Lot sizing risk based and also converting the currency of the account
Info
The Lot sizing risk based and also converting the currency of the account is a Script for MetaTrader 4 that i know you're not going to read everything so i'm saying this at the start : it's a script. SO IT GOES TO THE SCRIPT FOLDER So this is it, the following code is based on the following article.
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 sizing risk based and also converting the currency of the account
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
I know you're not going to read everything so I'm saying this at the start : IT'S A SCRIPT.
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: XI T Buy Sell Auto Stoploss. mq4 - Stoploss set from Fractal Levels, Money management Risk/Reward - another powerful script for MetaTrader 4 traders.
Also recommended: Open Order (With Risk Management, TP and SL) - similar script with strong performance on MetaTrader 4.
I know you're not going to read everything so I'm saying this at the start :IT'S A SCRIPT ! SO IT GOES TO THE SCRIPT FOLDER
So this is it, the following code is based on the following article . I had a lot of jobs where the customer was asking me to add a risk based lot sizing (so that when you loose a trade on a SL, you loose only this particular percentage of your account, and not more based on the specific lot sizing), but I never knew the correct formula. Then I discovered that you had 3 cases. (USD is going to be the main currency used)
First case is the
"Direct Rate"
if you look at the link above you will see it clearly explained. when you have a direct rate that means that for example your account is in
USD
and you have a currency like
XXXUSD
so the formula to calculate the lot size is the following :
Second case is the "
Indirect Rate
", it has a type
USDXXX
just look up the article to know how it is constructed, or analyse the code :
Last and most complicated case is when the main currency (USD) is not in the symbol at all, you have to pass through a middle currency to convert it correctly so the type would be
XXXXXX
. The code is a bit more complicated, and an error that I had at the beginning was that the middle symbol wasn't found in the market watch when you tried to get the current price, so first you have to add it
This code will not work in the strategy tester unless you add a fixed quote of a middle symbol as entry.
You may also like: SC T - The Overall Percent Risk - MT4 - 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.