How to manage risk is one of the most important knowledge that a forex trader should have. Novice FX traders often focus on testing multiple indicators. Expert FX traders, on the other hand, pay more attention to risk control. Some believe that proper risk management can determine whether a forex trading strategy is good or bad.
So it is essential to know how to accurately determine the appropriate size of the trade position to be opened. A position that is too small will not allow us to obtain a benefit proportional to the size of our account deposit, but even more damaging is to lose all our capital by opening a position that is too big.
Forex Position Size Calculator for MT4 does all the calculations automatically. Its use is very basic and intuitive and works for all symbols.
Simply attach the indicator to the symbol you want to trade, set the percentage of the account you are willing to risk, and accept. Immediately a box will appear with the button ‘Lot Size’, and a line will be drawn showing the distance in pips to the current price. Now you only have to move the line to the distance where you intend to place your StopLoss or TakeProfit level, and when you click on the ‘Lot Size’ button, the appropriate position size will be shown.
In any case, the best way to check its operation is by testing it. So simply, download it and install it in the ‘Indicators’ folder of your MT4 terminal. You can share it with whoever you want. The tool is completely free forever.
The current version of the tool is v1.2. It was updated on 04/14/2020 based on reports and additions suggested by the customers.
ALEXANDER DOLL says
Thank you for this little gem, very handy.
barmenteros FX says
You’re welcome, Alexander. Regards
Ese says
I tried the current version of the tool v1.2., but it does not work.
Ese says
I tried using the calculator but it does not work. When I click the Lot size button it does not show the size.
I see the following messages in ‘Experts’ tab of Terminal window.
2021.01.08 01:10:10.220 Lot Size Calculator v1.2 AUDJPYi,H4: GetPipValue » fail to get pip value for AUDJPYi
2021.01.08 01:18:39.218 Lot Size Calculator v1.2 AUDJPYi,H4: GetPipValue » fail to get pip value for AUDJPYi
2021.01.08 01:18:39.218 Lot Size Calculator v1.2 AUDJPYi,H4: IsSymbolList » JPYUSD’AUDJPY’ (Unknown symbol)
2021.01.08 01:08:04.332 Lot Size Calculator v1.2 EURNZDi,H1: IsSymbolList » NZDUSDEURNZD pro >> pro (Unknown symbol)
2021.01.08 01:06:22.541 Lot Size Calculator v1.2 EURNZDi,H1: GetPipValue » fail to get pip value for EURNZDi
Please what can I do to make it work?
Regards.
barmenteros FX says
Hi. Type ‘i’ in ‘Symbol Suffix (eg: XXXXXXpro » pro)’ input parameter of the indicator. Keep us posted. Best regards
Ese says
Hello, Thanks for you reply, but you instruction is not clear. I do not understand what you mean by ”Type ‘i’ in ‘Symbol Suffix (eg: XXXXXXpro » pro)’ input parameter of the indicator”.
Please can you show exactly what you want me to input? using AUDUSD pair for example.
Regards.
barmenteros FX says
Hi. If the name of your pair is AUDUSD with no suffix, you don’t need to do anything. However, if the name of your pair includes a suffix (e.g.: AUDUSDi) you have to type that ‘i’ in ‘Symbol Suffix (eg: XXXXXXpro » pro)’ input parameter of the indicator as shown in this screenshot: https://snipboard.io/Ivda8L.jpg. Hope it helps you. Regards
Ese says
Thanks so much. It works.
barmenteros FX says
You’re welcome. Regards
Felipe says
Anyway to create two more lines? For Pending order and for TP, that way, the indicator would show the risk reward as well. For the pending order line, we would be able to choose an entry point for the calculation of the lot size and risk reward.
Better yet if it was made into an EA, that way, it would calculate all of that AND we would just need to click buy/sell button made by the EA.
What do you say?
Barmenteros FX Staff says
Hi Felipe,
Thanks for your recommendations. We’ll take them into consideration for future updates.
Best regards
Dewa Setiawan says
hi, I am Dewa from Bali island Indonesia. I am trying to googling for this type of indicator which can help me for the money management. After I installed to my MT4 it’s look really helpful. only one question for you, this percentage is from the current balance or start balance? i thank you very much hard work making this indicator.
Barmenteros FX Staff says
Hi Dewa. The indicator uses the account equity. Thanks and best regards
Choy Jian Hao says
Came across this site while I was googling for this indicator instead of toggling between website and mt4 to find the lot size base on my risk percentage. All I can say, this indicator really saves time even for just few secs which makes a lot of difference especially in FX trading. Looking forward to improvement and other useful indicators. Keep it up, TS.
Barmenteros FX Staff says
Hi Choy. Glad to hear that this indicator is useful to you! Thanks for your feedback. Kind regards
Tyrone says
I tried using it but it doesnt work. When I click the Lot size button it doesnt show the size. I also have a gray circle on the Lot Size Cal in the navigator tab. I did some research and it seems that I may need to compile the mq4 file as well. DO u have that? or a workaround.
Barmenteros FX Staff says
Hi Tyrone. Are you getting any error message in ‘Experts’ tab of Terminal window? If so, what’s the message? Otherwise, send us a screenshot showing the error. Gray circle in the navigator tab is not a problem. You don’t need the mq4 file in order for the indicator to run properly. Thanks
Tyrone says
Thanks fr the quick response. Yes I actually do get an error message. I cant seem to post a screenshot. But the error message says
“2020.04.14 13:49:20.668 Lot Size Calculator v1.0 CADCHF…..,M15: IsSymbolList » USDCHF (Unknown symbol)”
“2020.04.14 13:49:20.668 Lot Size Calculator v1.0 CADCHF…..,M15: IsSymbolList » CHFUSD (Unknown symbol)”
“2020.04.14 13:49:20.668 Lot Size Calculator v1.0 CADCHF…..,M15: GetPipValue » fail to get pip value for CADCHF…..”
I think the reason why its not working is due to the naming convention of my broker for the currency pairs. It adds 5 fullstops after the XXXXXX, and maybe that causes the “unknown symbol” error message. Or maybe its something else.
Barmenteros FX Staff says
Thanks for the report. A new version is available now. You can enter the suffix of your symbols in the input parameter ‘Symbol Suffix (eg: XXXXXXpro » pro)’, so if your symbol is ‘CADCHF…..’ you should enter ‘…..’ in the input parameter ‘Symbol Suffix (eg: XXXXXXpro » pro)’. This new version also shows the risk percent in the panel so the user will be able to change it directly from the panel. Best regards
Tyrone says
Omg, thank you so much, it works like a charm now. Also love the new feature. You rock!!!
Barmenteros FX Staff says
Glad to hear it. Thanks for the feedback. All the success
Jason says
Great Indicator guys. so simple and yet so useful. Kudos !
Barmenteros FX Staff says
Glad to hear it, Jason! Thanks for your feedback. Best regards
justice says
hello i cant find the place to put the % amount am willing to risk
Barmenteros FX Staff says
Hi. You can set the risk in the input parameter ‘Risk Percent’. Regards
Donovan says
How do i take this off of my chart, even when its deleted it wont get off
Barmenteros FX Staff says
Hi. Just click on the closing icon [X] on the top right corner of the indicator’s window. Regards
ANTHONY says
How do I use it on an JPY FX pair, it does not work.
Barmenteros FX Staff says
Please, send us a screenshot to info@barmenteros.com showing what’s not working. Thanks