Drawdown Control is a useful utility (use it as an Expert Advisor) to limit drawdown on any MetaTrader 4 account.
You can choose from a variety of fully customizable actions that the DC utility should take if the drawdown reaches critical levels. To use the symbol with the highest number of ticks per minute, it is strongly recommended to set the product on the EURUSD M1 chart.
Real account monitoring using Drawdown Control: https://www.mql5.com/ru/signals/296875
- Equity / Balance in % to stop trading (0 = disabled): 85.0 [etc.]
- Current Balance / Initial BalanceHW in % (0 = disabled): 65.0 [etc.]
- Close all open Positions: true [true/false]
- Close all Charts: true [true/false]
- Close Terminal: true [true/false]
- Max Slippage in Points: 15 [etc.]
- “Equity / Balance in % to stop trading (0 = disabled)”
This parameter specifies the value that must be reached in order for DC intervention to be required. The limit specified here is the current ratio between your own funds and your account balance. For example, if you want to allow a maximum of 15% floating loss, enter the value “85.0“. In other words, if the amount of your own funds decreases to 85%, this Expert Advisor will become active.
To disable this function, set the value to”0″.
- “Current Balance / Initial BalanceHW in % (0 = disabled)”
This parameter also defines the value that must be reached in order to require the intervention of this product. The limit specified here is the ratio between your current account balance and its initial balance (when you first start DC). For example, if you want to allow a drawdown of 25% of the “total” balance of your account, enter the value “65.0“. In other words, if your account balance drops to 65%, the DC will become active.
The product also intelligently takes into account the capital growth of your account. For example: let’s say there is an initial deposit of 1000 USD, and you need to set the allowable “drawdown on the balance” at 50%. Enter the value “50.0” to allow the DC to take action when the balance reaches 500 USD. But there are good deals, and the balance increases to 1500 USD. From now on, you want the product to activate when the balance falls below 750 USD. This is the logic that this utility uses. It doesn’t matter if your balance increases due to winnings / deposits / rebates / interest accruals, and so on. Thus, “BalanceHW” means “Balance High Watermark”(“maximum balance mark”).
- Close all open Positions” / “Close all Charts” / “Close Terminal”
When set to ” true”, these functions will become active as soon as the drawdown reaches any critical level (see above).
- “Max Slippage in Points”
This feature can be used when working with brokers that support / provide the “Maximum Deviation” feature in MT4.It allows you to limit the allowable slippage when opening or closing positions. The value of this input parameter refers to the last decimal digit of the price of the currency pair. For example, when trading with a broker with 5-digit quotes, “one point ” is 0.00001. If you also trade on other instruments, such as indices and stocks, you should leave the default value- “999”.
Once you make a withdrawal of a significant amount, don’t forget to remove Drawdown Control from your chart and then restart it! Also note that the maximum allowed total drawdown of your account is “value for function 1” “value for function 2”, and “value for function 1” should always be less than “value for function 2”.