Forex Lot Size Calculator
I grew very tired of opening a Forex Calculator Website in the moment I wanted to enter a trade copying and pasting the values as fast as I can to make sure my trade is the correct size like a responsible trader before I hit the buy button :') SO I put together this indicator tool to make the process faster and just better for myself. I have been using it for a bit and I have found it very helpful in my own process so I thought I should share it with the TV community.
The indicator does as it's title suggest. Simply add it to your chart follow to two prompts...Step one select your entry price. Step two select your stop loss price. The indicator will then load the position box for your trade. In the settings you can set your account balance, Risk % per trade and your risk to reward ratio. You also have the option to change the account base currency, the indicator will calculate the lots required to reflect the base currency that you have selected.
Things to note: This calculator is intended to give you a quick idea of an appropriate lot size for your desired trade there are many different factors that many influence the results of the calculations. Please take the time to review the results before entering your trades this tool is intend to add in your process; calculations are not guaranteed. The tool is for the Forex Market obviously.
For the most efficient way to deploy this tool I've found keeping it in my favorites section of my indictors is the best way to use it. I add it to the chart sets my points read the lots then remove it from the chart. You can modify the settings for the entry and stop each time and just leave the indictor on the chart however if you trade many pairs it becomes more tedious to type in manually the new price levels each time. It is far more simpler and fast to grab the tool out of the favs tab click the two points and read the result. Just remember to save your account settings ie: Balance, Risk, Base currency, etc...as the default settings of the indicator so everything is set up when you want to use it( You can save your settings at the bottom of the settings tab). I truly hope this tool helps your process. God bless and happy trading.
The indicator does as it's title suggest. Simply add it to your chart follow to two prompts...Step one select your entry price. Step two select your stop loss price. The indicator will then load the position box for your trade. In the settings you can set your account balance, Risk % per trade and your risk to reward ratio. You also have the option to change the account base currency, the indicator will calculate the lots required to reflect the base currency that you have selected.
Things to note: This calculator is intended to give you a quick idea of an appropriate lot size for your desired trade there are many different factors that many influence the results of the calculations. Please take the time to review the results before entering your trades this tool is intend to add in your process; calculations are not guaranteed. The tool is for the Forex Market obviously.
For the most efficient way to deploy this tool I've found keeping it in my favorites section of my indictors is the best way to use it. I add it to the chart sets my points read the lots then remove it from the chart. You can modify the settings for the entry and stop each time and just leave the indictor on the chart however if you trade many pairs it becomes more tedious to type in manually the new price levels each time. It is far more simpler and fast to grab the tool out of the favs tab click the two points and read the result. Just remember to save your account settings ie: Balance, Risk, Base currency, etc...as the default settings of the indicator so everything is set up when you want to use it( You can save your settings at the bottom of the settings tab). I truly hope this tool helps your process. God bless and happy trading.
Catatan Rilis:
Updated the script so the Lot unit variable is exposed; Now the calculator can be adjusted to work with Indices, Gold, etc.. Users can set the "Units per Lot" variable to match the asset that is being traded. Some examples trading the Forex market choose the setting 100,000. Trading US30 with Eightcap set the variable to 10. Trading XAUUSD with OANDA use the setting 100.
I also cleaned up the menu to make it more clear and easy to navigate.
I also cleaned up the menu to make it more clear and easy to navigate.