SL, PT and Position Size calculator based on ATR | Forex Factory

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SL, PT and Position Size calculator based on ATR

  • #1
  • First Post: Mar 9, 2016 7:15am Mar 9, 2016 7:15am
Hi,

Some time ago I made an indicator to suggest SL and PT for personal use. It calculates the ATR (volatility) in pips using a fixed time frame and suggests a PT and SL in pips based on that volatility. SL and PT are proportional to the ATR and greater volatility = greater SL and PT.

A FF user asked me to include a position size calculation based on the risk per trade and account balance and I decided to put this enhanced version of the indicator here in case others find it useful.

The indicator is very configurable and has some comments in the source code.
I probably won't be able to improve the indicator further. Please report bugs.

Jaime

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15.png Size: 18 KB

Attached File(s)
File Type: mq4 ATR_SL_PT_position_size.mq4   8 KB | 1,937 downloads
Attached File(s)
File Type: ex4 ATR_SL_PT_position_size.ex4   20 KB | 1,262 downloads
  • #2
  • Mar 9, 2016 7:29am Mar 9, 2016 7:29am
Quoting jmmac
Hi, Some time ago I made an indicator to suggest SL and PT for personal use. It calculates the ATR (volatility) in pips using a fixed time frame and suggests a PT and SL in pips based on that volatility. SL and PT are proportional to the ATR and greater volatility = greater SL and PT. A FF user asked me to include a position size calculation based on the risk per trade and account balance and I decided to put this enhanced version of the indicator here in case others find it useful. The indicator is very configurable and has some comments in the...
Awesome, awesome work Jamie. Thank you for taking time to implement my suggestions. Its simple and effective. Pity you will not have more time to take this code even further as I have some more ideas for taking it to the next level. But since you have been generous enough to provide the source code, hopefully someone else will help with further developements. Thanks!
  • #3
  • Mar 9, 2016 7:44am Mar 9, 2016 7:44am
Quoting LITEchild
{quote} Awesome, awesome work Jamie. Thank you for taking time to implement my suggestions. Its simple and effective. Pity you will not have more time to take this code even further as I have some more ideas for taking it to the next level. But since you have been generous enough to provide the source code, hopefully someone else will help with further developements. Thanks!
There's no harm in leaving suggestions, I just don't know if I'll have the time and patience to implement them
  • #4
  • Mar 9, 2016 8:21am Mar 9, 2016 8:21am
Quoting jmmac
{quote} There's no harm in leaving suggestions
We all know how stressfull trading can become trying to keep an eye on so many factors. Any tool that can take off some of the stress is always a welcome addition!

1. Create and link Order buttons to ATR Calculations.

2. Activate placement of hidden order lines activated only by BIDLINE(for buystops), and ASKLINE(for sellstops).
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 47 KB
  • #5
  • Mar 10, 2016 4:15am Mar 10, 2016 4:15am
Quoting LITEchild
{quote} We all know how stressfull trading can become trying to keep an eye on so many factors. Any tool that can take off some of the stress is always a welcome addition! 1. Create and link Order buttons to ATR Calculations. 2. Activate placement of hidden order lines activated only by BIDLINE(for buystops), and ASKLINE(for sellstops). {image}
Those are good ideias.
But probably require an EA and some work that I can't do right now. Maybe in the future or maybe someone can pick up on your idea.
  • #6
  • Mar 10, 2016 8:29am Mar 10, 2016 8:29am
Quoting jmmac
{quote} Those are good ideias. But probably require an EA and some work that I can't do right now. Maybe in the future or maybe someone can pick up on your idea.
  • #7
  • Sep 24, 2016 10:49pm Sep 24, 2016 10:49pm
Quoting jmmac
Hi, Some time ago I made an indicator to suggest SL and PT for personal use. It calculates the ATR (volatility) in pips using a fixed time frame and suggests a PT and SL in pips based on that volatility. SL and PT are proportional to the ATR and greater volatility = greater SL and PT. A FF user asked me to include a position size calculation based on the risk per trade and account balance and I decided to put this enhanced version of the indicator here in case others find it useful. The indicator is very configurable and has some comments in the...
Jmmac

Thank you very much for sharing this indicator. Its very useful. Is it possible to implement USD risk along with risk % as I wanted to keep my $ risk constant till the time balance reach certain level.

Thanks
Manoj
  • #8
  • Sep 25, 2016 4:11pm Sep 25, 2016 4:11pm
Hi Manoj,

Right now I'm not synced with Metatrader, so It wouldn't be easy for me to make that change. Sorry.

Unless your account balance changes very fast, I can suggest you convert your $ risk to % risk and use it. Then, from time to time you can recalculate the risk in order to correct for the balance change.

Jaime

Quoting manoj_3986
{quote} Jmmac Thank you very much for sharing this indicator. Its very useful. Is it possible to implement USD risk along with risk % as I wanted to keep my $ risk constant till the time balance reach certain level. Thanks Manoj
  • #9
  • Sep 25, 2016 8:46pm Sep 25, 2016 8:46pm
Quoting jmmac
Hi Manoj, Right now I'm not synced with Metatrader, so It wouldn't be easy for me to make that change. Sorry. Unless your account balance changes very fast, I can suggest you convert your $ risk to % risk and use it. Then, from time to time you can recalculate the risk in order to correct for the balance change. Jaime {quote}
Thanks Jmmac for your reply.
I dont know coding but I tried to modify the calculation part in mq4 file and it seems to work the way I wanted. Thank you very much once again for sharing this indicator.
Attached File(s)
File Type: mq4 ATR_SL_PT_USD_position_size.mq4   8 KB | 1,145 downloads
  • #10
  • Last Post: Jun 10, 2020 1:33pm Jun 10, 2020 1:33pm
Quoting jmmac
Hi, Some time ago I made an indicator to suggest SL and PT for personal use. It calculates the ATR (volatility) in pips using a fixed time frame and suggests a PT and SL in pips based on that volatility. SL and PT are proportional to the ATR and greater volatility = greater SL and PT. A FF user asked me to include a position size calculation based on the risk per trade and account balance and I decided to put this enhanced version of the indicator here in case others find it useful. The indicator is very configurable and has some comments in the...
Jaime,

Just a note of gratitude for the tool you generously shared. It is simply amazing.

Thank you sir!
Many green pips.
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