How do you usually exeute trades calculated by Position Size Calculator?

  • Manually

    Votes: 12 15.2%
  • PSC-Trader script with a mouse click

    Votes: 13 16.5%
  • PSC-Trader with a keyboard shortcut

    Votes: 51 64.6%
  • Using third-party trading panel

    Votes: 2 2.5%
  • Other (please provide details)

    Votes: 1 1.3%

  • Total voters
    79
  • Poll closed .
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Not open for further replies.

Napolean

Trader
Sep 15, 2019
49
4
24
38
Position Size Calculator has been updated to version 2.28 today. PSC-Trader script has been updated to version 1.07.

The biggest change is how the pip value and the resulting position size, potential portfolio risk/reward, margin, and swap values are calculated. This should make everything more accurate and simpler. This is a highly experimental change, so any feedback is very welcome.

Also, the new version adds Script tab fields requested by @Napolean. Added some other minor features requested via our blog.

The new version is also available on Github.

I would like to thank everyone for their suggestions and bug reports!

I forgot to add one more suggestion for your consideration. Hope it's not too late.

Is it possible to have a button that will instantly switch between SL and TP positions? I think this will be a great convenience to instantly reverse position if one wishes to, say trade a breakout within a range, but when the market reverses position, one can quickly flip from buy/sell to sell/buy with just one button.

For instance, i'd normally place my bracket orders between the high and low of a range by dragging SL and TP, i'd have to drag the SL the other way around for the opposite direction. It would be really cool if there is a button that will instantly switch the SL and TP into an opposite order and i just have to take care of the entry order, since the risk sizing have already been set.

Thanks for the new update as well.
 
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Reactions: vespucci

Napolean

Trader
Sep 15, 2019
49
4
24
38
Sorry for being such an annoyance to you... but i just thought about another suggestion as well.

Is it possible to include a field in the input to enter the risk based on $ instead? We have an option to adjust the sizing based on the Dollar risk in the Main section. But there is only risk % in input field. That way, i don't have to always manually type in my $ risk because i trade based on $ risk instead of account % and i can just load a saved template of my $ risk input once it's set. Much faster and convenience.

Hope it's worth the addon.

Thanks again.
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,534
1,355
144
Odesa
www.earnforex.com
Is it possible to have a button that will instantly switch between SL and TP positions? I think this will be a great convenience to instantly reverse position if one wishes to, say trade a breakout within a range, but when the market reverses position, one can quickly flip from buy/sell to sell/buy with just one button.

For instance, i'd normally place my bracket orders between the high and low of a range by dragging SL and TP, i'd have to drag the SL the other way around for the opposite direction. It would be really cool if there is a button that will instantly switch the SL and TP into an opposite order and i just have to take care of the entry order, since the risk sizing have already been set.
Is it possible to include a field in the input to enter the risk based on $ instead? We have an option to adjust the sizing based on the Dollar risk in the Main section. But there is only risk % in input field. That way, i don't have to always manually type in my $ risk because i trade based on $ risk instead of account % and i can just load a saved template of my $ risk input once it's set. Much faster and convenience.

Both valid suggestions. I will consider them in the next version. Thank you!

EDIT: Any idea how to deal with the conflict of Risk % vs Risk Money given via the inputs?
 

Napolean

Trader
Sep 15, 2019
49
4
24
38
Both valid suggestions. I will consider them in the next version. Thank you!

EDIT: Any idea how to deal with the conflict of Risk % vs Risk Money given via the inputs?

Perhaps in the input, one should be allowed to choose from a dropdown, whether they want to enter risk based on % or $. Meaning they can only choose one, to prevent conflict.
 
Last edited:

Napolean

Trader
Sep 15, 2019
49
4
24
38
Another idea for your consideration.

As a breakout trader when placing a buy order, i'd drag the entry line to the high of the range/candle. But i'd normally take a moment to check the spread value (esp for non major pairs) and include the spread into the entry to ensure the position will only be filled when price is breaking out of the range/candle and not due to spread.

It would be awesome if there is a "include spread button" next to the entry field, for one to add the spread once they've dragged the entry line to the high of a range. This can also be applied to SL in sell positions, if one wishes to be stopped out only when the candle reaches a certain level and not due to spread.

I'd imagine this button to automatically add the current spread into the entry or SL when it's clicked on. It's definitely a way to improve entry accuracy and to increase execution speed for people with slow math like myself.

