Thanks, it works perfect! Just to let you know, I think you might have updated the unzipped MT4 version but not the zipped version on the download page.
It's OK, I understand. 😀
Position Size Calculator
- Thread starter Enivid
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Thanks, it works perfect! Just to let you know, I think you might have updated the unzipped MT4 version but not the zipped version on the download page.
It's OK, I understand. 😀
Copycat
Hi Enivid 🙂
Just came across this http://www.you-forex.com/best-mt4-indicators.html Looks remarkably like yours - H'mmm
Hi Enivid 🙂
Just came across this http://www.you-forex.com/best-mt4-indicators.html Looks remarkably like yours - H'mmm
After all that effort
It grieves me to say that I am unable to use the indicator I helped create.
I'm sorry but the calculations DO NOT work for spreadbetting
Originally Posted by Maverick
It's as I suspected - It's because I am SpreadBetting
In fact with position size = 0.01 and Reward/Risk = 3, we'd get Reward = 0.3 lots. The Reward would in fact be 0.03.
The Reward/Risk is in fact (in my instance) showing 3 to 1 odds
The PositionSize is the Bet size (stake)
That is when I bet 0.01 at 3/1 odds - If I win I will get 0.01*3 = 0.03 for my troubles
Sounds like SpreadBetting is going to be a special case
Very sorry but I don't know what you meant by
Isn't then MoneyRisk = Position Size in your case?
It grieves me to say that I am unable to use the indicator I helped create.
I'm sorry but the calculations DO NOT work for spreadbetting
Originally Posted by Maverick
It's as I suspected - It's because I am SpreadBetting
In fact with position size = 0.01 and Reward/Risk = 3, we'd get Reward = 0.3 lots. The Reward would in fact be 0.03.
The Reward/Risk is in fact (in my instance) showing 3 to 1 odds
The PositionSize is the Bet size (stake)
That is when I bet 0.01 at 3/1 odds - If I win I will get 0.01*3 = 0.03 for my troubles
Sounds like SpreadBetting is going to be a special case
Very sorry but I don't know what you meant by
Isn't then MoneyRisk = Position Size in your case?
Hello Enivid,
Sorry if I had been using the indicator incorrectly but I noticed for some of my pairs (WTI in this case) that the calculation is a bit perculiar (refer to attached screenshot).
I set money risk to 40, and dragged the respective lines for entry, SL and TP to desired prices such that Reward/Risk is '2'. Hence, money risk should be 40 when SL hits, and reward should be about 80.09 when TP hits. My pending order for the calculated position size of 0.03 was triggered at 92.4.
However, note that when I mouse-over the SL and TP lines, projected SL price shows -48 USD, while projected TP price shows 92.40 USD.
This was confirmed when moments after I took this screenshot, price hit SL shortly (indeed the loss was -48 USD when SL was hit at exactly 94.00).
Can you advise me? Thanks for your time. 🙂
/EDIT: Just realised one possibility - could it be that my money risk is too little, and that each jump in position size is at least 0.01, forcing the indicator to suggest the 'best possible position size', which incidentally results in a money risk that is more than the intended amount?
Sorry if I had been using the indicator incorrectly but I noticed for some of my pairs (WTI in this case) that the calculation is a bit perculiar (refer to attached screenshot).
I set money risk to 40, and dragged the respective lines for entry, SL and TP to desired prices such that Reward/Risk is '2'. Hence, money risk should be 40 when SL hits, and reward should be about 80.09 when TP hits. My pending order for the calculated position size of 0.03 was triggered at 92.4.
However, note that when I mouse-over the SL and TP lines, projected SL price shows -48 USD, while projected TP price shows 92.40 USD.
This was confirmed when moments after I took this screenshot, price hit SL shortly (indeed the loss was -48 USD when SL was hit at exactly 94.00).
Can you advise me? Thanks for your time. 🙂
/EDIT: Just realised one possibility - could it be that my money risk is too little, and that each jump in position size is at least 0.01, forcing the indicator to suggest the 'best possible position size', which incidentally results in a money risk that is more than the intended amount?
