ISP - Inspector
This page provides an overview of the inspector engine and its input parameters. As discussed in the widgets section, the inspector calculates performance, drawdown, and statistics in real time based on closed and currently open trades. Performance and drawdown are computed for the current day, week, month, year, and since the start of the application. The values for specific periods are reset at the beginning of each period. For instance, the daily drawdown and performance are reset at midnight each day, and the weekly performance output is reset at the transition from Saturday to Sunday. These features allow you to verify your trading strategy's performance and drawdown quickly and precisely.
The widget outputs are as follows.
Drawdown and performance are calculated as both absolute and relative values. Alongside each output, max, min, and worst values are displayed, which indicate configured limits or the worst value for drawdown in the given period. A limit signifies that all trading will be deactivated when the performance or drawdown reaches it. This helps to reduce losses and maintain awareness of your success.
Various input parameters allow you to configure maximum and minimum values and to automatically turn off the option to open further trades once the limit value is reached. Depending on the observed orders, this will turn off the trading possibility with the Meta Extender or the entire MetaTrader.
Observed orders
The observed orders can vary: the Meta Extender can observe all trades opened with the Meta Extender, opened on the same symbol the MetaTrader is active, or all trades opened with your MetaTrader instance, regardless of the symbol.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Observer selection (IN_dUiIspSelection) | Meta Extender | Numeric values usable: - Meta Extender - Symbol - MetaTrader |
To define the trades that will be considered for calculating and updating the inspector screen, you can use the > (ISP) Observer selection input parameters. An Inspector session starts at zero when the application starts, meaning the Meta Extender should run continuously for consistent supervision. While this might be impractical with a home computer, it is straightforward and convenient with a VPS solution. Please refer to this article for more information about what a VPS is.
Changes to the observer selection can only be made at the start of the Meta Extender. When Symbol or MetaTrader is selected as the observer selection, and a limit is reached, the MetaTraders AutoTrading option will be disabled. When Meta Extender is set, only the ability to place new orders with the Trading Assistant and Trendline Trading widgets is disabled.
Performance - Daily protection
The inspector engine can be configured to halt trading once a specified daily performance limit is reached using the input parameters outlined in the table below. These parameters establish the daily absolute and relative minimum and maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Performance day abs min (0.0 -> OFF) (IN_dUiIspPerformanceDayAbsMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -100, trading will be suspended if the equity falls below $9,900. Trading will resume at the beginning of the next day, with the equity at that moment used as the new reference point. The input value cannot be greater than 0. |
| > (ISP) Performance day abs max (0.0 -> OFF) (IN_dUiIspPerformanceDayAbsMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 100, trading will be suspended if the equity rises above $10,100. Trading will resume at the beginning of the next day, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Performance day rel min (0.0 -> OFF) (IN_dUiIspPerformanceDayRelMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -0.15, trading will be suspended if the equity falls below $9,850. The value will be reset, and trading will be reactivated at the next day's start. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be greater than 0. |
| > (ISP) Performance day rel max (0.0 -> OFF) (IN_dUiIspPerformanceDayRelMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 0.15, trading will be suspended if the equity rises above $10,150. The value will be reset, and trading will be reactivated at the next day's start. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be smaller than 0. |
Separate input parameters exist for the maximum and minimum permissible performance results. This allows the application to suspend the initiation of new trades when positive or negative performance results are achieved. The diagram below elucidates the operational principle of daily inspector protection.
The inspection period is set to one day. If the performance reaches the maximum or minimum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which is at midnight, the performance value for the day is reset, and trading resumes. This cycle continues indefinitely.
Performance - Weekly protection
The inspector engine can be configured to halt trading once a specified weekly performance limit is reached using the input parameters outlined in the table below. These parameters establish the weekly absolute and relative minimum and maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Performance week abs min (0.0 -> OFF) (IN_dUiIspPerformanceWeekAbsMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -100, trading will be suspended if the equity falls below $9,900. Trading will resume at the beginning of the next week, with the equity at that moment used as the new reference point. The input value cannot be greater than 0. |
| > (ISP) Performance week abs max (0.0 -> OFF) (IN_dUiIspPerformanceWeekAbsMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 100, trading will be suspended if the equity rises above $10,100. Trading will resume at the beginning of the next week, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Performance week rel min (0.0 -> OFF) (IN_dUiIspPerformanceWeekRelMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -0.15, trading will be suspended if the equity falls below $9,850. The value will be reset and trading will be reactivated at the start of the following week. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be greater than 0. |
| > (ISP) Performance week rel max (0.0 -> OFF) (IN_dUiIspPerformanceWeekRelMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 0.15, trading will be suspended if the equity rises above $10,150. The value will be reset and trading will be reactivated at the start of the following week. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be smaller than 0. |
Separate input parameters exist for the maximum and minimum permissible performance results. This allows the application to suspend the initiation of new trades when positive or negative performance results are achieved. The diagram below elucidates the operational principle of weekly inspector protection.
