Hi guys,
Am new to forex. So newbie questions on the way…I wanted to know if there is a risk/reward indicator for mt4. I know IExposure but I want one which you can draw on the chart.( I think the ninja platform provides one.) Its like you drawing ‘rectangles’ and it automatically displays yr RR. Would be cool to use it. Thanks for replying.
Hard to understand what exactly do you need… Risk/Reward based on your deposit or pips amount you want to grab from a trade. Clarify it please
I’ve created my own for 3-1 RR. Eventually you’ll be able to eye ball it. For example I look for trades that I can risk 30-40 ticks for 100-120 gain.
You don’t really need an indicator for that.
You can modify the fibb tool to work in this way.
There are so many indicators out there, so I don’t see any good reason why you couldn’t have that. You just need to know what is your risk reward ratio and find some coder who will create it for you.
Hey bud, Here is something U can try.
You have to download it here, and it explains the indicator.
Automatically Manage Your Trading Money With Metatrader Position Size Indicator
Keep in mind, we cant test this till Live action starts,
Risk/Reward based on the amount of pips I can make on the graph. Its like the function of ‘crosshair’ of mt4 but you get to scale your risk/reward.
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True but it looks pretty cool to use hehe.
Yeah but Dont like it…
Here are the steps to show how to use the Fibs, Like Woolo suggested.
Here I have a Pic of what it looks like. As you can see, it just multiplies your endpoints 1:1-1:2-1:3 and so on, and you can add as many as u wish.
I think this is a good indicator. You can use to aid in the trading. So it is quite simple and is expected to be profitable.
In this case you can use the indicator. However, you should still pay attention to global conditions. Thus will remain profitable and a good profit.