Free NinjaTrader 8 risk manager: your prop firm limits, account by account
Risk Guardian is a NinjaTrader 8 AddOn that watches your accounts with the rules you give it: daily loss, drawdown, contracts, trades, trading hours and news. When an account hits a limit, it cancels its orders, flattens the positions and locks the account until the daily reset (5:00 PM Chicago time by default).
Every account has its own rules, so it works for a single evaluation and for traders running several accounts at once with a trade copier. It comes with templates holding the rules of the prop firms in our database, and a strict mode, on by default, built for the moment you'd want to break your own limits.
- 100% free
- Open source (MIT)
- Built by El Trader Financiado for the community
Version 1.6.6 · NinjaTrader 8 · .zip to import · updated October 21, 2026
Install one language only: if you switch between English and Spanish, delete ETFGuardian.cs, ETFNucleo.cs and ETFPlantillas.cs first (Documents\NinjaTrader 8\bin\Custom\AddOns\ElTraderFinanciado).
What the tool does
- Daily loss limit and daily profit target: when either is hit it flattens everything and locks the account until the daily reset (5:00 PM CT by default, configurable).
- Static, intraday trailing (real time) or end-of-day trailing drawdown, with an optional floor lock at starting balance + X, a safety margin and "Set floor" to match your firm's dashboard.
- Max contracts per position (cancels the order that would exceed it and reduces any excess), account-wide caps for minis and micros with a "1 mini = 10 micros" option (the way many firms count) and max trades per day.
- Pre-trade checklist: no new position until you tick your entry conditions in the guardian window. It unticks after every closed trade, at the daily reset and, optionally, after X minutes flat without entering. With several accounts on the same checklist, you tick it once for all of them.
- Firm's mandatory close: on Automatic, no entries a few minutes before your firm's close (with CME holidays and half days) and positions and orders flattened just before, until the reopen. Or at a time you set.
- Allowed trading hours in Chicago time and high-impact US news from the Forex Factory weekly calendar: no entries a few minutes before and after, with optional flattening.
- Discipline: lock after giving back a % of the day's peak, after N losing trades in a row or on a weekly loss (until next week); a cool-down with no entries after each loss, with a minimum loss for it to count (so a break-even trade that only loses the commission doesn't trigger it); max loss per trade; required stop within N seconds; close-only mode.
- Consistency: how much you can still make today without breaking your firm's rule (with an optional lock when you get there), and a cycle goal (profit, profitable days and best day) with a "Ready" notice and a "New cycle" button.
- Strict mode, on by default: a lock can't be removed until the daily reset, tightening applies immediately while loosening waits until the next day, and the floor can only be raised. A "Lock today" button ends your day whenever you decide.
- A display name for each account: call the one NinjaTrader shows as LFE0512345001 "Lucid Flex 50K". The real name stays underneath in small print.
- Compact view with one card per account: day P/L, what's left until the nearest limit with a bar, trades, losing streak, cool-down countdown, consistency cap, goal and next news event. An "On top" option keeps it always visible.
What it does when an account hits a limit
Every half second (and whenever NinjaTrader updates the account) the guardian checks the day's P/L and the balance against your limits minus the safety margin. When one is crossed, it cancels the orders, flattens the positions and locks the account. While locked, it cancels any order that opens or adds to a position and flattens anything that fills, including fills coming from a copier. Orders that reduce a position, like stops and targets, are left alone.
What each part looks like
- 01
Rules per account
On the left, your accounts with the names you give them and their status. At the top, how the selected account is doing today; below, its rules, filled in from its firm's template.
- 02
Compact view
One card per account with the day's P/L and what's left until the nearest limit. With "On top", always in view.
Ways to use it
The most common uses. Everything is set in the guardian window, for one account or several at once.
An evaluation from a template
Pick your firm's template and the phase (evaluation or funded), click Fill in and check the numbers against your firm's dashboard before you click "Save rules". There are over 200 templates, taken from our database. The template also fills in the firm's mini and micro caps and the 1 mini = 10 micros equivalence.
Several accounts with a copier
Give each account a name you recognize, set up one account's rules and copy them to the rest with "Apply to several…". Each one is watched and locked on its own: if one hits its limit, whatever the copier sends to that account is cancelled or flattened, and the rest keep trading.
Stop the day before your firm does
Set a daily loss below your firm's, the lock after giving back a % of the day's peak and a max losing streak. In strict mode you can't undo it mid-session: it lifts at the daily reset.
Reach a payout without breaking consistency
With consistency and the cycle goal set, the account card shows how much you can still make today and flags "Ready" when profit, days and best day are met. After the payout, click "New cycle".
Worth knowing
The guardian runs on your PC: if NinjaTrader closes or disconnects, it can't protect you, so also turn on your broker's or firm's server-side limits if you have them (for example, R|Trader Pro Auto-Liquidate on Rithmic). NinjaTrader can't veto an order before it's sent: the guardian cancels it as soon as it appears and, if it fills, flattens the position. Exits fill after the limit is crossed, with slippage and commissions; that's what the safety margin is for. Strict mode protects you from yourself inside NinjaTrader, but it can't stop you from deleting the AddOn or editing its file while NinjaTrader is closed. It doesn't replace your firm's rules or dashboard.