The inspection period is set to one week. If the performance reaches the maximum or minimum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which is midnight between Saturday and Sunday, the performance value for the week is reset, and trading is resumed. This cycle continues indefinitely.
Performance - Monthly protection
The inspector engine can be configured to halt trading once a specified monthly performance limit is reached using the input parameters outlined in the table below. These parameters establish the monthly absolute and relative minimum and maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Performance month abs min (0.0 -> OFF) (IN_dUiIspPerformanceMonthAbsMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -100, trading will be suspended if the equity falls below $9,900. Trading will resume at the beginning of the next month, with the equity at that moment used as the new reference point. The input value cannot be greater than 0. |
| > (ISP) Performance month abs max (0.0 -> OFF) (IN_dUiIspPerformanceMonthAbsMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 100, trading will be suspended if the equity rises above $10,100. Trading will resume at the beginning of the next month, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Performance month rel min (0.0 -> OFF) (IN_dUiIspPerformanceMonthRelMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -0.15, trading will be suspended if the equity falls below $9,850. The value will be reset and trading will be reactivated at the start of the next month. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be greater than 0. |
| > (ISP) Performance month rel max (0.0 -> OFF) (IN_dUiIspPerformanceMonthRelMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 0.15, trading will be suspended if the equity rises above $10,150. The value will be reset and trading will be reactivated at the start of the next month. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be smaller than 0. |
Separate input parameters exist for the maximum and minimum permissible performance results. This allows the application to suspend the initiation of new trades when positive or negative performance results are achieved. The diagram below elucidates the operational principle of monthly inspector protection.
The inspection period is set to one month. If the performance reaches the maximum or minimum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which in this case is the 1st day of the month, the performance value for the month is reset, and trading is resumed. This cycle continues indefinitely.
Performance - Yearly protection
The inspector engine can be configured to halt trading once a specified yearly performance limit is reached using the input parameters outlined in the table below. These parameters establish the yearly absolute and relative minimum and maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Performance year abs min (0.0 -> OFF) (IN_dUiIspPerformanceYearAbsMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -100, trading will be suspended if the equity falls below $9,900. Trading will resume at the beginning of the next year, with the equity at that moment used as the new reference point. The input value cannot be greater than 0. |
| > (ISP) Performance year abs max (0.0 -> OFF) (IN_dUiIspPerformanceYearAbsMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 100, trading will be suspended if the equity rises above $10,100. Trading will resume at the beginning of the next year, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Performance year rel min (0.0 -> OFF) (IN_dUiIspPerformanceYearRelMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -0.15, trading will be suspended if the equity falls below $9,850. The value will be reset and trading will be reactivated at the start of the next year. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be greater than 0. |
| > (ISP) Performance year rel max (0.0 -> OFF) (IN_dUiIspPerformanceYearRelMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 0.15, trading will be suspended if the equity rises above $10,150. The value will be reset and trading will be reactivated at the start of the next year. The equity at the beginning of the next period serves as a new reference value to calculate the performance limits. The input value cannot be smaller than 0. |
Separate input parameters exist for the maximum and minimum permissible performance results. This allows the application to suspend the initiation of new trades when positive or negative performance results are achieved. The diagram below elucidates the operational principle of the yearly inspector protection.
The inspection period is set to one year. If the performance reaches the maximum or minimum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which in this case is on the 1st of January, the performance value for the year is reset, and trading resumes. This cycle continues indefinitely.
