Risk Reward Order Manager is an EA that will help you a lot in order to follow your money management plan.
You only need to set the parameters according with your money management strategy, and drag resistance, support and order levels. And push order button!
EA will do following operations taking of course care of current spread
- Calculate risk reward ratio
- Check if that ratio is in accord with your settings
- If the operation is in a good risk reward ratio , EA will show you button for place order ELSE he will hide to you so you have to follow your rules
- He will know which kind of order to set (buy limit, buy stop, sell limit, sell stop)
- Show you how much (in money) you are going to risk and gain with that operation
- Show you lotsize calculate for that operation in order to follow your plan
- Show you how far in pip SL and TP are
- Draw a red rectangle from order level to SL (possible loss)
- Draw a green rectangle from order level to TP (possible profit)
- Draw a lime rectangle (optional, 1 to 1 R/R projection)
- Current spread
- Minimum lotsize for this pair
- Pips value in money for 1 lot operation of this pair
- Amount of money used by stop loss Â in ALL open operation by this magic number (in money and in % of free margin)
How Does it work?
Once you set and drag in your strategical level the five horizontal lines drawn by EA on initialization (Strong resistance, medium resistance (dashed) , strong support , medium support (dashed) and yellow Â dashed order level line).
EA will calculate possible operation you ll can place. He will figure strong resistance line and strong support line as target , so, in according with your level order position will show you only operations you ll can open to follow your money management rules (is a bit difficult to explain for that I invite you to see screen shot and video attached).
EA will show you the button to place standard operation (if those stick to money management) and will show you on chart through green (for profit) and red (for losses) rectangle
- Place buy limit ( if order level is below price and will set strong resistance as TP and Strong support as SL)
- Place buy stop ( if order level is above price and will set strong resistance as TP and Strong support as SL)
- Place sell limit ( if order level is above price, and will set strong resistance as SL and Strong support as TP)
- Place buy limit ( if order level is below price and will set strong resistance as SL and Strong support as TP)
All those button will set a single order with full amount of lotsize calculate according with your settings.
If medium support or resistance are below or above of 1 to 1 risk reward projection EA will give you a choice to:
- place a full (mean with lotsize calculated by ea) standard operationÂ
- place a full (mean with lotsize calculated by ea) 1 to 1 risk reward operation
- place both operations with one click but with splitted amount of lotsize to follow better the rules
You ll find input variables in screenshot and video!
This ea will work with pretty all value pairs plus Â xauusd, xagusd , it will not work with a lot of other cfd like uk100, ger30 and so on!