Position Size Calculator

[dzacek]

Hi Enivid,

First of all, I do appreciate your great work on this tool.

I have found some additional adjustments that would help and probably for other users as well:
1.
Is it possible to have by default take profit line set the same way as Entry, Stoploss line? Let's say 20 pips from EntryLine?
2.
My trading is based on pending orders so I would appreciate if your indicator incorporates placing actuall orders with values taken from StopLoss, Entry, TakeProfit, lines. My idea is that there would be for example additional script that placing pending orders based on lines from indicator.

 

[Andy]

Interesting....first, construct the trade as usual by setting the SL, Entry (Either a certain fixed price for a pending or use the Bid/Ask for an 'at the market' order) and the optional TP price, entered all manually or from dragging the lines visually on the chart, and of course that will still calculate a lot amount based upon a pre-determined equity risk amount or on a percentage of the total trading capital, like the indicator does now, but with the addition of a 'place trade' button to actually place the trade with the above pre-constructed values? and it knows if it's a buy or sell order depending on whether the SL is placed above or below the Entry?

That would actually go a very long way to increasing a trades execution speed whilst drastically reducing the margin for human error that takes place throughout the process of physically copying the values from the indicator to the 'open new trade window'. And of course under volatile and hectic market conditions the prices/values can and do change quite rapidly.

Is this possible?

 

[Enivid]

1. Is it possible to have by default take profit line set the same way as Entry, Stoploss line? Let's say 20 pips from EntryLine?

I do not want to make such behavior default because TP is not necessary for position size calculation. I can add a separate flag (true/false) if you want the TP to be automatically placed at, let's say, the same distance as default SL, but is it worth it? You can just enter anything in the TP level input parameter for the line to appear on the chart. Please let me know.

2. My trading is based on pending orders so I would appreciate if your indicator incorporates placing actuall orders with values taken from StopLoss, Entry, TakeProfit, lines. My idea is that there would be for example additional script that placing pending orders based on lines from indicator.

Unfortunately, indicators are not allowed to place trades in MetaTrader. I could create some script that could be invoked by a trader once all lines are positioned. I think it is a nice idea. What would you like to see in that script?

 

[Andy]

Since I take the most minimalistic and simplified approach to technical trading as I possibly can, I've never used or even looked into scripts but this sounds really interesting.

As you said, indicators can't actually place trades, so how much power could this script have? and how well could it communicate with the indicator?
For example, could it be able to accurately populate the new trade window fields with the order type and values it takes from the PSC indicator?

 

[Enivid]

It could not populate any fields, but it could read the indicator's output values and actually place those trades (pending orders if indicator is set to Pending execution, or market orders if it is set to Instant).

I can add the input parameters window to the script to make some things tunable besides what is given via indicator, but that would slow down the whole execution process. That's why I am wondering whether there are some important settings to consider here that should definitely be changeable via input parameters window.

 

[Andy]

It could not populate any fields, but it could read the indicator's output values and actually place those trades (pending orders if indicator is set to Pending execution, or market orders if it is set to Instant).

That sounds even better and much more efficient. I'm excited to see how this turns out.

 

[Enivid]

Version 1.21 is out. It fixed the line width setting. It also added indicator's short name in MT5, which will be necessary for the planned trade opening script to work.

 

[Andy]

Hey Enivid, there's always been something that I've meant to ask you.

You see in the indicator configuration window, under the 'common' tab, I'm presented with three settings...

* Allow DLL imports.

* Allow external experts imports.

* Allow modification of Signals settings.

How should these 3 settings best be configured for your PSC?
(If any of them actually matter in this case of course)

 

[Enivid]

No, they do not matter at all for this indicator.

 

[Enivid]

The script to place trades based on the Position Size Calculator is finally out. Please let me know what you think about it.

 

[Andy]

To test I'm running the latest PSC 1.21 for MT4 main window.

Indicator name - "PositionSizeCalculator_Main".

Installed the script and set hot key to Ctrl+C. Upon pressing said hot key I receive an alert warning "Position Size Calculator not found!". I have also tried right clicking the script from the MT4 navigator list and choosing the "Execute on Chart" option and I get the same alert warning.

(Auto trading has been enabled too BTW)

 

[Enivid]

Yeah, there was a problem with the Main Window Position Size Calculator and the script cooperation. Thanks for reporting! It is now fixed and you can download the new version of PositionSizeCalculator_Main and PSC-Trader to make it work.

 

[Andy]

Nice, this is a HUGE step forward in trade entry efficiency and accuracy!!

I've re-downloaded both and upon initial testing all seems to be going well. I will continue to monitor and report anything unusual.
Below are some of the minor things I've been thinking of recently.

* Including the indicator/script version number on their respective download pages and on their parent .zip folders. Sometimes I have multiple old and new versions archived on my computer, laptop and pen drives. I do name them accordingly but these are just some possible thoughts for future releases.

