick" tool, but rather a professional safety net that allows you to trade with confidence knowing your account is protected.
Key Benefits:
- ✅ Prevents account blowups through automated risk management
- ✅ Enables professional-level discipline and control
- ✅ Provides peace of mind for active traders
- ✅ Meets all major prop firm requirements
- ✅ Offers complete mobile control and monitoring
Remember: The EA protects you from yourself - your biggest enemy in trading is often emotional decision-making. By automating risk management, you remove emotion from the equation and trade like a professional.
Start conservatively, test thoroughly, and trade with discipline!
