If you have thought that trading based on the accurately calculated position size cannot get any better, think again. Now you can use a MetaTrader script to place orders based on the calculations of the Position Size Calculator indicator. The script will detect the position size calculated by the indicator and will place a trade accordingly, whether it is an instant order or a pending one. For pending orders, it will also detect whether a stop or limit one should be used.
You can download the .mq4 file (or .mq5 if you are using MetaTrader 5) of the script or the same source code in .zip (MT5 in zip). You will have to place it in your MetaTrader’s /MQL4/scripts/ folder (or /MQL5/scripts/ in case of MT5).
Adding a hotkey (keyboard shortcut) to the script will make placing trades even faster. Here is the short tutorial on how to add a hotkey to the script in MetaTrader:
1. Right click on a script in the Navigator subwindow of your MetaTrader:
2. Then set the control key for your shortcut. It is either Ctrl or Alt:
3. Now, you can set the main trigger key:
4. Done. You can now press the key combination to invoke the script at any time to open your trade immediately.
PS: Of course, you should enable autotrading in your platform for the script to work whether you start it with a mouse click or a key press:
If you have any comments or questions about this trade placing script based on Position Size Calculator output, please post them using the form below.
This is a very nice script. Thanks for sharing it.
I like to put a comment in my trades. So I am wondering if it is possible to have Order window opened and filled by this script but let me put a comment and then place it myself.
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Andriy Moraru Reply:
November 4th, 2015 at 7:03 am
Unfortunately, that is not possible. You can only change the comment by editing the script’s source code prior to executing it.
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Hello Andriy – I cannot get the position size indicator to display the correct levels for entry, stop loss and take profit – even though they are correctly entered into the indicator settings. I have a screen shot which I can email you to show what has gone wrong. Just need to know where to send it to.
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Andriy Moraru Reply:
November 5th, 2015 at 10:32 am
Just set DeleteLines input parameter to true. It will fix the problem.
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OK – That has fixed the display but now the lot size has disappeared – so what next ?
Thanks
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Andriy Moraru Reply:
November 6th, 2015 at 8:17 am
Could you please show a screenshot?
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Sorry Andriy – its my fault – it obviously updates the screen when the asset price changes. I was using this when the market was very quiet and very few price changes !!
Brilliant Job – this will be SO useful . THANKYOU
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Hi Andriy, good day! I downloaded this script but the diamond in the lower right portion of the program icon is in gray.
I have already downloaded the mq4 file and transferred it to MQL4/Scripts.
So how do I fix this? Thank you!
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Andriy Moraru Reply:
November 30th, 2015 at 5:51 am
Can you open it in MQL Editor? If yes, can you compile it there? Are there any errors?
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I right clicked on PSC-trader and clicked modify. It opened MetaEditor. I clicked on the green play button and I was redirected to MT4. However, a prompt showed stating Position Size Calculator not found.
However, i do have the PositionSizeCalculator_separate under indicator.
What should I do next? Thank you in advance!
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Andriy Moraru Reply:
November 30th, 2015 at 8:13 am
To use PSC-trader, you have to attach PositionSizeCalculator_Separate or PositionSizeCalculator_Main to the chart, then launch PSC-trader script (just double-click it, do not go to ‘Modify’).
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Thanks for your reply, Andriy.
I attached positionsizecalculator_separate to the chart; then added my price parameters.
Afterwards, I double clicked on psc-trader script but my pending orders are not showing up under the trade tab. Is this normal? Thanks!
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Andriy Moraru Reply:
November 30th, 2015 at 11:55 am
Does it say anything in the Experts tab of the Terminal window?
