Mt5RiskReward

The Mt5RiskReward tool is an innovative forex trading tool designed to assist traders in defining the entry, stop loss, and take profit with precision. This tool utilizes horizontal lines on a chart to aid in the decision-making process. It also allows traders to calculate the size of a position based on the percentage of risk they are willing to take on.

Key Features of the Mt5RiskReward Tool

Notably, Mt5RiskReward offers a comprehensive panel for traders. The panel includes a button for revealing or hiding the tool on the chart, a text box for inputting the number of contracts for calculations, and another text box for entering the desired risk/reward ratio. There is also a button for sending a pending order to the market.

How to Use the Mt5RiskReward Tool

To make use of the Mt5RiskReward tool, traders must first click on the “Show Tool” button. This will display three lines corresponding to the entry price, the stop loss price, and the take profit price. The trader can then adjust the distances of stop loss and take profit lines to their preference by selecting a line and dragging it to the desired position. The tool also provides a risk/profit ratio displayed above the entry line, and the stop loss line shows the distance between the entry price and the stop loss line, as well as the potential monetary loss in the currency of the account. The take profit line shows the distance between the entry price and the take profit line as well as the potential monetary gain in the account currency.

Placing and Deleting Orders

Once the tool is correctly positioned, a pending order with the specified number of contracts can be sent to the market by clicking the “Place Order” button. Depending on the position of the entry line compared to the current price, and the position of the stop loss line in relation to the entry line, the tool can deduce whether to send a sell stop, buy stop, sell limit, or buy limit. If the trader decides to cancel the pending order once it has been sent to the market, they can simply click the “Delete Order” button.

Calculating Position Size Based on Risk

In the latest version of the tool, the option to calculate the size of the position based on a percentage of risk has been added. Traders enter the percentage of risk for the operation, and the tool automatically calculates the position size. To send a pending order to the market with the calculated lot, traders press the “Set” button which copies the lot in the “Contracts” field.

Independent Testing and User Experience

Forex traders can watch independent testing of the Mt5RiskReward tool on the forexroboteasy.com website, where they can also subscribe to updates on the results of testing this product. Users are encouraged to share their experiences using this product to help others better understand its utility and efficiency in Forex Trading.

FAQ

What is the Mt5RiskReward tool?
The Mt5RiskReward tool is a Forex trading tool designed to help traders define the entry, stop loss, and take profit by means of horizontal lines on a chart.

How do I use the tool?
To use the tool, first click the “Show Tool” button. Then, adjust the distances of the stop loss and take profit lines as needed. Once the tool is positioned correctly, you can send a pending order to the market by clicking the “Place Order” button.

How can I calculate the size of the position based on risk?
In the latest version of the tool, you can enter the percentage of risk for the operation and the tool will automatically calculate the position size.

Where can I watch independent testing of the Mt5RiskReward tool?
You can watch independent testing of the Mt5RiskReward tool on the forexroboteasy.com website.

This review is an independent analysis of the Mt5RiskReward tool. It does not endorse or promote the product, rather provides an objective look at its functionality and usability in Forex trading.