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MT4 Order Plugin: Trade by lines with risk based lot sizing

  • #21
  • Feb 25, 2011 2:37am Feb 25, 2011 2:37am
Good work my friend. I am glad you followed up on my request. I will make a post in my thread to direct the people here.
  • #22
  • Feb 25, 2011 3:29am Feb 25, 2011 3:29am
Quoting sangmane
Glad to know that
What about "invalid lot size" error? Do you still see it?
Sangmane,
Two comments:
1. I always get the "invalid lot size". It is probably due to the fact the tool calculates non-integer lot sizes. So my broker FxPro will not allow a lot size of 0.9942 (only 0.9 or 1.0).
2. I appreciate the idea of having the lot size calculated automatically, but the tool only allows me to get up to 2% risk (I operate at 3 or 4% sometimes). Would it make sense to have the lot size input by the user if he wanted to?

Thanks,
Kostas
  • #23
  • Feb 25, 2011 4:15am Feb 25, 2011 4:15am
Quoting kostas1
Sangmane,
Two comments:
1. I always get the "invalid lot size". It is probably due to the fact the tool calculates non-integer lot sizes. So my broker FxPro will not allow a lot size of 0.9942 (only 0.9 or 1.0).
2. I appreciate the idea of having the lot size calculated automatically, but the tool only allows me to get up to 2% risk (I operate at 3 or 4% sometimes). Would it make sense to have the lot size input by the user if he wanted to?

Thanks,
Kostas
Kostas,
Can you please write here the complete message:
"Invalid lot size: xxx" ?
Based on script code, it happens when calculated lot size is less than MinLot or greater than MaxLot. MinLot and MaxLot retrieved from broker.

Attached a script that will print MinLot/MaxLot/LotStep on your chart.
Run this script and compare the "xxx" number in "invalid lot size" message to MinLot and MaxLot and see if it is within the range.

Your feedback is important to me to find out the reason why some people getting this message.

Thanks,
Stephen
Attached File(s)
File Type: mq4 LotInfo.mq4   < 1 KB | 1,926 downloads
  • #24
  • Edited 4:58am Feb 25, 2011 4:39am | Edited 4:58am
Quoting sangmane
Kostas,
Can you please write here the complete message:
"Invalid lot size: xxx" ?
Based on script code, it happens when calculated lot size is less than MinLot or greater than MaxLot. MinLot and MaxLot retrieved from broker.

Attached a script that will print MinLot/MaxLot/LotStep on your chart.
Run this script and compare the "xxx" number in "invalid lot size" message to MinLot and MaxLot and see if it is within the range.

Your feedback is important to me to find out the reason why some...
Stephen,
I got it to work on another account.
The one that didn't work gave:
"Invalid lot size: 1.2922" and your script gave:
Min Lot: 3.0000
Max Lot: 100.0000
Lot Step:0.0100

This account (Alpari Pro) has a minimum order of 3.0 lots so maybe that's the reason. (EDIT: I tried higher risk and it worked as soon as the calculated lots were above 3.0 lots, so it works fine).
Excellent tool overall. Exactly what I was describing and even better.
Just give us the flexibility to input our own lot size instead of auto-calculation.



.
  • #25
  • Feb 25, 2011 5:08am Feb 25, 2011 5:08am
Quoting kostas1
Stephen,
I got it to work on another account.
The one that didn't work gave:
"Invalid lot size: 1.2922" and your script gave:
Min Lot: 3.0000
Max Lot: 100.0000
Lot Step:0.0100

This account (Alpari Pro) has a minimum order of 3.0 lots so maybe that's the reason. (EDIT: I tried higher risk and it worked as soon as the calculated lots were above 3.0 lots, so it works fine).
Excellent tool overall. Exactly what I was describing and even better.
Just give us the flexibility to input our own lot size instead of auto-calculation.



....
that means the message is correct
re fixed lots, yes, there will be another menu item for lot sizing

thanks for clarifying
  • #26
  • Feb 26, 2011 3:17pm Feb 26, 2011 3:17pm
I just ran into this thread, and am very interested, but I have a few questions:

1) Do the scripts work on an ECN, or other two step broker? My broker can't accept a stop loss or take profit at the same time that it accepts an initial order. I believe that it can only accept the stop loss or take profit order once the initial order has been filled. Does this plug-in handle that type of situation?