* Minor appearance issues. In light of all the awesome recent changes and additions I have now moved from the 1.12 to the 1.21 + Script. Since my trading devices usually have large screens with big, clear price action and key information that's easily visible, I have changed the font to Arial and increased the font size to 14 and I may even increase it again. It causes the objects to overlap (See screen shot). With the 1.12 I went into the code and managed to change its appearance to perfectly suit. But I want to avoid having to do that now that the indicator has grown in complexity and with it being updated so often.

Again...these are minor compared to all the fantastic work that has been going into it regarding much more important areas.

 

[Enivid]

Thanks! Both points implemented in version 1.22. You can now vary the line height using the input parameter line_height.

 

[Andy]

Re-downloaded, installed and tested.

Amazing, you are truly in the zone at the moment Enivid.

Nice work. I have once again incorporated your Spread indicator and made them look alike in style and formatting.
All is well with my trading environment again. Brilliant.

 

[Andy]

A screen shot of the PSC + Spread indicators with the script running and ready for action in the background.

 

[Chistabo]

Hi, Enivid, superb indic. Congrats!

Bug report:
- set 'Take profit' to some value, confirm entry, PSC updates the chart with TP line
- change 'Take profit' to different value - PSC does NOT update the TP line
Perhaps I am missing something. Dunno.
I am messing with the code, so it might be my fault, though I doubt, I have not messed with TP part of the code.

Suggestions:
This indic can be fully automated to trade. In this case it would be EA.
- EntryLine can be set to trigger the trade, at fixed price level (trading strategy no. 1)
- EntryLine (& StopLossLine) can be set to 'follow the white rabbit' (LOL), that is, to follow the price; i.e. trader wants to sell, price is going up, EntryLine is following the price up, when price reverses (down - sell), EntryLine stops following, and when price crosses the EntryLine, trade is triggered (trading strategy no. 2)

I have EA that can do that, can share the code if interested, but since it has additional filters, it enters quite late. So I have been looking for simple 'lot calculator' indic, and found this one. Thumbs up!
I could have re-coded my EA, but it is in 'old MT4 code', before MT4 build 600. Though fully working.

If interested, please let me know, probably best via e-mail or PM.

I trade Live, currently profitable.

If this matter has been addressed somewhere in the thread, please forgive me for not reading the whole thread. After 4 years of reading the numerous threads, I found what I was looking for, and can't read threads from beginning no more. Thread-sick, that is. LOL.

Best regards,

Simon
S love nia

Sorry for the false TP bug report, have figured it out, I had it on wrong side of the EntryLine.

Simon

Hi!

I have quickly reviewed PSC indic.
Few suggestions:
- Stop Loss in pips, please (LOL)
- Also, no serious trader would trade without SL, so SL line should be put on chart at init(), IMHO, i.e. selected pips from EntryLine, and NoStopLoss be only as option (I think I messed up something here, because I have found StopLossLine (among chart Objects, CTRL+B), but it had 'Value 0'; strange)
- Rename 'HideSecondRisk' into smt. like 'HideRiskAsMoney' or 'HideMoneyRisk', if I got this right
- Rename 'DeleteLines' into 'DeleteLinesOnDeinit'
- Button to quickly access Indicator Inputs window
- IMHO, under Inputs window, Risk, EntryLevel, StopLoss(Pips), TakeProfitLevel and EntryType should be on top

I am having troubles putting StopLossLine on chart. Just what am I missing? Must check page 1 of the thread.
I also can't make right edge of Risk(percent) and Risk(money) to be in line (under Input (Divider) label).

I love self-arranging (hide/show - up/down) functionality. Brilliant.

I also checked PSC Trader script. Smoooth! Bow! Auto-trade-limit/stop configuration. Bow again!

I have re-coded the chart labels (info) to be on right side, neatly one under the other, since by default trader looks at current price, which is on the right of the chart. See image.

Happy trading.

Simon

Hi!

In 'PositionSizeCalculator_Base', under 'if(TakeProfitLevel>0)'... 'ObjectSetText("PotentialProfit","",font_size,font_face,rr_font_color);'
- here 'rr_font_color' is used, I believe it should be 'pp_font_color'. It does not show up, since code below (under block 'if(tTakeProfitLevel>0)'... 'ObjectSetText("PotentialProfit",...' hides the bug.

Simon

Hi!

Another but:
- Put 'TakeProfitLine' on chart, 'RR' label should be visible
- Now move 'StopLossLine' up and down and watch 'RR' label - it behaves erratic, now shows (Input) value, now it doesn't

Again, it might be just me.

Best regards,

Simon

OK, this solves previous 'Risk/Reward bug mystery':
'if(OutputRR==RiskReward) RiskReward="";'
But it is awkward. Please ignore.

Simon

Hi, is it normal that changing TimeFrame changes EntryLevel and StopLossLevel?

Simon

Hi!

Another suggestion:
- Button for toggle 'Instant/Pending' ENTRY_TYPE, with text showing current selection (Instant or Pending)

Best regards,

Simon

Hi!

