Ultimate EA for Prop Firms

This expert advisor for MetaTrader 5 is aimed at traders who work under the rules of proprietary trading firms. It combines a choice of indicator-based entry strategies with limits on drawdown and profit, so the account is less likely to breach the conditions of an evaluation.

How it works

You pick one of six entry methods. Each is built on a well-known indicator or combination: MACD, Alligator, MACD with RSI and Stochastic, Parabolic SAR, Ichimoku or SuperTrend. The EA opens trades when the chosen method gives a signal, and it can run in a time-grid mode as well as in standard single-entry mode. Optional martingale sizing is available, but it raises risk considerably and may be forbidden by some firms, so use it with care.

Take profit and exits

• Take profit can be set as a fixed reward-to-risk ratio, or the trade can be closed when the indicators give an opposite signal.
• Breakeven can be enabled to move the stop once a trade is in profit.
• One or two partial take profits can be used to close part of a position early.
• Minimum and maximum stop-loss distances in pips keep trades from becoming too tight or too wide.

Prop firm functions

• Daily and monthly drawdown controls that halt trading when a limit is reached.
• A maximum profit target at which the EA stops by itself, useful when a challenge has a fixed target for a phase.
• A backtest helper that reports, through the custom result value, how many past months would have stayed within the rules. If the drawdown limit is hit, the custom result is set to zero so the parameter set can be discarded during optimisation.
• Additional drawdown options, which are described in the manual supplied by the author.

Markets and timeframes

The EA is meant for Forex pairs and indices. Short timeframes, specifically M5, M6 and M10, are the ones it is designed around. Other timeframes and symbols can be tried in the strategy tester, but you should not assume they behave the same way.

Settings

Exact default values depend on the preset you load, so check them in the inputs window before running. The main groups are listed below.

Optimise and test the inputs for your own broker, symbol and challenge rules. Check your firm's minimum balance and rules on grids and martingale before you start.

Risk

Installation

1. In MetaTrader 5, open File, then Open Data Folder.
2. Copy the EA file into the MQL5/Experts folder.
3. Restart the terminal or refresh the Navigator panel.
4. Open a chart of a supported symbol and timeframe, then drag the EA onto it.
5. Enable Algo Trading, review the inputs and confirm.

For continuous operation, run the terminal on a VPS located close to your broker's server.