The Risk Reward indicator for MT5 is a beginner-friendly tool designed to help traders manage trading risk effectively. It automatically calculates the difference between the stop-loss and take-profit from the entry-level, enabling traders to make informed trading decisions.
The indicator calculates the distance between the stop-loss and take-profit from the entry zone in pips, enabling traders to determine the potential risk and reward of an intended trade position.
Features of the Risk Reward Indicator for MT5
The indicator is an easy-to-use tool suitable for beginners and advanced traders. It displays three horizontal lines on the chart. The lines are in blue, red, and lime, which represent the trade entry, stop loss, and take profit zones, respectively. Each horizontal line can be moved independently on the chart by dragging it to the intended entry, stop loss, or take profit level.
Furthermore, the indicator displays the value of the risk-to-reward ratio (e.g., 1:2) of the intended trade. Therefore, Forex traders can use the indicator to determine the risk and reward ratio of an intended trade before opening a buy/sell order.
Benefits of Using the Indicator
- Risk-to-Reward Assessment: The Indicator helps traders understand the potential risk and reward of an intended trade, even before opening a position. This enables traders to make informed trading decisions.
- Enhances Risk Management: The indicator enables traders to trade responsibly by managing their trading risk effectively.
Indicator Settings Description
The indicator comes with the following customizable settings:
Move Entry level with price: Enables/Disables the indicator to move toward the current price.
Display corner: Defines the corner of the text on the chart.
Font size: Determines the size of the fonts.
Label color: Determines the color of the text.
Stop-loss color: Determines the color for the stop-loss line.
Take-profit color: Determines the color for the take-profit line.
Entry color: Determines the color of the entry line.
Lines with: Determines the width of the indicator’s lines.
Line style: Determines line style (e.g., dotted) of the incubator.
Label size on lines: Determines the font size to display text.
Reviews
There are no reviews yet.