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Lot Calculator

The Lot Calculator indicator for MT5 is the best custom indicator that calculates lot sizes. This indicator is great for traders who are looking to control their risk better and increase their profits.

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Description

Risk management is one of the integral components of becoming successful in the financial markets. It safeguards traders’ capital against significant losses and plays a role in establishing trading consistency and overall profitability.

To this end, the Lot Calculator indicator for MT5 was developed to assist traders in evaluating the potential risk of each trade. This indicator offers real-time calculations, utilizing traders’ account size and the anticipated risk to determine the optimal lot for every trade.

Does MT5 have a lot size calculator?

No, the MetaTrader 5 (MT5) does not have a traditional lot-size calculator. However, you can install the custom Lot Calculator indicator on the MT5 trading platform to ease lot size calculations. The indicator would be beneficial for beginners and experienced traders in managing their trading positions.

Features of the Lot Calculator Indicator for MT5

The indicator calculates the ideal lot size for trading by considering the specific financial asset, potential stop loss, and a fixed risk percentage based on traders’ capital. It displays essential information, such as the total account free margin, maximum lot size to trade, and the optimal pip value for each trade on the chat.

Benefits of Using the Indicator

  • Efficient Risk Management: The Lot Calculator indicator for MT5 automatically calculates lot sizes based on predefined parameters (size of the account, risk percentage per trade, stop loss, etc.), ensuring proper risk management, which mitigates the potential for significant losses.
  • Time-Saving: The indicator enhances trading efficiency by saving the time to manually calculate the lot sizes before executing a trade.
  • Consistency: Finally, the indicator can help traders maintain consistency in position sizing, which is one of the key factors for achieving sustainable success in the financial trading industry.

Indicator Settings Description

The Lot Calculator indicator for MT5 comes with the following customizable settings:

Stop loss distance from open order: Determine the stop loss value in pips.

Free margin fraction you want to risk: Determines the free margin to risk.

Check to read the actual free margin: Enables/Disables the indicator to detect the account’s free margin.

Specify here a simulated balance value: Determines the account balance to use for analysis.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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