Almost a year has passed since the Position Size Calculator for MetaTrader was introduced in this blog. It is currently the third most popular indicator on EarnForex.com, losing only to Pinbar Detector and Market Profile. Unfortunately, while being extremely useful and pretty flexible, it failed to work with many trading instruments (e.g. CFDs or exotic currency pairs), especially if your account was not based in USD. But thanks to one conscious forum user, who turned my attention to MODE_TICKVALUE and MODE_TICKSIZE symbol properties in MQL, it has now changed for better.
The new version of Position Size Calculator retains all the advantages and benefits of the previous version but is now capable of calculating position size for any trading instrument that is properly described in your broker’s MetaTrader server. Additionally, the whole calculation process is much faster (as no reference pair is requested) and requires less manual intervention (to add reference pairs to the Watch window). The screenshot below demonstrates the new indicator in action on USD/SEK pair:
Same as before, the MT5 version is recommended over the one for MT4 as the former offers immediate position size recalculation when entry/
If you are loath to work with MetaTrader, you can always opt for our online position size calculator.
If you have any suggestions or wish to report a bug for this MetaTrader indicator, please do so using the commentary form below.