The MeetAlgo Equity Guard is an expert advisor that constantly monitors the equity of your trading account and prevents costly drawdowns. The Equity Guard EA is a useful tool for money managers! When an emergency procedure takes place, you are notified by visual, email, and push alerts.
The EA performs the following tasks:
- It monitors your entire trading account.
- Easy to use! Just drag it to a random empty chart.
- It will work perfectly, if MetaTrader restarts.
- It can be workable with your existing EA.
- Visual, mail and push alerts.
- It can remove your external EA after target equity hit.
How to Use
Let us give you an example of how Equity Guard EA works.
Attach EA to any blank Chart when you don’t have any existing trade. For example, your equity is 1000$ and you set EA’s input ‘Profit Type=In Currency’ and ‘Profit Value=5.0’. You start trading by manual or any other EA. When your current equity gain is 5$ (mean total equity 1005$), EA will close all trade and record new equity now 1005$. Again your equity gain 5$ from the last recorded equity, and EA triggers and closes all trade. EA uses a global variable to record previous equity, so if your MT4 close or your VPS restart, EA will restore the recorded equity from the global variable. You can change/modify recorded equity from the dashboard record equity input box.
- Stop EA: if true, EA will stop
- Profit Type: Select Profit Type
- In Currency: Profit in currency.
- In Percent: Profit in percentage based on account equity.
- Profit Value: Set your profit value. When your Profit Type=In Currency this value is considered as currency, otherwise considered as a percentage value.
- Loss Type: Select Loss Type
- In Currency: Loss in currency.
- In Percent: Loss in percentage based on account equity.
- Loss Value: Set your loss value.
DO THE FOLLOWING ON THE TRIGGER
- Close all Open Trades: if TRUE, EA will close all active trades.
- Delete all Pending Orders: if TRUE, EA will delete all pending orders.
- Disable External Other EA: if TRUE, EA will remove your external EA after the target profit/loss is hit. But to do that you have to configure other settings properly. More Details.
- EA Stop After Trigger: Select type, how long EA stops after the trigger.
- None: EA will not stop. It runs again after the trigger.
- Stop EA For X-Minute: EA will stop for X-Minute and then runs again.
- Stop EA For This Day: EA will stop for the whole day. The next day EA run again.
- Stop EA For Until Reset EA: EA will stop until you remove EA and attach it again.
- X_Minute: Put how long EA will stop after the trigger. Value is minutes.
- External_Chart_ID: Put External Chart ID (multiple values separated by commas).
- Template_Remove_Name: Remove EA’s template name (multiple values separated by commas).
- Restore External EA After Trigger: if TRUE, EA will restore your external EA after Equity EA is working again.
- Template_Restore_Name: Restore EA’s template name (multiple values separated by commas).
- Enable Pop-Up Alerts: Enable text alert.
- Enable Sound Alerts: Enable sound alerts.
- Send Email Alert: Enable email alert.
- Send Mobile Notifications: Enable mobile notifications.
- Slippage: Set your trading slippage.
Keep In Mind (TWO IMPORTANT RULES)
STEP 1. Attach EA when you have no existing orders.
STEP 2. EA works with equity gain or loss. If you deposit/withdraw money when your trade is open and Equity guard EA working, then EA will consider it as equity gain/loss and trigger. Example: you set equity profit of 5$ and your record equity was 1000 so EA’s target equity is 1005$. Now you have five open trades and the floating loss is -50$. At this time you deposit a new fund of 100$ and your current equity is (Previous Equity (1000)+Floating Profit/Loss (-50)+New Fund (100)=1050). In this scenario, your new equity is bigger than your target equity. So EA will close all trade. But originally you have a loss of 50$. To avoid this type of situation, my recommendation is don’t deposit or withdraw money when you have a trade. If there is no trade you can deposit or withdraw money, there is no problem. In case you need to deposit or withdraw money follow the below:
- Stop EA by input setting.
- Deposit/Withdraw Fund.
- Modify your record equity input value.
- Run EA by clicking the EA status button again.