Blue Capital Trading – Risk Management Assistant (MetaTrader4 EA)

Introduction #

This EA will monitor your MT4 account and send you notifications when risk limits or other conditions are met. This EA can also send you periodic status updates about your account risk parameters.

Please note that this EA is offered as is. The creator nor distributors of this EA are responsible for the use given to this EA.

Note: This EA can be run on any MT4 terminal but we recommend that you run this EA on a VPS so that you can get notified on the go.

If you need a VPS for this EA we can recommend Accuwebhosting Forex VPS as it is reliable and offers a good price.

Some brokers also provide discounted or free VPS services so you may want to check that option too if you are eligible.

Input parameters #

License Key: This is the area in which you copy your License Key.

(For the License Key check to work properly you need to Allow Web Requests from https://www.bluecapitaltrading.com/)

(The License Key validity is checked every 7 days if the entered Key is invalid then the EA will notify the user and unload itself from the chart)

(If the EA can´t communicate with our servers then the EA will notify the user and it will taken as an invalid license)

Seconds Between Check (default = 5): This is how often the Assistant will scan and check for the risk parameters that were set up. (Minimum value to use is 1)

——- Magic numbers of the Strategy to monitor ——- #

Magic Numbers List , Coma Separated (default = 0): Here you type a list of the magic numbers you want the EA to check. (eg. 200,500,300,0)

Ignore Magic numbers list and check all the account (default = true): If this is set to true then the EA will ignore the magic number list in the input and will use all the account orders for the calculations.

——- Open Lots Notifications ——– #

Use Max Open Lots notification (default = false): This tells the EA whether or not to send you notifications if the max lot limit is reached or exceeded.

Max Open Lots Allowed (0 disables it) (default = 0): The maximum number of open lots allowed. Using a value of 0 disables the display and notifications.

Use pending orders for Lots Notification Calculation (default = false): If True it will include pending orders in the calculations. If false it will only take into account open orders.

Ignore trades with BE or Positive SL (default = true): If true trades with a Stop Loss which has been trailed to break even or profit will be ignored for the lots calculation. (specially useful for prop firm challenges such as The5%ers)

Lots Allowed Based on Lots per 10K Balance (default = true) : If true this will let the EA know that the lots allowed are based on X lots per 10K Balance in deposit currency.
EG. if your account size its 100K USD and you input that 0.5 as Max Open Lots Allowed then your allowed open lots will be 5 based on your account size. (specially useful for prop firm challenges such as The5%ers which allows 0.5 Lots Open for every 10K Balance)

——- Exposure Notifications ——– #

Use Exposure notification (default = false): This tells the EA whether or not to send you notifications if the max exposure limit is reached or exceeded.

Max Open Account Exposure allowed as % of Account Equity (0 disables it) (default = 0): The maximum open exposure for the account allowed as % of account equity.

Max Open Account Exposure allowed as $ (0 disables it) (default = 0): The maximum open exposure for the account allowed in deposit currency.

Use pending orders for Exposure Notification Calculation (default = false): If True it will include pending orders in the calculations. If false it will only take into account open orders.

——- Draw Down Notifications ——- #

——- Use % based DrawDown notification ——-(default = false): This tells the EA whether or not to send you notifications if the max draw down limits are reached or exceeded.

Max Daily DrawDown as % (0 disables it) (default = 0.75): The maximum draw down for the account allowed as % of account equity in a day.

Max Weekly DrawDown as % (0 disables it) (default = 1.5): The maximum draw down for the account allowed as % of account equity in a week.

Max Monthly DrawDown as % (0 disables it) (default = 3): The maximum draw down for the account allowed as % of account equity in a month.

Max Yearly DrawDown as % (0 disables it) (default = 4): The maximum draw down for the account allowed as % of account equity in a year.

Max Absolute DrawDown as % (0 disables it) (default = 4): The maximum draw down for the account allowed as % of account equity in all the account history.

——- $ DD Notification ——- #

——- Use $ based Loss notification ——- (default = false): This tells the EA whether or not to send you notifications if the max draw down limits are reached or exceeded.

Max Daily DrawDown as % (0 disables it) (default = 2): The maximum draw down for the account allowed as $ in account currency in a day.

Max Weekly DrawDown as % (0 disables it) (default = 4): The maximum draw down for the account allowed as $ in account currency in a week.

Max Monthly DrawDown as % (0 disables it) (default = 8): The maximum draw down for the account allowed as $ in account currency in a month.

Max Yearly DrawDown as % (0 disables it) (default = 10): The maximum draw down for the account allowed as $ in account currency in a year.

Max Absolute DrawDown as % (0 disables it) (default = 10): The maximum draw down for the account allowed as $ in account currency in all the account history.

——- Calendar Periods or Rolling Periods ——-

——- Use Rolling Periods Instead of Calendar Periods ——- (default = false): This tells the EA whether to use calendar periods (false) or to use rolling periods (true).

