System/Tool that Supports Automatic Position Sizing
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Hello everybody,
I'm looking for a solution to automate position sizing based on defined risk (% of capital). It should work this way: when I place the order, after I set the stop loss level, it automatically calculates the order size and sends the order to TWS. I need it to work with futures, stocks and forex. I'm looking at two options:
1) A system/tool that has two-way data exchange with TWS. It retrieves market data and contract details data from TWS. You place order with this system/tool by setting order type, buy or sell, price, stopless and TP level, it calculates the order size and transmit the order to TWS.
2) I already coded some MT4 scripts for order placement and those scripts calculate order size automatically. For this option I need a data bridge between MT4 and TWS that supports two way communication: transmit market data and contract details from TWS to MT4 and transmit order from MT4 to TWS.
Can anyone recommend a system or tool to do the job ?
Thanks in advance !