Lot Calculator EA for MT4® is a tool that will turn your work with the orders into a simple, understandable, and comfortable process.
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Works on MetaTrader 4®
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The EA focuses on collecting tool functions for working with orders. Moreover, it submits them in a convenient and informative way. It will help you to save an enormous amount of time in the trading process and raise your skills to a higher level!
The head tool function is a lot calculation due to a specified risk size (USD/Lot/% of balance). Also, it provides detailed information about the future lot.
The EA adds three horizontal lines to the chart. Their values can be changed both through the main Lot Calculator window and by moving them on the chart:
yellow – the pending orders placement price;
red – the Stop Loss price;
green – the Take Profit price.
The tool can be used on any timeframe of any currency pair.
The expert advisor’s interface consists of two windows:
the main one;
the opened orders list window with interface element set for controlling them.
Let us consider the tool interface and its capacities in more detail!
The Lot Calculator main window
There are three buttons at the top of the Lot Calculator main window:
Order List – opens the additional window with an order list and functions for controlling them. This window deserves special attention, and we will return to this later;
Reset – resets all the main window settings;
Send Order – the button of order placing.
The main window of the tool is divided into three blocks. Each one has its thematic set of elements for analyzing and calculating a future order. Let us examine each of them:
The order parameters block
This block contains the Use pending order checkbox, that allows switching between instant and pending market orders. Also, it has three input fields, such as:
Entry price – the order placing price that works with pending orders only. Use pending order must be enabled. Otherwise, the order is placed at the Bid/Ask price;
Take Profit – the price at which a profitable trade is closed;
Stop Loss – the price at which a losing trade is closed.
The block sets risks that determine the actual lot size.
Lot parameters block
Risk type – the dropdown list for switching the risk type. There are three possible options:
USD – the lot will be calculated according to the specified number of currency units. This value is set in the Risk size input field;
Lot – the actual lot size. The value is set in the Risk size input field;
% of balance – the lot will be calculated according to the specified percentage of the balance. The value is set in the Risk size input field.
Risk size – an input field for calculating the lot due to the risk size. The type of value (currency/ number/percentage) depends on the selected risk type in the Risk type parameter.
A block collects useful information about a future order in a tabular form. It is calculated due to the previously specified parameters in the instrument's first two blocks.
Risk info block
Let us take a closer look at each row of the table:
Risk Reward – the ratio that allows comparing the expected return with the maximum risk to obtain these returns. To calculate this ratio, divide the amount of profit expected after the position is closed by the amount that could be lost if the price moves in the opposite direction;
Lot Size – calculated actual lot size;
Risk Amount – the amount in a currency unit that can be lost if the trade is losing;
Risk Of Balance – a percentage of the current balance that will be lost if the trade is losing.
As we have clarified earlier, the Open Orders window can be opened by clicking on the Order List button in the main window.
This window provides convenient access to all open orders. Its flexible functionality allows it closing filtered orders if necessary.
Open Orders window
Open Orders window (horizontal scrolling)
The Open Orders window is divided into two main sections:
the first one is a set of functional elements for creating a filter intended for order closing;
the second one is a table with orders and all possible information about them.
Let us consider them in more detail.
The first section has two buttons:
Close all orders – close all open orders and delete all pending orders of the current currency pair. It interacts with the Close only EA's orders parameter (description is below);
Close orders – close filtered orders only. It interacts with the parameters: Close only EA's orders, profit less/more than * value *, Close BUY, Close SELL (description below).
Elements for filtering closed orders:
with profit [less than/more than] * value * – set the comparison and the value of the profitability/loss ratio of closed orders;
Close only EA’s orders – if checked, closes orders opened by this EA only;
Close BUY – closes buy orders (LONG) if checked or ignores them if unchecked;
Close SELL – closes sell orders (SHORT), if checked, or ignores them, if not checked.
Table columns and their meaning:
CloseButton – button to close an order. By clicking, it instantly closes the current order;
Ticket – the order ticket number;
Type – the order type (Buy/Sell/BuyStop/SellStop/BuyLimit/SellLimit);
Symbol – the currency pair of the current order;
OrderProfit – the profit/loss in case of immediate order closing;
ClosePrice – the price of immediate order closing;
OpenPrice – the order opening price;
Lots - the number of lots of the order;
StopLoss – the value of the order closing price when the loss is reached;
TakeProfit – the value of the order closing price when the profitability level is reached;
Swap – the swap value of the currently selected order;
OpenTime – the order opening time.
There is only one option in the incoming parameters – Magic Number that separates orders placed by this EA from orders placed by other EAs. This value also acts as an additional filter when you delete orders in the Open Orders window if the Close only EA orders parameter is enabled.
Expert Advisor parameters window
You can see an example of an order created using the Lot Calculator below.
Creating an order using an expert
Opening the table of orders after creating an order
Here is what you need to run this EA:
A computer capable of running MetaTrader 4® desktop version;
MetaTrader 4® installed on your desktop or laptop computer.
What is your refund policy? All sales are final since downloadable products cannot be returned. Please be sure that you are using MetaTrader 4® before buying. If you're having issues with your EA, please contact 4xDev Support, and we will be happy to help you.
Will it work with my broker? This EA will work with any broker that uses the MetaTrader 4® platform.
Should I use a demo account? It is highly recommended that you use this indicator in a demo account before you trade live. Then you will get a feel for how it works.
Can this EA be used on more than one computer? Yes, you are allowed to use the EA on any computer you own.
Does this EA track all timeframes and currency pairs? No, it will only track currency pairs and chart timeframes on charts that are open and on which the EA is attached and correctly configured.
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