Position Size Calculator - Based on VP Money Management rules
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Position Size Calculator - Based on VP Money Management rules
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
This indicator is based on the Money Management approach used by VP from nononsenseforex.com It uses ATR to calculate Stop Loss, Take Profit and Volume you should enter into a trade based on the percentage of your Equity you want to risk.
Inputs Include :-
ATR Periods
Stop Loss Factor - calculate Stop Loss as 1.5 times the ATR from the current price
Take Profit - calculate a Take Profit as a factor of ATR based on current price
Font size and color
Fixed ATR - leave it at 0 unless you want to lock the ATR value eg during a flash crash
What is Displayed :-
ATR(14):80pips - The ATR for the current Period in pips rather than points
If you see "FIXED ATR" you have entered a value under input to override the ATR. Enter 0 as Fixed ATR to use a calculated ATR
Equity:50,30.65GBP - Your current Equity and Account Currency
Risk 1.0%:502GBP - The calculated Risk in your currency and counter currency
Time Left:01:55:33 - How long before the current period closes
Depending on if you will Buy or Sell the Stop Loss and Take Profit
Buy SL:0.72654
Buy TP:0.72814
Sell SL:0.72997
Sell TP:0.72129
Base Corner 0 to 3 - Allow you to move Pos Size to a different corner of the screen
0= Upper Left, 1=Upper Right, 2=Lower Left,3= Lower Right
Volume:1.19 - This is the Lot size or "Volume" in the MT4 Order window
**V2.00 UPGRADE NOTES**
Firstly thank you to my fellow VP cousin for sending me the cleaned up display.
Important - You will need to reset the Risk size % eg for 2% enter 2.0 not 0.02
Please feel free to add comments, and send me any bug you spot or suggested updates.
Hope it helps!
Change Log :-
29th Dec 2018 - V1.01 fixes bug with Account Currency not being loaded when MT4 is reloaded or charts already loaded
2nd Jan 2019 -V1.02 The actual fix to the bug (Thanks Warren.)
17 Jan 2019 V2.00 Cleaned up output in particular on JPY pairs, Ability to change the corner of the screen and Fixed ATR
