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Get visual tool that by three mouse clicks on chart can place any type of the order according to risk management.
Also known on MQL5.com as KL Easy Order.
Effortless Risk Manager was designed to place orders visually between different levels of support and resistance or between supply and demand zones. The tool facilitates placing any type of the order in accordance with risk management. Placing orders exactly according to what you see on the chart increases probability of trading successfully.
In Effortless Risk Manager panel select and enter wanted percentage value of account balance that you will risk in one trade. Risked value can be set from 0.1% of account balance. Entered value is resistant to MetatTader platform restart.
Click button Calculate and you should see transparent „Price Area”, which is price spread + broker minimal distance to price + additional pip distance added by you. If you do not see „Price Area”, then change chart time frame to lower or increase additional pip distance in settings. Price Area can't be smaller than the spread or spread + minimal distance to current price level, which can be set by your broker. In order to facilitate placing market orders on higher time frame or if spread area is too small you can increase the Price Area by additional pip value in settings. Every order placed in Price Area will be placed at the market, so the size of the zone is not relevant – set this area to be comfortable for placing market orders due to price can escape from this area.
If button Calculate is pressed, then you can start to draw the order according to what you see on the chart. By drawing I mean, by clicking selecting order entry level, stop loss level and take profit level.
Choose your order price level; it can be nearest support or resistance, or what do you think is important. If price is in Price Area then order potentially will be placed at the market, but In this case you should be aware of price movement.
Next you need to select stop loss level. It can be below nearest bottom or above any top, consolidation or what you like. While you are placing the stop loss and you pause mouse pointer movement, then you can read its value in balloon hints. When you click mouse button, then stop loss level is set. Next place the take profit level in the same way.
Now, after three clicks your potential order is ready for sending and you can assess the order by reading values from its labels. If the order does not meet your expectations, then press key Esc or Delete and you can start drawing the order again. In other case by key Enter or button Place you will place the order. If you want to take a screen shot for trading history press key P. Comment in upper left corner of the chart will inform you were the screen-shot was saved.
Current version 1.000 - 2016.05.10. Checked and compiled 2017.08.21
Effortless Risk Manager is part of trade manager 4X Lab and has two more features. Hovering mouse over percentage value of risk shows you current value of risk, its calculated lot size, account balance and account equity. Additional button Analyze allows you simulate trading on the chart. Trade results you can read as comment in upper left corner of the chart.