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You have answered your own question 🙂. The resulting position size is probably something like 0.025, but the minimum position step is 0.01, so it cannot return 0.025.
It is very good that you have noticed this behavior. The calculator should actually round down the position size to keep the potential loss below the given value. I have now fixed both MT4 and MT5 versions to work correctly. Please redownload if you want the position size rounded down.
Thanks! Yep having it round down would definitely be better than rounding up! Re-downloading now! 😀
Addons
Hello Enivid,
I run your indicator and I find it very useful. I wonder if it's possible to add something like a cumulative money management. I try to explain:
Usually, before open a position I setup my risk percentage (based on equity) for that position and it returns me the correct size lot to use. But I need the grand total of all open positions (if I run positions with 3% risk each and I'm running 10 positions my global risk will be 30%!), better if based on equity (so I can see my risk changing while equity change).
What do you think? 🙂
Hello Enivid,
I run your indicator and I find it very useful. I wonder if it's possible to add something like a cumulative money management. I try to explain:
Usually, before open a position I setup my risk percentage (based on equity) for that position and it returns me the correct size lot to use. But I need the grand total of all open positions (if I run positions with 3% risk each and I'm running 10 positions my global risk will be 30%!), better if based on equity (so I can see my risk changing while equity change).
What do you think? 🙂
Could you please provide some examples? I struggle to get the idea of what you are expecting to see.
I mean that actually indicator is useful at the entry of the position and for one position only. But if I manage (for example) 2 positions it just return me risk for 1 position (of course to have the global risk I can manually add the risk of each position opened) and the risk is based on equity (or account balance) at the entry moment (but it'll change with the equity).
I.E.
EURUSD
Entry Lvl: 1.27000
Stop Loss: 1.28000
Take Profit: 1.25000
Acc. Equity: 1508.54
Risk: 3%
Risk money: 45.26
Reward: 90.51
Reward/Risk: 2.0
Pos. size: 0.06
With the indicator above I can calculate the risk for EURUSD position only and just in this moment.
If I manage also this position:
GBPUSD
Entry Lvl: 1.62500
Stop Loss: 1.63000
Take Profit: 1.60000
Acc. Equity: 1508.54
Risk: 3%
Risk money: 45.26
Reward: 226.28
Reward/Risk: 5.0
Pos. size: 0.11
My global risk is 6% (3% EURUSD + 3% GBPUSD) in this exact moment. In next hours it probably changes based on my equity, if I've several positions open I can't have an istantaneous risk percentage monitored and I've to calculate each time the sum of any position risk.
Is it possible to have global risk (in the case above 6%) always printed on screen and dynamically adjusted on equity situation?
When I cancel indicator list from screen CTRL+I all data disappear except global risk and risk for position opened in the tab and both will update following the equity.
Hope I better explained, if not please let me know I'll try to make a graphic.
The sense of this is to have the risk updated for each position and avoid to overtrade opening too many positions
I.E.
EURUSD
Entry Lvl: 1.27000
Stop Loss: 1.28000
Take Profit: 1.25000
Acc. Equity: 1508.54
Risk: 3%
Risk money: 45.26
Reward: 90.51
Reward/Risk: 2.0
Pos. size: 0.06
With the indicator above I can calculate the risk for EURUSD position only and just in this moment.
If I manage also this position:
GBPUSD
Entry Lvl: 1.62500
Stop Loss: 1.63000
Take Profit: 1.60000
Acc. Equity: 1508.54
Risk: 3%
Risk money: 45.26
Reward: 226.28
Reward/Risk: 5.0
Pos. size: 0.11
My global risk is 6% (3% EURUSD + 3% GBPUSD) in this exact moment. In next hours it probably changes based on my equity, if I've several positions open I can't have an istantaneous risk percentage monitored and I've to calculate each time the sum of any position risk.
Is it possible to have global risk (in the case above 6%) always printed on screen and dynamically adjusted on equity situation?
When I cancel indicator list from screen CTRL+I all data disappear except global risk and risk for position opened in the tab and both will update following the equity.
