Position Sizer

[Enivid]

Enivid I would like to make another suggestion to add to the Position Sizer.
Add a feature that will tell me the correlations between the trading instrument that I am currently looking at on my chart vs the trading instruments in which I have open positions (and the correlation between all the open positions). I am sure this will be very useful.

At the very least the correlation between the instrument currently open on my chart vs the trading instruments in which I have open positions.

It's best to use some correlation indicator for that. This isn't a feature I would consider adding to the Position Sizer.

 

[josemlferreira]

Maybe you have the 0.01 size divided into several trades (via multiple TPs)?

that was it thanks boss

 

[bester]

Please add function for Max RISK size (by %) per symbol.
You currently only have option for Max position size.

I need to stop myself from placing more than 2% risk on the same symbol
So I need an option for disabling trades that is higher than my 2% limit

For example, I don't want to risk more than 2% on EURUSD.
So if I place 1% risk trades, then I don't want to place more than 2 trades (2%) on EURUSD.

 

[kef01]

I am not sure what the purpose of this purple line does, and what function it could serve that is not being fulfilled by the other lines. This is in stop limit mode. Can someone please explain it to me? Can you please explain it in relation to the other lines shown in my screenshot?

 

[Tylergibson]

Discuss the Position Sizer expert advisor here. This EA lets you calculate optimal position size and execute trades based on these calculations. Based on Position Size Calculator, it allows some additional control over the trades it opens. You can ask any questions about this free MetaTrader tool here.

Hi Enivid, thank you for the wonderful EA, I don't have coding knowledge, but I am struggling a lot to add two functionalities to this tool. Again fingers crossed

1. Both Direction pending orders with single button.
2. Timer.

This is a gem.

 

[Enivid]

Please add function for Max RISK size (by %) per symbol.
You currently only have option for Max position size.

I need to stop myself from placing more than 2% risk on the same symbol
So I need an option for disabling trades that is higher than my 2% limit

For example, I don't want to risk more than 2% on EURUSD.
So if I place 1% risk trades, then I don't want to place more than 2 trades (2%) on EURUSD.

You can also use the "Subtract open positions volume" to limit the maximum size of the trades you'd open. I will consider adding the max percentage risk limit, but I am not sure it can be achieved properly without overcomplicating both the code and the panel.

 

[Enivid]

Hi Enivid, thank you for the wonderful EA, I don't have coding knowledge, but I am struggling a lot to add two functionalities to this tool. Again fingers crossed

1. Both Direction pending orders with single button.
2. Timer.

This is a gem.

1. How would that work?
2. A timer for what?

 

[Enivid]

I am not sure what the purpose of this purple line does, and what function it could serve that is not being fulfilled by the other lines. This is in stop limit mode. Can someone please explain it to me? Can you please explain it in relation to the other lines shown in my screenshot?

It's for a Stop Limit order type in MT5. You can read more about Stop Limit orders here:
https://www.earnforex.com/guides/pending-orders-in-forex-trading/#Stop_limit_orders
Basically, it's the stop price that when ti is hit, triggers the activation of the limit order.

 

[EnrichWave]

Dear @Enivid Plase consider having option for Allowed Maximum Positions per instrument,All,,
and Allowed Maximum Lot Size per instrumet,All..., and Allowed Maximum Risk % or USD per instrument,All...

 

[Tylergibson]

1. How would that work?
2. A timer for what?

Dear Enivid mainly opening bidirectional pending orders (Multi TP) during news events on MT4, I am inspired by Newstrader EA (No Pending orders) and Amazing EA (No Multi TP), it is just feedback and thought it would be a good feature to discuss.

 

[Jajaofopobo]

Thanks for this @Enivid . Just a suggestion for the next update.

As TP1 can become a multiplier of the SL. please help make TP2 and TP3 a multiplier of the SL too. Thanks once again

 

[Enivid]

Dear Enivid mainly opening bidirectional pending orders (Multi TP) during news events on MT4, I am inspired by Newstrader EA (No Pending orders) and Amazing EA (No Multi TP), it is just feedback and thought it would be a good feature to discuss.

Understood. Yet I am not sure that the Position Sizer is well-suited for opening opposite pending orders.

 

[EnrichWave]

Dear @Enivid Plase consider having option for Allowed Maximum Positions per instrument,All,,
and Allowed Maximum Lot Size per instrumet,All..., and Allowed Maximum Risk % or USD per instrument,All

If we have these options it will make more disciplined trader. Kindly consider @Enivid

 

[nicolinotfi]

Hi there, I don't know why everyti
me I go to Navigator and try to open PSC-Trader it says : Position Size Calculator not found..
plese can you help ?

 

[Enivid]

Hi there, I don't know why everyti
me I go to Navigator and try to open PSC-Trader it says : Position Size Calculator not found..
plese can you help ?
View attachment 22986

PSC-Trader is a trade executing script that works only when the Position Size Calculator indicator is attached to the chart.
However, you shouldn't be using either of them because the latest version (Position Sizer) is an EA and works without a script.

 

[Marcoslav]

Hey @Enivid, thanks for the awesome product. Works like a charm for me. The only thing that would have been even better is, if there would be option to input BE based on risk percantage rather than in points. When i'm executing instant trades my lot is constantly changing before executiopn. So when I input BE in points it is not always what i want because price movement (i'm traiding on m1 and m5). If there would be option to move to BE when price reaches certain % of risk, that would be awesome. Basically move to BE on certain RR achived. Cheers !

 

[Enivid]

Hey @Enivid, thanks for the awesome product. Works like a charm for me. The only thing that would have been even better is, if there would be option to input BE based on risk percantage rather than in points. When i'm executing instant trades my lot is constantly changing before executiopn. So when I input BE in points it is not always what i want because price movement (i'm traiding on m1 and m5). If there would be option to move to BE when price reaches certain % of risk, that would be awesome. Basically move to BE on certain RR achived. Cheers !

You can do that with the Account Protector EA. I am reluctant to add more BE features to the PS EA.

 

[yuuki]

Can't be used with Mac version MT5?

 

[Enivid]

Can't be used with Mac version MT5?

It can be used with macOS and MT5. Please read this thread. There are discussions of running the Position Sizer on MT5 on macOS. The main thing is not to use "Open Data Folder" to find the MQL5 folder, but to go there directly (depending on how you installed your MT5).

 

[EnrichWave]

Can't be used with Mac version MT5?

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