Position Size Calculator
- Thread starter Enivid
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Sure. Just replaced it with and index of prices for the currency I want to look at, adjusting the inputs by their ATR's. Plots very nearly like RSI. only it gives... here, here is a picture,. RSI is brown, the EUR index is blue. See how close they are.
https://charts.mql5.com/6/321/eurusd-d1-noble-services-ltd.png
https://charts.mql5.com/6/321/eurusd-d1-noble-services-ltd.png
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Hello,
I'm a great fan of your position size calculator for MT4 and I currently use version 1.12 for everyday trading activities.
Now, is there a way to modify it to display the technical risk distance in pips between the stop loss price (Which is moved at my discretion) and the current market price? (Either the bid or the ask price depending on if the stop loss is moved above or below these prices)
I currently do work this out manually, but it would be nice to see this information displayed with the other information (position size ect). Since I place my stop above the top or below the bottom of a perceived entry signal, I'm beginning to think it would be nice to know the technical risk distance between a potential stop loss and the current market price.
Which in turn would help with calculating how far the market would then have to travel to reach certain risk/reward criteria.
Thank you.
I'm a great fan of your position size calculator for MT4 and I currently use version 1.12 for everyday trading activities.
Now, is there a way to modify it to display the technical risk distance in pips between the stop loss price (Which is moved at my discretion) and the current market price? (Either the bid or the ask price depending on if the stop loss is moved above or below these prices)
I currently do work this out manually, but it would be nice to see this information displayed with the other information (position size ect). Since I place my stop above the top or below the bottom of a perceived entry signal, I'm beginning to think it would be nice to know the technical risk distance between a potential stop loss and the current market price.
Which in turn would help with calculating how far the market would then have to travel to reach certain risk/reward criteria.
Thank you.
Let me clarify this: so you want to know the actual risk of entering at the current market price because the risk calculated based on the entry line is somewhat different due to the price volatility. Right?
I have a process I carry out when I'm analysing a potential trade entry. When I see an entry signal in the form of say a pin bar, I bring up the cross hairs on the MT4 chart, place it over the current market price, the bid or the ask depending, (Which at the time of my analysis will be at the close of said pin) and then drag it up or down to where I want my potential stop loss (your indicator object) to be for this particular potential trade (Usually above the top or below the bottom of the pin).
The cross-hairs will then display the distance, in pips, between the entry price and where my potential stop will be placed. Now knowing the technical risk distance in pips I now weather its a very wide stop loss and I'd be lucky to get a 1:2 R:R or if it's a very narrow stop loss and, knowing how much the market tends to move, I could realistically get a 1:5+ R:R, more, less or anywhere in between.
This could usually be done by simply looking at how large or small the pin bar is, but MT4 stretches and compresses and warps the candles depending on how much or how little the market has moved and to fill your screen accordingly. Resizing before every trade just adds to the trade execution time.
I use money risk set at a pre defined amount, so I risk the same amount each trade by adjusting my lot size accordingly (this is where your indicator works beautifully).
So I assumed having one more bit of handy information called 'Risk distance' or 'stop loss distance' that simply displays the pip distance between the current bid/ask price and your stop loss level object that I continually move to suitable levels before each potential trade.
I hope the above explanation helps somewhat. Thank you.
The cross-hairs will then display the distance, in pips, between the entry price and where my potential stop will be placed. Now knowing the technical risk distance in pips I now weather its a very wide stop loss and I'd be lucky to get a 1:2 R:R or if it's a very narrow stop loss and, knowing how much the market tends to move, I could realistically get a 1:5+ R:R, more, less or anywhere in between.
This could usually be done by simply looking at how large or small the pin bar is, but MT4 stretches and compresses and warps the candles depending on how much or how little the market has moved and to fill your screen accordingly. Resizing before every trade just adds to the trade execution time.
I use money risk set at a pre defined amount, so I risk the same amount each trade by adjusting my lot size accordingly (this is where your indicator works beautifully).
So I assumed having one more bit of handy information called 'Risk distance' or 'stop loss distance' that simply displays the pip distance between the current bid/ask price and your stop loss level object that I continually move to suitable levels before each potential trade.
I hope the above explanation helps somewhat. Thank you.
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If I add an input parameter that will make the entry line to always follow Bid/Ask, will it help in your case?
It's OK, I'm going to learn and have a go. Programming has always interested me.
In the most basic terms, I'm going to create an object with text and call it 'Risk Distance' and place it with the rest of the corner objects, Then have it display the distance in pips between your stop loss line object and the current Bid or Ask price, depending on if your stop loss object is above or below the bid price. And have it recalculate and update the result on a new tick refresh.
I guess kind of like a bid/ask spread indicator which I also use (I think you made that too?). I guess it would work along those lines. It's a very early and rough plan but I think it's at least possible and doable.
In the most basic terms, I'm going to create an object with text and call it 'Risk Distance' and place it with the rest of the corner objects, Then have it display the distance in pips between your stop loss line object and the current Bid or Ask price, depending on if your stop loss object is above or below the bid price. And have it recalculate and update the result on a new tick refresh.
I guess kind of like a bid/ask spread indicator which I also use (I think you made that too?). I guess it would work along those lines. It's a very early and rough plan but I think it's at least possible and doable.
Where would I start
Could you please point me in the right direction to get started - is there some recommended reading material ?
Could you please point me in the right direction to get started - is there some recommended reading material ?
This book is pretty good:
https://www.mql5.com/files/pdf/mql5.pdf
You do not need to learn a lot to make those changes though. The only thing you need is graphical object manipulation.
https://www.mql5.com/files/pdf/mql5.pdf
You do not need to learn a lot to make those changes though. The only thing you need is graphical object manipulation.
Nada
The instructions you have kindly put me onto are MQL5 is there any difference in this instance between those and MQL4 - I'm using MT4. At 4,000 plus pages could you give me clue as to where to begin looking, I tried Ctrl+F for "graphical object manipulation" = nada
The instructions you have kindly put me onto are MQL5 is there any difference in this instance between those and MQL4 - I'm using MT4. At 4,000 plus pages could you give me clue as to where to begin looking, I tried Ctrl+F for "graphical object manipulation" = nada
Sorry. Here is the MQL4: http://book.mql4.com/
And the chapter on objects: http://book.mql4.com/functions/objects
You can also learn a great deal of info about a particular MQL4 function by pressing F1 after positioning a cursor on it inside the MetaEditor.
If you want to install Position Size Calculator indicator on Mac, you have to follow the same steps as with any other indicator:
1. Run MT4.
2. File->Open Data Folder
3. Go to MQL4->Indicators
4. Paste the .mq4 file there.
5. Restart MT4.
Hi Enivid, thanks for the advice. I tried but it was unsuccessful.
After opening the Indicators folder, I could not perform copy or paste actions. I think it might be due to the fact that it is not Windows?
The title bar of the window says "Wine Explorer".
Try finding the application folder somewhere in Library\Wine folder or something similar.
Hi Enivid,
I managed to install the custom indicator.
Now I face another problem. When I shift the blue entry line or lime stop loss line, the values on the indicator remains as it is. It doesn't update itself.
Please help.
Sorry, I don't get you. What is waiting for a new tick? I waited for more than 5 to 10 minutes but nothing happens.
New tick is when the price updates. If nothing happened when the price updated, then there is some problem. Was there any error output in the Experts tab?
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