Most Recent edition, 1.4, attached to this post in the base.
See detailed instructions here:
https://www.nigeriaforextrading.com/...it-system.html
Hi all,
I have a spreadsheet that I use to manage how large of a position to put on based on how much I wish to risk, the currency being traded, along with the stop loss. However, it is inconvenient to change back and forth between MT and this during a live trading chance, so I've decided to create an expert advisor to perform this work for me from inside MT, visually onto the monitor.
After you attach the indior, you will have the following options:Percent of the balance you want to risk on a trade whether your order will be a market or limit order external account data -- this is for use if you have a non-MT broker and still use MT for charts, and also do not need to use your MT account balance for calculations colour of the stop loss/limit lines that's created (see below) After you OK the options, a stop loss line will be created in your chart. For extended transactions, this will definitely be below the price, and also for shorts, it will be above. Place the point to where your stop loss will be for the transaction. Note that once you move the line, the values displayed telling you how many lots to trade won't be updated until another tick comes in, so make sure that a tick occurs after you move the line!
Notice that the stop loss value and calculations take into account the spread, which on shorter TF trades can be very important. Remember that when going long, you buy not in the bid price, that's the default price displayed in MT, but instead in the ask, so if the spread is 5 pips along with your line appears to be 15 pips below the price, the SL is actually 20.
Though I have not yet tested this must also work work accounts whose deposit currency is not USD. It ought to work with EUR-based accounts for sure, and most others, even though there is certainly code missing to make it truly work for many currencies. If anyone finds that it doesn't work with theirs, then I shall certainly update it.
Hopefully this will be helpful to MT4 users. Position sizing is so significant in trading but frequently overlooked, probably because people just don't actually know that there are several different techniques to calculate this, or how to calculate it at all. My hope is that this indior takes some of the attention off of calculations and permits you to focus on great trade setups and exits!
(If anyone desires alterations or includes a feature request, let me know and I will do my very best )
https://www.nigeriaforextrading.com/...701438909310.4