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Great indicator needs a little modification

  • #1
  • First Post: Edited Aug 1, 2011 2:17pm Jun 27, 2011 2:55pm | Edited Aug 1, 2011 2:17pm
This is an indicator to calculate the trading size automaticly. You just set the persentage risk and the SL in pips and you get the trading size you should trade. Very good... But could someone modificate so that the indi would take the pip value from ATR indicator as persentage of it. So it would be just perfect, able to adapt to volatility.Also that the EA would calculate the risk from balance not equity(variable) Anyone could do that???
I have searched everywhere and couldn`t find such indicator so far. This closest to it.
Attached File(s)
File Type: mq4 Dials MM.mq4   2 KB | 642 downloads
  • #2
  • Jun 27, 2011 9:41pm Jun 27, 2011 9:41pm
Kindly elaborate further, maybe I can give it a try.
  • #3
  • Jun 28, 2011 3:22am Jun 28, 2011 3:22am
Quoting JungleLion
Kindly elaborate further, maybe I can give it a try.
What I want is this. For the current indi one has to set the risk in pips, I just want that the indi would take the value of the ATR indicator instead. It can be a persentage of the ATR or it can have a multiplier aditionaly, if one needs adequately increase/decrease the ATR value. I hope I cleared a little. Thank you.
  • #4
  • Jun 28, 2011 11:06am Jun 28, 2011 11:06am
thats intense lol. I'm going to give this thing a try
  • #5
  • Jun 28, 2011 2:42pm Jun 28, 2011 2:42pm
Quoting Kyle.
thats intense lol. I'm going to give this thing a try
Cool man
  • #6
  • Jun 29, 2011 1:59am Jun 29, 2011 1:59am
If you mean instead of using a fixed stop value to calculate lots, you take the last closed bar's ATR (or a percentage of it), it's pretty easy to do. It's too late for me now, I can do this for you tomorrow night if no one else hasn't done it.
Wise-EA MT4 Programming
  • #7
  • Jun 29, 2011 2:39am Jun 29, 2011 2:39am
Quoting Saintsurfer
This is an indicator to calculate the trading size automaticly. You just set the persentage risk and the SL in pips and you get the trading size you should trade. Very good... But could someone modificate so that the indi would take the pip value from ATR indicator as persentage of it. So it would be just perfect, able to adapt to volatility. Anyone could do that???
I have searched everywhere and couldn`t find such indicator so far. This closest to it.
if I place atr 14 on the chart , then on 15 minute charts I get an atr of lets say 0.0008 for cable ; which in pip value translates to 8.

So do you want me to place a stop loss 8 pips away in this case ?

Second question is what if the broker does not permit a stop loss less than a particular amount of pips.

Third question is as an indicator it would just display the atr pip value in the comments and appropriate levels for SL, it will not execute them as in experts.

Any changes needed do let me know.
  • #8
  • Jun 29, 2011 2:44am Jun 29, 2011 2:44am
but yes, this concept does give me a wonderful idea on what if i just place profit target at the pip value of atr, that would be awesome in normal trading, just my own thoughts.
  • #9
  • Jun 29, 2011 8:33am Jun 29, 2011 8:33am
Quoting minmin830
If you mean instead of using a fixed stop value to calculate lots, you take the last closed bar's ATR (or a percentage of it), it's pretty easy to do. It's too late for me now, I can do this for you tomorrow night if no one else hasn't done it.
Yes thats what I mean. And it is best to use persentage of the ATR I gess. Whould apreciate if you do it. Btw the value can be taken not nesesary of the closed candle, in that case it will calculate it all the time as it does now. It doesn`t fluctuate much
  • #10
  • Jun 29, 2011 8:37am Jun 29, 2011 8:37am
Quoting JungleLion
if I place atr 14 on the chart , then on 15 minute charts I get an atr of lets say 0.0008 for cable ; which in pip value translates to 8.

So do you want me to place a stop loss 8 pips away in this case ?

Second question is what if the broker does not permit a stop loss less than a particular amount of pips.

Third question is as an indicator it would just display the atr pip value in the comments and appropriate levels for SL, it will not execute them as in experts.

Any changes needed do let me know.
It is an indicator not an EA, I am trading manualy. And usually I trade from 4H and above. But the ATR value could be taken from a particular time frame or you will need a higher persentage so it is not too small.
  • #11
  • Jun 30, 2011 12:30pm Jun 30, 2011 12:30pm
Anyone can do this
  • #12
  • Last Post: Aug 5, 2011 10:30am Aug 5, 2011 10:30am
here is the risk management indicator that shows how many lots to trade per trade acording to volatility by (ATR) I was looking for it for ages.
Attached File(s)
File Type: mq4 SaintSurferRiskMM.mq4   2 KB | 588 downloads
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