For those that want to control the exact amount risked in each trade, there are two questions in the Misc panel that are of great help: Trading Volume and Stop Loss Distance.
The Trading Volume question has the following fields: stop loss distance, amount risked (in Metatrader account currency) and trade symbol. If the symbol filed is empty, the chart symbol is used.
This question is very helpful when the trader already knows the stop loss distance and wants to trade the maximum volume based on the specified amount risked. Let’s suppose we want to calculate the trading volume to risk $100 in a 10 pips stop loss for EURUSD.
By using variables, we can accomplish more advanced calculations. For example, a trader may decide to risk 2% of the account balance in each trade. In that case, the trader would create the next items in Trading SM:
- A variable holding the account balance,
- An operation calculating the 2% of the previous variable,
- A stop loss distance variable.
- A variable using the Trading Volume question.
Stop Loss Distance
The Stop Loss Distance question is good for knowing the maximum stop loss distance based on the trading volume and the amount risked. The value obtained from this question can be used in a trading action.