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After I attached positionsizecalculator_separate to the chart, the following messages appeared on the experts tab:
positionsizecalculator_separate gbpusd,h1: initialized
custom indicator positionsizecalculator_separate gbpusd,h1: loaded successfully
I then double clicked on psc-trader, and the additional messages appeared on experts tab:
script psc-trader gbpusd,h1: loaded successfully
psc-trader gbpusd,h1: initialized
psc-trader gbpusd,h1: detected position size: 0.11
psc-trader gbpusd,h1: detected entry level: 1.64400
psc-trader gbpusd,h1: detected entry type: pending
psc-trader gbpusd,h1: detected stop-loss level: 1.60000
psc-trader gbpusd,h1: detected take-profit level: 1.70000
psc-trader gbpusd,h1: execution failed. error: unknown error
psc-trader gbpusd,h1: uninit reason 0
script psc-trader gbpusd,h1: removed
Is this a result of my using a demo account? I’m using fxcm mt4.
Thank you for the time answering my questions!
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Andriy Moraru Reply:
November 30th, 2015 at 3:27 pm
Some possible reasons:
1) Did you enable AutoTrading?
2) Does your FXCM MT4 account allow opening pending orders with SL and TP? Some brokers only allow setting SL and TP to existing pending orders, not to open pending orders with SL and TP.
3) Does your FXCM MT4 allows opening orders with size 0.11 (can you open it manually)?
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Hey Andriy,
1) I have enabled AutoTrading.
2) I was able to manually place a pending order with SL and TP
3) I was able to place an order for 0.11
I think i’ll just switch to another broker. I was wondering if you could tell which broker have you used your script? Thank you!
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Andriy Moraru Reply:
December 1st, 2015 at 10:26 am
I can use it with EXNESS and Alpari demo accounts without a problem, but the broker should not be causing any such errors. Could you please replace the line #148 in the code:
with this:
Then compile (F7) and try to run it again in MT4. Then, please tell me what did it output in the Experts tab.
Hopefully, knowing the exact error code I will be able to fix this.
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In my PSC-Trader.mq4, Line 148 contains this line:
else Print(“Order executed. Ticket: “, ticket, “.”);
Which is different from the line you just posted above (in my PSC-Trader.mq4, it is showing in Line 147).
I did your instruction but is still not working.
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Andriy Moraru Reply:
December 1st, 2015 at 11:52 am
What did it say in the Experts tab this time?
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I just reinstalled it and it started working! Your script is great!! Thank you for your fast response!!
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Andriy Moraru Reply:
December 2nd, 2015 at 4:17 pm
I am glad that it works for you now!
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Hi,
How can I save PSC on my MT4 from the start please, I’m using FXCM demo account.
Thanks a lot.
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Andriy Moraru Reply:
January 4th, 2016 at 4:31 pm
What do you mean by “saving PSC”?
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Position Size Calculator
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Andriy Moraru Reply:
January 5th, 2016 at 9:39 pm
You can save Position Size Calculator by right-clicking on the download link (on this page) with your mouse and choosing ‘Save Link As’. Then you can unzip the downloaded archive and copy the files to /MQL4/Indicators/ of your platform (you can quickly access that folder by clicking File->Open Data Folder from within the platform).
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Hi Andriy,
Thanks for sharing your position sizing script & indicator.
I have something very confidential to discuss with you hence, can I please have your email for that purpose?
Regards,
Paras.
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Andriy Moraru Reply:
February 25th, 2016 at 9:12 pm
You can contact me via this form:
https://www.earnforex.com/contact/
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Hello andrily i have recently installed your psc on my Mt4 but when i try to double click it to run it it just doesn’t seem to work on mt4. it says position size calculator not found then i installed position size as well on script folder. still now working what have i done wrong.
thanks alot
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Andriy Moraru Reply:
June 9th, 2016 at 2:28 pm
Position Size Calculator is an indicator and should be installed in Indicators folder. The latest version can be downloaded from this page: https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator
PSC-Trader is a script that is used to open trades based on the output of Position Size Calculator. The script should be installed into Scripts folder. The latest version can be downloaded from here: https://www.earnforex.com/blog/files/PSC-Trader.mq4
PSC-Trader script will not work if Position Size Calculator indicator is not attached to the chart when you run the script on it. It will output “Position Size Calculator not found!” It means that you have to attach Position Size Calculator indicator to the same chart before running the script.
