Position Size Calculator

Position Size Calculator (MetaTrader indicator) — calculates the position size in lots using given entry/stop-loss levels, risk tolerance and the current market data, such as account size and currency, and the price of the quote currency of the traded pair relatively to the account currency. The result is displayed as a text label in the main chart window. A trader can adjust many parameters, both for calculation and for display. It is an adaptation of our free online tool for traders — Position Size Calculator. The indicator is available for both MT4 and MT5.

Input parameters:

• EntryLevel (default = 0) — planned position entry price.
• StopLossLevel (default = 0) — planned position stop-loss price.
• Risk (default = 1) — tolerated risk in percentage points of the account balance/equity.
• MoneyRisk (default = 0) — tolerated risk in account currency.
• UseMoneyInsteadOfPercentage (default = false) — if true, then position size will be calculated based on risk tolerance given in money, not percentage.
• UseEquityInsteadOfBalance (default = false) — if true, then account equity is used instead of balance in calculations.
• DeleteLines (default = false) — if true, Entry and Stop-Loss lines will be deleted on deinitialization. Otherwise, it will leave the lines on chart, so the levels could be restored on subsequent indicator initialization.
• font_color (default = LightBlue/clrLightBlue) — font color of the indicator's data display.
• ps_font_color (default = Red/clrRed) — font color of the position size result.
• font_size (default = 12) — font size of the displayed text.
• font_face (default = "Courier") — font face of the indicator.
• corner (default = 0/CORNER_LEFT_UPPER) — location for the indicator's text. In MT4: 0 — for top-left corner, 1 — top-right, 2 — bottom-left, 3 — bottom-right. In MT5 it's quite obvious.
• distance_x (default = 10) — horizontal distance from the corner to the indicator's text.
• distance_y (default = 130) — vertical distance from the corner to the indicator's text.
• entry_line_color (default = Blue/clrBlue) — color of the entry line.
• stop_loss_line_color (default = Lime/clrLime) — color of the stop-loss line.

Obviously, this indicator is not usable for trading signals generation. Its purpose is to help Forex traders calculate position size for their allowed risk size and the given position parameters.

If both EntryLevel and StopLossLevel input parameters are set to zero, this indicator will try to put them at some local levels. You can drag the entry/stop-loss lines up and down directly on the chart. Position size value is recalculated every tick (MT4 and MT5) and on every line move (MT5 only).

Downloads:

Position Size Calculator for MetaTrader 4 in .zip

Position Size Calculator for MetaTrader 4 in .mq4

Position Size Calculator for MetaTrader 5 in .zip

Position Size Calculator for MetaTrader 5 in .mq5

Discussion:

Do you have any suggestions or questions regarding this indicator? You can always discuss Position Size Calculator with the other traders and MQL programmers on the indicators forums.