Position Size Calculator

[Enivid]

You only need to copy the script to /MQL4/Scripts/ if you want to use the script to open positions based on the Position Size Calculator's output.

To compile the indicator, make sure that you copy all three files to /MQL4/Indicators/ or to the same subfolder there:
Defines.mqh
PositionSizeCalculator.mq4
PositionSizeCalculator.mqh

You need to compile PositionSizeCalculator.mq4 not the other two.

 

[DerekC]

Thank you very much. I think I had two things wrong. First, my computer recognized the Defines and Position Size Calculator.mqh files as MT5 files so I didn't copy them, thinking they were for the MT5 version. Second, I had another copy of MetaQuotes editor running which saved the compiled version of the .mq4 file in the other broker's subfolder.

Thank you again. This thing is now up and working fine. I'll go back to the instructions and see how to use it the most effective way. Nice stuff Enivid.

 

[Enivid]

I have to thank you Derek because I did not realize that the installation process was not explained clearly. Now I added it to the indicator's download page.

 

[DerekC]

I must be missing something very simple because I can't figure out how to trade with the PSC. I have the PSC-Trader attached but don't know how to enter the trade. I've set the Stop and Take Profit points, purple line shows current point...how do I pull the trigger? This is probably so simple I'm dumb for asking?

 

[Enivid]

You cannot attach PSC-Trader. You can only run it. When you run it, it will open a trade. You can see its output in the Experts tab of the Terminal window.

 

[DerekC]

Attach/run...I click on it, carry it to the chart. Is that what you mean by "running" it? Here's my screen shot of the Terminal window you referred to. I guess I want to be able to limit my trades in both percentage, and/or lot size...so, am okay with only up to 1 lot per trade, but also no more than 1% of the account balance either. I was hoping to set it up that way.

 

[boa_conflictor]

Derek, all you have to do is drag the script to the chart on which you want to open the trade...did you enable auto trading on mt4?
You can also set a keyboard combination for this, which i personally prefer.
For this go to the script and click on "hotkey" and choose your preferable combination.

Risk % / Risk in your valuta, you can adjust how you prefer it, but i believe you have to do this every new trade. If you mean with setup to change the default 1% to another value automatically when you open PositionSizeCalculator, i believe this is not possible(yet...)?

 

[Enivid]

Attach/run...I click on it, carry it to the chart. Is that what you mean by "running" it? Here's my screen shot of the Terminal window you referred to. I guess I want to be able to limit my trades in both percentage, and/or lot size...so, am okay with only up to 1 lot per trade, but also no more than 1% of the account balance either. I was hoping to set it up that way.

View attachment 8860

Yes, that is called "running the script." It did not open the trade because you set up the maximum position size limit to 1.0 standard lot via Script tab of the Position Size Calculator whereas the calculated position size based on your risk settings, stop-loss, and balance was 7.39 standard lots.

It appears that 1% risk setting and your current stop-loss setting result in position size bigger than 1 standard lot. To fix this, you can go to the Main tab of Position Size Calculator and reduce the Risk setting from 1% down the level that would bring the position size below 1 standard lot. In your example, bringing it down to 0.13% would do the trick.

 

[DerekC]

Okay, neat work around. I like it.

 

[Thobani]

I'm new on these threads, found my way here testing trading strategies and tools.
I am using the PositionSizeCalculator to easily understand my RRR and place trades faster.
However I found a bug (well in my opinion) with this tool as it jumps up if you click on the Title bar to move it around. This only happens when you have indicator windows taking up space below. Maybe if possible you can make float or detachable as some of us mid-novice traders use a few indicator windows when doing technical analysis.

Please help as this is frustrating. My currnet interim fix is to remove the indicator and add it again on the chart.

Thank you,
Regards

 

[Enivid]

Thanks for reporting this! I would like to help, but I need more details about the problem. First, which platform you are using it with - MT4 or MT5? Which broker? What is the version of the PSC you are experiencing this problem with? Could you please post some screenshots that illustrate the problem?

 

[Thobani]

No problem. Please see below responses;
1. MT4
2. XM
3. Please find attached (PSC script version and error image)
4. PSC version : 2.06
5. Also my PSC shows EUR instead of USD risk value (see image).

Thank you,

 

[Enivid]

Thanks for providing the info, but I do not see any problem on the screenshot. Could you please be more specific?

PSC shows EUR instead of USD probably because your account balance is in EUR.

 

[Kay]

Can each PSC window have button to run PSC-Trader?
I open charts at the same time. So I looks like to miss-Open position with wrong pair I didnt expect. X(

 

[Enivid]

No, it is impossible to code using MQL4 or MQL5 language. It probably can be done using DLLs, but that's something I avoid applying in my indicators and scripts.

 

[Kay]

I understand. I will use shortcut carefuly.
thx for replying!

 

[Thobani]

Hi, Apologies for the delayed response.
Please see attached images.

What I see after trying to move the PSC around by holding and dragging the title bar.

Thank you,

 

[Enivid]

OK, now I see. As I understand, the title gets hidden only when there is not enough vertical space for the whole panel, right? Then, when you increase the space, there is no way to drag the panel down, right?

Unfortunately, I do not know if this can be fixed because the panel's behavior is controlled by the MT4 itself - not from my own code. I will try to code it so, that it would check whether the title has been hidden and move the panel down in that case. However, I am not sure that it will override the platform's own behavior.

 

[Enivid]

@Thobani try the attached PositionSizeCalculator.mq4. Please let me know if this workaround would work for you.

 

[eyekoms]

Hi Enivid! I have registered me, for saying Thank you very much for this great tool! This is the best risk calculator i have ever seen...and I have used many in the past.

The calculator works fine and without any issues. I just have 2 suggestions to make it even better.

1. Is there a possibility to show the spread inside the panel?
2. A button to run the script would be very nice. Currently I am using the MT4 hotkey function (in my case Alt+P). Maybe it is possible to make the button sending the hotkey signal.

Many thanks!