Trade risk indicator
Most traders associate indicators in trading platforms solely with trend analysis and trade signaling.
However, there is also a category of forex indicators that perform auxiliary functions and simply make trading more convenient.
The tool presented today falls into this category of auxiliary indicators; it displays the risk level on a currency pair chart.
Moreover, it does this not in abstract points or percentages of the deposit, but in the deposit currency.
This allows you to assess probable profits and losses relative to the trendline and evaluate potential prospects.
This means you can determine how much you stand to gain or lose if the price moves to a certain level.
After this operation, the settings window will open:
• grid_step_value – distance between indicators, 100 units by default
• lot_size – trade size in lots to be used in calculation
• lot_divider – lot adjustment (divides volume by this number)
• total_levels – number of levels used, the larger the time frame , the higher the value to specify
• zero_price – price value to be used for calculation
• progression – progression type
• multiplicator – multiplier for progression
• lines_color – display color on chart
• lines_width – line thickness
• lines_style – grid line style
• lines_prices – display price of grid levels on price scale
• text_shift_bars – shift text captions left/right by number of bars
In principle, there is nothing complicated, the main parameter to change is perhaps lot_size, where we indicate the position volume you are going to trade.
After all settings are made, click OK and we will see the following picture:
You may need to change the chart scale to display as many lines and data as possible.
Overall, you get a very useful tool that allows you to realistically assess potential profits or losses over a given period of time, based on historical trend data.
Download the trade risk indicator