Just two simple steps. Drag entry line and hit a button to include spread for long positions.

Hope it makes sense.
 
Last edited:

Napolean

Trader
Sep 15, 2019
49
4
24
38
Position Size Calculator has been updated to version 2.28 today. PSC-Trader script has been updated to version 1.07.

The biggest change is how the pip value and the resulting position size, potential portfolio risk/reward, margin, and swap values are calculated. This should make everything more accurate and simpler. This is a highly experimental change, so any feedback is very welcome.

Also, the new version adds Script tab fields requested by @Napolean. Added some other minor features requested via our blog.

The new version is also available on Github.

I would like to thank everyone for their suggestions and bug reports!

For the "Do not apply SL" and "Do not apply TP" checkbox, can it also be put in the custom input as an option for those who wish to save it as a whole template. That way, by loading the template, they won't have to go to the script tab to apply the effects whenever PSC loads.
 

vespucci

Newbie
May 20, 2020
9
0
2
24
I forgot to add one more suggestion for your consideration. Hope it's not too late.

Is it possible to have a button that will instantly switch between SL and TP positions? I think this will be a great convenience to instantly reverse position if one wishes to, say trade a breakout within a range, but when the market reverses position, one can quickly flip from buy/sell to sell/buy with just one button.

For instance, i'd normally place my bracket orders between the high and low of a range by dragging SL and TP, i'd have to drag the SL the other way around for the opposite direction. It would be really cool if there is a button that will instantly switch the SL and TP into an opposite order and i just have to take care of the entry order, since the risk sizing have already been set.

Thanks for the new update as well.
Yes, this please ASAP, it's so annoying to manually move lines to determine sell/buy position and then correct the SL/TP value. Other than that I'm loving it, it's truly a life saver, thank you so much.

Can someone explain me how "Subtract open positions volume" works? I can't manage to use it properly, when I determine max 1 lot, I can't use 1 lot, It doesn't let me.
And how exactly does pip value work? I have to use 3rd party pip value indicator since yours is not correct
Btw, would it be possible to have a save button for script settings?
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,534
1,355
144
Odesa
www.earnforex.com
Can someone explain me how "Subtract open positions volume" works? I can't manage to use it properly, when I determine max 1 lot, I can't use 1 lot, It doesn't let me.

"Subtract open positions volume" works by subtracting the volume of the open positions from the position size calculated by the calculator. E.g., you've got 0.5 position size calculated in PSC and you've got two trades already open (0.2 lot and 0.19 lot), if you have "Subtract open positions volume" checked, triggering PSC-Trader will open only a 0.11 lot trade.

"Maximum position size" setting has little to do with that (it is used to limit the maximum trade size to prevent opening huge trades accidentally).

And how exactly does pip value work? I have to use 3rd party pip value indicator since yours is not correct

Which broker / account type / account currency / currency pair gives you the wrong pip value?

Btw, would it be possible to have a save button for script settings?

No, but I plan to add input parameters for default values for the most settings in the tab. This will allow saving everything via a chart template.
 
  • 👍
Reactions: vespucci

vespucci

Newbie
May 20, 2020
9
0
2
24
"Subtract open positions volume" works by subtracting the volume of the open positions from the position size calculated by the calculator. E.g., you've got 0.5 position size calculated in PSC and you've got two trades already open (0.2 lot and 0.19 lot), if you have "Subtract open positions volume" checked, triggering PSC-Trader will open only a 0.11 lot trade.

"Maximum position size" setting has little to do with that (it is used to limit the maximum trade size to prevent opening huge trades accidentally).



Which broker / account type / account currency / currency pair gives you the wrong pip value?



No, but I plan to add input parameters for default values for the most settings in the tab. This will allow saving everything via a chart template.
Oh shoot I get it now thanks, I thought that was combined with Maximum position size.

Broker is IC Markets, Standard account/spread, US$ account, GBPJPY pair (same with GBPUSD).

Sounds even better. Thank you man, we really do appreciate you A LOT.
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,534
1,355
144
Odesa
www.earnforex.com
Broker is IC Markets, Standard account/spread, US$ account, GBPJPY pair (same with GBPUSD).

I cannot detect the problem. On your screenshot, everything seems correct too. The indicator uses the broker's pip (0.001 in case of GBP/JPY), not the standard pip (0.01) unless they coincide.
 

jdee

Trader
May 21, 2020
7
1
14
Hi, I only recently came acroos this forum and the wonderful tools and valuable information throughout.

