We found these from a company called MQLHome.com. We thought we would pass this information on to our Forex Success Recipe subscribers & blog readers. There are actually 5 free EA's and they all can be found at this web site.
One of free 4x EA's that we use is called the MOMT 5 EA. We use it to manage our max daily risk. To use this MT4 EA - install it on your trading chart per the instructions. You will be able to set the max daily gain and the max daily loss. We do not use the maximum daily feature - so we simply set that value very high.
To calculate your maximum daily loss for your 4x acct - simply multiply your account balance times your preferred daily risk amount. For example, if your forex trading account has a balance of $2,000 and your only want to risk 5% per trading day - then you would input $100 in the "Loss_Limit" input field.
Now once your cumulative loss for the day reaches $100 - the EA will automatically close any other order that is opened for the rest of the day. This is a very powerful tool to prevent a large daily drawdown from taking place in your account.
