Iron Clad Risk Control EA – User Guide
1. Overview
The Iron Clad Risk Control EA is designed primarily as a risk management tool with optional
trade entry logic.
It combines three layers of protection:
1. ATR-Based Position Sizing & SL/TP
2. Equity Protection & Daily Loss Limit
3. Max Consecutive Loss Lockout
This makes it ideal for both automated trading (using built-in EMA crossover signals) and as a
safety layer when you want to manage risk across other strategies.
2. Features
• ATR SL/TP: Calculates stop loss and take profit dynamically based on ATR multiples.
• Dynamic Lot Sizing: Calculates lot size based on risk percentage and SL distance.
• Equity Protection: Stops trading when equity drawdown or daily losses exceed the
threshold.
• Max Consecutive Loss Filter: Suspends trading after too many losses in a row.
• Risk Manager Mode: If you disable entries, it will monitor equity and close trades when
limits are hit.
• Optional EMA Entry: Basic EMA cross strategy for easy backtesting or entry
automation.
3. Inputs & Parameters
General
• Magic Number – Unique ID for trades opened by this EA.
• AllowEntries – true/false toggle. If false, EA acts only as risk manager.
• MaxOpenPositions – Limit on open trades per symbol.
Risk Management
• RiskPercent – % of equity risked per trade.
• ATRPeriod / ATRtf – ATR settings for volatility measurement.• ATR_SL_Multiplier / ATR_TP_Multiplier – Multipliers for SL/TP distance.
• MaxLot / MinLot – Constraints on lot sizing.
Equity Protection
• UseEquityProtection – Enable/disable.
• EquityStopPercent – Global drawdown limit (% from initial equity).
• DailyLossLimitPct – Daily realized loss limit (% of day-start equity).
• CloseAllOnEquityStop – If true, closes all EA positions when triggered.
Consecutive Loss Filter
• MaxConsecLosses – Maximum losing trades in a row before lockout.
• LockoutMinutes – Lockout duration before new trades are allowed.
Entry Logic (Optional)
• UseEMAEntry – Enable/disable EMA-based entries.
• FastEMA / SlowEMA – EMA parameters.
• SlippagePoints – Max slippage in points for execution.
Misc
• PrintDebug – If true, prints status messages to the terminal log.
4. How It Works
1. Position Sizing:
Lot size is calculated from your chosen risk percentage and ATR-based SL.
2. Equity Protection:
o If equity falls below the allowed drawdown, the EA blocks further trades.
o Daily losses beyond limit also trigger a block.
o Optionally, all trades are closed immediately.
3. Consecutive Losses:
If losing trades reach the set threshold, the EA locks out trading for a specified period.
4. Entry (Optional):
If enabled, the EA opens trades when the fast EMA crosses the slow EMA. ATR
defines SL/TP automatically.
5. Usage Scenarios• Risk Manager Only:
o Set AllowEntries=false.
o Attach EA to the chart of your active strategy.
o It will close trades and block further ones if equity rules are violated.
• Automated Entry + Risk Management:
o Enable EMA entries (UseEMAEntry=true).
o The EA will both trade and enforce risk rules.
6. Best Practices
• Start with demo testing before going live.
• Use conservative risk percent (1–2%) for lot sizing.
• Adjust ATR multipliers depending on volatility of the symbol.
• Use lower MaxConsecLosses (e.g., 2–3) to prevent long losing streaks.
• Always combine with a broker that allows fast execution & low slippage.
7. Example Settings
EURUSD H1
• RiskPercent = 1.0
• ATRPeriod = 14, ATRtf = H1
• SL = 2 × ATR, TP = 3 × ATR
• MaxConsecLosses = 3, LockoutMinutes = 60
• EquityStopPercent = 25%, DailyLossLimitPct = 10%
XAUUSD M30
• RiskPercent = 0.5 (gold is volatile)
• ATRPeriod = 14, ATRtf = M30
• SL = 2.5 × ATR, TP = 4 × ATR
• MaxConsecLosses = 2, LockoutMinutes = 90
• EquityStopPercent = 30%, DailyLossLimitPct = 8%