I need a scalping risk manager, which calculates the lot size based on the risk but is able to set a stoploss x pips under my entry without having to drag a line

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I wanted to ask if anyone knows a risk management program for MT4 which is able to do the following:

I want to be able to set a fixed stoploss x pips under/above my entry before entering the trade WITHOUT having to drag a line.

I also want to be able to set the risk per trade so the program calculates the lot size based on the risk and the set stoploss.

I have not found such a program on here yet, every risk manager I have seen so far requires me to drag a line to set the stoploss.

I would be very thankful if anyone would comment with a link to such a program, free or paid.

 
Areus13: I want to be able to set a fixed stoploss x pips under/above my entry

Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk (on leveraged symbols). Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.

  1. You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.

  2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/PIP, but it takes account of the exchange rates of the pair vs. your account currency.)

  3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
              MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
              Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
              Lot value calculation off by a factor of 100 - MQL5 programming forum (2019)

  4. You must normalize lots properly and check against min and max.

  5. You must also check Free Margin to avoid stop out

  6. For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)

Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.

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