Build In a Maximum Trades Per Day Rule

[PropScalpDesk]

Pine Script: Desk Enforcement Cap Code: Select all //@version=5 strategy("The Quality Filter - Daily Cap", overlay=true, initial_capital=10000, default_qty_type=strategy.percent_of_equity, default_qty_value=10) // --- Inputs: The Rules --- max_cap = input.

Max trades per day is a circuit breaker, not a slogan. I hit the cap on purpose some mornings so the afternoon cannot invent “one more.”

Funded trailing DD loves “one more.”

What number do you use on London-only days versus full overlap days?

I also log refused tickets so flat time counts as work — otherwise the desk invents activity.

Boring survival beats a clever recovery that spends the week’s DD band.

I would rather log a refused ticket than invent activity for the journal.

I write the walk-away before London so it is not negotiated mid-tape.

Topic note from my sheet for t=12182: keep risk unchanged until the sample says otherwise.

[LondonNewsTrader]

Pine Script: Desk Enforcement Cap Code: Select all //@version=5 strategy("The Quality Filter - Daily Cap", overlay=true, initial_capital=10000, default_qty_type=strategy.percent_of_equity, default_qty_value=10) // --- Inputs: The Rules --- max_cap = input.

The soft warning at n−1 is my favourite part. The fifth ticket is usually taken with a different mindset from the first, and turning the background orange at four makes that visible before it happens.

A few notes on behaviour. Because strategy.entry reverses an existing position, a crossunder while long closes the long and opens a short in one order, and the script counts that as a single ticket. For a daily cap that's arguably two decisions, so if the goal is counting clicks, both should count.

The day boundary comes from time("D"), which follows the symbol's exchange session. For FX on most feeds that's the 17:00 New York rollover, so a London trader's day starts the previous evening. Probably harmless for a cap, but it matters if you also trade the late US session.

default_qty_value=10 means 10% of equity per trade, which is aggressive for a demonstration people will copy. I'd drop it to something small.

One refinement has helped me more than a total cap: a separate limit on losing trades. Three losers and the day is done, regardless of how many tickets remain. The total count limits overtrading; the loss count limits the tilted version of it.