Lot calculation, risk management, Risk/Reward ratio, quick entry into the trade, visualization of levels on the chart
Download demo version here to test this utility: it does NOT work in strategy tester.
The utility has the function of opening trades, ex4 file must be located in the "Experts" directory
Auto Trading must be activated for placing orders
To calculate the lot size:
- Specify the amount of risk for the planned trade:
as a percentage of the Deposit / or set the amount of funds (the account currency is determined automatically);
- Specify the location of the Stop loss level:
specific SL price / or SL size in pips (or market points);
- Specify the Entry price: and if it is not set, the calculation will be performed for market execution (at the current price).
- Set the Take Profit level (when the "Fix Target" button is activated):
the specific Take Profit price / or the profit amount in pips (when the "TP: pips" button is activated).
:to the right you will see a Risk/Reward ratio (R/R)
- Alternatively, specify the desired Risk/Reward ratio (when activating "Fix R/R" button):
in this case, the TP size will be determined automatically based on R/R and the specified SL size.
and you will get a message about which parameter you need to check.
After opening a trade, an information window will be shown with the result:
- Entry price, SL and TP;
- Or information about an error in case of failure.
Advantages of the interface:
- You can collapse the panel, thereby freeing up space on the chart: ((^) button);
- You can move the panel to any place on the chart: (<MOVE> button);
- Option to choose a dark or light interface theme: ("Dark" switch);
- Enabling/disabling TP / RR calculation: ("TP" switch);
- Visualization of Stop-Loss levels, Entry price and TP level: ("Line" switch);
- The risk Percentage can be set manually using the keyboard, or using the "-" / " + " buttons:
the change step will be (1.0) when entering an integer, or (0.1) when entering a fractional number;
- The same thing will happen if you change the Risk/Reward ratio;
- If you have fixed the R/R ratio ("Fix RR"), then when you change the SL size, the TP size will be automatically determined,
and if you want to change the SL/TP independently, click "Fix Target".
- There are 4 " hotkeys" in the R/R area (1, 2, 3, 4): they are used to quickly set the R/R value.
By default, they are 1.0, 2.0, 3.0, 4.0: but you can change the value of any of these keys if necessary (in the settings).
For the convenience of monitoring the R/R ratio, the R/R window changes its color:
- If the Reward is less than the Risk (<1.0): the background will be red;
- In the settings, you can set the preferred R/R value:
values (from 1.0 to the specified value): will be blue;
values greater than or equal to the specified value: will be green;
Working with chart objects (if "Line" switch is activated):
The chart will display the Entry price, SL and TP, as well as buttons for moving them with the mouse.
- Entry button: displays the Entry level, the calculated lot size, and the R/R ratio;
- SL button: displays the price/size of the Stop loss, and the amount of the possible loss;
- TP button: displays the price/size of the Take profit, and the amount of the potential profit;
Note that if the R/R ratio is fixed, changing the SL will also change the TP (and Vice versa);
if you want to change the SL/TP independently, click "Fix Target".
- If 2 trading directions are possible (SL/TP size is specified in pips):
2 possible SL levels will be displayed, the Entry price, and TP (if activated).
- If only 1 trade direction is possible (a specific SL/TP price was set):
SL level, Entry price, and TP will be displayed.
SL / TP zones will also be filled with solid color (you can turn it off in the settings):
when you click and move these zones: SL, Entry, and TP levels will be changed simultaneously, while maintaining the R/R ratio.