EG. a rolling period for a day will be the past 24 hours while calendar period for the day would be starting at 00:00 broker time.

——- Break Notification ——- #

——- Use Break Notification ——- (default = false): This tells the EA whether to use send notifications to take a break at a selected level of the max loss. (Use % or $ based DrawDown has to be enabled too for this option to work)

% of risk levels to trigger break notification (default = 75): The % of the %or$ based loss at which the EA will send a break notification.

——– Close Trades Daily ——- #

—- Enable Closing Trades Daily —- (default = false): This input enables or disables the closing of trades every day between the specified time. If enabled the Risk Manager will attempt to close all trades in the magic list or account (as specified in the previous inputs) during the specified time of the day in the broker MT4 platform time.

Include Pending Orders in Daily Close (default = true): Enable or disable the cancellation of pending orders. If true the Risk Manager will attempt to cancel all pending orders as well as closing open trades based on the magic list or account. If false then only open trades will be closed.

Start Close Hour (0-23) (default = 20): Hour of the day (in broker MT4 platform timezone) to start closing trades.

Start Close Minute (0-59) (default = 0): Minute of the day (in broker MT4 platform timezone) to start closing trades.

End Close Hour (0-23) (default = 04): Hour of the day (in broker MT4 platform timezone) to stop closing trades.

End Close Minute (0-59) (default = 0): Minute of the day (in broker MT4 platform timezone) to stop closing trades.

——–END OF WEEK OPTIONS——– #

—- Enable Closing Trades on Friday —- (default = false): This input enables or disables the closing of trades every Friday from the specified time until the end of the day. If enabled the Risk Manager will attempt to close all trades in the magic list or account (as specified in the previous inputs). This is specially useful to avoid leaving trades open during weekend.

Include Pending Orders in Friday Close (default = true): Enable or disable the cancellation of pending orders. If true the Risk Manager will attempt to cancel all pending orders as well as closing open trades based on the magic list or account. If false then only open trades will be closed.

Friday end of trading Hour (0-23) (default = 20): Hour on Friday (in broker MT4 platform timezone) to start closing trades for the weekend.

Friday end of trading Minute (0-59) (default = 0): Minute on Friday (in broker MT4 platform timezone) to start closing trades for the weekend.

——- Display Section ——- #

Show Start Date (default = true): If true it will display the calculations start date for each of the DrawDown Parameters.

Show High Water Mark Value (default = true): If true it will display the calculated High Water Mark for each of the DrawDown dates.

Show DrawDown Levels in % (default = true): If true it will display the calculated DrawDown Level in % of account equity for each start date.

Show DrawDown Levels in $ (default = true): If true it will display the calculated DrawDown Level in $ of account deposit currency for each start date.

Show Exposure & Profit Potential in % (default = true): If true it will display the account open exposure and profit potential in % of account equity.

Show Exposure & Profit Potential in $ (default = true): If true it will display the account open exposure and profit potential in $ of account deposit currency.

Show Lots Section (default = true): If true it will display open and allowed lots.

Show Open P/L Section (default = true): If true it will display current open P/L.

——- Notification Methods ——- #

—— Use MT4 Mobile Notifications ——- (default = True): Tell the EA to use MT4 mobile notifications.

If “false” the EA will not send MT4 Mobile notifications as alerts.

If “true” the EA will send MT4 Mobile notifications as alerts.

(The MT4 Mobile notifications can´t be sent with a screenshot of the chart due to limitations of the MT4 Mobile notifications system)

To use the MT4 Mobile notifications you need to enable Push notifications and enter your Meta Quotes ID (MQID) in the terminal options. (For instructions check the “Using MT4 Mobile Notifications” section)

——- Use Telegram Alerts ——- (default = True): Tell the EA to use MT4 mobile notifications.

If “false” the EA will not send Telegram alerts.

If “true” the EA will send Telegram alerts.

(To use Telegram Alerts you will need to allow DLL imports on the EA as well as web requests from https://api.telegram.org/)

Token: Your Telegram bot private key token (you get it when you create your telegram bot. Keep this number safe!)

ChatID: This is the ID number of your chat so your bot can send you messages. (for how to get this ID see the “Using the Telegram alerts” section)

Send Screenshot OnStart (default = true): If true a screenshot of the chart will sent via telegram notification when the EA stats.

Periodic Report Screenshots (default = Do not Send Screenshots Periodically): It will send a screenshot of the chart with the risk management report will sent via telegram notification on the periodicity selected.

Do not Send Screenshots Periodically: If selected, no periodic screenshots will be sent.

Send Screenshot every H4 candle: If selected, a screenshot will sent every new H4 candle.

Send Screenshot Daily: If selected, a screenshot will sent every new D1 candle.

Send Screenshot Weekly: If selected, a screenshot will sent every new W1 candle.

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