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Position Size Calculator Guide
August 6, 2023
Calculating a lot size in MetaTrader is normally not a quick task, but it is a very important one. MetaTrader doesn't offer a fast way to calculate the position size, so, usually, a trader needs to manually perform several calculations. When you are submitting an order, you are already supposed to know and type in the lot size for the trade. It can be frustrating to calculate - that's why we made this tool to speed up the process a little for you. Now you can also see your P/L live and calculate the lot size within seconds straight from TradingView.
In this guide we will show you how to setup the position size calculator and how to implement it properly. It comes with 5 simple steps:
How to use the Lot/ Position Size Calculator
Step 1: Set your entry price
When you start the indicator, it'll ask for an 'Open Price.' Just choose the price you want to start your trade at.
Step 2: Set your stop price
Next, the indicator will ask for a 'Stop Price.' Just click on the chart where you want to stop the trade.
Step 3: Set your target price
Lastly, pick your 'Target Price.' You can just click on the chart where you want this. Later, you can set more targets if you want.
Step 4: Choose the symbol, forex will be automatically detected
The indicator can automatically recognize forex symbols, so no need to adjust that. But if you're trading other assets, check if the contract size is correct. Also, recheck for forex pairs. The default contract size is 10000, but some brokers or prop firms might use different sizes. It is more advantageous to prevent a problem than to remedy it.
Step 5: Fill in your balance and set your risk settings
The last one is setting your balance and your risk settings. The risk settings simply contains: risk in % and account balance. You can also choose to set multiple targets, so you can take partials.
Parameters:
- Set symbol: Forex (auto detection), US100, US30, BTC, XAUUSD, NGAS, XBRUSD, XTIUSD, AUS200, US500
- Account balance
- Risk in %
- Levels: Stop loss, Entry, Target 1, Target 2, Target 3
- Display settings for the Trading Panel
Trading panel:
- Show Live P/L
- Show Risk to reward
- Show lot size
- Show risk in %
- Show account balance
- Show money at risk (no commissions included)
Occasionally, the data from your broker may differ from the TradingView data, resulting in discrepancies in entry price and stop loss price. Always double-check these figures. Please note, the Position/Lot Size Calculator doesn't account for any incurred trading commissions or potential swap costs.
Contract size, also known as lot size, in MetaTrader is essentially the number of units of a financial instrument that a trader is buying or selling in a particular trade. This measurement is very important because it directly affects the risk and profit of a trade. Contract size, also known as lot size, in MetaTrader is essentially the number of units of a financial instrument that a trader is buying or selling in a particular trade. This measurement is very important because it directly affects the risk and profit of a trade. In Forex trading on MetaTrader, the standard contract size is 100,000 units of the base currency. This is referred to as a 'standard lot'. However, there are also smaller lot sizes:
Indeed, you can configure alerts for this indicator. It allows you to set alerts for key events such as when your stop limit is reached, multiple targets are achieved, and when your entry point is activated.
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