Marius Guscius:
I'm kinda stuck on this.
For example if I my target TP is 50 (of wallet currency) and I want to cover this distance in 100 points. How can I calculate what lot size do I need? I've tried multiple ways with TICK_VALUE, TICK_SIZE but somehow my head can't wrap around this :)
Usually the lot size is calculated from the SL, to get a %risk (of the balance) on the trade.
But the calculation is similar. Try a search on the forum with "lot
from sl".
Never risk more than a small percentage of your account, certainly less than 2% per trade, 6% total to the account.
- Risk depends on your initial stop loss, lot size, and the value of the pair. It does not depend on margin and leverage.
- You place the stop where it needs to be — where the reason for the trade is no longer valid.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.
- 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.)
- 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 2017.10.10
Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum 2018.02.11
Lot value calculation off by a factor of 100 - MQL5 programming forum 2019.07.19 - You must normalize lots properly and check against min and max.
- You must also check FreeMargin to avoid stop out
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.
- Search for a GUI/Trade Assistant EA like mine (for MT4): 'Money Manager Graphic Tool' indicator by 'takycard' - Risk Management - Articles, Library comments - MQL5 programming forum - Page 6 #55
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I'm kinda stuck on this.
For example if I my target TP is 50 (of wallet currency) and I want to cover this distance in 100 points. How can I calculate what lot size do I need? I've tried multiple ways with TICK_VALUE, TICK_SIZE but somehow my head can't wrap around this :)