Another major revision of the Position Size Calculator indicator for MetaTrader has been released today. The main feature of the current version is that the main display of the indicator is now moved to a separate chart window, while the lines (entry, SL, and TP) are still located in the main chart window. Other important changes include:
Position size is now adjusted properly based on the minimum and maximum position size and position size step allowed by broker.
Risk and reward are recalculated according to the calculated position size. E.g. if you set a risk of $100 with 9 pips stop-loss on EUR/USD, the calculated position size will be 1.111…, but no broker would allow such a position size, so usually it will be rounded to 1.11. The actual risk calculated based on 1.11 position size and 9 pips stop-loss will be $99.90 instead of the input value of $100.
UseAskBidForEntry input parameter has been replaced with EntryType, which can be either Instant or Pending. This simplifies position size calculation for cases when you want to execute the trade instantly or enter your position using a pending order.
If EntryType is set to Pending and the entry level is too close to the current price, the indicator will show a relevant warning due to the minimum distance to the stop/limit orders.
If enabled, portfolio risk and margin calculations are now shown to the right of the main position size calculations instead of below them.
If you prefer not to use MetaTrader, you can still use the web version of the position size calculator. Unfortunately, it lacks the most interesting features of the MetaTrader version.
If you have any suggestions or wish to report a bug for this MetaTrader indicator, please do so using the commentary form below.
