Position Size Calculator

[EnrichWave]

@EnrichWave "Max position size" isn't meant to work with the "Subtract pending orders volume". Its aim is to serve as a fuse to prevent accidental openings of large positions.

OK @Enivid But. If there is option a trader can set the max allowed lot size will be wonderful so he can't place more than that (including pending)..

Kind Regards

 

[Napolean]

OK, I'll consider adding that, however, I don't like adding more elements to the Main tab.

Thanks for your consideration : )

 

[parthjoshi26]

Hi Enivid, I am using this Position Size Calculator for 6 months. This tool is wonderful. The only thing I would like to suggest is, it would be better if I could input TP1 multiplier and TP 2 multiplier.

 

[parthjoshi26]

Hi @Enivid, is it possible if I put TP2 to 0.00, order should be placed with TP1 only?

 

[Enivid]

@parthjoshi26 Setting TP2 to 0 will make the second trade open without TP. If you want to disable the second trade, you should change it's volume share to 0 on the Script tab.

 

[Enivid]

Version 2.40 has been released. It includes the following changes:

1. Added a Max PS button (turned on via the new ShowMaxPSButton input parameter) to quickly set the position size to the maximum value allowed by the account's margin. (@Napolean)
2. Added advanced reference pair search for MT4 to find correction coefficient using two currency pairs for CFDs. For example, the PSC will now use both USD/SEK and USD/CHF rate to convert profit/loss for CAD/CHF trades if the account currency is SEK. (Suggested via email)
3. Fixed stop-loss value switching to -1 pip when switching the chart's symbol to a symbol without loaded history in MT5.
4. Fixed margin calculation for CFDs in the MT5 version, which sometimes could do it incorrectly.
5. Fixed a bug with position size calculation for futures instruments in MT5. (Suggested via email)
6. Fixed decimal places calculation accuracy. (Suggested via GitHub)
7. Script: Added sounds on successful and failed order execution. (Implemented via GitHub)

Please download and test!

 

[Fried_Rice]

I wish someone would invent a nice simple pip value calulator where you just need to enter the pair and the lot size (like they have on Ctrader)

 

[Enivid]

I wish someone would invent a nice simple pip value calulator where you just need to enter the pair and the lot size (like they have on Ctrader)

You can get something like that with Position Size Calculator. Just turn on the pip value display and you can enter any position size in the field and get the pip value calculated for you.

 

[EnrichWave]

Dear @Enivid it calculates the risk without the Commission. Could you please make it to calculate with Commission?.



Also the Fixed TP distance doesn't work initally when we it true, it doesn't work first time loading. we have to click on take-profit to lock it

 

[Enivid]

@EnrichWave Thanks for reporting the issue with the commission. I will change the calculation to include it in the next version.

As for the Fixed TP distance, I think there is a confusion due to the input parameter naming. If you want the TP to follow the stop-loss change, you need to set the TPLockedOnSL parameter to true.

 

[LittleBB]

Hello Enivid. Thank you for this powerful tool!

I'm having a problem with it not calculating size correctly for non-forex markets on MT4 with MyForexFunds.
Traders Global Group Incorporated MT4 Version 4 Build 1345
PSC version for MT4 2.40

If I enter .5 % risk it tells me the position size should be 20 but the account size is only 20k! This happens on non forex pairs like US30, SPX500, BTC, etc.

Thank you for all of your work on this calculator, much appreciation!

 

[Enivid]

@LittleBB Unfortunately, MyForexFunds doesn't provide a demo account, so I cannot test it properly. However, perhaps, the issue is in the stop-loss distance? Did you try increasing it? Does the position size change?

 

[LittleBB]

@LittleBB Unfortunately, MyForexFunds doesn't provide a demo account, so I cannot test it properly. However, perhaps, the issue is in the stop-loss distance? Did you try increasing it? Does the position size change?

Enivid, thank you for the reply. Yes, increasing the stop distance did change it. The larger the stop the more reasonable and 'real looking' the position size looks. Thank you for this idea.

 

[seanthesweep]

If you switch UseFixedTPDistance and UseFixedTPDistance to true, you will have the fields in pips. Pip values are also shown by default (if you didn't switch ShowLineLabels to false) near the SL/TP lines.

It would be nice if we can have the option (true/false) to either view the field in price or pips (points). Sometimes it's easier to type the pips than drag the line if we want an exact number. What do you think?

 

[Enivid]

It would be nice if we can have the option (true/false) to either view the field in price or pips (points). Sometimes it's easier to type the pips than drag the line if we want an exact number. What do you think?

Hmm... Doesn't the post that you quote explains how to exactly that?

 

[peterpies]

Just like to say the added sounds feature is great.

 

[seanthesweep]

Hmm... Doesn't the post that you quote explains how to exactly that?

Yeah it does, but that will trigger the FixedSL/FixedTP. It works well, nothing to complain about, just not that ideal in some scenario.

 

[Enivid]

Yeah it does, but that will trigger the FixedSL/FixedTP. It works well, nothing to complain about, just not that ideal in some scenario.

But what would be the difference in what you propose?

 

[EnrichWave]

As for the Fixed TP distance, I think there is a confusion due to the input parameter naming. If you want the TP to follow the stop-loss change, you need to set the TPLockedOnSL parameter to true.

Yes Exactly, You are a genius man. Also Kindly make a maximum allowed Lot size box (Fixed lot size per Instrument) so every instrument can not exceed that lot size. fixed percentage per instrument also nice one (just an idea).

Kind Regards

 

[seanthesweep]

But what would be the difference in what you propose?

With FixedSL/FixedTP set to True, we are able to modify our SL/TP based on pips, and it will locked to a fixed amount comparing with the current price (if we're on an Instant mode) - which is the purpose of FixedSL/FixedTP. But with FixedSL/FixedTP set to False, we are only able to modify our SL/TP based on the price (not pips). In some scenario, I would want to set my SL/TP using pips as dragging the line would sometimes miss one digit (it's minor I know but I trade like 1/2 pips SL) and without SL/TP following my entry price (which is why FixedSL/FixedTP is not set to true).