Thread: Visual Position Size Calculator

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

Yes as Unforseen stated, a tick must occur--the start() function in a custom indior is run every time a tick occurs, therefore there is just one way around the issue: an infinite loop that polls consistently for the loion of this line. This would regrettably, I'm afraid, consume CPU pretty poorly. I could give it a try though, but it's not a fantastic idea generally. Unfortunately in habit indiors use of this sleep() function is not allowed--with I could survey the loion of this line every half second or so. You can do this in EAs, however. Hmm, maybe I should just create an EA version that does this, which would address the inconvenience. Will consider it.

I can't work out how to drag the line. Its an amazing little tool but I cant use it!!! assist!

Originally Posted by ;

I can't figure out how to haul the line. Its an amazing little tool but I cant use it!!! assist!

Try double clicking on it, until you see small boxes at the ends of the line. It can now move everywhere. Applies to most lines etc on MT4 that you want to move. Only learnt that lately too, courtesy of mbq11 (thanks again)

Originally Posted by ;

Edit - there is definitely something wrong in the lots number/external balance logic. Example: external balance $10k, cease loss of 5pips, shows 45 lots. .

Depends KGB--exactly what currency, what risk%, and why type of account?

For instance: a 5 pip stop on a 10,000 mini account with 2.5% risk on GBPUSD really is roughly 50 mini lots. Remember, in this instance we're risking $250, also on a mini account at which 1 pip = $1, a 5 pip stop would give 50 lots ($250 for a total of 5 pips of movement is $50/pip). Super tight stops like this generate massive lot sizes and are usually not recommended except for scalping.

Therefore, in case you believe there's an error, can you please post the currency, account size, account type, and risk percentage? Thank you for your help! :-)

Originally Posted by ;

Try double clicking on it, until you see little boxes in the ends of the internet. You can now move it anywhere. Applies to the majority of lines on MT4 you would like to move. Only learnt that recently too, courtesy of mbq11 (thanks again)

mac18

Actually only one click will do, and this option will be put under ToolsOptionsObjectsSelect objects by single mouse click.

Originally Posted by ;

Actually just a single click will do, and this option is put under ToolsOptionsObjectsSelect items just one mouse click.

And for the information on setting a single click.

The MM (position sizing) indior is Essential! Keeps you from becoming overleveraged, if the only excuse is you can't be bothered with the calculations.

Fantastic tool. Thank you for sharing. I was constantly doing this by calculator before, so this is a significant time saver and I love to see the visual.

Great tool, thanks for that

Originally Posted by ;

Hi all,

I have a spreadsheet I use to manage large of a place to wear based on how far I wish to risk, the currency being traded, and the stop loss. But it is inconvenient to switch forth and back between MT and this during a live trading opportunity, so I've decided to create a custom indior to perform this work for me from inside MT.
(If anyone desires modifiions or has a feature request, let me know and I will do my best)

I have a live'presentation' (IBFX MT4) for forward test ing stuff, and want 0.01 minimum lot size.