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Position Size Calculator Is Now a Separate Window Indicator

February 20, 2015 by

Another major revision of the Position Size Calculator indicator for MetaTrader has been released today. The main feature of the current version is that the main display of the indicator is now moved to a separate chart window, while the lines (entry, SL, and TP) are still located in the main chart window. Other important changes include:

  • Position size is now adjusted properly based on the minimum and maximum position size and position size step allowed by broker.
  • Risk and reward are recalculated according to the calculated position size. E.g. if you set a risk of $100 with 9 pips stop-loss on EUR/USD, the calculated position size will be 1.111…, but no broker would allow such a position size, so usually it will be rounded to 1.11. The actual risk calculated based on 1.11 position size and 9 pips stop-loss will be $99.90 instead of the input value of $100.
  • UseAskBidForEntry input parameter has been replaced with EntryType, which can be either Instant or Pending. This simplifies position size calculation for cases when you want to execute the trade instantly or enter your position using a pending order.
  • If EntryType is set to Pending and the entry level is too close to the current price, the indicator will show a relevant warning due to the minimum distance to the stop/limit orders.
  • If enabled, portfolio risk and margin calculations are now shown to the right of the main position size calculations instead of below them.

Position Size Indicator in Separate Chart Window

If you prefer not to use MetaTrader, you can still use the web version of the position size calculator. Unfortunately, it lacks the most interesting features of the MetaTrader version.

If you have any suggestions or wish to report a bug for this MetaTrader indicator, please do so using the commentary form below.

12 Responses to “Position Size Calculator Is Now a Separate Window Indicator”

  1. Chisha

    Hello!
    Thanks for all the work you’re doing, helping folks like myself all around the world. I’ve been using this indicator since last year and it’s great. I changed my computer and downloaded this new version today but I don’t like that it’s got a separate window so is there anyway I can have the old one back?

    Reply

    Andriy Moraru Reply:

    I will try to come up with a version that works in two modes – main or separate window – soon.

    Reply

    Andriy Moraru Reply:

    Here’s the latest main window version: https://www.earnforex.com/mt4-forex-indicators/PositionSizeCalculator_Main.zip

    Reply

  2. Mario

    Hello. I have version 1.22 of the Position Size indicator. I copied PositionSizeCalculator_Separate.mq4 and PositionSizeCalculator_Main.mq4 into the Indicators folder and PositionSizeCalculator_Base.mqh into the Include folder. Both the indicators compile but when I try to attach either of them, nothing displays and I keep getting this error message “Cannot open file ‘C:\Program Files\MetaTrader 4 IC Markets\MQL4\indicators\PositionSizeCalculator_Separate (or main).ex4′”
    Any suggestion?

    Reply

    Andriy Moraru Reply:

    There are two problems that I currently see here:

    1. You should not have been able to compile the indicator if you moved PositionSizeCalculator_Base.mqh into the Include folder. It should be in the same Indicators folder.

    2. If you open this folder – “C:\Program Files\MetaTrader 4 IC Markets\MQL4\indicators\” – do you see the required .ex4 there? If yes, then there is not enough system rights for MT4 to read that file (just make it readable by the “System” user). If not, then it is compiled elsewhere – search for it and move it to the right folder.

    Reply

  3. Andy in EC

    I have experienced two problems with this indicator perhaps there are solutions built in that I haven’t found yet – thanks in anticipation :

    (i) I would like to save the setting for the indicator such as screen position and colors etc. so that when I change between symbols the same set up is where I want it to be on the screen without having to re-establish all the parameters from the default settings. Is that feature built in as the indicator settings are so flexible ( fantastic !) it would be great to save my preferences and apply them to any chart easily.

    (ii) I have used the indicator on Dow Jones ( 16,000 point levels), USOIL 44.500 levels and GBPAUD ( 2.1000 levels). The indicator gets stuck at the 16,000 levels when I want to add it to a lower level chart and even if I change the entry SL and TP levels in the indicator parameters in the lower level charts they dont always change to the correct values. One or other remains at eg. the DJIA values. I have reloaded the indicator on to the chart but it still does not change to the correct values.

    Any assistance would be appreciated
    Thanks

    Reply

    Andriy Moraru Reply:

    (i) is solved with MetaTrader’s chart templates. You save the template with the indicator’s settings you like and then apply it to other charts.

    (ii) is solved with setting DeleteLines to true.

    Reply

  4. Ernesto Martins

    Hello, your index is fantastic and I want to thank you for your work, but I would like to suggest a supplement. When I put the lines very close, the volume increases a lot but does not take into account the spread of the operation and in the absence of this value there is a distortion of the result. Could you add more to this variable?

    Reply

    Andriy Moraru Reply:

    Actually, the indicator takes into account the spread. When you open the position at Entry and close it at Stop Loss, you lose exactly the Risk amount if you opened the trade with the given position size.

    Reply

    Ernesto Martins Reply:

    Sorry, I was using an old version. The current version is VERY GOOD !. Thank you !

    Reply

  5. Wolfgang

    Hi,

    can somebody send me the link for downloading this indicator

    Position Size Calculator Is Now a Separate Window Indicator”

    Thanjs Wolfgang

    Reply

    Andriy Moraru Reply:

    You can download it from this page:
    https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/#Downloads

    Reply

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