Trade Position, a calculator for managing stock exchange risks
Continuing the theme of reviewing the most useful and free scripts for effective trading, today we will look at the Trade Position and Back Testing Tool MT5.
At its core, this is a script that allows you to quite accurately calculate the ratio of probable risk and possible reward, taking into account the size of the deposit.
Thanks to Trade Position, you can calculate the following important parameters of an exchange transaction:
Transaction size – taking into account the established risk percentage, the riskier the planned transaction, the larger its size.
Take profit and stop loss – taking into account the set risk level, displaying changes in the risk level when moving stop orders.
Linking to the current price and taking its value into account when recalculating indicators.
Installation and configuration of indicator parameters
You can download this script on the MT5 market plugins/system/oyl/src/Redirect.php?oyl=Z2d5DQAH4m1tw8Ea0QgN5lOu%2BR0v%2FKp1fKB%2BnwhegCh0F%2BsoRBnc7f7ZyBK2xEDptPWDM0fXzlM%3D there is also an additional description of the presented indicator. If you do not have an mql5 account, you can download the script at the end of this article.
Despite the fact that the script is located in the snail section on the market, after downloading it needs to be installed in the Experts folder. After adding to the chart, the main indicator panel will appear, which can be expanded by clicking on Hide Block:
By moving the location of the take profit or stop loss, you change the predicted size of profits and losses. And by clicking on the circle with the arrow, you change the type of pending order from Buy Stop to Sell Limit .
Moreover, the results obtained can be used not only on pending orders, but also for opening market orders.
Most traders have found the Trade Position and Back Testing Tool MT5 indicator to be a useful tool to help them test positions.