Forex Risk Reward Ratio Indicator
I would like to introduce Forex Risk Reward Ratio Indicator for MetaTrader 4 and 5 platform. This tool simplifies manual palcing orders, calculate trade lots and compute potential profit and loss in account currency before you open your order.
Using risk/reward ratio in trading
Using the Risk Reward Ratio for the MetaTrader platform, you will be able to estimate the risk of each transaction opened on the forex market. Thanks to this forex tool, you can check the risk to reward ratio of each planned trade and exactly check the size of your potential profit and possible loss in the account currency.
Forex Lot Size Calculator
You can also use this indicator as a forex lot size calculator. In the indicator’s parameters, set the maximum percentage of capital that you can lose on a single transaction. Then, move stop loss line on the chart to set trade exit level on the loss and indicator will automatically calculate the lot size. Thanks to this indicator you will never have to manually calculate lot size saving a lot of time. Using the Risk Reward Ratio Indicator, you will be aware of risks of forex trading and placing orders will be quick and easy.
How to use Risk Reward Ratio Indicator
Step 1: Draw lines
click the draw button (with pencil) and then click on the chart where you want to place the „Open” line.
Step 2: Move lines
double click on lines and move them to specified levels where you planned to open order and set stop loss and take profit.
Step 3: Adjust lot size
set lot size in panel and read what is your stop loss and take profit value in account currency.
if you will select on of the lot calculation methods in indicator params (param “Lot Calc. Type”), then the indicator will calculate the lot size automatically depending on the selected risk (the AllowedRiskPercent parameter) and stop loss distance.
Step 4: Place order
run RRR_SendPendingOrder or RRR_SendOrder script to place/open order
Step 5: Clear lines
click button clear (with rubber) to remove lines from chart.