Money Manager EA
Money Manager is an exclusive panel to process all calculations related to position sizing and risk management.
Position sizing is one of the most important aspect in trading. It is often neglected by traders and this is a big mistake.
Traders often look for strategies with high win rates whereas in fact one can earn very good money in the market with only 40% to 50% winning rate.
How is that possible to earn money with such a low winning rate? The answer is position sizing and risk management.
Position sizing calculation is often complicated and boring task.
Now with the Money Manager things become easy and simple.
Money manager is a user friendly panel that will process all calculations with few inputs.
Inputs of the EA are:
- MagicNumber: number used to identify trades coming from EA in the history
- Slippage: slippage in pips to apply when processing orders by EA
- ArrowColor: color to be used to draw arrow showing entry price
Inputs of the panel are:
- Entry price
- Stop loss
- Risk in USD
- Reward Risk
Outputs of the panel are:
- Lot size
- Take profit
Panel offers semi automated inputs:
- Entry price: manual input / chart price
- Stop loss: manual input / distance in points / distance in pips
- Risk: risk in currency / risk % of balance / risk % of equity
- Take profit: Reward Risk ratio (in comparison to stop loss) / Distance in points / Distance in pips
After calculation of lot size and take profit, software also display checks with size of trade in USD and profit in USD.
You can place orders with the Send Order button (SELL, BUY, SELL STOP, BUY STOP, SELL LIMIT, BUY LIMIT).
The panel can be placed wherever you want in your main chart and can also be minimized.
A second version of the Money Manager comes as an Indicator in the main chart: https://www.mql5.com/en/market/product/19968
The version as indicator does not have capacity to place orders. The indicator can only be used for calculations.
The Money Manager can be used with any class of assets: Forex, Equities, Commodities, Futures.
The Money Manager can be used with any time frame.