Position Size Calculator

[EnrichWave]

OK. @Enivid Kindly give permission to @Alexter to share the excel book in this thread or in PM.

Kind Regards

 

[Enivid]

HI @EnrichWave I will be happy to share it if @Enivid allows me. Also I am not sure if its ok to share it here or create its own thread. (please Enivid tell me what would be the best)

You can certainly share your Excel spreadsheet if you want. You can also create a separate thread for it, but I would not recommend it unless you are planning to provide user support for it.

 

[EnrichWave]

Yeah! I agree. and so @Alexter have his own choice to share it isn't ?

PS: @Alexter if you don't have time to make a thread to share and if it's not prohibited sharing that file in PM kindly share with me.

Kind Regards

 

[Alexter]

Thanks @Enivid . I will post it here as I dont really want to keep constantly maintaining it. A few months back i made a small user guide which i will also share here.
Just take into account that the file may not be complete or understandable for everyone. Please use at your own discression (I am not to be liable for the potential losses that arise form using my file)

Here is the link to a google docs I made as user guide.
https://docs.google.com/document/d/1-oUtyB0jCz_6Q5SO9ZfH1TcH_DaK4oES7JfV0MQG0Yc/edit?usp=sharing

Have a good day.

 

[EnrichWave]

Thanks for sharing @Alexter and Could you please share that MS Office based book. it's because it seems I could not use it.

Kind Regards

 

[Alexter]

Thanks for sharing @Alexter and Could you please share that MS Office based book. it's because it seems I could not use it.

Kind Regards

What part you couldnt make work? If its the syntax for the DDE function to work you will need to change that yourself as I cant (if I do the code doesnt work as I am in libreoffice and it doesnt export that well sometimes to excel code)
If you cant open odf I will add to the document a link to a xlsx version of the file (but the problem is that is losses its macro functionalities)

 

[EnrichWave]

Yes @Alexter I could not open the odf. It goes into recovery mode. Yes I would like to have xlsx version. I'll look into fix the DDE and Macro functions

Kind Regards

 

[Alexter]

Yes @Alexter I could not open the odf. It goes into recovery mode. Yes I would like to have xlsx version. I'll look into fix the DDE and Macro functions

Kind Regards

Hi @EnrichWave it took me some time but I used an online file converter that seems to have kept the functionalities intact (it seems the current version of LibreOffice cant save macros back to MS office formats).
The same link has the 2 files (original ODF and converted XLS).

The DDE syntax may be the same as the file I use now as it seems that MS updated the syntax from the old version to one that is similar to the one I use on my file. (still check that the DDE data updates well or use an external source to get your pip value per lot)

Link to the google docs here:
https://docs.google.com/document/d/1-oUtyB0jCz_6Q5SO9ZfH1TcH_DaK4oES7JfV0MQG0Yc/edit?usp=sharing

 

[Soniaa]

Hello all, thanks @Alexter for your effort.

I have some inquiries and would be grateful to have your ideas about.

1. When we want to go long (Buy), we normally set the EP to the high of the current candle (which is the case in PositionSizingCalculator) or slightly above. If the price moved toward bullish, then the order will be triggered and we will be in the trade.
Conversely, when we want to short (Short), we normally set the Ep to the low of the current candle (which is NOT the case in PositionSizingCalculator) or slightly below.
Here in this tool, when one switch between Buy and Sell, SL and TP switched as it should, but EP remains to the high of the current candle. I think this should be fixed.

2. It would be great if when we set the SL, the TP also assigned based on "TP Multiple for SL value" without a need to click on TP button there.

3. Is it possible to run the PC-Trader script from the PositionSizingCalculator? For instance, a button that places the order after position sizing rather than running the PC-Trader script to do so?

4. I think the PositionSizingCalculator definitely needs an option where one can set a default SL and TP, for example, TP=5, EP=10. This is very important for several reasons. One because of many traders who has a fixed SL/TP distance from the EP in their trading strategy. In addition, sometimes, the length of the current candle is so small that SL to Ep would be one pip or smaller, thus the current method doesn't work.
an option which let us have to set a default Sl and TP would be great.

5. Some brokers have five digits (considering fraction pips) and some four for the none JPY pairs. If a broker has 5 digits, then for an SL distance of 5, one needs to add 50 which is a bit confusing. It should not be difficult to check and see if the user broker has 5 or 4 digits. in case of 5 digits broker, we should be still able to add SL distance as pips and not a fraction pips. (hope you understand what I mean)

Thanks.

 

[Enivid]

1. When we want to go long (Buy), we normally set the EP to the high of the current candle (which is the case in PositionSizingCalculator) or slightly above. If the price moved toward bullish, then the order will be triggered and we will be in the trade.
Conversely, when we want to short (Short), we normally set the Ep to the low of the current candle (which is NOT the case in PositionSizingCalculator) or slightly below.
Here in this tool, when one switch between Buy and Sell, SL and TP switched as it should, but EP remains to the high of the current candle. I think this should be fixed.

