Risk and reward management indicator for cTrader
You have to do the risk and reward management for each trading, otherwise you will difficult to win and control your money in the market! You can set the stop-loss and take-profit in cTrader as below:
This is really better than MT4 & MT5, it will auto calculate the risk money by stop loss value, and you can also set the take profit amount! But this is still not convenient enough, I think if there is a visual operation for that will be great!
For example, you can drag & drop the stop-loss and take-profit line before you open order, and it will auto calculate the risk-reward rate or you can set the risk-reward for take-profit! That’s means you can easy to drag the stop loss to the support or resistance level, this will be very helpful for control and manage your money! Ok, I will let you know what an indicator can help you to do that!
I created an indicator for risk-reward management, you can easy to set the stop loss and take profit what you want, you also can drag the SL & TP line to set the value:
As you can see in the capture, the blue line is the entry price, green is the take profit price, and red is the stop-loss price. There are 4 order type buttons as below :
When you open a “Buy” or “Sell” order, you can drag the blue line, it will auto-update base on the Ask or Bid price, but if you want to open a “Buy Stop” or “Sell Stop” order, you can drag the blue line for your entry price level.
By default, all of the values will auto-update base on the current entry price, but if you want to change one of them, just edit it, and you will see an edit button change to green:
After you edit the value, click the green edit button, it will calculate other related values. For example, when you change the risk amount, it will also calculate the volumes to fulfill your amount, so that you can control how many amounts will you lose in this trade!
You can set to use the fix amount or percentage for the risk amount, if check “Use Percentage” button, it will base on your account balance to calculate the risk and update the volumes.
There are some parameters can be set:
Panel algnment: Set the default position of the panel
Style Settings: Set the stop-loss, take-profit and entry price line’s color
- Default Volumes: default volumes when open the indicator
- Risk Amount: default risk amount when open the indicator
- Default StopLoss: default stop-loss pips when open the indicator
- Default RS: default risk and reward rate when open the indicator
But this is still an indicator, so it can’t open order, if you want to open the order, you can take a look the cBot version.
In the end, this indicator is not free, I only want to charge a small fee so that I can create more better indicator or cBot in the future, but you can download it with 14 days free trial! So, if you like it, please purchase it, thanks for your support 😄
Please go to below for pursase:
Download “cTrader Risk Reward Management Indicator”CoderBlog-RS-Management-Indicator-1.2.algo – Downloaded 539 times – 3 MB
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