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Lot Size Calculation
Info
The Lot Size Calculation is a Script for MetaTrader 4 that some traders prefer a clean chart without clutter from indicators or write-ups. This script helps calculate the appropriate lot size for Forex or CFD instruments.
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 Lot Size Calculation
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
Some traders prefer a clean chart without clutter from indicators or write-ups.
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: Screenshot in the original chart size - another powerful script for MetaTrader 4 traders.
Some traders prefer a clean chart without clutter from indicators or write-ups. This script helps calculate the appropriate lot size for Forex or CFD instruments. Simply choose either
Also recommended: Calculation of the 3-rd Elliott wave - similar script with strong performance on MetaTrader 4.
RiskByPercent (default)and enter your risk percentage, or select
RiskByAmount
and enter a fixed amount. Then,
specify your stop loss in pips (for 4-digit brokers)
. The script automatically adjusts for 5-digit brokers if needed.
If the calculated lot size is below the minimum allowed, the script will use the
minimum lot size
. If it exceeds the maximum permitted, it will use the
maximum lot size
instead.
An alert will display the calculated lot size, risk amount, converted stop loss, and tick value of the instrument. Use the lot size to enter your trade. You can also modify this script to suit your specific criteria or integrate it into an existing Expert Advisor (EA).
You may also like: Euler - Euler number calculation - excellent alternative for script users on MetaTrader 4.
⚠ 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.