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Hi,
I'm trying to get a formula to calculate trade lotsizes based on stop loss and a % of the account to risk.
I know this has been asked a million times but I still can't get a formula to work. It will need to calculate the value based on conversion to the account currency.
Best I have found so far is WHRoeder's formula:
Account Balance * percent = RISK = (OrderOpenPrice - OrderStopLoss)*DIR * OrderLots * DeltaPerlot (Note OOP-OSL includes the SPREAD)
Where DeltaPerLot is:
But what is "DIR" in the formula above???
Feel like I'm almost there with it as I think the tickvalue will convert it back to the account currency for me.
Any help much appreciated guys!