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My 1st Cool Indicator!

  • #1
  • First Post: Edited Jun 8, 2009 11:00am May 20, 2009 9:24pm | Edited Jun 8, 2009 11:00am
Hey Guys, just wondering if I can get a hand finishing this indicator I've been working on. As you can see between the 2 pics, I am stumped on how to have my indicator show the correct values when viewing crosspairs. Right now I can only get what I want to see on only usd pairs. It's the difference in decimal positions that is giving me a hard time. I'm sure you'll understand by looking at the pick of what I mean. Anyone willing to give it a shot?

My coding is not the best, this is my first attempt at building an indicator. The cool thing I like about this indicator is that it let you set up your trade in advance, showing me all the information I need at a glance. No doing the math to see if you are staying within your money management rules. The percent for Risk % and Gain % are percentage of account balance risked.

I also noticed that I must have been screwing with the code for the percents, thats why they are reading 0.00% in these pics. I will fix them shortly.

One more thing, this indy is only calculated for trading .01 lots on micro account. I haven't figured out how to set it to trade more than the .01 lot size yet. It works for me so far as .01 lots is all I can afford to risk because of my small account size.

If anyone would like to help to improve this indicator that would be great!

Cheers!

Update June 8/09.........
Here is the most recent version. Won't erase your trendlines that you draw on your charts. And now the Stop, Target, and Entry lines don't reset when you switch time frames. You do have to manually delete these lines though when you take the indicator off your chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_risk.JPG Size: 130 KB
Attached File(s)
File Type: mq4 Risk vs Reward Ratio.mq4   8 KB | 962 downloads | Uploaded Jun 8, 2009 10:59am
  • #2
  • May 21, 2009 7:42am May 21, 2009 7:42am
Any ideas anyone, or hints on the piece off code that might help me with switching too different pairs and having the proper decimal position, like when switching between USD pairs to JPY pairs?
  • #3
  • May 21, 2009 8:17am May 21, 2009 8:17am
Quoting Scottstone
Any ideas anyone, or hints on the piece off code that might help me with switching too different pairs and having the proper decimal position, like when switching between USD pairs to JPY pairs?

I'm not a coder so maybe someone will correct this but I believe to get the proper quote you would use symbol var and perhaps *points?

Hope that helps.

PS Great idea for an indicator.
The trend always ends.
  • #4
  • May 21, 2009 8:21am May 21, 2009 8:21am
Hey thanks for the reply Shamous,

I been messing with Symbol var and Points but haven't got it figured out yet. Will be working away on this all day today too try and get this thing finished.
  • #5
  • Edited 11:13am May 21, 2009 10:01am | Edited 11:13am
Try this........

ADD THIS AFTER INIT;

//---- Define the standard digits
int digits;
string sub=StringSubstr(Symbol(), 3, 3);
if(sub == "JPY") digits = 2;
else digits = 4;


AND THEN ADD *digits TO DESIRED CALCULATIONS!
ALSO REPLACE Point with digits!!!

Regards
forexflash
  • #6
  • May 21, 2009 10:10am May 21, 2009 10:10am
Thanks for the suggestion ForexFlash, I will give it a try.
  • #7
  • Edited May 22, 2009 4:01am May 21, 2009 5:01pm | Edited May 22, 2009 4:01am
Hey Guys, have not been able to figure out my problem with switching between pairs, so I made one for USD Pairs and one for JPY pairs.

Enjoy!

Here are the newest versions. You can now change lot size , either micro, mini, or standard.
Attached File(s)
File Type: mq4 Risk vs Reward Ratio (JPYpairs).mq4   7 KB | 599 downloads
File Type: mq4 Risk vs Reward Ratio (USDpairs).mq4   7 KB | 663 downloads
  • #8
  • May 22, 2009 2:12pm May 22, 2009 2:12pm
Hi ScottStone, thanks for the handy tool. I was wondering if you had any idea how to combine your indicator with this other one I found. Money Manager is basically a lot size calculator based on risk and account balance. As it is now, to use the Money Manager you need to manually type in the stop loss to determine the lot size, but if you were to combine the two, the lot size calculation would be done for you using your horizontal lines. It sure would speed up entries if this were possible.

Thanks Again

Attached File(s)
File Type: mq4 Money Manager.mq4   4 KB | 736 downloads
  • #9
  • May 22, 2009 5:29pm May 22, 2009 5:29pm
Thanks, I will see what I can come up with. I'm trying to make this a really handy money management tool for trade setups and your idea goes right along with it.

I also wanted to add Win/Loss % of account history if possible, and average win and average loss in pips or dollars.

I will get started on this tomorow as I only got about 3 hours sleep last night. Will try to have this before the open on Sunday as I am ready to steal some serious pips this week with any luck.

Chow for now!
  • #10
  • May 24, 2009 9:46pm May 24, 2009 9:46pm
Here is the newest version. You only need this one version for all pairs now. Choose your account type and amount of account to risk. Just move the lines around to where you want and it will show you how many lots to trade relative to the percent you selected.

