The trader's panel is intended for automatic calculation of margin, Stop Losses and Take Profits before opening the position, as well as to execute trading operations with pre-configured parameters.
Using this panel you can:
- Calculate margin prior to opening a position for any instrument and user-specified volume.
- Calculate Take Profit for a new or opened order by one of three parameters (Price, Profit, Pips)
- Calculate Stop Loss for a new or opened order by one of three parameters (Price, Max loss, Pips)
- Perform a trading operation (Buy/Sell) with precalculated Stop Loss and Take Profit
- Modify an opened trading order by calculated Stop Loss and Take Profit
- Show the Stop Loss and Take Profit levels on the chart by calculated values
Once the program is installed, you can launch it from the Expert Advisor panel of your MT4 terminal.
Attention: In order to use trading functions it is necessary to allow the automated trading from the FBS trader panel (Allow live trading) and from your terminal settings area: Tools->Options->Allow automated trading.
Choosing the order
Choose the “New order” option in the dropdown menu to make calculations for a new order. Using this calculation option, the default opening price is a current market price – it is also a default price for any further calculations. When choosing an open order, the type of the operation, volume and the preset Stop loss/Take profit values will automatically relate to the order values. In this case, the opening price of a chosen order will be used for the calculations.
Choosing the operation type
In order to make your calculations correctly, you are supposed to choose the operation type. Operation type defines the direction of Stop loss and Take profit (higher or lower than the price) and also the price of Ask and Bid calculations. Choosing the type of the operation that is a crucial requirement for performing trading operations.
Choosing the number of lots
Specify a proper number of lots you are planning on in order to calculate the margin, Stop loss/Take profit and perform trading operations.
Stop loss calculation
That’s what you need to do to calculate Stop loss:
- specify the opened order that you want to calculate or choose “New order” to calculate a new order;
- specify the operation type (for new orders);
- specify the operation volume (for new orders);
- Choose one of three calculation parameters (Price/Profit/Pips) in front of the Stop loss line. Chosen parameter will be framed green. To change the calculation parameter, simply left-click on the desired one. If you choose the Profit/Pips option, make sure you specified the negative values (except for lossless open orders (?)).
- Press the “Calculate” button.
Take profit calculation
That’s what you need to do to calculate Take profit:
- Specify the opened order that you want to calculate or choose “New order” to calculate a new one;
- Specify the operation type (for new orders);
- Specify the operation volume (for new orders);
- Choose one of three calculation parameters (Price/Profit/Pips) in front of the Take profit line. Chosen parameter will be framed green. To change the calculation parameter simply left-click on the desired one. If you choose the Profit/Pips option, make sure you specified the positive values.
- Press the “Calculate” button.
Buy/Sell Buy/Sell trading operations
Buy/Sell trading operations are intended for opening the positions by calculated Stop loss/Take profit parameters. Make sure you choose the correct operation type in the dropdown menu when opening the position. You can leave the Operation type field blank if there are zeroes in the Stop loss and Take profit fields – in this case just specify the amount of lots for your order.
Attention: double check you entered a correct amount of lots before opening a position.
Modify trading operation
Modify trading operation is intended for modification of the opened order by the calculated Stop loss/Take profit parameters. When choosing the order, its current Stop loss/Take Profit values will automatically show up in the calculation values. In case the Price value in the calculation Stop loss/Take profit values equals zero, Stop loss/Take profit would be deleted.