FXCodeBase.COM: Forex Chart Indicators and Development

I designed an indicator for the visual display of the risk management options that all of my Entry Apps have built-in.

This may be useful for traders to quickly grasp the position size for a new trade to be entered on the chart Instrument of MarketScope.

It allows to select four different modes on how to calculate the position as a percentage of the
Account Balance
Account Equity
Account Margin
Discounted Account Balance

The Discounted Balance uses the Account Balance minus the maximum possible loss of all open positions of the account, whose StopLoss is set to a possible loss. Positions, whose stop level is at break-even or beyond at a profit level, are not accounted for.

The indicator also plots the envisaged Stop Level onto the chart, which I find quite useful.

There is one constraint for the use of this indicator:

If you are looking to open a long position, the indicator needs to be applied to an ASK price series of the chart instrument.
If you are looking to open a short position, the indicator needs to be applied to an BID price series of the chart instrument.

Happy Trading!

Cheers,
Martin

Information can also be found on http://smarttradingapps.blogspot.com

Attached is a new demo version of the indicator.



Background Information is available on http://smarttradingapps.blogspot.com in the indicator page,

To try this out, request a demo license key via E-Mail from smarttradingapps@gmail.com.

Cheers,
Martin

A new version of the Position Risk Manager indicator is now available.

New features are:

•The Text Box can be placed anywhere on the chart.
•The numerical values are better readable by the enriched number display.
•The lot size is also displayed.

Have a look on the Indicator page at http://smarttradingapps.blogspot.com/p/indicators.html and request a demo version if you like what you see.