One of the most important factors for your trading success is the risk management strategy you use. This includes how you calculate your position size for each trade.

Ensuring you work out your trade’s position size before each trade will make sure you are only risking a set amount of your account each trade. It will also make sure you are not at risk of blowing your whole account with one trade.

One of the quickest ways you can calculate your position size for each trade is with a position size calculator indicator right in your MT4 or MT5 charts.

This post goes through what a position size calculator indicator is and how you can use one in your MetaTrader charts.

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What is a Position Size Calculator?

A position size calculator is a handy tool you can use to quickly work out what size trade you should be making for each trade.

Often these calculators will require you to fill in some information about your account size and the trade you are looking to make, for example, the pair you are trading and the stop loss size.

Another way that is a lot quicker to calculate your position size is to download and use a free position size indicator in your MT4 or MT5 charts.

These indicators do most of the calculations automatically for you and are far quicker to use. Because they are already in your charts, they have your account size and other key information.

 

Position Size Calculator Indicator for MT4

This is a free position size calculator for MT4 provided by EarnForex. It comes packed with features and is very easy to download and start using.

position size indicator

The main benefits of this indicator include;

  • Can be used on all Forex pairs and other assets.
  • Clear and easy-to-use panel for inputs.
  • You can place the panel wherever you choose on your charts.
  • You can drag your stop loss and take profit lines on your charts to change the risk settings.
  • When using a take profit, you will be shown your potential risk to reward ratio for the trade.
  • You can quickly see your account’s potential risk.
  • The trade panel gives you information about the margin that will be required for your trade.
  • You can customize the leverage for different calculations.
  • You have the option to display spreads.
  • The indicator and trade panel work across multiple time frames and stays in place even after Metatrader restarts.

You can get the MT4 position size indicator here.

NOTE: If you do not yet have the best MT4 / MT5 charts to use these position size indicators, you can read about getting the best free trading charts and the broker to use these indicators with here.

 

Position Size Calculator Indicator for MT5

This free MT5 position size calculator is also from EarnForex. This indicator is very similar to the MT4 version; however, it is slightly more advanced and looks a little bit different.

The main benefits of this MT5 position size calculator are;

  • Can be used on all Forex pairs and other assets.
  • Clear and easy-to-use panel for inputs.
  • You can place the panel wherever you choose on your charts.
  • You can drag your stop loss and take profit lines on your charts to change the risk settings.
  • When using a take profit, you will be shown your potential risk to reward ratio for the trade.
  • You can quickly see your account’s potential risk.
  • The trade panel gives you information about the margin that will be required for your trade.
  • You can customize the leverage for different calculations.
  • You have the option to display spreads.
  • Supports stop limit orders.
  • It has a tab to see information on rollover costs.
  • The indicator and trade panel work across multiple time frames and stays in place even after Metatrader restarts.

You can get the MT5 position size indicator here.

 

Lot Size Calculator for MT4

Normally calculating the correct lot size is a manual task, and with any incorrect input, you can easily get the wrong calculation.

Many traders will use an online tool or calculator to help speed up this process, but there is still a faster way that it can be done.

lot size indicator

This is a handy MT4 indicator that will quickly and easily calculate the correct size lot you should be using for each trade.

This indicator will show you exactly what lot size you need to trade and your potential risk to reward ratio for each trade.

With this indicator, you can;

  • Adjust your risk settings.
  • Set your profit target and stop-loss levels with pips or prices.
  • You can drag your take profit and stop loss levels to change the settings straight from your chart.
  • Quickly see the risk to reward ratio for each trade.
  • Get accurate calculations on your potential profit and loss.

You can get the lot size calculator for MT4 here.

 

Lot Size Calculator for MT5

This is another handy lot size calculator for MT5.

This indicator is also easy to download and start using.

This calculator is a simple tool that shows you your correct lot size for each trade you will make. It does this by working out how much you want to risk and how large your stop loss is. For example, if you want to risk 1% or 2% of your account, and how many pips away from your entry your stop loss point is.

lot calculator

You can get the MT5 lot size calculator here.

 Note: Don’t know how to install and use these indicators? Read How to Download, Install and Use MT4 and MT5 Indicators.  

 

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