Daily PL risk management

Daily PL risk management

Automated Daily Loss/Profit Limiter & Max Drawdown Protection Essential for Prop Firm Challenges (FTMO, MFF, TFT, etc.)

What Is It?

Daily P/L Limiter automatically monitors your account's daily Profit & Loss and takes action when your limits are hit. It tracks both realized (closed trades) and unrealized (open positions) P/L, and can close all positions, disable trading, or send alerts.

This is a must-have safety net for prop firm traders, where a single bad day can fail an entire challenge.

*** Group support: https://www.mql5.com/en/channels/vuongphamtrading

3 Protection Layers

1. Daily Loss Limit

Close all positions when today's total loss exceeds your limit.

• Set in USD ($100) or % of day-start balance (2%)
• Includes realized + unrealized P/L
• Actions: Close All, Close All + Disable Trading, or Alert Only

2. Daily Profit Target

Lock in profits by closing everything when your daily target is reached.

• Prevents giving back gains from overtrading
• Set in USD ($200) or % of balance (3%)

3. Max Drawdown (Overall)

Ultimate safety net — monitors total account drawdown from initial balance.

• Set as % of initial balance (e.g., 10%)
• Critical for prop firms with max DD rules (typically 8-12%)
• Triggers even if daily limit hasn't been hit

Key Features

• Tracks Realized + Unrealized P/L — includes already-closed trades today + open positions
• Includes Swap & Commission — accurate P/L for real trading conditions
• Two scopes: Current Symbol Only or Entire Account (all symbols)
• Auto daily reset at configurable server hour (default: midnight)
• Weekend Protection — auto-close before market close Friday
• Warning system — yellow alert at 80% of limit (configurable)
• Notifications: Popup Alert, Push Notification, Sound Alert
• Today's High/Low P/L tracking — see how close you got to limits
• Real-time chart display — shows daily P/L, limits, usage %, DD

Prop Firm Configuration Examples

FTMO Challenge

• Daily Loss Limit: 5% of initial balance
• Max Drawdown: 10% of initial balance
• Profit Target: OFF (manage manually)
• Action: Close All + Disable Trading
• Scope: Entire Account

My Forex Funds / The Funded Trader

• Daily Loss Limit: 5% (or $500 for $10k account)
• Max Drawdown: 8-12% depending on plan
• Weekend Protection: ON (Friday 23:30)
• Scope: Entire Account

Conservative Personal Trading

• Daily Loss Limit: $50-100 or 1-2%
• Daily Profit Target: $100-200 or 2-3%
• Max Drawdown: OFF (use daily limit instead)
• Scope: Account or per-symbol

Input Parameters

Daily Loss Limit

Daily Profit Target

Max Drawdown

Behavior

Timing

Notifications

Chart Display

The on-chart panel shows:

• Scope (Account/Symbol) and open position count
• Day Start Balance
• Realized P/L (closed trades today)
• Unrealized P/L (open positions)
• Total Daily P/L
• Today's High/Low P/L
• Loss Limit with % used bar
• Profit Target with % reached bar
• Max DD current vs limit
• Weekend close countdown (Friday)

Installation

1. Copy DailyPL_Limiter_v1.mq5 → MQL5/Experts/
2. Restart MT5 → drag onto any chart
3. Configure inputs for your prop firm rules
4. Enable AutoTrading
5. Important: Set Scope = Entire Account for prop firm usage

Complete Trading Toolkit

These 4 tools cover the full trading lifecycle: Entry → Management → Protection → Risk Control.

This EA is a risk management tool. It does not guarantee passing prop firm challenges. Always test on demo first. Trading involves substantial risk of loss.