Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

Switch ATR Timeframes and Move SL/TP Lines Freely in New PSC

July 8, 2019 by

Version 2.22 of Position Size Calculator fixes two minor bugs and introduces three cool new features:

You can set the input parameter UseCommissionToSetTPDistance to true and then the Take-profit button will use the entered commission when calculating the TP line location:

Position Size Calculator takes into account commission when positioning take-profit level

If you leave UseCommissionToSetTPDistance = false (default), the behavior of the button will be the same as before — TP will equal SL (or multiplied by a given multiplier).

Now, even if set UseFixedTPDistance and UseFixedSLDistance to true, you will still be able to move the SL and TP lines manually, which can be very handy to set them to some important chart levels:

Position Size Calculator allows moving SL/TP lines even when fixed pips distance is used

When I introduced ATR stop-loss and take-profit setting back in version 2.18, it limited you to use ATR of the same period as the chart was set to. You had to switch chart timeframe to change the ATR’s calculation timeframe, which was not a very good way to handle this. Now you can switch ATR timeframe separately with a special button and set a default timeframe when attaching the PSC indicator to a chart:

Switch ATR timeframe easily independent on the current chart's timeframe

A complete list of changes is available in the changelog.

If you prefer not to use MetaTrader, you can opt for the web version of the position size calculator. Despite differing significantly from the MetaTrader version, it will let you calculate position size easily.

If you have any suggestions or wish to report a bug in this MetaTrader indicator, please use our official Github repository or the commentary form below.

Leave a Reply

required
required (will not be published)
optional