We need a Max Daily Stop Loss plugin for MT4. Our firm runs a sophisticated money management program, and the objective is for our risk management team to be able to limit the Daily Equity Loss that a particular Manager may experience within a 24 hour period. If the Daily Equity Loss is hit, then we want the MT4 account to immediately close all open positions at market and make the trading platform inaccessible to the Manager until we do something on our side to provide access again.
Ideally, it would work like this: Every night around 5pm est, we would determine where we want a trader's Equity Stop Loss to be. For example, if a Manager has $100,000 in his account, and we want him to lose no more than 2%, then we will place his Equity Stop Loss at $98,000. If his equity draws down to $98,000, all positions would be immediately closed at market and the account would be turned to "Read-Only."
I am thinking that the only way to make the account turn to "Read-Only" is for us to have access to the broker's server. If we do not have access to the broker's server, what other options are there? Again, the objective is for our firm to protect our capital and clients capital from Managers drawing down outside of historical norms, so we want the Manager to lose access to the platform. Is there a way to make it impossible for the trader to put on another position? I'm just brainstorming here...but would it be possible to close all positions, automatically change the default password to something only we know, and automatically close the account terminal so that the Manager would not be able to open the account and keep trading until we provided him with a password?