You can move the Entry wherever you want. Not all users would like their Entry level moved for no particular reason.

2. It would be great if when we set the SL, the TP also assigned based on "TP Multiple for SL value" without a need to click on TP button there.

It would be a major nuisance for someone who sets their TP independent of SL.

3. Is it possible to run the PC-Trader script from the PositionSizingCalculator? For instance, a button that places the order after position sizing rather than running the PC-Trader script to do so?

No, MetaTrader currently does not permit it without using DLL imports, and that is something I would like to avoid in PSC.

4. I think the PositionSizingCalculator definitely needs an option where one can set a default SL and TP, for example, TP=5, EP=10. This is very important for several reasons. One because of many traders who has a fixed SL/TP distance from the EP in their trading strategy. In addition, sometimes, the length of the current candle is so small that SL to Ep would be one pip or smaller, thus the current method doesn't work.
an option which let us have to set a default Sl and TP would be great.

I might consider adding that in the next version of the PSC. Thanks!

5. Some brokers have five digits (considering fraction pips) and some four for the none JPY pairs. If a broker has 5 digits, then for an SL distance of 5, one needs to add 50 which is a bit confusing. It should not be difficult to check and see if the user broker has 5 or 4 digits. in case of 5 digits broker, we should be still able to add SL distance as pips and not a fraction pips. (hope you understand what I mean)

I understand what you mean, but PSC uses pips as they are at the given broker and at the given trading instrument for a reason. Trying to implement a detection method (it is not so simple with the 4 and 5 digits) would result in a lot of confusion among users. Now, every user sees the current quotes and knows which symbol he or she is trading, so the meaning of the pip is obvious.

 

[Soniaa]

Hello and thanks for your reply.

You can move the Entry wherever you want. Not all users would like their Entry level moved for no particular reason.

I guess this is an important fact that almost all traders put the Entry to the low of the candle when they go short! If you go short and place the entry above the current candle, the order will not get triggered, if the price moves to the favour! I don't think anyone put the Entry to the high of the current candle in short trades.

It would be a major nuisance for someone who sets their TP independent of SL.

You are right, but most traders want to have TP. In this case, if the TP assigned, then they can modify/move. If does not, then you should first enable and then modify. I believe it should be the other way around meaning that it should be enabled by default and a trader can disable it in case. Because usually, a trades have TP and seldom not!

Thanks again for your time, effort and valuable tool that you developed and generously make it available to us. I appreciate it and believe many do.

 

[Enivid]

I guess this is an important fact that almost all traders put the Entry to the low of the candle when they go short! If you go short and place the entry above the current candle, the order will not get triggered, if the price moves to the favour! I don't think anyone put the Entry to the high of the current candle in short trades.

I am not sure if anyone is putting their Entry to High of the current candle for short trades, but I am pretty sure the vast majority of traders does not put it to the Low of the current candle for that purpose.

You are right, but most traders want to have TP. In this case, if the TP assigned, then they can modify/move. If does not, then you should first enable and then modify. I believe it should be the other way around meaning that it should be enabled by default and a trader can disable it in case. Because usually, a trades have TP and seldom not!

The truth is that TP is not required for position size calculation - that is why it is turned off by default. I am not sure if the majority of traders use TP line in PSC.

 

[EnrichWave]

my suggestion if there is a button in Script tab for executing the PSC Script will be very good one.

Kind Regards

 

[Enivid]

my suggestion if there is a button in Script tab for executing the PSC Script will be very good one.

Unfortuantely, MetaTrader currently does not allow it without using DLL imports, and that is something I would like to avoid in PSC.

 

[EnrichWave]

Unfortuantely, MetaTrader currently does not allow it without using DLL imports, and that is something I would like to avoid in PSC.

Oops., The same question asked by a user before and you already answered. You are such a nice person who having patient mentality man. It's really tough to maintain forum,trading life and personal life. Have healthy, happy life.

 

[boa_conflictor]

Is there an adjustment needed for PSC and/or PSC sript because of the new measures announced by ESMA which will be in effect on next 1 august?

Maybe this is a silly question, but since the default leverage from all instruments will change, maybe this can give issues?

 

[Enivid]

No, the new ESMA rules will not affect the PSC in any way. You do not need to worry about that.

 

[Nathan.Küster]

Hi,

I installed version 2.14 of this indicator along with the PSC-Trader v1.05 script. I set the PSC with SL in 20 pips and TP in 10 pips and I opened a position using the script and the values of SL and TP were not entered in the order.

Edit: I sent another order using the script. This time I set the PSC with SL in 30 pips and TP in 15 pips and again the script did not enter the values of SL and TP in my order.

 

[Enivid]

It looks like there was a delay in position opening. The script could not find the deal to modify the parameters.

 

[Nathan.Küster]

Is there anything that can be done to solve my problem? I would very much like to use this indicator and the script and that it inserted the SL and TP values for me.