Get a visual tool that with three mouse clicks on the chart can place any type of order according to percentage risk management and with calculated SL and TP.
The expert on mql5.com market is known as KL Easy Order.
Effortless Risk Manager was designed to place orders in visual way directly on the chart. For example, you may place orders between different levels of support and resistance or between supply and demand zones. Order lot size, stop loss value and potential take profit will be calculated automatically. The tool facilitates placing any type of the order in accordance with risk management. Placing orders exactly according to what you see on the chart increases probability of trade success.
On the chart with mouse pointer find Effortless Risk Manager panel. In the panel select and edit desired percentage risk value. Risk value is percentage value of account balance that you will risk per one trade. Risked value can be set from 0.1% of account balance with step 0.1. Entered value is kept even after MetatTader platform restart. Order lot size will be calculated according to broker rules. Because of this, calculated lot size is nearest approximate value and can't be lower or higher than allowed by broker. Also lot size is calculated with accordance to broker lot step. The information can be very important for small accounts.
When you are ready, please click button Calculate and you should see transparent „Price Area”. The Price Area is price spread + broker minimal distance to price + additional pip distance added by you that can facilitate placing market order on higher chart periods or when price is moving fast. In Price Area orders are always placed at current market price - price area range is not relevant in that case. You can set comfortable Price Area range in settings by editing its additional pip value. Price Area can't be narrower than the spread or spread + minimal distance to current price, if it is set by your broker.
If button Calculate is pressed, you can start to draw the order according to market conditions visible on the chart. By clicking, select order entry level, with another click select stop loss level and next take profit level. While drawing the stop loss or take profit you may constantly read current pip range and potential trade duration, e.g. according to amount of history bars in previous swing.
Now, after three clicks your potential order is ready to place. You can assess the order by reading stop loss and take profit label values like SL range, calculated order lot size, potential order loss, TP range, potential order gain and potential trade duration if price reach TP level. All calculated values you can read from labels before you will place the order. The Effortless Risk Manager automatically recognize potential order type. If price is in the Price Area then order potentially will be placed at the market (red color of button Place). In that case please be aware of price movement.
If the order does not meet your expectations, press key Esc or Delete and you can start drawing the order from the scratch. In other case with key Enter or button Place you will place the order. If you want to take a screen shot for trading history press key P. Comment in upper left corner of the chart will inform you were the screen-shot was saved.
After all please click Calculate button again to stop drawing and hide Effortless Risk Manager panel. Lines and labels will be removed from chart automatically.
Current version 1.000 - 2016.05.10. Checked and compiled 2017.08.21
Effortless Risk Manager is part of trade manager 4X Lab and has two more features. Hovering mouse over percentage value of risk shows you current value of risk, its calculated lot size, account balance and account equity. Additional button Analyze allows you simulate trading on the chart. Trade results you can read as comment in upper left corner of the chart.
Last updated: March 09, 2020