Enjoy!
Attached File(s)
File Type: mq4 Risk vs Reward Ratio.mq4   7 KB | 1,312 downloads
  • #11
  • May 25, 2009 12:22pm May 25, 2009 12:22pm
Thanks ScottStone,

just what I was looking for. It will make manually trading that much more efficient.
  • #12
  • Jun 24, 2009 4:50pm Jun 24, 2009 4:50pm
Nice piece of code.. Saves Time and Few Neuronal Calculations in those momemts ( Esp for Scalpers. i m not one though)
Thanks Scottstone
Regards
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #13
  • Jun 25, 2009 8:15am Jun 25, 2009 8:15am
Hi Scottstone,

Is it possible to modify this to work with 5 decimals and the current spread value to be quoted below pip value. (At the moment pip value is shown at one tenth value and lots to trade X10)
It never gets easier, you just get better
  • #14
  • Mar 24, 2011 8:58am Mar 24, 2011 8:58am
HI Guys,

Somebody can modify this indicator for work on both side of the market? Also it is good to plot 1:1 and 1:2 risk reward lines? Any suggestions?
  • #15
  • Jun 18, 2012 4:35am Jun 18, 2012 4:35am
Quoting Scottstone
Hey Guys, just wondering if I can get a hand finishing this indicator I've been working on. As you can see between the 2 pics, I am stumped on how to have my indicator show the correct values when viewing crosspairs. Right now I can only get what I want to see on only usd pairs. It's the difference in decimal positions that is giving me a hard time. I'm sure you'll understand by looking at the pick of what I mean. Anyone willing to give it a shot?

My coding is not the best, this is my first attempt at building an indicator. The cool thing I...
the problem with this indicator is that when we swich from time frame all drawn lines are removed and the chart is clean so we cant have this indicator attached to the chart constantly can some one please make the fix in it?

Thanks,
Yoenes
  • #16
  • May 29, 2013 3:30am May 29, 2013 3:30am
Quoting Scottstone
Here is the newest version. You only need this one version for all pairs now. Choose your account type and amount of account to risk. Just move the lines around to where you want and it will show you how many lots to trade relative to the percent you selected. Enjoy! {file}
Hi good people. Would somebody be kind enough to modify the attached indicator (Risk vs Reward Ratio.mq4) by Scotstone to work with a five decimal feed provided by some brokers like Alpari etc? Would also be grateful if a nano lot option could be added. Many thanks
  • #17
  • May 29, 2013 6:12pm May 29, 2013 6:12pm
Quoting danjuma
{quote} Hi good people. Would somebody be kind enough to modify the attached indicator (Risk vs Reward Ratio.mq4) by Scotstone to work with a five decimal feed provided by some brokers like Alpari etc? Would also be grateful if a nano lot option could be added. Many thanks
danjuma-

Added the 5-digit option.
For Nano enter 100 in the AccountType input.
Attached File(s)
File Type: mq4 Risk vs Reward Ratio.mq4   7 KB | 553 downloads
  • #18
  • May 30, 2013 1:37pm May 30, 2013 1:37pm
Quoting cyber1
{quote}danjuma- Added the 5-digit option.For Nano enter 100 in the AccountType input. {file}
Hello cyber,

Thank you for your assistance, very much appreciated. I tried the modified indi you attached, using an entry price of 102.560 and stop loss of 100.652 on the USDJYP. 1% account risk on a $5017 account (not sure on what account size the indi calculations are based on, but just worked on the assumption of $5017, as the 1% risk shows $50.17). Below are my findings, which do not match. Would appear there are some calculations error in the code. Many thanks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: RR.png Size: 19 KB
Click to Enlarge Name: usdjpydaily.png Size: 33 KB
  • #19
  • May 30, 2013 2:15pm May 30, 2013 2:15pm
Quoting danjuma
{quote} Hello cyber, Thank you for your assistance, very much appreciated. I tried the modified indi you attached, using an entry price of 102.560 and stop loss of 100.652 on the USDJYP. 1% account risk on a $5017 account (not sure on what account size the indi calculations are based on, but just worked on the assumption of $5017, as the 1% risk shows $50.17). Below are my findings, which do not match. Would appear there are some calculations error in the code. Many thanks. {image} {image}

danjuma-
This is what I get on a $5654 equity.
Attached Image (click to enlarge)
Click to Enlarge Name: RR11.PNG Size: 69 KB
  • #20
  • May 31, 2013 4:41am May 31, 2013 4:41am
Hi cyber1,

Sorry for the hassle. Using an account balance of $5017.40 and micro lots option, below are what I got. First image is using the original indicator, so disregard the number of pips as this is wrong because of the 4 digit / 5 digit issue, however the lost size seems correct. Second image is using your modified indicator, the lost size seems wrong. Third image is from a website (http://www.fxdd.com/mt/en/forex-reso...g-calculators/) which I am using to compare/check. Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbph1(1).png Size: 47 KB
Click to Enlarge Name: eurgbph1(2).png Size: 47 KB
Click to Enlarge Name: Untitled 1.jpg Size: 38 KB
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