Hi everyone,

As any real trader knows money management is a key part to successful trading.
I have spent many hours coding the expert below and have decided to share it with the forum as a thanks for all the knowledge I have obtained from it over the years.
This is not an auto-trading expert, it shows you market information and money management. You place it on the chart and adjust the lines as below:

Green line= Take profit
Red line = Stop loss
Blue line = Entry point

You see this is a very easy way to quickly manage your trades as you can just drag the lines and the information adapts !
There are not many inputs to know just the following:
1= Forex
0= CFD or other markets

It has taken me a long time to code this and I hope it helps some of you out there...
I have attached a screenshot and the code.

Attached Images

MM.gif (16.4 KB, 1085 views)

Attached Files

#MoneyManagement-v2.mq4 (5.5 KB, 384 views)

Most of the outputs shown are quite obvious but I will detail some of the less obvious ones here:

First of all remember to set risk (as percentage) and type (eg: forex or CFD) when you attach the expert.

It will display:
Useful market information such as Swap, leverage size, and your entries points as well as:

R/R Ratio: The risk/reward ratio, the higher this number the better.

R/R Ratio close of bar: The same as above but instead of being calculated from the blue entry line is calculated from the close of bar - very useful in fast moving markets.

Lot Size: How many lots you should risk given your risk percentage input.

Lot Size close of bar: The same as above but instead of being calculated from the blue entry line is calculated from the close of bar - again, very useful in fast moving markets.

Time until next bar: Time until the open of next bar, I also find this info very useful. Everything else should be quite self explanatory.

Would appreciate any feedback.

Hi guys,

I think this is a really useful tool and I know there are some very experienced coders in this forum. If you can see anyway to improve it I would be grateful for any updates. I think two of the most important things would be:

1) The data would be better displayed in a seperate window to make it more readable.

2) If there is a way of integrating pip value and pip size so it automatically changes for forex/CFD we could get rid of that input which would be good.

I would give this expert 8/10 as it is with the great coders here I am sure we can make it 10/10

That's great

I will use it

Cheers

Beno

Hi Leeb,
Thanks for your work !

Does anyone know how the text legibility could be improved ?
I thought about putting it in a new window but the lines still need to be moved in the current window so not possible ?
Maybe a rectange or fill behind the text ? Has anyone done anything like this / have any ideas ?

Cheers

I think it may be easier to have an indicator instead of a script.
If you put the indic in a new window, the main window will still be the N° 0, thus the ObjectCreate(entry, OBJ_HLINE, 0, ...) will still draw the line on the main window (the third parameter is the window number). And ObjectGet() doesn't care about which window contains the object. So I think it should work.
Also an indicator is automatically called at each tick, so you don't need anymore an endless loop nor a sleep() inside.

Many thanks to share it, leeb.

gus

Hi Leeb,

Thanks for sharing and directing me to a possible solution. I didn't play around with it for long but it didn't seem that simple to adjust the lines (stop, target and entry). My question in my post was if it's possible to create something like a tool that you'd click it of the tool bar and then click on the graph.
I'll take a closer look at the code to see if i can adapt it to my needs.

Thanks again.

I just downloaded this EA. It is the first time that I'm using one of those, I had been seeking for one that works for scalping but haven't found. I'll try this and see if it works fine. Which pairs and TF should I use it with?