Hello Traders, I want to share an indicator I use with my basket trading. I attach versions for Metatrader 4 and Metatrader 5. The indicator helps me see my exposure in lots, to see the break even point for each currency in each direction and then I can use this information to determine if I should intervene or not. This is an adaptation of the original iexposure indicator + the mebreakeven indicator and it will show individual trade lot sizes as well as combined lot sizes plus break even distances for BUY and SELL trades direction in all pairs. THIS PARTICULAR VERSION ALSO PROVIDES DETAILED INFORMATION ON OUR EXPOSURE TO A PARTICULAR CURRENCY AND IT WILL BE USEFUL IN IDENTIFYING SITUATIONS WHERE A CURRENCY HAS BEEN TRADED TOO MANY TIMES. FOR EXAMPLE WE COULD BE SELLING THE CHF IN 5 CURRENCY PAIRS AND NOT REALIZING THAT EVEN A MILD MARKET CRASH COULD RESULT IN THE SUDDEN APPRECIATION OF THE CHF AND THE DESTRUCTION OF OUR ACCOUNT. Deals=Open Market Orders B-Pend= Number of Buy Pending orders S-Pend= Number of Sell Pending Orders B-Net= Total of Net Lots of BUY orders S-Net= Total of net lots of SELL orders Buy-BE= Break Even Distance of BUY orders Sell-BE= Break Even Distance of SELL orders Net lots= Total size of open trades after adding and subtracting BUY+SELL orders Profit= Profit or loss EQUITY RISK @ 1000 PIPS= Potential equity loss if all our open positions moved 1000 pips against us SINGLE CURRENCY RISK= This is a +ve or -ve number and it shows how many times we have traded a particular currency. This indicator version was customized for a particular basket trading strategy so this +ve or -ve number also considers pending orders and it will add or subtract BUYs from SELLs and visa versa. In other words if the AUD was bought 2 times in pairs AUDUSD and AUDNZD but it was sold 2 times in EURAUD and AUDCAD then the number will be CURRENCY RISK NUMBER will be 0 If the AUD was bought 2 times in pairs AUDUSD and AUDNZD but it was sold 4 times in EURAUD , AUDCAD, AUDCHF and AUDJPY then the CURRENCY RISK NUMBER will be -2 Good luck
"In other words if the AUD was bought 2 times in pairs AUDUSD and AUDNZD but it was sold 2 times in EURAUD and AUDCAD then the number will be CURRENCY RISK NUMBER will be 0" How is that 0? Selling two pairs and buying two other related pairs but all having different rates does not equate to zero. Current rates AUDUSD 0.72767 AUDNZD 1.06459 EURAUD 1.58980 AUDCAD 0.89883 Without needing a calculator it is obvious the totals of the two pairs are unequal.
This is just a counter to give us a quick view of what is going on. I needed this counter for some other software I use for managing trades. The monetary amounts will not be 0 and you will see this at the bottom of the AUD column. The Equity Risk Calculation for the AUD (shown at the bottom of the AUD column) considers the pip value of each currency pair so it should be an accurate reading
Some follow up notes to assist people who are not very familiar with the metatrader software. In MT4, the indicator is placed in the MQL4/Indicators folder You should reach the Indicators folder using Metatrader (don't use windows) in MT4 click on FILE/OPEN DATA FOLDER Click on MQL4 and select Indicators Right click inside the folder and select Paste. In MT5 the process is the same but the file is placed inside the MQL5/Indicators folder. NOTE: The files attached here are in source code so after pasting the file, you would need to restart MT4 or MT5 and the file will be compiled. A new file will be created with extension ex4 in MT4 and or ex5 in MT5 I'm attaching 2 black templates, 1 for MT4 and 1 for MT5 These are placed in the Metatrader folder templates, using this path in MT4 click on FILE/OPEN DATA FOLDER click on TEMPLATES, Paste the MT4 black template in there In MT5, click on FILE/OPEN DATA FOLDER click on MQL5\Profiles\Templates Paste the MT5 black template in the templates folder After restarting MT4 or MT5, open a new chart in any currency pair which you don't use for trading, I use EURSEK but you can pick any pair. Then right click on the open chart, select TEMPLATE and pick the black template from the list of templates. If anyone still finds it difficult to setup a black chart, , Don't be shy, send me a private message and I will help you when I have some free time. Trade Safe