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Home/MT4 Programming/Free Forex Position Size Calculator for MT4 [2021 Update]

Free Forex Position Size Calculator for MT4 [2021 Update]

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.

In Forex, no matter what your trading strategy is, neglecting risk control is a guarantee that your operations will fail. Consequently, not knowing how to calculate or miscalculate the size of your positions, will surely lead you to make losses.

Careful risk assessment and management is probably what most defines the difference between a novice forex trader and a professional one. The former tends to focus more on testing different indicators and strategies. For newbies, it urges to find something that promises big payoffs quickly. And in this search, they tend to rely on great leverage and take risks that in a short time place them in unsustainable losses.

Instead, professional forex traders make risk control the foundation on which to build their trading strategy. For them, estimating the potential loss is much more relevant than the possible gain.

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.

Table of contents

  • 1 Key Forex Concepts
  • 2 MT4 Forex Position Calculator

Key Forex Concepts

You must know several concepts that are essential when calculating position size. Below, we mention some of these concepts and give a brief explanation for each of them. You should look up all the additional information to ensure that you understand each of these concepts properly before proceeding with the calculations.

  • Forex pip: the smallest unit that measures the minimum change in the quote of a currency pair.
  • Currency pair: in FX markets shows the relation between two different traded currencies (e.g.: EURUSD).
  • Base Currency: first currency that appears in a forex pair quotation (e.g.: EUR in EURUSD).
  • Quote Currency: second currency that appears in a forex pair quotation (e.g.: USD in EURUSD).
  • Account balance: total of money available in a trading account.
  • Account equity: it’s equal to the account balance including the value of the open positions.
  • Forex lot: unit to measure standardizes trade sizes.
  • StopLoss: predetermined price that is placed in the order to close the position if the market moves in the opposite direction.

MT4 Forex Position Calculator

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.

Forex position size calculator download

direct download

Note: 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.

Written by:
barmenteros FX
Published on:
June 4, 2019
Last Updated:
August 3, 2022
Thoughts:
35 Comments

Categories: Blog, EA Programmer, EA Programming, Forex Programmer, Forex Programming, Forex Trading, MQL Programmer, MQL4 Programming, MT4 Programmers, MT4 Programming

Reader Interactions

Comments

  1. reza

    October 22, 2022 at 01:23

    you are just the best. thank you so much for this simple and very useful indicator. this indicator literally saved me

    Reply
    • barmenteros FX

      October 23, 2022 at 13:05

      Glad to hear it. Thanks for your comment

      Reply
  2. ibill

    February 11, 2022 at 08:22

    Thanks for this indicator. It’s nice and useful.
    However, for indices instruments like US30/US500/US2000 etc, the lot size is not correct. I suspect it is related the different specification (digits/contract size) from currencies instruments?

    Reply
    • barmenteros FX

      February 11, 2022 at 19:28

      Hi. Thanks for your feedback. Can you send us a screenshot showing an example of wrong lot size and what should be the correct size in this case? If possible, tell us what calculation you use for getting the lot size or if you use a different tool to get the right size calculation. Best regards

      Reply
  3. Rex Amadi-Woluchor

    May 26, 2021 at 21:30

    Please accept my thanks for this wonderful script!

    Reply
    • barmenteros FX

      May 26, 2021 at 22:43

      Thank you for your comment. You’re welcome. Best regards

      Reply
  4. ALEXANDER DOLL

    January 13, 2021 at 08:05

    Thank you for this little gem, very handy.

    Reply
    • barmenteros FX

      January 13, 2021 at 08:52

      You’re welcome, Alexander. Regards

      Reply
  5. Ese

    January 8, 2021 at 08:10

    I tried the current version of the tool v1.2., but it does not work.

    Reply
  6. Ese

    January 8, 2021 at 07:32

    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.

    Reply
    • barmenteros FX

      January 8, 2021 at 10:55

      Hi. Type ‘i’ in ‘Symbol Suffix (eg: XXXXXXpro » pro)’ input parameter of the indicator. Keep us posted. Best regards

      Reply
      • Ese

        January 16, 2021 at 00:51

        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.

        Reply
        • barmenteros FX

          January 16, 2021 at 19:30

          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

          Reply
          • Ese

            January 18, 2021 at 23:39

            Thanks so much. It works.

          • barmenteros FX

            January 18, 2021 at 23:47

            You’re welcome. Regards

  7. Felipe

    September 9, 2020 at 18:50

    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?

    Reply
    • Barmenteros FX Staff

      September 15, 2020 at 23:38

      Hi Felipe,
      Thanks for your recommendations. We’ll take them into consideration for future updates.
      Best regards

      Reply
  8. Dewa Setiawan

    May 2, 2020 at 06:52

    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.

    Reply
    • Barmenteros FX Staff

      May 6, 2020 at 00:37

      Hi Dewa. The indicator uses the account equity. Thanks and best regards

      Reply
  9. Choy Jian Hao

    May 1, 2020 at 05:54

    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.

    Reply
    • Barmenteros FX Staff

      May 1, 2020 at 11:09

      Hi Choy. Glad to hear that this indicator is useful to you! Thanks for your feedback. Kind regards

      Reply
  10. Tyrone

    April 14, 2020 at 00:27

    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.

    Reply
    • Barmenteros FX Staff

      April 14, 2020 at 01:53

      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

      Reply
      • Tyrone

        April 14, 2020 at 07:58

        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.

        Reply
        • Barmenteros FX Staff

          April 14, 2020 at 14:59

          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

          Reply
          • Tyrone

            April 14, 2020 at 15:11

            Omg, thank you so much, it works like a charm now. Also love the new feature. You rock!!!

          • Barmenteros FX Staff

            April 14, 2020 at 15:22

            Glad to hear it. Thanks for the feedback. All the success

  11. Jason

    April 13, 2020 at 21:59

    Great Indicator guys. so simple and yet so useful. Kudos !

    Reply
    • Barmenteros FX Staff

      April 13, 2020 at 23:59

      Glad to hear it, Jason! Thanks for your feedback. Best regards

      Reply
  12. justice

    April 9, 2020 at 12:37

    hello i cant find the place to put the % amount am willing to risk

    Reply
    • Barmenteros FX Staff

      April 9, 2020 at 12:44

      Hi. You can set the risk in the input parameter ‘Risk Percent’. Regards

      Reply
  13. Donovan

    April 4, 2020 at 00:14

    How do i take this off of my chart, even when its deleted it wont get off

    Reply
    • Barmenteros FX Staff

      April 4, 2020 at 00:23

      Hi. Just click on the closing icon [X] on the top right corner of the indicator’s window. Regards

      Reply
    • ANTHONY

      August 29, 2020 at 10:43

      How do I use it on an JPY FX pair, it does not work.

      Reply
      • Barmenteros FX Staff

        September 2, 2020 at 00:15

        Please, send us a screenshot to [email protected] showing what’s not working. Thanks

        Reply

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