Free Risk Reward Tool

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Free Risk Reward Tool for MetaTrader 4 and MetaTrader 5. FX Merge Risk Reward Tool is script for trade and risk management by the panel and lines visible on the chart. The panel allows to draw and move trade lines on the chart: open price, stop loss and take profit line (with chosen color and style). EA calculates for them Risk Reward Ratio and possible profit/loss in account currency (based on chosen position size). The lines can be adjusted to the current price (to open market orders) or can have fixed RR (chosen value) between SL and TP. Lines can be moved on the chart and set on any level which later might be the real level of opened trade. It is also possible to remove TP and remove all lines when they are not necessary. Only one set of line is possible to apply on one chart. When lines are applied on the chart, the panel allows to open trades on chosen level pending (if price is above/below current market price) or market (when price is on the current Ask/Bid price). Lot size for the opened trades is set by the buttons and edit windows (lots, risk and cash) on the panel. There are four options for lot calculation: fixed lot size, lot based on risk from account balance, lot based on risk from account equity or lot based on chosen cash amount...


https://www.fxmerge.com/free-risk-reward-tool
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Tradehunter


Re: Free Risk Reward Tool

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We decided to prepared useful tool for our esteemed customers. How can you get the FX Merge Tool for Free?
Benefiting from this offer is very simple. In order to avail yourself of this free tool all you have to do is add three a topic or only five comments in the Community section. This is not time consuming at all, and most probably all it will take is about 5 minutes of your time. Once you complete these instructions you shall then receive the FX Merge Tool for MT4/MT5.


As soon as you complete all the requirements delineated above, just contact us at

NVM, bait....


Re: Free Risk Reward Tool

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pruso wrote: Sat Jan 22, 2022 9:34 am You can download here, version for MetaTrader 4 and MetaTrader 5

FX Merge Risk Tool MT4.ex4

FX Merge Risk Tool MT5.ex5

FX Merge Risk Tool MT4-MT5.pdf
You are a good coder. But the business of selling indicators and EAs is quite tough. Mainly because MT4 attracts two types of participants.
1. CFD is a derivative toy whose spreads are inflated and deflated ( mostly during trading break hours) by the market makers who masquerade as brokers.
Big companies like IG make a big killing of earning swap interest by getting OD lines at around 1.5% of annual interest rates and charging at least 30% to customers by way of what they call swap costs. Statistics of a public company like IG are visible. Others may be making better profits than IG.

The arrangement works and satisfies the market demand from
(a) those who have the gambling instinct and follow the herd mentality. They don't believe in calculating any kind of risk as long as they derive pleasure. They have no interest in using any of your products. Market share of them is 99%.
(b) amateurs who understand the difference between gambling and speculation. They get to play video games provided free of cost with a demo having a colorful MT4 interface and indicators. You can count them as 1% of the customers who remain to take the challenge of making money from the auction-style business model which needs auctioneers (appointed by the exchanges as designated market makers) to keep the auctions attractive enough in terms of attracting speculations big or small.

Your business depends upon (a) who have little interest in your products. Almost no market for you. Category (b) is your market. So tiny that you can't afford to conduct a promotion campaign and only depend upon the forums. As long as you have no expenses, it's fine to continue with your passion.

I started learning about options trading in 1982 because I was lucky to have a mentor who taught me free of cost how to speculate. I got books from a free public library located at 5 minutes distance from home. I was mainly interested in it because I was a financial journalist. But options trading hooked me and surprisingly kept me interested into trading for 10 years until I had found enough money to buy just one contract. Selling options was out of the question because it needs margin. Buying does not need it except the payment of the purchase price. I shifted to futures trading after 20 years and realised buying options activity was a blessings because I could trade futures based on momentum alone and with some fundamental analysis (that in any case I was doing as a professional daily journalist)

I thank MT3 for interesting me into news trading. My love affair with MT4 continues till today. I thank FXCM for blocking my trading account when I was doing 100% risk-free straddles based on economic calendar. I had enough money to turn to Interactive Brokers offering lower spreads, lower trading costs, lower interest rate swap costs.
I always use MT4 for improving my trading knowledge. I am able to design indicators or EAs without having any idea of Excel or any kind of programming languages thanks to MT4 and forums devoted to it.

