Drawdown Monitor With Alerts
Most drawdown displays reset their "peak equity" the instant the indicator is reloaded, which quietly understates how deep a drawdown really is if the terminal was restarted mid-drawdown. This monitor stores the equity high-water mark in a GlobalVariable keyed to the account number, so the peak survives a terminal restart, a chart template reload, or the indicator being removed and re-attached. Only a deliberate InpResetPeakOnInit = true (set back to false afterwards) starts a fresh high-water mark, for example after an intentional withdrawal that should not read as a drawdown. The drawdown line only has history from the point the indicator was first attached forward - account equity for bars before that point was never recorded anywhere and cannot be reconstructed, so those bars are left blank rather than guessed at. A corner label shows the live peak, current equity, current drawdown percentage and the worst drawdown observed since attachment. The alert is edge-triggered: it fires once at the moment drawdown crosses up through the threshold on a closed bar, then stays silent while drawdown remains above it, so a choppy equity curve hovering near the line cannot spam the same warning on every tick. Notes and limitations - The high-water mark is stored per account number in a terminal GlobalVariable and is shared by every chart running this indicator on the same account - attaching it to several charts does not create several independent peaks. - Drawdown history only exists from the moment the indicator was first attached; bars before that are left blank because equity at those past moments was never recorded. - The alert checks once per closed bar, not on every tick, matching how the rest of this catalogue throttles alerts - on a fast-moving account this means notice can lag the real crossing by up to one bar. - Purely informational: it does not close positions, disable trading or take any protective action on its own.
Indicator · MT4 · v1.0 · Free
About Drawdown Monitor With Alerts
Drawdown Monitor With Alerts is an indicator for MetaTrader 4. It can alert you with a pop-up, sound, email or push message. It has 3 settings, such as Alert threshold pct, Alerts and Reset peak on init. MQL source code included.
Files in the download: DrawdownMonitor.ex4, DrawdownMonitor.mq4, DrawdownMonitor.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Alert threshold pct | 10.0 | Drawdown percent that triggers an alert on bar close |
| Alerts | true | Alert once when drawdown crosses above the threshold |
| Reset peak on init | false | Set true once to reset the stored high-water mark to current equity, then set back to false |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Alerts · MT4 Indicator · MQL4 Source Code