This script is a visual trading tool designed to help traders calculate and monitor their Risk-to-Reward Ratio in real-time on the MetaTrader 4 platform. By automating the math behind your trade planning, it provides a clear picture of how much potential profit you stand to gain relative to what you are risking.
Core Functionality
The primary purpose of this tool is to measure the distance between your entry price, your Stop Loss (the point where you exit if the trade goes against you), and your Take Profit (your goal for profit). It then converts these distances into a simple ratio, allowing you to see at a glance if a trade meets your specific strategy requirements.
How it Works
The script operates by interacting with horizontal lines on your trading chart:
- Visual Markers: The tool identifies three key price levels on your chart: the Stop Loss, the Take Profit, and the Open Position (your entry point). These are represented as dashed lines, making it easy to see your trade boundaries visually.
- Dynamic Calculations: As you move these price lines on your chart, the script constantly performs a background calculation. It subtracts your entry price from your Stop Loss to determine your "Risk," and subtracts your entry price from your Take Profit to determine your "Reward."
- Real-Time Ratio Display: The script then divides the Reward by the Risk to produce a numerical ratio. For example, if you are risking $10 to make $30, the tool will display a ratio of 1 : 3.
- On-Screen Dashboard: This calculated ratio is displayed prominently in a specific corner of your screen (customizable by the user), along with a text comment on the chart for immediate reference.
Key Features
- Labeling: The tool automatically places text labels on the chart (such as "Stop Loss," "Take Profit," and "Open") at the current price levels so you never lose track of which line is which.
- Customizable Display: Users can adjust the visual appearance of the data, including the font size, color, and the specific corner of the screen where the information is displayed.
- Flexible Entry Tracking: The script can be configured to calculate based on the live market price (the current "Bid" value) or a fixed entry price marked on the chart, depending on your trading style.
User Benefit
Instead of manually calculating percentages or points every time you consider a new trade, this tool provides an instant, automated "health check" for your trade setup. It ensures that your risk management remains consistent and visible throughout your trading session.
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RiskReward Ratio v0.1
//+------------------------------------------------------------------+
//| Risk / Reward Ratio.mq4 |
//| Bruno Gaiteiro |
//| bgaiteiro@gmail.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2009, bgaiteiro"
#property link "bgaiteiro@gmail.com"
#property indicator_chart_window
//---- input parameters
extern bool UseBidValue=False;
extern string SLLevel="SLPrice";
extern string TPLevel="TPPrice";
extern string OpenPositionLevel="OpenPositionLevel";
extern string note2 = "Default Font Color";
extern color FontColor = Black;
extern string note3 = "Font Size";
extern int FontSize=20;
extern string note4 = "Font Type";
extern string FontType="Trebuchet MS";
extern string note5 = "Display the price in what corner?";
extern string note6 = "Upper left=0; Upper right=1";
extern string note7 = "Lower left=2; Lower right=3";
extern int WhatCorner=2;
int nDigits;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
if (ObjectFind(SLLevel)==-1)
{
ObjectCreate(SLLevel,OBJ_HLINE,0,0,Close[0]-100*Point);
ObjectSet(SLLevel,OBJPROP_COLOR,Red);
ObjectSet(SLLevel,OBJPROP_STYLE,STYLE_DASHDOT);
}
if (ObjectFind(TPLevel)==-1)
{
ObjectCreate(TPLevel,OBJ_HLINE,0,0,Close[0]+200*Point);
ObjectSet(TPLevel,OBJPROP_COLOR,Red);
ObjectSet(TPLevel,OBJPROP_STYLE,STYLE_DASHDOT);
}
if(UseBidValue == false)
{
if (ObjectFind(OpenPositionLevel)==-1)
{
ObjectCreate(OpenPositionLevel,OBJ_HLINE,0,0,Close[0]);
ObjectSet(OpenPositionLevel,OBJPROP_COLOR,Green);
ObjectSet(OpenPositionLevel,OBJPROP_STYLE,STYLE_DASHDOT);
}
}
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
ObjectDelete(SLLevel);
ObjectDelete(TPLevel);
ObjectDelete(OpenPositionLevel);
ObjectDelete("SLLevel");
ObjectDelete("TPLevel");
ObjectDelete("OpenPositionLevel");
ObjectDelete("RiskReward_ratio");
Comment("");
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
//----
double RiskReward_ratio=0, SL_price=0, TP_price=0, Open_Price=0;
string Text="";
int i=0;
if(UseBidValue == true) {Open_Price = Bid;}
if(UseBidValue == false) {if (ObjectFind(OpenPositionLevel)==-1) return(0);
Open_Price = ObjectGet(OpenPositionLevel, OBJPROP_PRICE1);}
if (ObjectFind(SLLevel)==-1) return(0);
SL_price = ObjectGet(SLLevel, OBJPROP_PRICE1);
if (ObjectFind(TPLevel)==-1) return(0);
TP_price = ObjectGet(TPLevel, OBJPROP_PRICE1);
RiskReward_ratio = (TP_price - Open_Price) / (Open_Price - SL_price);
Text = "Risk/Reward Ratio 1 : " + DoubleToStr(RiskReward_ratio,2) + "\n" ;
Comment(Text);
string RiskReward_ratio2 = DoubleToStr(RiskReward_ratio,2);
ObjectCreate("RiskReward_ratio", OBJ_LABEL, 0, 0, 0);
ObjectSetText("RiskReward_ratio", "1 : " + RiskReward_ratio2, FontSize, FontType, FontColor);
ObjectSet("RiskReward_ratio", OBJPROP_CORNER, WhatCorner);
ObjectSet("RiskReward_ratio", OBJPROP_XDISTANCE, 10);
ObjectSet("RiskReward_ratio", OBJPROP_YDISTANCE, 10);
if(ObjectFind("SLLevel") != 0)
{
ObjectCreate("SLLevel", OBJ_TEXT, 0, Time[10], SL_price);
ObjectSetText("SLLevel", " StopLoss ", 8, "Arial", Black);
}
else
{
ObjectMove("SLLevel", 0, Time[10], SL_price);
}
if(ObjectFind("TPLevel") != 0)
{
ObjectCreate("TPLevel", OBJ_TEXT, 0, Time[10], TP_price);
ObjectSetText("TPLevel", " TakeProfit ", 8, "Arial", Black);
}
else
{
ObjectMove("TPLevel", 0, Time[10], TP_price);
}
if(ObjectFind("Open_Price") != 0)
{
ObjectCreate("Open_Price", OBJ_TEXT, 0, Time[10], Open_Price);
ObjectSetText("Open_Price", " Open ", 8, "Arial", Black);
}
else
{
ObjectMove("Open_Price", 0, Time[10], Open_Price);
}
return(0);
}
//+------------------------------------------------------------------+//+------------------------------------------------------------------+
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