Two years ago spine arthirites forced me to turn to semi-automated trading.. Luckily I found EA on MT4 for emulation/simulation and an algo trading bot built by IB some 20 years ago and which is available free of cost and that can be used only on their platform.

I like your skills and approach to trading and hence sharing my journey with you. And wish you good luck for your business.

Years ago I used an EA for emuation and it was good. If you can make it fit to work on the existing MT4 and if you want to improve it, I am willing to share my ideas any time.

Attached is an EA I would like my elderly students to learn as a single source of visual emulation, real trading of grids (not martingale) and make at least US$500 a day income. If you have US$10,000 you can male this income on an active trading day.

What is required is Planning the trades using business sense. An understanding of how the bidding is conducted and manipulated by participants and market makers is needed. It is a totally making assumptions exercise. Have to find out which hours are good to humour them and keep encouraging them to take your trades which they need to earn brokerage fee.

Example: Today there will be four events on economic calendar. How will the market makers use the triggers to provoke the herd sentiment?
Or the calendar shows Monthly expiry of futures options: Will the market maker keep quiet? No. they will use the Futures hours when the options market as well as the cash market is closed to make money. You can call it stop hunting but they need to do it to get business from Binary Options liquidity providers and other big players.
The market will move without any trigger and in big waves. Winners take money from the losers.

Trades don't need to go deep into deciphering chart patterns to decide on the bias of the market moving in a direction. Scalping or day trading does not need any kind of technical analysis except where to position the pending orders based on your business sense. $200 daily income on a $2000 margin account is good enough. It will come from Planning the Trades manually and using bots to execute the transactions. If I am lucky enough, I end up trading 50 times in a range of 50 pips for 3-4 hours without removing or adjusting the bot that has facility to take profit for each pending order on mini grid and keep taking profits repeatedly as long as it revisits previous partial TP marked places. The earning journey ends with hitting top profit line or bottom loss line.

A general idea of the fundamentals big picture will do if you want to do breakouts. But I myself do grid trading during Sideways or Range trading and totally avoid breakout.

How do I find range trading environment? Trading is all about assumptions. My business sense helps me make assumptions for Sideways identification. One of it is that after Big or Outliers candle in H1 TF gets exhausted, distribution process will start. I mark a Top (profit exit) and a Bottom (equity loss exit) of the assumed range (example 50 pips) so that I can divide in mini grids of 12 pips each with TP of 10 pips each time. And with a facility to reopen the trade on a revisit to keep it running unless I exit by stopping the EA or end at Top with Profit or Bottom with equity loss or drawdown . Buy Limits, Buy Stops, Sell Limits, Sell Stops have to be judiciously used. That's all.

You need statistics of previous trades to decide on the sizes of Top , Bottom of the main grid where exit will be done. mini-grid (allowing me to take partial profit and keep running it continuously by allowing TP of mini grid to reopen on each revisits by the price).

Your EA should have a window to show these past statistics by way of text and generating spreadsheet files in the MT4 platform. You certainly need statistics on the frequencies of pullbacks and rallies happening as recently as yesterday in different TFs. Past breakeven statistics will also help a lot.

Window for current trades show Breakeven , margin % movements besides profitability of both buys and sell trades done now.

Most of the points I have mentioned are covered by the attached EA. I found it yesterday and want to get it developed for the use of retirees. I have two years of experiencing this kind of trading on Interactive Brokers platform. I was looking for such an EA for MT5 and found one.

I am attaching a picture. It may also be good for retirees to see pending orders mini grid visually with TP market. For grid trading only Equity Loss will be there. Not SL for each mini grid. Mini grid will reopen TP though. Erroneously, it is showing SL for mini grid, which is not supposed to be there. Only Exit is either by TP at top or by Equity Loss at bottom. If you don't remove the EA or don't specify the cycles, it will keep activated as long as it remains on.

I teach only trading of futures because of price transparency and NIL swap costs. Price feed comes directly from the Exchanges which permit only MT5 platform (not MT4) for futures trading. Futures ticks are used in fractions and not like in points or pips.

MT4 may be good for forex scalping but I use only index trading for my own account.


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