PSI Position Smart Indicator
Indicator type: Money Management Calculator; Forex Position Size Calculator; Fixed or ATR value for Stop Loss and Take Profit levels; Average Position Size Indicator (True Average Price); Account Information; Stop-out Level, Margin and Risk Exposure Warning, Forex Sessions; Institutional Levels Grid; Major Highs and Lows, Detailed Account Report and much more useful tools applicable both for Price Action or Algo Systems Strategies.
The tool is highly recommended if you participate in a Forex challenge or trade for a funded account as you can observe closely to not exceed your lot size exposure or daily draw-down requirements.
Some of the concepts provided by this tool are inspired by the Free YouTube Content of NNFX (No Nonsense Forex) and ICT (The Inner Circle Trader) Channels as well as some of the most popular funded programs and their requirements thus making it very useful and flexible for wide variety of users.
The Position Smart Indicator indicator lets you chose risk parameters and calculates the maximum lot size you have to put in the trade plus many additional information panels with commission, swap, pip and point value, real risk taken, spread in points, value and % of the equity, the real average price of the position (accounts for commissions, swap and hedged trades), net result in deposit currency, pips or points and much more.
Among some of the features you can get from this indicator are:
- The range and remaining time of the last candle.
- Stop loss factor. Standard 1.5 times the ATR.
- Take profit factor. Standard 1.0 times the ATR.
- The current equity and allowed risk.
- The maximum allowed lot size.
- The pip and point value.
- Spread in points, percentage from the equity and real value in deposit currency.
- Swap and Commissions.
- Buy Stop Loss, Buy Take Profit, Sell Stop Loss and Sell Take Profit.
- It also presents commission, swap, the real risk and projected gain based on all hidden costs and maximum allowed lots.
- The margin requirement for the trade.
- You can add comments or motivational quotes to your screen or see the instrument description.
- You can change the font face and size.
- You can see your overall account equity, free and used margin.
- You can choose which information panels to show and which to hide. It also lets you use a light version with only the most important information on the screen.
- You can even use this indicator for trailing stop strategies and scaling out.
- Average price line with the net position, the size, the net profit and the net distance to break-even.
- All-time and Daily results, applicable also to Average price if needed.
- Stop-out Level.
- Size exposure.
- Integrated risk and positional warnings.
- Manual entry and Stop Loss, Take Profit, Risk to Reward calculations.
- NY Open line and potential London High, Low target.
- Forex Sessions.
- Focus on Day of Week Price action.
- Interactive buttons.
- Multiple preset brokers and views.
- ATR Strategies (NNFX).
- ICT Killzones, Swings, etc. from the free ICT content.
- Sophisticated Account Report.
Money management is the first and the most important skill you must learn in trading, especially in Forex. Don’t make the mistake anyone else does and learn it the hard way. Use your time and money wisely to acquire this skill.
With this indicator you will have anything you need to precisely position yourself and make smart decisions. If this is not very useful, detailed and pedantic then what is?
Important Note: If you want to test the Demo due to the fact that the MT4 Strategy Tester focus only on the current pair test on pair having your account currency as part of it. For instance open a Demo account in USD and test on EURUSD, GBPUSD, USDJPY, Gold, Silver, etc.
Added also to the Report Average Consecutive Profit or Loss statistic.
Essentially you can deposit let say 40% of your money at the broker but evaluate your risk and your performance as if you have deposited all your dedicated money at the broker.
However the risk is still limited to the free margin available (and the safety margin option). So Performance is calculated based on the Total Balance. Risk is also calculated based on the Total Balance but also limited on the accrual broker plus self-imposed margin restrictions as per the Account Equity available at the broker.
Intermediate Swing High has a Lower High to the left and a Lower High to the right.
Intermediate Swing Low has Higher Low tho the left and Higher Low to the right.
It works also in conjunction with focusing option on a particular pair only.
1) Lines On - Custom view;
2) Lines Horizontal;
3) Trend Lines - you can select how far they stretch in future price and their different style from horizontal lines.
4) Trend Lines Ray - automatically stretch the trend lines all the way to the right (Ray function);
5) Lines Off;
Added range labels for all sessions as well as other tool-tip descriptions for each plotted line or tool.
