Tools compared
MT5 risk management tools compared
There is no single best MT5 risk tool. There is the one that fixes your actual problem. Here is what four popular tools do, from their own pages, and who each one fits.
Disclosure: this guide is published by RavandFX, one of the tools in the comparison. To keep it fair, every fact about the other tools comes from their own product pages, checked on 24 October 2026 and linked below. We also say plainly where RavandFX is not the right fit. Prices and features change, so check each page before you buy.
The short answer
| If your main problem is… | Look at |
|---|---|
| Calculating the right lot size, for free | Position Sizer or Trade Manager Interface MT5 |
| A full-featured trade panel at a one-time price | Trade Assistant MT5 |
| Keeping your rules on bad days, or protecting a prop account | A tool that enforces daily limits, such as RavandFX |
The four tools at a glance
| Trade Assistant MT5 | Trade Manager Interface MT5 | Position Sizer | RavandFX | |
|---|---|---|---|---|
| Price | $100 to buy, or rent $30 / 3 months, $50 / year | Free | Free, open source | $39 / month, $99 / 3 months, $149 / 6 months; 3-day free trial |
| Lot size from your risk | Yes | Yes | Yes | Yes |
| Trade panel on the chart | Yes | Yes | Yes | Yes |
| Hotkeys | Yes | Not mentioned | Yes | Yes (FastScalp) |
| Breakeven, trailing, partial close | Yes | Yes | Breakeven and trailing | Breakeven (RiskFree), profit lock (LockTP), half close, autopilot |
| Daily loss limit or profit target | Not listed | Not mentioned | No; per-trade and total risk limits | Yes; closes trades and blocks new ones |
| Daily trade limit and pause after a trade | Not listed | Not mentioned | Trade-count limit | Yes |
| Rules locked against changes | Not mentioned | Not mentioned | No | Yes, locked into the licence |
Trade Assistant MT5
A long-running utility on the MQL5 Market by Evgeniy Kravchenko, with a 4.43 rating from 282 reviews and version 10.36, updated in September 2026. It sizes orders from your risk in percent or money, and offers breakeven, seven kinds of trailing stop, partial close and hotkeys.
Good fit if you want a mature, feature-rich trade panel and prefer a one-time purchase. Keep in mind that its page lists no daily loss limit, daily target or trade-count limit, so discipline is still up to you.
Trade Manager Interface MT5
A free MQL5 Market utility by Peter Mueller, rated 4.73 from 57 reviews, version 3.14 from June 2026. You can size by lots, percent of balance or a fixed amount, with automatic breakeven, a trailing stop and up to three partial take profits.
Good fit if you want a capable trade manager at no cost. Keep in mind that hotkeys and daily limits aren't mentioned on its page.
Position Sizer (EarnForex)
A free, open-source tool for MT4 and MT5, developed on GitHub, version 3.16d from October 2026. It calculates the position size from your entry, stop, account size and risk, can open the trade with one click or a hotkey, and has breakeven and trailing settings. It can also cap per-trade risk, total risk, volume and the number of trades.
Good fit if your main need is accurate position sizing, and you like open-source software. Keep in mind that it has no daily loss limit or lock: its limits stop oversized positions, not a bad day.
RavandFX
Our own tool, so judge this part with that in mind. RavandFX is a money-management assistant for desktop MetaTrader 5 with an on-chart panel: lot size from your risk, entry, stop and target on the chart, RiskFree, LockTP, half close, an autopilot and FastScalp hotkeys.
What it does differently: your risk per trade, daily loss limit, daily profit target, trade cap and pause after each trade are locked into your licence. Making a rule stricter applies at once; any other change waits 24 hours and is allowed once a month. When a daily loss limit or target is reached, it closes your trades and blocks new ones until the next day.
Good fit if your problem is not calculating the lot size but sticking to your rules, or you trade a prop account where one bad day ends everything. Not the right fit if you only need a calculator (use a free one), you want a one-time purchase, or you trade on the MT5 phone app only, since Expert Advisors don't run there. Like every EA, it enforces rules only while it is running in MetaTrader.
See the locked rules in detail, or try the panel in the free simulator.
How to choose
- Write down the mistake that costs you the most. Wrong lot sizes? A tool that sizes for you fixes it. Overtrading or revenge trading after losses? You need limits that are enforced.
- Check what happens at the limit. Does the tool only warn you, or does it close trades and block new ones? For a prop account, only the second one protects you.
- Check whether you can switch the rules off. A limit you can turn off in two clicks is a suggestion. Decide honestly whether that's enough for you.
- Try it first. Two of these tools are free. Paid MQL5 Market products usually offer a free demo for the Strategy Tester, and RavandFX has a browser simulator and a 3-day trial.
Sources
Common questions
What is the best free risk management tool for MT5?
For lot sizing and trade execution, Position Sizer by EarnForex is free and open source, and Trade Manager Interface MT5 is free on the MQL5 Market with a high rating. Neither one enforces daily loss limits.
Do I need a tool that enforces daily loss limits?
If you trade a prop firm account, or you have ever broken your own rules after a loss, yes. Calculating the right lot size doesn't help on the day you decide to ignore it. A daily limit that closes trades and blocks new ones takes that decision away.
Can I use two of these tools together?
Often, yes, but two tools managing the same trades can fight each other, for example two breakeven or trailing rules moving the same stop. If you combine them, let only one tool manage stops and exits.
Is RavandFX the best choice for everyone?
No. If you only need a lot size calculator, a free tool does that well. RavandFX makes sense when your problem is keeping your rules: risk per trade, daily limits and pauses that are locked into the licence and can't be loosened in a bad moment.