Trade Position, a calculator for managing stock market risks
Continuing our review of the most useful and free scripts for effective trading, today we'll look at the MT5 Trade Position and Back Testing Tool.
Essentially, this is a script that allows you to fairly accurately calculate the ratio of probable risk and possible reward, taking into account the size of the deposit.
Trade Position allows you to calculate the following important parameters of a stock 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 – based on 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.
Setting and configuring indicator parameters
You can download this script from the MT5 Market, where you can also find an additional description of this indicator. If you don't have an MQL5 account, you can download the script at the end of this article.
Although the script is located in the Snails section of the Market, after downloading it, you need to install it in the Experts folder. Once added to the chart, the main indicator panel will appear, which can be expanded by clicking Hide Block:
By moving the take profit or stop loss location, you change the projected profit and loss amounts. And by clicking the circle with the arrow, you change the pending order type from Buy Stop to Sell Limit .
Moreover, the obtained results can be used not only for 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 assist in testing positions.