Hope I better explained, if not please let me know I'll try to make a graphic.
The sense of this is to have the risk updated for each position and avoid to overtrade opening too many positions
Do you want it to get the risk data for other positions from the actual open positions? So that if you have one EUR/USD position opened at 3% risk and added the indicator to GBP/USD with intention of opening your second position, the indicator would display the total combined risk of the potential position + the existing position?
Or do you want it to get the risk data from other instances of PositionSizeCalculator, so that only the total risk of potential positions is combined?
That is not possible. If you remove an indicator, it can no longer update anything.
Or do you want it to get the risk data from other instances of PositionSizeCalculator, so that only the total risk of potential positions is combined?
That is not possible. If you remove an indicator, it can no longer update anything.
I believe the best thing is for the Position Size Calculator indicator is to monitor the risk based on currently open positions, pending orders and the the potential risk of the current indicator's instance.
Making it add up the risk of other attached instances of the indicator will result in confusion when a trader has already placed an order based on some of those instances but did not remove the indicator.
Making it add up the risk of other attached instances of the indicator will result in confusion when a trader has already placed an order based on some of those instances but did not remove the indicator.
Different style
Hi Enivid - Long time no see
Any possibility of making a good indicator even better ?
Yes I did slightly tweek your original BUT only the text - that's about my programming limit
Hopefully it's obvious what I am suggesting -
Turning PositionSizeCalculator_sepwind into BetSizeCalculator OR LotSizeCalculator for your FX followers
I actually went back with an afterthought to make the Balance Box bigger - to accommodate the more successful traders and something to aspire to - One Day ;-)
Plus the BetSize (LotSize)
THE SUMS ON THE BLACKBOARD
Something isn't quite right . . . 38.39/5 = 7.678 H'mmm
.
Hi Enivid - Long time no see
Any possibility of making a good indicator even better ?
Yes I did slightly tweek your original BUT only the text - that's about my programming limit
Hopefully it's obvious what I am suggesting -
Turning PositionSizeCalculator_sepwind into BetSizeCalculator OR LotSizeCalculator for your FX followers
I actually went back with an afterthought to make the Balance Box bigger - to accommodate the more successful traders and something to aspire to - One Day ;-)
Plus the BetSize (LotSize)
THE SUMS ON THE BLACKBOARD
Something isn't quite right . . . 38.39/5 = 7.678 H'mmm
.
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That's because Reward/Risk is calculated as Reward divided by Risk, which is 38.39 / 7.65 = 5.0183006535947712418300653594771, which rounded down to 1 digital place is 5.0.
Doing the sums
H'mmm - after a good 60 minutes or more with a spreadsheet I have to agree with you to a point.
I arrived at:
Reward = 38.3916666667
Reward/Risk = 5.0185185185
I did try and explain how I arrived at my figures BUT my brain started hurting again SO I rubbed it all out.
At the end of the day "Do coppers (cents) really matter" it's the £'s ($'s) we need to worry about.
.
H'mmm - after a good 60 minutes or more with a spreadsheet I have to agree with you to a point.
I arrived at:
Reward = 38.3916666667
Reward/Risk = 5.0185185185
I did try and explain how I arrived at my figures BUT my brain started hurting again SO I rubbed it all out.
At the end of the day "Do coppers (cents) really matter" it's the £'s ($'s) we need to worry about.
.
De Clutter your charts
I had that idea myself once UNTIL I came up with the separate window idea which can be closed up out of sight when not in use = Tidy chart space
PositionSizeCalculator_sepwind.mq4
.
I had that idea myself once UNTIL I came up with the separate window idea which can be closed up out of sight when not in use = Tidy chart space
PositionSizeCalculator_sepwind.mq4
.
Sorry, but I would not want to implement all the visual changes I am asked about. There is million ways to display the indicator's output. If I do not see a significant advantage to the majority potential users, I will not implement the change. However, I would still help you if you decided to code that. I could also hint that such change would not cost you much more than $5-$10 at MQL Jobs.
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