This indicator is amazing, thank you very much for the effort that's been put into it and ease of use for traders.

The indicator obviously does a lot of calculations so I don't know if this request is even possible or feasible, but many trades will have 2 or 3 take profit areas. Right now I calculate the total position size using the indicator, manually calculate position size based on my preferred TP percentage of each trade, and enter the three trades seperately - each order has the same stop loss, just different position size and Take Profit targets.

Is there any possibility to automate this?

My thought would be the 3 Take-profit textboxes and a percentage text box beside it. The Script would thereafter create 1, 2, or 3 orders (depending on TP entry <> 0 ), each order = same stop loss, position size for each order = TP percentage entered * Position Size as calculated based on risk.

Hope this makes sense, would be great to get thoughts.

Again, AMAZING and useful indicator - thank you greatly!!
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,534
1,355
144
Odesa
www.earnforex.com
Hi, I only recently came acroos this forum and the wonderful tools and valuable information throughout.

This indicator is amazing, thank you very much for the effort that's been put into it and ease of use for traders.

The indicator obviously does a lot of calculations so I don't know if this request is even possible or feasible, but many trades will have 2 or 3 take profit areas. Right now I calculate the total position size using the indicator, manually calculate position size based on my preferred TP percentage of each trade, and enter the three trades seperately - each order has the same stop loss, just different position size and Take Profit targets.

Is there any possibility to automate this?

My thought would be the 3 Take-profit textboxes and a percentage text box beside it. The Script would thereafter create 1, 2, or 3 orders (depending on TP entry <> 0 ), each order = same stop loss, position size for each order = TP percentage entered * Position Size as calculated based on risk.

Hope this makes sense, would be great to get thoughts.

Again, AMAZING and useful indicator - thank you greatly!!
I can look into implementing this, but I am not sure that I will add this.
 

iar69822

Trader
May 21, 2020
7
0
7
54
Hi, an excellent tool. The files to download are not the ones are stated in the instructions,

According to the installation steps:



To install the indicator, make sure that you copy all three files to /MQL4/lndicators/ or /MQL5/lndicators/ (if you are on MetaTrader 5) orto the same subfolder there:



Defines.mqh

PositionSizeCalculator.mq4
or PositionSizeCalculator.mq5

PositionSizeCalculator.mqh



You need to compile PositionSizeCalculator .mq4 (or PositionSizeCalculator.mq5) not the other two .



If you download form the link, there are 3 files (attache the zip downloaded with these 3 files);



Defines MQL5 header file



PositionSizeCalculator MQL4 Source file



PositionSizeCalculator MQL5 header file





And the script:



PSC Trader MQL4 Source file








            • Ii is required to compile these 2 files:

              PositionSizeCalculator MQL4 Source file

              PSC Trader MQL4 Source file

              One installed, the indicator starts running but with no ATR.

              The script PSC Trader seems not to work.

              Would you be so kind to send the files to install the indicator in MT4, please, with the ATR options?

              What am I doing wrong?

              On the other hand, I would like to use this indicator in a EA I am building up with my favorite trading system. Would it be possible?

              Does the programmer need any other file to add the code to manage the position size of the EA?
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,534
1,355
144
Odesa
www.earnforex.com
One installed, the indicator starts running but with no ATR.

The script PSC Trader seems not to work.

Would you be so kind to send the files to install the indicator in MT4, please, with the ATR options?

What am I doing wrong?

If the indicator is running but there are no ATR settings, you either have an old version (pre-2.18) or you didn't turn on ShowATROptions input parameter.

As for the script, what is the output in the Experts tab of the Terminal subwindow when you try to run it?

On the other hand, I would like to use this indicator in a EA I am building up with my favorite trading system. Would it be possible?

Does the programmer need any other file to add the code to manage the position size of the EA?

That depends on the prowess of your programmer.
 

iar69822

Trader
May 21, 2020
7
0
7
54
Thanks for your quick reply!!!!!. It was that, Show ATR options.

I will check the script and will come back to you.

An interesting parameter to add would be, in my opinion, the risk per day or risk portfolio.

As you have the risk per trade, for instance, 0,5 %, the risk per day in my case is 3 %, that means I can only have 6 trades opened at the same time. If I wish to open more, I would have to confirm I wish to open a new one.

Kind rgeards,


IAR
 
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