RR Position Tool
- Indicateurs
- Version: 1.0
A free long / short position tool for MetaTrader 5: click where the entry should be, drag the stop loss and the take profit, and see the risk and the reward in money, the R:R and the lot for your risk % of the balance.
No more counting points and pip values before every trade: the tool shows the lot that keeps your risk at the % you choose, with the commission included.
The indicator does not open or close trades. It is a planning tool, the decision is yours.
MAIN FEATURES
- Click to place: press LONG or SHORT and click on the chart where the entry should be. The SL goes behind the previous candle, the TP to the default R:R.
- Drag the ENTRY, SL and TP lines, or press inside the box and drag the whole tool. The box follows while you drag.
- Risk and reward in your account currency, the R:R and the distance.
- Lot from Risk % of the balance or a fixed lot. The balance can be the real account balance or any amount you type.
- Commission per lot included in the risk.
- A dotted level line across the chart while you drag the entry, to find the exact level.
- The SL line changes color when the price already touched it.
- One click hides all texts. Light and dark charts: the text color adjusts automatically.
HOW TO USE IT
1) Attach the indicator to any chart. Type your balance, then a fixed lot or Lot = 0 and the Risk %.
2) Press LONG or SHORT and click on the chart where the entry should be.
3) Drag the lines where you want them. The texts show the money, the R:R and the lot.
4) X removes the tool.
Keys: L / S = new tool at the current price, D = remove the tool.
INPUT PARAMETERS
Money
- StartBalance (0 = account balance), StartLot (0 = lot from Risk %), RiskPercent, CommissionPerLotSide.
New tool
- DefaultRR, StopFromBar (SL behind the candle N bars back), DefaultStop (0 = average candle), PlaceByClick, LockRR (moving the SL keeps the R:R), BoxBars.
Look
- Colors, transparency, ShowLevelLine, ShowText, FontSize, panel position.
PRO VERSION
RR Position Tool Pro has the same position tool plus:
- SAVE: the tool stays on the chart and is tracked on the history and live (entry, TP / SL hit, max R, MAE) - backtest your strategy by hand.
- Partial targets TP1 / TP2 and SL management (break-even, trailing) with the money locked by the moved SL.
- Statistics: win rate, expectancy in R, drawdown, profit factor, win / loss ratio.
- CSV trading journal for Excel with a breakdown by session and weekday.
- Alerts, alert lines and an "approaching the entry" alert, popup and push to the phone.
