So you noticed that most of your trading friends are into the MT5 platform because they appreciate the convenience that this app offers. In addition, you also hear that they oftenly exchange conversations regarding their prefered tools and indicators. More often than not, you find yourself running out of words to talk about because you still haven’t tried utilizing this application on your chosen trade. Consider yourself lucky today because we bring you bits of useful information regarding the usage of Lot Size Calculator in general and how it is used in Metatrader Platforms.
The Lot Size Calculator
The lot size calculator is an application that is included in some trading platforms especially those that cater forex trading. Technically, a lot is a measure used for trade size or the number of currency units are designated for trading. For calculation purposes, one standard lot is equivalent to 100,000 units of the base currency.
The Metatrader Lot Size Calculator
Expert and Long time users of the MT4 and MT5 Lot Size Calculator say that the calculator is indeed useful for making trading plans. This tool also has definite features such as main, risk,margin,swaps and scripts. The main tab is where you can manipulate all your calculations. This is where you can take actions such as deciding if the entry is pending or at market, your stop loss, risk and reward as well as entering commissions. The risk tab on the other hand is where you get to see feedback on potential risks. For the margins section, you are able to do a quick assessment on your current situation involving margins. Next is the Swaps tab, this so far is one of the handiest sections in the calculator for traders who have potential overnight rollover costs. Finally, the script section is used to open trades in another platform using calculated positions.
This tool is designed to provide help such as the following:
- Lot size and position calculators are used for trading currency pairs
- Calculations that are seen directly in every metatrader platform came from this calculator and this tool is easy to use.
- It can be used to create contingency plans for risks with the help of pending or market orders.
- It is used to plan for stop loss usage and to show the risk and trade size.
- It is also used to predict possible profit via risk reward ratio.
3 Steps to Install and Run the Tool
- Download a chart that has a lot size calculator. You can use your metatrader search to locate suggestions.
- Read the instructions and install the software.
- After installing, restart your metatrader app then click insert followed by indicators and then custom to include the calculator in your chart.
Conclusion:
Using the said calculator in your trading sessions will pose several advantages and help in terms of planning and decision making.But if you are new to this field, it is suggested that you try to start working it out on your demo account and once you got the hang of utilizing it, then you can try it on your actual trades.
