Pips + spread candle indicator
Posted: Wed Apr 11, 2018 7:58 am
Hello !
I have a request to make an indicator (if it didn't exist yet..) that can help in money management
About the indicator it must show (either beside the candle or up right/left corner of the screen) the value of the spread for the asset, the size of the candle in pip (for exemple the candle is a bullish one that retrace 2 pips down and finish 5 pips higher that make a total of 7 pips) and it must add the value to give for exemple the spread of the asset is 0.5 and the candle is 8 pips range so 8.5 in total
But for the best part if possible, add another value, that calculate the range of the candle + the spread (9 pips for exemple in total so 8.5 range candle and 0.5 spread) we place our stop +0.3 pips higher/lower so 9.3 and this value must be 1% of our capital so we must calculate how many lots can we put in this trade in order to make the stop 1% of our actual capital
For exemple with the 9 pips candle and an account at 1000$
Our stop is at 9.3 and 1% of 1000$ is 10$, stop must be 10$ max so around 0.10 lots (1$ per pips) that make our stop here at 9.3$
In resume the indicator have to show the spread + range pips of current candle and the lots that we can trade compared with the previous value in order to lost max 1% of our capital
Hope i'm clear in my words and that this is possible to make an indicator of this idea
In mt4 by preference
Thanks !
I have a request to make an indicator (if it didn't exist yet..) that can help in money management
About the indicator it must show (either beside the candle or up right/left corner of the screen) the value of the spread for the asset, the size of the candle in pip (for exemple the candle is a bullish one that retrace 2 pips down and finish 5 pips higher that make a total of 7 pips) and it must add the value to give for exemple the spread of the asset is 0.5 and the candle is 8 pips range so 8.5 in total
But for the best part if possible, add another value, that calculate the range of the candle + the spread (9 pips for exemple in total so 8.5 range candle and 0.5 spread) we place our stop +0.3 pips higher/lower so 9.3 and this value must be 1% of our capital so we must calculate how many lots can we put in this trade in order to make the stop 1% of our actual capital
For exemple with the 9 pips candle and an account at 1000$
Our stop is at 9.3 and 1% of 1000$ is 10$, stop must be 10$ max so around 0.10 lots (1$ per pips) that make our stop here at 9.3$
In resume the indicator have to show the spread + range pips of current candle and the lots that we can trade compared with the previous value in order to lost max 1% of our capital
Hope i'm clear in my words and that this is possible to make an indicator of this idea
In mt4 by preference
Thanks !