Key settings
| Setting | Default | What it does |
|---|---|---|
| Max daily loss ($) | 0 (no limit) | When hit, flattens and locks until the daily reset. |
| Drawdown type | No drawdown | Static, intraday trailing or end-of-day trailing. |
| Starting balance / drawdown ($) | 50,000 / 2,000 | Where the account starts and how far the floor trails the high. |
| Floor locks at start + | On (+0) | The floor stops rising at starting balance + X, as at many firms. |
| Safety margin ($) | 100 | Cuts before the real limit to cover slippage and commissions. |
| Max contracts / trades | 0 / 0 (no limit) | Contracts per position (minis and micros count the same) and trades per day. |
| Max minis / micros in the account | 0 / 0 (no limit) | Summed over every instrument on the account. With "1 mini = 10 micros", the combined cap is the micro one. |
| Min loss that counts ($) | 0 | For the cool-down and the losing streak: a trade that loses less doesn't count. 0 = any loss. |
| Pre-trade checklist | Off | Your rules, one per line (up to 12). Unticks after every trade and after 15 min flat without entering. |
| Firm's mandatory close | Automatic (new accounts) | No entries 5 min before your firm's close and everything flattened 2 min before. Automatic, manual (HH:mm) or off. |
| Display name | Empty (the account's) | Only changes how the account looks in the Guardian. It isn't a rule: strict mode doesn't lock it. |
| News: minutes before / after | 2 / 2 | No entries around high-impact US news. |
| Strict mode | On | No unlock until the next day; anything that loosens limits waits until the next day. |
| Allow manual unlock | Off | Only works for accounts without strict mode. |
| Daily reset (CT) | 17:00 | When the trading day starts and locks lift (the CME one). |
| Warn at (%) | 75 | Warns when that % of the daily loss or drawdown is used. |
How to install ETFGuardian in NinjaTrader 8
- 1
Download the .zip and don't unzip it.
- 2
In NinjaTrader 8, from the Control Center: Tools → Import → NinjaScript Add-On… and pick the .zip.
- 3
Accept and wait for it to compile. If you had an earlier version, allow it to overwrite.
- 4
In the Control Center: New → ETF Risk Guardian. Pick an account, tick Protect, set its rules (or load a template) and click Save rules. The window reopens with your workspace.
Frequently asked questions
Is it really free?
Yes. No trial, no subscription, and the code is open source (MIT license). Once installed, our logo with a link to the website appears in the corner of your charts (that's where our prop firm codes are, with affiliate links: we earn a commission if you buy through them).
Does it protect me if NinjaTrader closes or disconnects?
No. The guardian runs inside NinjaTrader on your PC: if it closes, freezes or loses the connection, it can't flatten anything. That's why you should also turn on any server-side limits your broker or firm offers, like R|Trader Pro Auto-Liquidate on Rithmic.
Does it work with trade copiers?
Yes. Each account is watched, flattened and locked on its own. If an account is locked and the copier sends it an order, the guardian cancels it and, if it fills, flattens the position right away.
Does it work with Rithmic, Tradovate or any NinjaTrader connection?
Yes: it watches the accounts NinjaTrader has connected, whatever the connection, using the balance and P/L NinjaTrader reports. Check the floor against your firm's dashboard and fix it with "Set floor" if it doesn't match. Only connected accounts are shown by default.
Can I unlock an account?
Only if the account isn't in strict mode and you've turned on "Allow manual unlock" in the general settings (it's off by default). In strict mode, the lock lasts until the daily reset; that's the point.
Does it tell minis from micros?
Since 1.4, yes: on top of max contracts per position (which counts minis and micros the same), each account has a mini cap and a micro cap summed over all its instruments. With "1 mini = 10 micros", one NQ takes up 10 micros: with a 40-micro cap, 2 NQ plus 20 MNQ is the maximum. The firm templates fill in those caps.
Can I give my accounts a name?
Yes, since 1.6.6: click the ✎ pencil next to the account name and type the one you want (for example, "Lucid Flex 50K"). It shows in the list, the compact view and the alerts, with the real name underneath in small print. It saves when you press Enter and doesn't change any rule.
How does the checklist work?
Write your entry conditions (one per line) and turn the checklist on for the account. Until you tick them all in the guardian window, it cancels any order that opens a position; exits and adding to the open position are allowed. When the trade closes it goes back to pending. In strict mode the checklist never lifts any other lock, and removing it waits until the next day.
Do I need a chart open?
No. It's an AddOn: it watches your accounts from the moment NinjaTrader starts, with or without charts. The window opens from Control Center → New → ETF Risk Guardian and reopens with your workspace.
What happens if I restart NinjaTrader or recompile?
Rules and state (locks, streak, cycle) are saved in Documents\NinjaTrader 8\ElTraderFinanciado\GuardianRiesgo.xml, with a .bak copy, and survive a restart. If you recompile (F5) with the window open, that window belongs to the old version and asks you to close and reopen it; the guardian keeps watching.
Do prop firms allow it?
It's a risk management tool, not a trading bot: it never opens trades, it only cancels or closes yours when they break the rules you've set. Each firm has its own policy on third-party software; if in doubt, ask yours.
Trying it in a futures prop firm?
We have discount codes for the main evaluations. They are affiliate links: we earn a commission if you buy through them.
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