Performance - Since start protection
The inspector engine can be configured to halt trading once a specified performance limit is reached using the input parameters outlined in the table below. These parameters establish the absolute and relative minimum and maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Performance since start abs min (0.0 -> OFF) (IN_dUiIspPerformanceSinceStartAbsMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -100, trading will be suspended if the equity falls below $9,900. The input value cannot be greater than 0. |
| > (ISP) Performance since start abs max (0.0 -> OFF) (IN_dUiIspPerformanceSinceStartAbsMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 100, trading will be suspended if the equity rises above $10,100. The input value cannot be smaller than 0. |
| > (ISP) Performance since start rel min (0.0 -> OFF) (IN_dUiIspPerformanceSinceStartRelMin) | 0.0 | If the account equity is at $10,000 and the minimum value is set at -0.15, trading will be suspended if the equity falls below $9,850. The input value cannot be greater than 0. |
| > (ISP) Performance since start rel max (0.0 -> OFF) (IN_dUiIspPerformanceSinceStartRelMax) | 0.0 | If the account equity is at $10,000 and the minimum value is set at 0.15, trading will be suspended if the equity rises above $10,150. The input value cannot be smaller than 0. |
Separate input parameters exist for the maximum and minimum permissible performance results. This allows the application to suspend the initiation of new trades when positive or negative performance results are achieved. The diagram below elucidates the operational principle of inspector protection.
The inspection period begins when the application is started. If the performance reaches the maximum or minimum value, the ability to open new trades will be permanently suspended.
Drawdown - Daily protection
The inspector engine can be configured to halt trading once a specified daily drawdown limit is reached using the input parameters outlined in the table below. These parameters establish the daily absolute and relative maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Drawdown day abs max (0.0 -> OFF) (IN_dUiIspDrawdownDayAbsMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 100, trading will be halted if the drawdown exceeds $100 within a day. Trading will resume at the beginning of the next day, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Drawdown day rel max (0.0 -> OFF) (IN_dUiIspDrawdownDayRelMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 0.15, trading will be halted if the drawdown exceeds $150 within a day. Trading will resume at the beginning of the next day, with the starting equity as the reference point. The new reference value is used to calculate the next drawdown limits. The input value cannot be smaller than 0. |
Input parameters exist for the maximum permissible drawdown results. This allows the application to suspend the initiation of new trades when bad performance values are surpassed. The diagram below elucidates the operational principle of daily inspector protection.
The inspection period is set to one day. If the drawdown reaches the maximum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which is at midnight, the drawdown value for the day is reset, and trading is resumed. This cycle continues indefinitely.
Drawdown - Weekly protection
The inspector engine can be configured to halt trading once a specified weekly drawdown limit is reached using the input parameters outlined in the table below. These parameters establish the weekly absolute and relative maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Drawdown week abs max (0.0 -> OFF) (IN_dUiIspDrawdownWeekAbsMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 100, trading will be halted if the drawdown exceeds $100 within a week. Trading will resume at the beginning of the next week, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Drawdown week rel max (0.0 -> OFF) (IN_dUiIspDrawdownWeekRelMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 0.15, trading will be halted if the drawdown exceeds $150 within a week. Trading will resume at the beginning of the next week, with the starting equity as the reference point. The new reference value is used to calculate the next drawdown limits. The input value cannot be smaller than 0. |
Input parameters exist for the maximum permissible drawdown results. This allows the application to suspend the initiation of new trades when bad performance values are surpassed. The diagram below elucidates the operational principle of daily inspector protection.
The inspection period is set to one week. If the drawdown reaches the maximum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which in this case is midnight between Saturday and Sunday, the drawdown value for the day is reset, and trading is resumed. This cycle continues indefinitely.
Drawdown - Monthly protection
The inspector engine can be configured to halt trading once a specified monthly drawdown limit is reached using the input parameters outlined in the table below. These parameters establish the monthly absolute and relative maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Drawdown month abs max (0.0 -> OFF) (IN_dUiIspDrawdownMonthAbsMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 100, trading will be halted if the drawdown exceeds $100 within a month. Trading will resume at the beginning of the next month, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Drawdown month rel max (0.0 -> OFF) (IN_dUiIspDrawdownMonthRelMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 0.15, trading will be halted if the drawdown exceeds $150 within a month. Trading will resume at the beginning of the next month, with the starting equity as the reference point. The new reference value is used to calculate the next drawdown limits. The input value cannot be smaller than 0. |
Input parameters exist for the maximum permissible drawdown results. This allows the application to suspend the initiation of new trades when bad performance values are surpassed. The diagram below elucidates the operational principle of daily inspector protection.
