Risk Calculation Line
A handy tool for the semiautomated trader!
You want to quickly calculate the risk of a position before you order or stop in? Just add the Risk Calculation Line to your chart and move it from one point to another and it will immediately calculate the risk.
- Shows the risk of the account's base currency of any span on a chart.
- Shows the risk of the account's base currency on both ends of the line.
- Dependent from where the line is drawn, risk is shown as negative or positive (gain) value.
- Pre-define position size (i.e. for micro-lots or multiple lots).
- Shows the position size in the text.
- Shows the exact value on both ends in the text.
Being a market technique trader, I use this tool every day and could not live without it. I am curious if it helps others.
Note: Due to restrictions in the MQL5 API, I had to implement this indicator as an Expert. As soon as Metaquotes allows the method 'OrderCalcProfit' to be called from indicators (it's actually not a pure trading, but rather calculation functionality), I will make Risk Calculation Line an indicator.
If I get enough funding, possible enhancements would be:
- Individual naming schemes (incl. templates and variables).
- Predefined color schemes.
- Save last position after closing MT.
- Flag for opening a position (market): up/down/both.
- Flag for sending a message (up/down/both).
I hope this will be a useful tool for you - please give it a good rating if you want to get further development!