Automated Lot Calculation and Position Opening with Volatility-Based Stop Loss
Info
The Automated Lot Calculation and Position Opening with Volatility-Based Stop Loss is a Script for MetaTrader 4 that calculates lot size and opens market positions considering asset volatility. Stop loss is set automatically, take profit is optional and based on a risk-reward ratio.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Automated Lot Calculation and Position Opening with Volatility-Based Stop Loss
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
Calculates lot size and opens market positions considering asset volatility.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: automated economic calendar trading advisor - another powerful script for MetaTrader 4 traders.
Calculates lot size and opens market positions considering asset volatility.Also recommended: automated market order execution script - similar script with strong performance on MetaTrader 4.
Stop loss is set automatically, take profit is optional and based on a risk-reward ratio.Formulas:
lotsize := riskamount / (pointprice * stoplosspoints);
riskamount := freemargin * riskpercent / 100;
stoplosspoints := katr * atr(timeframe, riskatrperiod) / pointsize;
takeprofitpoints := stoplosspoints * profittolossratio.
Working Function: trade (located in trade.mq4 library file)
Declaration:
int trade(string smb, int timeframe, int cmd, bool showq, int slippage, bool setprofit, double maxriskpercent, int riskatrperiod, double riskmulatr, double profittolossratio)
Parameters:
smb - Symbol name.
timeframe - Used for stop loss calculation.
cmd - Order type (OP_BUY or OP_SELL).
showq - If true, displays a confirmation dialog.
slippage - Slippage in points.
setprofit - If true, take profit will be set.
maxriskpercent - Maximum percentage of free margin to risk (e.g., 2% for classic, 5% for aggressive).
riskatrperiod - Number of recent bars for ATR calculation (21 is recommended).
riskmulatr - Multiplier for ATR to determine stop loss distance.
profittolossratio - Take profit multiplier (e.g., 5 for a 1:5 risk-reward ratio).
Attached Scripts:
buy.mq4 / sell.mq4 - Opens buy/sell orders for the current asset and timeframe with a confirmation dialog, 1 point slippage, 2% risk, 21 ATR period, 1x ATR multiplier, and 10:1 profit-to-loss ratio.
buy_nonquery.mq4 / sell_nonquery.mq4 - Same as above, but without a confirmation dialog and with 0 slippage.
Installation:
trade.mqh - Copy to the 'Include' folder within the MetaTrader 'MQL4' or 'MQL5' directory.
trade.mq4 - Copy to the 'Libraries' folder within the MetaTrader 'MQL4' or 'MQL5' directory and compile.
buy.mq4, buy_nonquery.mq4, sell.mq4, sell_nonquery.mq4 - Copy to the 'Scripts' folder within the MetaTrader 'MQL4' or 'MQL5' directory and compile.
You may also like: e-screenshot: automated chart snapshot tool - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property library
#include <stdlib.mqh>
#include <winuser32.mqh>
int trade(string smb, int timeframe, int cmd, bool showq, int slippage, bool setprofit, double maxriskpercent, int riskatrperiod, double riskmulatr, double profittolossratio)
{
if(isconnected() && ((cmd == op_buy) || (cmd == op_sell))) {
double pnt = marketinfo(smb, mode_point);
int dgt = marketinfo(smb, mode_digits);
double minlot = marketinfo(smb, mode_minlot);.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.