The inspection period is set to one month. If the drawdown reaches the maximum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which is the 1st day of the month, the drawdown value for the day is reset, and trading is resumed. This cycle continues indefinitely.
Drawdown - Yearly protection
The inspector engine can be configured to halt trading once a specified yearly drawdown limit is reached using the input parameters outlined in the table below. These parameters establish the yearly absolute and relative maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Drawdown year abs max (0.0 -> OFF) (IN_dUiIspDrawdownYearAbsMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 100, trading will be halted if the drawdown exceeds $100 within a year. Trading will resume at the beginning of the next year, with the equity at that moment used as the new reference point. The input value cannot be smaller than 0. |
| > (ISP) Drawdown year rel max (0.0 -> OFF) (IN_dUiIspDrawdownYearRelMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 0.15, trading will be halted if the drawdown exceeds $150 within a year. Trading will resume at the beginning of the next year, with the starting equity as the reference point. The new reference value is used to calculate the next drawdown limits. The input value cannot be smaller than 0. |
Input parameters exist for the maximum permissible drawdown results. This allows the application to suspend the initiation of new trades when bad performance values are surpassed. The diagram below elucidates the operational principle of daily inspector protection.
The inspection period is set to one year. If the drawdown reaches the maximum value within this period, the ability to open new trades will be temporarily suspended. At the start of a new period, which is on the 1st of January, the drawdown value for the day is reset, and trading is resumed. This cycle continues indefinitely.
Drawdown - Since start protection
The inspector engine can be configured to halt trading once a specified drawdown limit is reached using the input parameters outlined in the table below. These parameters establish the absolute and relative maximum thresholds. A value of zero effectively turns off the limit.
| Input variable within MetaTrader (Identifier in SET file) | Default value | Comment |
|---|---|---|
| > (ISP) Drawdown since start abs max (0.0 -> OFF) (IN_dUiIspDrawdownSinceStartAbsMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 100, trading will be halted if the drawdown exceeds $100. The input value cannot be smaller than 0. |
| > (ISP) Drawdown since start rel max (0.0 -> OFF) (IN_dUiIspDrawdownSinceStartRelMax) | 0.0 | If the account equity is set at $10,000 and the maximum value is set at 0.15, trading will be halted if the drawdown exceeds $150. The input value cannot be smaller than 0. |
Input parameters exist for the maximum permissible drawdown results. This allows the application to suspend the initiation of new trades when bad performance values are surpassed. The diagram below elucidates the operational principle of daily inspector protection.
The inspection period begins when the application is started. If the drawdown reaches the maximum value, the ability to open new trades will be permanently suspended.
Limit reached warning
When a predetermined drawdown or performance limit is reached, the Meta Extender will close all open trades and delete any pending orders, irrespective of the current profit status of the trade. As depicted in the image below, a warning will then be displayed.
If Meta Extender is selected as the trades to be monitored, the ability to open additional trades using the Trendline Trading or Trading Assistant widget will be disabled. An attempt to do so will trigger a warning message.
If Meta Extender is selected as the trades to be monitored, the ability to open additional trades using the Trendline Trading or Trading Assistant widget will be disabled. An attempt to do so will trigger a warning message.
If Symbol is selected as the trades to be monitored, the Meta Extender will close all open trades but not restrict the ability to open new trades. However, it may immediately close any newly opened trades.
Suppose Meta Extender is selected as the trade to be monitored. In that case, the Meta Extender will close all open trades and restrict the ability to open new trades by turning off the AutoTrading feature. However, it may immediately close any newly opened trades.
Reviewing your performance or drawdown is highly advisable in a reached inspector limit scenario.
Configuration of notification and email
The Meta Extender can send email and mobile notifications when inspector limits are reached. It utilizes the built-in API of the MetaTrader to transmit this information. However, this requires the configuration of the email and notification settings in your MetaTrader instance. These settings can be found in the Tools - Options menu. Please navigate to this view.
For mobile notifications, you can configure the settings under the Notifications tab.
For email notifications, you can configure the settings under the Email tab.
Please refer to this article to understand the necessary parameters for enabling these features.