Lot Size Calculator Script
The Lot Size Calculator is a MetaTrader script that calculates the lot size of an intended trade directly on the chart.
Description
The Lot Size Calculator is simply a MetaTrader script that calculates the lot size of an intended trade directly on the chart. It is chart-friendly and very simple to use. It would be beneficial and handy for both novice/intermediate and advanced forex traders for lot size calculation.
How Does MT4 calculate lot size?
The MT4 platform does not have a feature that calculates the lot size of an intended trade. However, the Lot Size Calculator is a very reliable tool and solves the problem of lot size calculation.
How To Use The Lot Size Calculator
The above image depicts the script on a USDCHF chart. It shows the Stop Loss (30 pips), Take Profit (90 pips), and the recommended lot size suitable for a 2% risk of the account balance.
To use this script, you’ll need to first select the type of trade you want (Buy or sell) and when to execute (instant execution or pending orders) it. Now, input the value of your proposed Stop Loss and Take Profit. The script will then generate the recommended lot size, the price for the Stop Loss/Take Profit, and the possible profit/loss to expect from the trade.
Note that the script makes calculations by points. So, for instance, 10, 20, and 30 pips would translate to 100, 200, and 300 points, respectively.
Conclusion
The Lot Size Calculator is essentially a script that generates the suitable lot size and the Stop Loss/Take Profit of an intended trade position. Finally, it is free to download.