2) Do the scripts automatically create limit orders when appropriate? For example, if placing a short ten pips above where the market is trading, will it place that as a sell limit?

3) Are the scripts (especially money management scripts) adjustable for brokers who deal with mini lots instead of standard lots?

I would test all of this on demo to get my answers, but its Saturday afternoon. If this can handle my three concerns above, it looks like it is exactly the addition to my tool box that I've been looking for.
  • #27
  • Feb 26, 2011 3:43pm Feb 26, 2011 3:43pm
Hi Sangmane,

I tested the updated version Friday and it line deletion worked like a charm.
It is no problem for me to move a line after the trade is closed, so this is a good solution.

Regards,
Piet
  • #28
  • Feb 26, 2011 3:54pm Feb 26, 2011 3:54pm
Quoting Piet411
Hi Sangmane,

I tested the updated version Friday and it line deletion worked like a charm.
It is no problem for me to move a line after the trade is closed, so this is a good solution.

Regards,
Piet
Glad to hear that it works. I added a menu for line deletion / refresh to make it easier. Sometimes when there are more than two trades open with the same pair, choosing the old tp/sl line is difficult.

Thanks for your feedback
  • #29
  • Feb 26, 2011 4:09pm Feb 26, 2011 4:09pm
Quoting duffypratt
I just ran into this thread, and am very interested, but I have a few questions:

1) Do the scripts work on an ECN, or other two step broker? My broker can't accept a stop loss or take profit at the same time that it accepts an initial order. I believe that it can only accept the stop loss or take profit order once the initial order has been filled. Does this plug-in handle that type of situation?
yes, the script always send order in two step, whether your broker is ECN or not
Quote
2) Do the scripts automatically create limit orders when appropriate? For example, if placing a short ten pips above where the market is trading, will it place that as a sell limit?
initially i was thinking to autodetect order type (stop or limit order) based on price line position relative to sl line position on chart. but it is too risky. you can make mistake when dragging the line especially when your chart is fully with S/R lines, fibonacci lines etc. so, to prepare limit order, just choose buy limit or sell limit on drop down menu
Quote
3) Are the scripts (especially money management scripts) adjustable for brokers who deal with mini lots instead of standard lots?
Script calculates lot based on risk. You don't input lot size. In the next version I'll add menu to choose : risk -> lot or lot -> risk

Quote
I would test all of this on demo to get my answers, but its Saturday afternoon. If this can handle my three concerns above, it looks like it is exactly the addition to my tool box that I've been looking for.
I'm waiting for your testing result
  • #30
  • Feb 27, 2011 12:37am Feb 27, 2011 12:37am
Quoting sangmane
yes, the script always send order in two step, whether your broker is ECN or not
initially i was thinking to autodetect order type (stop or limit order) based on price line position relative to sl line position on chart. but it is too risky. you can make mistake when dragging the line especially when your chart is fully with S/R lines, fibonacci lines etc. so, to prepare limit order, just choose buy limit or sell limit on drop down menu
Script calculates...
Thanks for replying so quickly. I will give you some feedback soon after I get the chance to test.

My concern about lot sizing came from the equations you posted earlier. My broker uses mini lots as a baseline, not standard lots. Let's say I'm risking 2% of a 10K account on a trade with 20 stop loss. Thats $200 risked, and would come to one standard lot. With my broker, the same trade would require 10 mini lots. Even if you haven't taken this into account, it will be easy enough to adjust it by altering some input by a factor of 10.

I'm looking forward to testing this tomorrow.
  • #31
  • Feb 27, 2011 1:51am Feb 27, 2011 1:51am
Quoting duffypratt
Thanks for replying so quickly....
For quick and easy solution you can modify the mq4 code in EasyOrder_Submit.mq4

PHP Code
lot = MathRound(lot/MarketInfo(Symbol(),MODE_LOTSTEP))*MarketInfo(Symbol(),MODE_LOTSTEP);
lot = 10*lot; //add this line
  • #32
  • Feb 27, 2011 2:41pm Feb 27, 2011 2:41pm
You have my huge thank you for this great tool.
If you manage to put an option where we can insert lot sizes by preference this neat little thing will be perfect.
Lot sizing by risk management is a great feature already but it's fitting to some trading styles only.
Great work and thanks again.
  • #33
  • Feb 27, 2011 4:21pm Feb 27, 2011 4:21pm
Sangmane, I have oanda practice trading account, mt4 for charting, and excel 2007.

