Tradeview Drawdown Controller


img Trade Drawdown
  • Excellent tool for account managers who want to control their overall risk. - Threshold can be set using percentage or absolute basis.

  • Easy installation. Ready to use and simple configuration settings.

  • Low system resources.

  • Stop your overall loss

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User’s conditions:

  • Must have a real-money account with Tradeview with more than $1,000 for ILC
  • And for X Leverage accounts minimum of $100
tradeview receptor

Installation

  • To install Tradeview Drawdown Controller, you must locate the Experts folder in the Metatrader platform - click File --> Open Data Folder --> MQL4 --> Experts.
  • Once inside the folder, you must paste the file “z”
  • Restart Metatrader 4 platforms.
  • Go to tools tab options: Once inside select the tab "Expert Advisors" and verify that it has the following checkboxes enabled:
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  • From the navigator window you can add the tool to the chart and you must pre-set the Expert to ensure the right functionality.
    On the "Common" tab verify that it has the following checkboxes enabled, after that go to "Parameters Tab" and set your preferences, then click "Accept".
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Definition of parameters

  • In the Inputs tab, you can set up the tool according to your requirements and preferences.
    If you want your loss to stop when you are losing a certain amount of money you must select “True” the parameter “Drawdown_Control_On_Money”
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  • Then you should write the amount of money you are willing to lose at the “Risk_On_Money.” variable.
    For example : “I just want to risk 20 dollars”
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  • If you want to place a threshold in percentage instead of an amount of money, then you must select “True” the parameter “Drawdown_Control_On_Percentage”.
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  • You should set on the parameter “Risk_On_Percentage” the percentage you are willing to risk in your account. Then on the variable “Initial_Balance” set your starting balance. This way the tool can calculate the risk and close your operations when you reach that percentage of loss.
  • For example : Say we have an account with a Balance of 582.89 USD and we want to risk a maximum of 5% in all the open operations. So, our setup should look like this:
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  • If you have the "Show Information" box in “True”, then the tool will show you how much your Equity should fall before closing all positions.
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  • Once the Expert Advisor is attached to the chart check in the upper right corner if there is a "happy face", otherwise check again the parameters and settings you did before.
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