Script for risk and calculation of stop loss and take profit.

Risk management is one of the key points when working on Forex; without its use, you can quickly lose all the funds in the trader’s account. The main parameters that a trader should know are the ratio of the deposit size and the Forex trading lot , the size of the stop loss and take profit.

To partially automate the calculations, a script for calculating these parameters was invented; let’s check how effectively this program works.

Download the risk script.

After downloading and installing the script into the trading terminal, we configure it and add it to the desired chart of the currency pair. This process is described in detail in the article “ Installing an indicator or advisor in the Forex terminal .”

Setup.

The script has only a few parameters that you should select when setting it up, the “Input Parameters” tab is of particular importance.

Balance Risk Percent – ​​it is on the basis of this that the risk level is calculated; the lower this indicator, the smaller the volume in relation to your deposit you are recommended to trade.

It is not recommended to set a value greater than 10. Order StopLoss pips – as the name suggests, here we set stop loss parameters in pips, but do not forget to focus on the timeframe on which trading is carried out.

Since the default value in the script is 100 points, which is quite a lot for intraday trading. Profit Loss factor – is responsible for the profitability of transactions, or more precisely for calculating the take profit level; the higher it is, the larger the size of the set take profit.

Order Lots – based on the name, set the size of planned transactions, but changes in this indicator did not lead to anything, it is fixed at 1.

Based on logical conclusions, the script works with volumes from 1 lot.

That is, from approximately $100,000, taking into account leverage. If you use a leverage of 1:100, then the amount in your deposit must exceed $1000. In general, the program works and gives quite reasonable recommendations, although you will have to determine the parameters of stop orders yourself. You will learn how to do this in the “Practical Points” section of this website.