Position Size Calculator Information Indicator: Position Size Calculator
Trade Indicator Position Size Calculator calculates the position size in lots, using the specified entry/exit levels.stop loss, risk tolerance and current market data, such as account size and currency, and the price of the quoted currency of the traded pair relative to the account currency. The result is displayed as text in the main chart window. The trader can change many parameters, both for calculation and for display.
Input parameters
- EntryLevel (default = 0) - The planned price of opening a position.
- StopLossLevel (default = 0) - The planned stop loss price for the position.
- TakeProfitLevel (default = 0) - The planned take profit price. An optional parameter, which is used only to calculate the profit/risk ratio.
- Risk (default = 1) - acceptable risk in percentage points from the balance/accounts.
- MoneyRisk (default = 0) - acceptable risk in the currency of the account.
- UseMoneyInsteadOfPercentage (default = false) - if true, then the position size will be calculated using the risk specified in the account currency, not percentage.
- UseEquityInsteadOfBalance (default = false) - If true, then the calculation will use the account funds, not the account balance.
- UseAskBidForEntry (default = false) - if true, then the opening price of the position will be taken from the current Ask or Bid price.
- DeleteLines (default = false) - if true, the entry and stop loss lines will be deleted during deinitialization. Otherwise, they will remain on the chart so that the levels can be restored when the indicator is reloaded.
If the input parameters EntryLevel и StopLossLevel are set to zero, this indicator will try to assign them some meaningful values. You can drag the entry and stop loss lines up and down directly on the chart. The position size value will be recalculated every tick and every time the line moves. The trader can also set the TakeProfitLevel input parameter to see the calculated profit to risk ratio in addition to the position size.
ForTrader magazine experts note that the Position Size Calculator indicator cannot be used to generate trading signals. Its purpose is to help traders calculate position sizes according to their acceptable risk and specified entry/exit parameters.