Trade Designer is an indicator that calculates the number of lots you have to trade if you want to risk a set percentage of your account per entry. It comes along with a free script that can be downloaded here https://www.mql5.com/en/market/product/6540.
Two or three price lines will appear on your chart. The green one represents the price to place the Take Profit, the red one represents the price to place the Stop Loss and the blue one represents the point where you want to enter the trade (if you use pending option).
You can modify the lines by double-clicking on them and dragging them to the price you want to set.
When you use the Trade Designer script and open a position, the indicator creates a .csv file (ticket_open.csv) and creates a print screen file (ticket_open.gif) which will be placed in the <Data folder>\MQL4\Files\TradingJournal\<Account number>\<Ticket number>\, for example:
When the position is closed, the indicator creates another .csv file (ticket_close.csv) in the same place, for example:
And you can find all the closed trades in one .csv file in
<Data folder>\MQL4\Files\TradingJournal\<Account number>\<Account_ALL.csv>
(in the Terminal menu, select to view "File" -> "Open Data Folder")
Unique Number (default: 111111) – the script must assign a unique, non-zero number to the position being opened. In future, it must manage only the positions, the unique number of which is equal to the preset one.
Maximum Risk (default: 1.0) – position sizing is the process of determining how much to invest, or risk, in any single trade. It starts with identifying what level of risk % per trade you will take. The risk profile is the percent of your account that you are willing to lose if the trade goes against you.
Reward Ratio (default: 2.0) – this ratio is calculated mathematically by dividing the amount trader stands to lose if the price moves in the unexpected direction (i.e. the risk) by the amount of profit the trader expects to have made when the position is closed (i.e. the reward).For example: Reward Ratio (2) = (1 risk : 2 reward)
One Trade Only (default: True) – only one position can be opened with a script on a given instrument at the same time.
Pending Order (default: False) – there is a pending line on the chart helping to prepare pending orders to tie up with the script.
Use ATR Indicator (default: True) – show the value of ATR on a chart. Calculated ATR = multiplier * (base ATR).
ATR's period (default: 100) – value of ATR’s period.
ATR's Timeframe (default: Hour) – timeframe of ATR indicator.
ATR's Multiplier (default: 2) – value of ATR will be multiplied by this value.
Trade Journal (default: True) – save closed order into trade journal file.
Excel Decimal Symbol (default: ".") – check in your MS Excel: 'Options' -> 'Advanced' -> 'Use system separators' -> 'Decimal separators'.
Take Profit Line Colour (default: Green) – colour of Take Profit line.
Stop Loss Line Colour (default: Red) – colour of Stop Loss line.
Pending Order Line Colour (default: Blue) – colour of Pending Order line.
Text Colour (default: Gray) – colour of text.
Draw Average Price Line (default: True) – drawing value of average price.
Market Orders Only (default: True) – show only the average price of market orders (Buy, Sell) without pending orders.
Average Price Line Colour (default: Gold) – colour of Average Price line.
Please watch the demo videos to understand this script and see how it works.
- Save screenshot at closing. It saves only a picture if the relevant chart is active.
Please download the new TradingJourna.xlsm file too.
- Rebuilt for MetaTrader 4 build 950
- Price levels are saved after changing time frame.
- Adjustable the lines properties (style, width)