I see that FTMO Robot v5.0 has these settings:
- Max spread protection (points)
- Min equity protection (currency)
Can you please clarify if this understanding is correct:
- Max spread protection – this will filter out any trades where spread exceeds the points value; possibly useful to avoid news events or unexpected events in general. The default is 0 so presumably the recommendation is not to use this and also to ensure your prop account allows news trading (sometimes called “swing accounts”).
- Min equity protection – this will cause the bot to not open a new trade if the current account equity has fallen below this value. In the case of running 3 bots, this value could be updated every 24 hours, and all 3 bots would observe this policy. In other words, you could configure your max daily drawdown in currency and keep this updated daily to ensure your overall account never trades below that max daily drawdown.
Thank you for correcting any of my misunderstandings here.