Try removing all objects from the chart. Press Ctrl+b to get the list of all objects and remove them. Then try adding indicator again.
Position Size Calculator
- Thread starter Enivid
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Hi Enivid,
I can't thank you enough for creating and sharing this great indicator.
I was wondering if it's possible to provide an option to display the expected TP line and TP price based on user's input on risk/reward ratio?
For example, for 1:2 risk/reward, the indicator would calculator the difference between the entry and stop, multiply by 2, and tell you the TP expected value.
Do consider and much thanks.
I can't thank you enough for creating and sharing this great indicator.
I was wondering if it's possible to provide an option to display the expected TP line and TP price based on user's input on risk/reward ratio?
For example, for 1:2 risk/reward, the indicator would calculator the difference between the entry and stop, multiply by 2, and tell you the TP expected value.
Do consider and much thanks.
It worked!!! Thank you!
I just had delete the "EntryLine" and "StopLossLine" on the chart, and then it worked.
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Sorry, but I have decided not to implement that feature. Deriving your take-profit level (exit rule) based on your money management rules is a wrong way of doing things in trading, and I usually do not code anything I believe is a bad practice and will result in worse overall performance.
Well, this all depends on each trader's own method right? If in according to how your method is done is bad practice, it doesn't mean it would be bad with other's method of trade, not to mention each trader's risk tolerance is different, it's simply what works best for them in the end mentally, allowing them to keep trading with a satisfied worry free mindset.
I trade purely with Elliot Wave Principle, and from the 10 years of trading it, I've seen how taking 1:3 - 1:5 profit ratio has actually made more profit for me than if trying to wait and chase the entire impulse or corrective waves. The fib relations guideline to use for TP they taught might work on the stock side maybe, but it almost never comes out that way on the Forex side.
Why do I end up with more profit in the long run? Simple, not all waves will develop into what you're seeing, what you thought might be a new 5 wave up, might actually just be a 3 wave up from a larger degree. If I would have tried to chase the 5 waves, and in the end I had to redraw it, guess what? most of those profits will be gone by the time I close the trade. I won't lose, but I'll be making a lot less profit than if I would have closed at 1:3 to 1:5 depending on how price is moving.
Elliotticians constantly redraw their charts until the entire wave count finally confirms, some will move their stop to the last high/low of the last wave to protect their profit, but many don't, because if that wave decides to make an extension or the entire wave count fails, you would have exited way way too prematurely or taken a very small profit (unless they reprice their SL, but then if that's the case, what's the point of moving the SL there in the first place?). Some would move their stop to where price would break the rules to invalid the wave count, but again, that would also mean most of their running profit if not all will be gone, or they might actually end up taking loses.
Some traders might have full time jobs and cannot look at their chart for most of the day to readjust their SL or watch for exit signals to exit their trade, but are just as happy, and works best for them due to their schedule to simply take a 1:3-1:5 profit ratio.
In the end, what's the right or wrong way to TP all depends on each individual trader's method and risk tolerance, there's really no way for one to judge another on the "correct" way to take TP, what works for one individual might not work for another due to a valid reason they might have.
This is your indicator however, so I'll leave it to you and will respect your decision. This already saves me time, so I'm already happy as it is. =)
Sorry, but I really believe that it is possible to judge what methods are objectively correct and which are incorrect in trading. It is hard to do so about many concepts. But in this case of mixing MM with entry/exit rules, I can easily say that it is not a correct way to set TP.
It is incorrect in the same sense as is random trading, Martingale position sizing or measuring absolute angles on charts. You cannot base the exit rules based on your risk tolerance without crippling your overall long-term performance. Exit rules should based solely on market conditions, and your money management is not part of the market conditions.
I will not add that TP->RR feature not because I do not want to use it (I could just ignore it then), but because I believe other traders will be losing if they use it.
A great trader can make any losing method into a profitable method, a bad trader can make any great method into a losing method. Again, your last sentence goes both ways no matter what. I do however respect your opinions. =) I'm completely fine leaving the indicator as is.