1. Will your script work on this practice account.?

2. I will eventually be trading a Micro account and progressing up from there... do I need to have another lot size added?

Thank you for your time, Russ
  • #34
  • Feb 27, 2011 7:03pm Feb 27, 2011 7:03pm
So far this is looking very good on tests. I have a couple of observations that I would like confirmed.

Suppose I have the Easy Order attached to a chart in Profile 1. If I switch to another chart in the same profile, it does nothing to the Easy Order window. However, if I switch to another profile, the Easy Order window will not remain up in Profile 1 upon return to it. This isn't a problem. I just want to make sure that this is expected behavior.

The risk entry now has a drop down list. But you can also enter whatever percentage you want into the field. Doing so seems to override the dropdown list. Thus, if I wanted to create an order for 4% or .5%, it's simply a matter of entering those numbers into the field. This behavior seems fine to me, but I think if you do this, you should also include a safety feature for idiots like me. What I have in mind is maybe a way to hard code a maximum % amount risked. That way, if I accidentally enter 22% instead of 2.2% it would either reject the order, enter an order for whatever my max risk was, or (my least favorite) ask for some kind of confirmation. If I take this live (and I probably will), then I will just try to be careful.

The only other suggestion I have right now is whether there might be some way to let the user set a default risk percentage. It looks like every time the window re-opens, the risk % gets reset to 1.0. Again this is a minor point, but I think it would be helpful.

All in all, this looks like exactly the sort of thing I was looking for. Many thanks.
  • #35
  • Feb 28, 2011 5:24am Feb 28, 2011 5:24am
Great work Sangmane, very neat tool.

I would also like the ability to add my own lot size manually, is that possible ?

I am also getting "submit return error " placing Buystop & Sell stop orders on futures contracts. Np problem on Currency pairs as yet.

regards,
It never gets easier, you just get better
  • #36
  • Mar 1, 2011 9:52pm Mar 1, 2011 9:52pm
It tested reliably for me and looks very easy to use. I've already started using it on a couple of live trades.

I have one question: suppose you wanted to take off part of a position? I haven't tried this on demo yet, but I also haven't seen anything here about it. Right now, it doesn't look to me like you can make a partial closure with this tool. It may be that the solution is simply to try a "hedge". With my broker, when you try to hedge an open position, it simply closes the hedged amount.

Another possibility would be to add a window like the risk window, and let that one control partial closures (maybe with the same kind of drop down menu, and a default of "1" to close the entire trade).

I may play with this later on demo to see what actually happens. Thanks for this great piece of work.
  • #37
  • Mar 3, 2011 4:42am Mar 3, 2011 4:42am
I've now used this live for 1 week, every day setting pending trades, then managing the SL/TP lines both before the trade and after. Doing that in the past usually required 2 different EA's.

Way to GO!!!!!!!!!
  • #38
  • Mar 3, 2011 2:37pm Mar 3, 2011 2:37pm
Quoting Diki
You have my huge thank you for this great tool.
If you manage to put an option where we can insert lot sizes by preference this neat little thing will be perfect.
Lot sizing by risk management is a great feature already but it's fitting to some trading styles only.
Great work and thanks again.
Hi Diki, it is on my list. Thanks for the feedback
  • #39
  • Mar 3, 2011 2:41pm Mar 3, 2011 2:41pm
Quoting rascal63
Sangmane, I have oanda practice trading account, mt4 for charting, and excel 2007.

1. Will your script work on this practice account.?

2. I will eventually be trading a Micro account and progressing up from there... do I need to have another lot size added?

Thank you for your time, Russ
Hi Russ, I have tested this tool on Oanda practice account. It works.

Regarding micro lot, please wait until I fix the lot sizing calculation for non standard lot. Don't use this tool for live account. There are a few things need to be fixed.
  • #40
  • Mar 3, 2011 2:44pm Mar 3, 2011 2:44pm
Quoting duffypratt
So far this is looking very good on tests....
Confirmation, yes! That is very important!
Regarding default risk, I code it based on my own default. Will add code to save default settings.

Thank you for your feedback.
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