Best settings & timeframes — Risk Guard EA
| Input | Default |
|---|---|
| Max daily loss % | 3 |
| Max open trades | 3 |
| Equity stop % | 6 |
Timeframes: Runs on any chart; monitors the whole account
When it works best: As a safety layer, not a strategy: it closes everything and locks the terminal when daily loss or open-risk limits break.
Download & install — Risk Guard EA
⬇️ Download pipatlas-risk-guard-ea.mq4 (MIT)
Data Folder → MQL4/Experts → copy the .mq4 → enable AutoTrading → attach to one chart. Demo-first: verify it actually flattens positions before trusting it.
Demo first. Attach to a demo chart and watch a full session before any live use. Original PipAtlas code, MIT-licensed, no hidden calls.
Backtest summary — Risk Guard EA
No backtest needed - it has no entries. Test live on demo: force a limit breach with a tiny account and watch it flatten.
Common failure points — Risk Guard EA
- It cannot stop platform-side disasters (broker outage, disconnects)
- VPS required for always-on protection
- Limits that are too tight close good trades during normal variance - tune on demo