PGuard Basic (MT5) — review, price and free alternatives

PGuard Basic provides continuous visualization of your daily and overall drawdown, and this review examines how that visibility changes behavior under funded account rules. PGuard Basic integrates directly with MetaTrader 5, reads account equity and open positions, and overlays drawdown exposure so users can see the effect of trades before execution.

In this review and performance analysis for 2026, PGuard Basic distinguishes itself by being free and focused on drawdown management rather than automated trade entry. The module calculates exact lot sizes compatible with configurable custom presets and shows the remaining drawdown budget after a hypothetical order. The algorithmic logic is straightforward: compute current equity relative to starting and daily peak levels, apply preset limits, then derive lot sizes that maintain those limits. PGuard Basic performs best in high-liquidity FX pairs and intraday setups where quick position sizing decisions are common. Developers led by Richard Heronimus Oehmig Kuhn emphasize transparency, simple calculations, and robust parameter customization within the MT5 environment.

PGuard Basic should be considered a moderate risk management utility rather than an active trading system. It does not place trades or enforce stop losses, so stop loss strategy remains the trader's responsibility; users should combine the dashboard with explicit stop placement. Position sizing is conservative by design when configured to protect drawdown budgets, and the lot calculator makes incremental adjustments that can reduce sudden account erosion. Vulnerabilities include reliance on accurate broker account reporting and potential misconfiguration of custom presets under volatile market spikes. For practical use, a recommended account size is at least $1,000 for scalable lot-sizing, with larger accounts benefiting more from granular sizing.

Install PGuard Basic by copying the indicator or EA file into the MetaTrader 5 Experts or Indicators folder and restarting MT5. Attach PGuard Basic to a chart and enable Live Signals or Allow DLL imports if required by your broker. Configure key parameters such as starting balance, daily drawdown limit, overall drawdown limit, and custom presets for your chosen prop firm. Recommended brokers are those with low slippage and transparent margin reporting; avoid ECN brokers with delayed equity updates. Optimal chart timeframes are M1 to H1 for intraday use. Test thoroughly using strategy tester and a demo account before live deployment.