All I can say is, no two trader trades the exact same, what might work and deemed "correct" by one, might not work and be deemed "incorrect" by another. We can try to teach one person the exact way we trade, but they will never be as good as the original creator of the method. One must always try to find a method that works best for them, and for them only in according to their own trading personality, just as how I'm sure you've realized on your way into becoming a profitable trader, reading and sorting through countless other methods others have posted or wrote about, coming into a conclusion of a method that works great for you. The correct way to TP is extremely subjective, because it all comes down to each unique trader's unique method of trading and especially their own unique personality, just as how I'm sure some can look at your method of TP, or my method of TP and said it is incorrect and that there's a better or more profitable way to do it.
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Actually, my SL & TP takes into consideration both market conditions and my money-management rules simultaneously. However, like nobitacu said, it's your indicator and I respect you for your concerns and decision against this feature. Thanks for the great indicator anyway. Cheers!
What is the logic of incorporating your money management rules into your exit rules? The market moves independently of your MM rules.Actually, my SL & TP takes into consideration both market conditions and my money-management rules simultaneously. However, like nobitacu said, it's your indicator and I respect you for your concerns and decision against this feature. Thanks for the great indicator anyway. Cheers!
The indicator dit not work when moving SL-line
Hello Enivid,
First of all thanks for this great tool.
I have a problem though, when I move the SL-line it's not recalculating the position size. Also the reward does not change when I move the yellow line.
I had an older version, I'm pretty sure it's the same indi, which was working perfectly, but that one did not have the RR-ratio.
Could you help me out here please.
I use MT4 build 509
Hello Enivid,
First of all thanks for this great tool.
I have a problem though, when I move the SL-line it's not recalculating the position size. Also the reward does not change when I move the yellow line.
I had an older version, I'm pretty sure it's the same indi, which was working perfectly, but that one did not have the RR-ratio.
Could you help me out here please.
I use MT4 build 509
Do you wait for a new tick to arrive? Do you move it far enough for the sufficient change in lot size?
Good morning Enivid,
I did all that, even created a tick, bot the numbers did not change.
The funny thing is, in order to be absolutely sure about this I installed the indicator again this morning, and now it does work on the pairs I loaded it on, fantastic! So thank you for this great tool
I have some suggestion to make it even better:
1. every time the indi is loaded on a chart, one has to put in the values for entry, SL and TP. When your working on a lot of pairs, it takes quit some time. Wouldn't is be better if the lines would simply appear i.e. entry on current price, SL current price plus 20 pips and TP current price -60 pips. In that case, one just has to drag and drop them
2. I have changed quit a few settings like, using money instead of %, corner and position in the corner. Again with a lot of pair is a lot of dull work. In an other indi I once used, the settings could be saved under a name, and be loaded in an other chart. This would be very handy
a question: does the indi also work on gold, futures and CFD's
Hello Enivid,
I'm trying out your indi on all the different settings, and encountered the following problem.
When you "delete lines" is set to false, after removing the indi from the chart, the lines have to be removed manually. When "delete lines" is set to true, all horizontal lines on the chart will be removed, including lines that are not related to the indi.
Would it be possible to fix this?
Best regards
I'm trying out your indi on all the different settings, and encountered the following problem.
When you "delete lines" is set to false, after removing the indi from the chart, the lines have to be removed manually. When "delete lines" is set to true, all horizontal lines on the chart will be removed, including lines that are not related to the indi.
Would it be possible to fix this?
Best regards
1. You don't need to put those values. If left zero, it will use some local price levels for Entry and SL. Though it won't place TP line unless you set some level there.
2. Sorry, but MT4 has no way of saving/loading indicator's settings. Such functionality is reserved only for expert advisors.
3. Yes.
I'm trying out your indi on all the different settings, and encountered the following problem.
When you "delete lines" is set to false, after removing the indi from the chart, the lines have to be removed manually. When "delete lines" is set to true, all horizontal lines on the chart will be removed, including lines that are not related to the indi.
Would it be possible to fix this?
It deletes three lines only, with the following names: EntryLine, StopLossLine and TakeProfitLine. If you had some other lines with those names, then unfortunately, there is no way to prevent PositionSizeCalculator from deleting them. It won't delete lines called somehow else.
Hi Enivid,
Is there any possibility that the indicator will refresh the entry lvl accroding to the ask price of the used currency pair? so that tick by tick it will use the price asi direct entry lvl and recalcute the position size according to this new data.
Thank you for your reply.
Is there any possibility that the indicator will refresh the entry lvl accroding to the ask price of the used currency pair? so that tick by tick it will use the price asi direct entry lvl and recalcute the position size according to this new data.
Thank you for your reply.
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