Accounts & risk · 2:04
Risk Manager & Panic Button
Learn to set up the Risk Manager and the Panic Button in EliteXCharts, in under 3 minutes.
Chapters
Step by step
- Open the Risk Manager from the Menu, create a new rule, name it and check the accounts it covers
- Set the max daily loss, the daily gain target and the max contracts per account, with auto-flatten on the loss
- Block hours in half-hour slots, New York time, and see the other locks: stops, averaging down and Reverse
- Activate the rule and confirm: it can't be edited or turned off until 6 PM ET, not even after a restart
- Find the active rule's badge in Chart Trading and the Panic Button on the chart
- Watch an order above the contract cap get blocked before it leaves, while one within the cap goes through
- See the rule's loss limit and goal as balance lines on the chart while a position is open
- Watch the rule flatten at −$1,000 and lock the account, then lock another one with the Panic Button
What the narrator says
0:08Welcome to EliteXCharts. In this video, you'll set up the Risk Manager: rules that stop your day at a limit and stay locked until 6 PM Eastern, plus the Panic Button.
0:19Open the Menu and pick Risk Manager. Then click New rule.
0:25Name the rule and check the accounts it covers. Here, three funded Lucid accounts share one rule.
Read the full transcript
0:32Set the max daily loss, the daily gain target, and the max contracts per account. Check auto-flatten on the loss limit, so a losing position closes by itself.
0:42Blocked hours work in half-hour slots, New York time. Here, only 9:30 to 10:30 stays open.
0:50There's more: trades and stops per day, consecutive stops, averaging down, the Reverse button, and how many accounts can stop before all of them lock.
1:00Click Activate rules and confirm. From now on, the rule can't be edited or turned off until 6 PM Eastern, not even after a restart.
1:10In Chart Trading, a badge shows the active rule, and the Panic Button appears on the chart.
1:16Try to buy five: the order never leaves, because the cap is three. Buy three, and it goes through.
1:23With a position open, the rule's loss limit and goal show up on the chart as balance lines.
1:32The market turns. At minus $1,000, the rule flattens the position and blocks the account for the rest of the session. A new order is refused.
1:43The Panic Button is the last resort. On another account, hover it, click Flatten all and lock, and confirm: every order and position closes, and the account stays locked until 6 PM.
1:56That's the Risk Manager in EliteXCharts: set your rules once, and they hold for the whole session.