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thanks alot for your unconditional support Andriy. i did as you said now its saying stoploss line not found.
Thanks Again
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Andriy Moraru Reply:
June 10th, 2016 at 10:16 am
Did you delete it or rename it?
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Thanks for such a good indicator.
I want the stop loss based on yesterday’s high or yesterday’s low of the daily candle.
How do I change this on the indicator?
Gary
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Andriy Moraru Reply:
May 4th, 2017 at 10:00 am
If we are talking about Position Size Calculator, you just move the stop-loss line to the yesterday’s high or low. Or you can type it into stop-loss field in the panel.
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Hi Andriy, does the script work with a zero account balance? Thanks!
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Andriy Moraru Reply:
May 17th, 2017 at 8:50 am
That depends on how you set up your Position Size Calculator indicator. If you set some fixed money risk instead of account percentage, then it will calculate a correct position size value. Then, you can use the PSC-Trader script to try opening that position. Now, it all depends on how your broker functions – does it allow opening trades with zero account balance?
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i have downloaded the script but i dont know why i cant use it.
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Andriy Moraru Reply:
July 4th, 2017 at 7:12 pm
What happens when you try using it? Are you using it together with the Position Size Calculator indicator?
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Hi. This is a great tool! Thanks for sharing.
My question is, regarding short positions. Are you going to include in future updates?
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Andriy Moraru Reply:
April 20th, 2018 at 7:20 pm
It already works fine with short positions. Did you encounter any specific problems with short trades?
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Hi, amazing indicator and script.
Would there be any chance of adding a new option/feature. I always place my stop loss ‘X’ pips above or below a high or low. So say I place the indicator Stop Loss at a high or low, then it adds or subtracts ‘X’ pips before doing the calculation. Hope this makes sense.
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Andriy Moraru Reply:
May 20th, 2018 at 2:58 pm
I am not sure if I understand you correctly, but you can move the SL/TP lines wherever you want when using Position Size Calculator.
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Neil Reply:
May 20th, 2018 at 4:18 pm
I wanted the indicator too do calculations and enter the SL ‘X’ amount of pips above or below what the SL placement on the chart is. It’s easier when scalping too see and place the SL at a high or low, then the indicator adds or subtracts ‘X’ pips too the SL depending if it’s a buy or sell order. I have managed too modify the source code I think as you made it open source and it looks like it’s doing the correct calculation. Will test when markets are open .
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Neil Reply:
May 20th, 2018 at 5:12 pm
My plan rules dictate the SL to be 3.5 pips above a high for a sell order and 3.5 pips below a low for a buy order. It’s easier and quicker when scalping too place the indicator SL at the high or low, instead off finding and placing the SL 3.5 pips higher or lower than a high or low, then make the indicator and script think the SL is actually 3.5 pips higher or lower. Hope this makes sense.
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Andriy Moraru Reply:
May 20th, 2018 at 6:02 pm
OK, now I understand. It is easier just to code a script, which when triggered would move the lines to X pips above/below the high/low.
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Neil Reply:
May 20th, 2018 at 7:47 pm
If you only change the script, then it pulls the wrong position size calculation from the indicator though. I have managed too change both since my original post.
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Andriy Moraru Reply:
May 21st, 2018 at 5:14 am
I did not mean changing the PSC-Trader script. I meant coding a completely separate script, which would adjust the SL and TP lines.
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Hi, this is really great thank you!
I installed the script on mt5, and also have the position size calculator, however, when i click on PSC Trader, it says position size calculator not found
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Andriy Moraru Reply:
May 20th, 2018 at 3:34 pm
Did you attach the Position Size Calculator indicator to the chart where you try to launch the PSC-Trader script?
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