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This new utility will modify the ‘New Order’ window with new calculations. Below are two order windows that offer different features. They need to be combined and expanded with new calculations. The first screenshot is the original order entry window that pops up when you click on ‘New Order’. Notice that it does not ask for the number of pips for the stop loss—it only asks for the price:
When trying to modify an existing order this screenshot has the ability to custom size the stop loss. Here I have it preset for 4000. I wish this feature was included in the ‘New Order’ window as shown above.
Need to add some new calculations into the ‘New Order’ window. It will need to involve a multi-variable calculation. If there are three variables and I know two of them, then the third should automatically be calculated. For example, if I enter the risk ratio of 2 (representing 2% of my balance for my risk), the utility will automatically know my balance and auto-fill the ask price for market orders. (Pending orders would require a manual entry to override the auto-filled price.) To give you a visual, the screenshot below is from an online calculator that works as I want but the features need to be built inside MT4:
The utility will also allow me to enter the stop-loss in pips, such as 4000 pips. It should also pre-fill the currency pair and the balance since it is contained inside MT4 and should know these things. All of the fields that are listed in the above screenshot should be displayed in this new ‘New Order’ window.
To summarize, I want to enter the risk percentage of 2 and 4000 for stop-loss pips. The utility should then display the money that is being risked, the Units, and then calculate the Lots for the lot size automatically for me.
The other variable in the calculation is when I input the risk percentage and the desired lot size. The calculations would then need to determine stop loss pips.
So there should be one window displayed when entering new orders that can calculate the lot size pips or the stop loss pips, depending on my inputs for the other variables.