Added special button layout with minimum names and space taken.
Divided the tool different options in categories with most frequently changed options on top for better use and customization.
Each category has basic explanation and credits the popular and original source for its inspiration. Research on these is recommended.
Added On/Off button to hide and to display the selected options. Useful if for a moment the user wants to hide the labels for more chart area.
Added additional days for the Vertical Line on a custom delineating period. Usually the analysis is done on the New York midnight open (default).
- add dividends for past performance results;
- new other options for Allowed Margin tolerance on new trades;
- display spread as percentage from the current candle range;
Let say you want to visually compare and highlight the price action for the last few Friday sessions. On D1 time-frame candles are pointed with arrows.
Added Day of week to charge 3 days swap rollover.
Grid line on common institutional levels Zero, 50 plus 20 and 80 level.
New York Open Price (price during Midnight hour of NY Time) and Potential 33 pip target for a London High on a Bearish Bias Day or vice versa.
Manual Stop Loss, Take Profit targets and Manual Entry price for Money Management simulation on the outcome.
Added Clear Button to clear the Chart from manually drawn objects (or by changing the time frame). In order to keep your objects rename them after creating (maybe just add some prefix).
PSI is not only just an MM tool but has lot's of options to work with from a Price Action stand point of view or an Algo trading.
Added additional preset Brokers.
Also note that the Break-even Stop Loss to be considered eligible to free protected lots from the total exposure has to be at least 1 point positive. Not exactly as the Entry price.
Also added the Daily P/L for all instruments.
The average price can be affected by the all-time result in the current instrument, only by today's result and also adding additional custom result.
Added additional broker to the mix.
All that is great for Hedging positions.
This is useful if you hold a position but you have already closed few hedges and you want to know the real AVR Level based on the relative trades you want to include not only by the current open orders.
Among them warnings if Margin Requirements are exceeded or when preset Margin Level is Reach for new position. This means the Risk should be lower to lower the Position Size. Either by lowering the Risk or manually prefer lower ATR.
Added new button for ATR Stop Loss and Take Profits calculated based on the Live Prices or much better on the last candle Closed price.
Close means that the referential price for entry is the last candle close. This gives advantage to enter in much better risk to reward ratios (if you delay your entry for some reason) and the targets are calculated on the time of the signal. This is due to the fact the majority of indicator signals or price action patterns are confirmed only after the candle is closed not during its shaping.
If you are much closer to the candle's closing (something you can also check in the indicator under in the candle remaining time) you may switch to Live prices as they will be much more closer to the next referential price as the previous one could be already way off.
Stop-out Level helps you make better decisions when opening positions with higher risk tolerance - especially on smaller accounts or when you aim to build a long term position on a trading instrument with multiple aggregate entries.
This concerns mostly margin requirements and tick value on some instruments that differ for each broker.
Fix for some brokers that may have additional string value for the currency pairs. For example instead of AUDCAD to be AUDCAD-ECN.
Added Stop-out Level and lot's of other features like the ability to switch between different view options with single click and so on.
NB! With the Generic Broker function and all available options you can fix the calculator to work even on the strangest instruments and conditions that your broker provides. If such instrument occurs on your broker just follow the instructions and hit the correct indicator settings to match it. Do that while testing on Demo and save the template.
More brokers will be added in the feature to extend preset coverage of such cases. Upon purchase of the indicator you can request you broker and instrument of choice to be added to the list.
You are able to chose between flat commission in deposit currency per standard lot size according to the broker's specification for the instrument or use a commission calculated on a dollar amount traded as some brokers do.
Also you can opt out for a standard margin requirements suitable for most instruments and brokers or if this list doesn't work for a particular case you still can use the Multiplier Fix to align the calculator with that.
As always test on a Demo account to be sure about the inputs you will need if they are required as some special cases can be presented as each broker may have different specifications for indices, commodities, non-major currencies, etc.
- Switch directly from the chart from Buy to Sell risk calculations.
- Show or hide Stop Loss and Take Profit Lines.
- Last but not least ability to switch from points to pips and vice versa.