Risk Calculator forex MetaTrader indicator — calculates the risk in the form of a maximum potential loss induced by the currently open positions and the active, pending market orders. The results show the money and percentage risk per mt4 currency pair and the total risk in the separate mt4 chart window. You can also regulate the work of the Risk Calculator indicator by turning on or off spreads, swaps, and commission calculations. You can also tune the visual display setting parameters. Additionally, it can calculate the maximum potential reward. Moreover, you can calculate risk/reward separately for open positions and pending orders. The forex indicator is available for both forex MT4 and MT5. Unlike the risk calculation procedure implemented as the module of the indicator Position Sizer, this forex indicator will calculate the right risk values even in very complex situations involving market hedged trades, pending orders with intersecting stop-loss(SL) and take-profit levels, and even forex MT5’s special stop-limit orders. The algorithm implements a brute force maximum loss search with some heuristic techniques to speed up the process. Therefore, forex traders will get fast calculation results on an average number of orders (up to about 20). Still, the trade execution speed will become unsatisfactory as the number of trades increases. Nevertheless, the Risk Calculator indicator is a valuable tool for assessing the exposure of the worst-case scenario when dealing with a complex portfolio of orders.
Input parameters:
Main
- CalculateSpreads (main default = true) — if true, then potential loss due to spreads will become a part of the maximum potential loss.
- CalculateSwaps (main default = false) — if true, then accrued swaps will become a part of the maximum potential loss.
- CommissionPerLot (main default = 0) — your broker’s commission per lot charged in mt4 account currency. Enter the price value charged for one side of the entry trade, not round-turn.
- UseEquityInsteadOfBalance (main default = false) — if true, then account equity is used instead of balance in calculations.
- SeparatePendingOpenCalculation (main default = false) — if true, it will calculate risk and reward separately for open trades and pending orders.
Fonts
- cpFontColor (main default = clrAzure) — font color for the currency pair names.
- mnFontColor (main default = clrPaleGoldenrod) — font color for the risk in money form.
- pcFontColor (main default = clrLimeGreen) — font color for the risk in percentage form.
- hdFontColor (main default = clrBlue) — font color for headers.
- FontFace (main default = “Courier”) — font face of the displayed text.
- FontSize (main default = 8) — font size of the displayed text.
Spacing
- scaleY (main default = 15) — number of pixels per output line.
- offsetX (main default = 20) — horizontal offset for output.
- offsetY (main default = 20) — vertical offset for output.
Reward
- CalculateReward (main default = false) — if true, the maximum potential reward will be calculated and displayed.
Screenshots
Example of multiple markets pending orders and one position (limited loss risk)
Example of unprotected buy entry position (nearly unlimited loss risk)
Example of unprotected sell entry position (unlimited loss risk)
Example of reward calculation
Example of separate calculation for positions and market pending orders
Known problems
Despite being designed, coded, and tested to work in multiple scenarios, the Forex Risk Calculator has some limitations, restrictions, and potential for errors. Here is a simple list of the known issues with this forex indicator:
- When the mt4 account currency differs from the quote currency of the mt4 pair for which the market orders are placed, and the risk is calculated, the results may be inaccurate due to unpredictable conversion rate fluctuations. For example, if your mt4 account is in JPY and you are trading pair EUR/USD, the actual risk may also depend on the future pair USD/JPY rate. The Risk Calculator indicator will not attempt to predict it.
- If a trader creates too many pending orders with stop-loss(SL) and take-profit(TP) levels, the forex indicator may become too slow in its calculation or even stop functioning.
- If your forex broker offers variable spreads, the calculations will be inaccurate as the indicator assumes constant spreads on each tick.
- The indicator does not consider the price slippage of pending orders’ execution.
- The forex indicator ignores the lack of margin for order execution. If you set up a pending order requiring more free margin than your trading account can provide, the Risk Calculator indicator will still consider the possibility of that order’s execution.
- The forex indicator does not consider the correlation between different currency pairs. The risk value is calculated for each trading instrument separately. For example, if you buy EUR/USD pair and sell GBP/USD pair as a hedge, the forex indicator will calculate the risk of each open position separately.
- The forex indicator does not consider the triangular arbitrage and other forms of arbitrage with several currency pairs. For example, the Risk Calculator will treat those positions as three separate trades with risks if you go long pair EUR/USD, long USD/JPY, and short EUR/JPY.
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Risk Calculator is also developed via a dedicated GitHub repository. You can participate in its development by submitting your code modifications via pull requests and reviewing existing suggestions, changes, etc.
Risk Calculator for MetaTrader 4
Risk Calculator for MetaTrader 5
Discussion
Warning!
If you do not know how to set up this indicator, please read the MetaTrader Forex Indicators Tutorial.
Do you have any suggestions regarding this indicator? You can always discuss the Risk Calculator with the other traders and MQL programmers on the indicators forums.
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