Max Daily Loss Dollars
Setting key
max_daily_loss_dollars
Default
-$500
What it does
Daily P&L floor in dollars. When the day's cumulative P&L (realized closed-trade P&L plus unrealized P&L on open positions) drops below this number, new entries halt for the rest of the trading session. Management cycles still run. The daily window resets at midnight ET.
When to change it
A reasonable starting point is 1% of account NLV. Leave unset (None) if you prefer to use max_daily_loss_pct only. Whichever limit fires first wins.
Safe range
Any negative dollar value. -$500 on a $50,000 account is 1% of NLV, a reasonable floor.
Example
$50,000 account. Set to -$750. If unrealized loss reaches $750 by noon, no new entries fire that afternoon, but existing positions are still managed and closed per their own rules.