I wonder why 'FormatDouble' does not work for EntryLevel or TakeProfit nor StopLoss?
It would be nice, I find this format really enjoyable. Trading Gold, which is currently at 1,190.00 level.

Thank you for sharing the code,

Best regards,

Simon

 

[Enivid]

Bug report:
- set 'Take profit' to some value, confirm entry, PSC updates the chart with TP line
- change 'Take profit' to different value - PSC does NOT update the TP line
Perhaps I am missing something. Dunno.
I am messing with the code, so it might be my fault, though I doubt, I have not messed with TP part of the code.

That's because it "loads" the TP level from the line, which it sees on the chart. Setting DeleteLines to true would help it.

Suggestions:
This indic can be fully automated to trade. In this case it would be EA.
- EntryLine can be set to trigger the trade, at fixed price level (trading strategy no. 1)
- EntryLine (& StopLossLine) can be set to 'follow the white rabbit' (LOL), that is, to follow the price; i.e. trader wants to sell, price is going up, EntryLine is following the price up, when price reverses (down - sell), EntryLine stops following, and when price crosses the EntryLine, trade is triggered (trading strategy no. 2)

There is already a script to trade using this indicator. I do not want to code an EA based on it, because EAs have one big restriction: there can be only one on one chart.

I have quickly reviewed PSC indic.
Few suggestions:
- Stop Loss in pips, please (LOL)

Pips are such a fuzzy concept in spot Forex that it will just add a lot of confusion.

- Also, no serious trader would trade without SL, so SL line should be put on chart at init(), IMHO, i.e. selected pips from EntryLine, and NoStopLoss be only as option (I think I messed up something here, because I have found StopLossLine (among chart Objects, CTRL+B), but it had 'Value 0'; strange)

SL line is placed automatically if the SL value is not given. The indicator won't work without SL.

- Rename 'HideSecondRisk' into smt. like 'HideRiskAsMoney' or 'HideMoneyRisk', if I got this right

It can hide any of that. Adding more input parameters will add confusion here.

- Rename 'DeleteLines' into 'DeleteLinesOnDeinit'

It also deletes previous lines on init, so that's not the case.

- Button to quickly access Indicator Inputs window

No idea how to do that without DLLs.

- IMHO, under Inputs window, Risk, EntryLevel, StopLoss(Pips), TakeProfitLevel and EntryType should be on top

That's the matter of personal preference. You can move them up in the code if you wish, but you would have to do that every time you update the indicator.

I also can't make right edge of Risk(percent) and Risk(money) to be in line (under Input (Divider) label).

I don't get it. Could you please show a screenshot?

In 'PositionSizeCalculator_Base', under 'if(TakeProfitLevel>0)'... 'ObjectSetText("PotentialProfit","",font_size,font_face,rr_font_color);'
- here 'rr_font_color' is used, I believe it should be 'pp_font_color'. It does not show up, since code below (under block 'if(tTakeProfitLevel>0)'... 'ObjectSetText("PotentialProfit",...' hides the bug.

Yeah, my bad. Thanks for reporting!

- Put 'TakeProfitLine' on chart, 'RR' label should be visible
- Now move 'StopLossLine' up and down and watch 'RR' label - it behaves erratic, now shows (Input) value, now it doesn't

The input values are shown only if they are different from the output.

Hi, is it normal that changing TimeFrame changes EntryLevel and StopLossLevel?

Yes if you set DeleteLines to true.

- Button for toggle 'Instant/Pending' ENTRY_TYPE, with text showing current selection (Instant or Pending)

No idea how to do that without DLLs.

I wonder why 'FormatDouble' does not work for EntryLevel or TakeProfit nor StopLoss?
It would be nice, I find this format really enjoyable. Trading Gold, which is currently at 1,190.00 level.

How would it work? Cutting the extra decimal places? That's not a good idea when dealing with the trade levels...

 

[Andy]

Hello folks.

Below are some ideas regarding the Script this time round.

* A Script configuration window. Where the 'About', 'Common', 'Input' and other tabs are found. A place for input parameters to be set, like the amount of tolerated slippage (without going into the code). And without this UI, double left-clicking on the script from the navigator window actually enters a new trade if a PSC is attached to the chart you're currently looking at. I find this could trigger unwanted trades to be entered by accident.

* A throttle mechanism. A safeguard to protect people from accidentally entering multiple instances of the same trade. This could potentially happen in a lot of ways, mainly by the user accidentally double tapping their hot key and similar things of this nature. Maybe an optional input parameter to set the number of seconds that have to pass between new trade entries?.

Thank you.

 

[Enivid]

The problem is that once I enable inputs for the script, you won't be able to use it one click. It will always pop up the input parameters preventing fast entry. You cannot have it both ways - a script with input parameters and a script that executes instantly.

If you try to invoke the script too fast, MetaTrader will ask you whether you want to stop its execution. The trade isn't executed instantly, so there is some time when a double click or hotkey press won't trigger anything and will prevent any new executions of the script.