TP and SL Calculator MT4
TP & SL Calculator Indicator for MT4
The Take Profit & Stop Loss Calculator Indicator is a valuable tool designed for the MetaTrader 4 platform. It enables traders to calculate and display the profit and loss for each trade.
This indicator features a dedicated management box that provides several essential tools for efficient trade handling, including:
- Creating Take Profit and Stop Loss levels for buy and sell positions;
- Determining trade volume in lots;
- Displaying the Risk to Reward (R/R) ratio for each trade;
- Showing the time remaining until the next candle (Time to the next bar).
Specifications Table for the TP & SL Calculator Indicator
Below is a table of some specifications and features of the indicator:
| Category | Trading Tool - Capital Management - Risk Management |
| Platform | MetaTrader 4 |
| Skill Level | Beginner |
| Indicator Type | Risk and Capital Management |
| Timeframe | Multi-Timeframe |
| Trading Style | Scalping - Intraday – Medium Term – Long Term Trading |
| Market | All Markets |
Overview of the Indicator
The indicator's levels consist of the "Open Position" line in gray, the Take Profit (TP) line in green, and the Stop Loss (SL) line in red.
Traders can set the Take Profit and Stop Loss positions either by entering the desired Risk-to-Reward (R/R) ratio directly in the indicator box or by manually adjusting the lines on the chart.
Buy Position
A chart of the USD/CAD currency pair on the 1-hour timeframe demonstrates the functionality of the indicator in buy trades. In these trades, the take profit level is placed above the "Open Position" line, while the stop loss is positioned below it. The indicator box provides additional details, including the Risk to Reward (R/R) ratio, the calculated trade volume, and a countdown showing the "Time to the next bar."
Sell Position
Based on the ETH/USD chart in the 30-minute timeframe, for sell trades, the take profit level is placed below the "Open Position" line, while the stop loss is positioned above it. The indicator box also provides essential information, including the calculated trade volume in lots and the Risk to Reward (R/R) ratio.
Indicator Settings
According to the image, the indicator's calculator box includes the following:
- Light/Dark: Adjusting the theme for the take profit and stop loss elements;
- Time to the next bar: Time remaining until the candle closes;
- Buy: Configuring buy positions;
- Sell: Configuring sell positions;
- Delete: Removing take profit and stop loss lines;
- R/R Rate: Risk to Reward ratio indicator;
- Lot Rate: Manually determining position volume.
Conclusion
The Take Profit & Stop Loss Calculator simplifies the process of calculating stop loss (SL) and take profit (TP) values by utilizing adjustable lines and displaying relevant information in a separate box. Traders can set the take profit and stop loss levels either by manually dragging the lines on the chart or by inputting the desired Risk to Reward (R/R) ratio directly into the tool.
