The utility helps you in your trading by completing some important tasks:
These are planned features that will be added later
Basic input parameters:
- RiskType: the type of risk, you can choose a fixed lot size or a fixed risk in the amount of money. You can also specify the risk as a percentage of the account balance.
- FixedLots – fixed lot
- FixedMoney – fixed amount of money
- Percentage – percentage
- Risk: if the risk type is specified as a fixed lot, enter the lot size; if a fixed amount of money is specified, enter the risk in the amount of money, or enter the percentage of risk.
- StopLoss: the initial stop loss when placing a virtual order on the chart.
- TakeProfit: the initial take profit when placing a virtual order on the chart.
- Set real SL/TP after trade open: if true is selected, the utility will automatically set the real stop loss and take profit after opening the trade. This function is useful if you need to record analytics via third-party programs or need to close the terminal.
- Include fees: if true, the spread and commission are taken into account, and the position volume is reduced so that when the trade is closed, the risk amount exactly matches the selected value.
- Broker commission Round Turn: broker commission, check with your broker for details. Set it to zero if there is no commission.
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You can also change the colors, width, and style of the lines, but the original values correspond to the characteristics of real orders. Click on the small button in the middle of the upper part of the graph to show/hide the graphic panel.
Click on the ” Buy ” button, and then click on the chart, and the utility will place an order at this level. The same is true for sell orders. The utility uses market orders to open orders. That is, if the price crosses the order level by 1 point, the order will be executed, the same applies to stop loss and take profit.
In addition, the utility is not sensitive to “Bid-Ask” lines. When the utility closes an order with a stop loss or take profit, it only pays attention to the current market price. The “Bid” price is ignored, only the “Ask” line is taken into account.
By setting true, you can calculate the cost structure, but the spread and commissions will reduce the volume of positions so that the actual risk is only the specified size. If there are commissions on your account, check with your broker the commission amount for one full lot and enter this value in the parameters.
The utility can also set real take profit and stop loss levels after opening an order. This will allow you to disable the terminal or record statistics through third-party software. You can disable this feature if you want. Take profit also shows the risk – to-profit ratio, which allows you to track risk management.
An important passive feature is that the levels can be fixed by double-clicking on the lines. If you have fixed the stop loss level at a certain price level, and a certain amount or percentage of risk is specified, then regardless of where the order is placed, the risk will remain the same, since the utility automatically sets the size of positions.
Please note: When an order is open, do not move the stop loss line above/below the order price level. If you have placed a sell order and the utility has opened it, do not move the stop loss below the order opening price, otherwise the utility will close this order regardless of whether this level has been reached. Similarly, for a take profit, do not move it higher (if there is a sell order) or lower (if there is a buy order), otherwise the utility will close this order.
Feedback and suggestions are welcome. The utility will be updated, so stay tuned!
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