Effortless Risk Manager MT5

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.

How to use Effortless Risk Manager?

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.

Placing orders on a chart

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.

Features

• Effortless Risk Manager prevents you from risky trading using risk management from 0.1% of account balance per one trade.
• Effortless Risk Manager automatically recognize what type of order you want to place.
• You are placing orders with the appropriate lot size.
• The lot size of the order is calculated according to the broker permitted minimum, maximum and lot step.
• SL and TP are calculated according to what you drawn on the chart, so from labels you clearly see potential gain and loss.
• From labels also you can assess trade probability and approximate duration of trade if the order was drawn according to previous swings.
• Auxiliary „jumping” vertical line shows on chart nearest occurrence of holidays and weekend that helps asses trade duration (line shows holiday gaps in candles).
• Effortless Risk Manager accelerates and facilitates placing the orders with three mouse clicks. The fourth click is placing the order.
• Key "Delete" interrupt drawing and removes wrong drawn lines and labels.
• The calculation does not consider broker commission, which is added to the order when order was placed. Because of this, in settings you will find additional pip value that can emulate percentage value of the commission.

Additional features of Effortless Risk Manager MT5

• You can change lines colors, width, style and font color for labels.
• You can switch on/off auxiliary lines of holidays and weekend occurrence.
• Effortless Risk Manager can manage chart properties automatically.
• You can change color of Effortless Risk Manager panel and set chart wallpaper.

Current version 1.410 - 2017.08.21 - Solved problem with inputs that disappears due to changes in mql5 language and MetaTrader 5 platform. Fixed bug with sell stop order. New program appearance.
Version 1.38 - 2015.04.22 - Support for RTS-6.15 and RTS-9.15 where order price must be rounded to 10 RUR. In this version inputs disappeared (version available on mql5 market).
Version 1.35 - 2015.04.10 - added choice of order expiration, true = 24h, false = does not expire.

Important: Too many events on the chart can slow down the panel's sliding. Ctrl+B => List all and delete obsolete objects Event.

If you identify any bugs or if you have any questions or suggestions feel free to let me know. Feedback are most welcome.

Last updated: March 09, 2020