GBPUSD SHORT - TradingView to MT4 Bot

FX:GBPUSD   British Pound / U.S. Dollar
Almost got stopped out on this one lol

Side: Short
Risk: 10%
SL: 70 pips



Open Orders



(can be used for dynamic values)

(can be used for dynamic values)
buy_EURUSDi_150_0. 05 = opens a buy order on EURUSD with an SL 150 points away with 5% risk if SL triggers

sell_EURUSDi_1.10200_0.03 = opens a sell order on EURUSD with an SL at 1.10200 with 3% risk if SL triggers

Close Orders



(can be used for dynamic values)
close_EURUSD_50_none = closes 50% of an open order and SL stays the same

close_EURUSD_0_break = closes 0% of an open order and SL moves to breakeven if trade is in profit

close_EURUSD_25_1.10200 = closes 25% of an open order and SL moves to price that is stated

Update Orders

(can be used for dynamic values)
The logic of this command differs slightly and serves as a trailing stop between two dynamic values if your indicator provides that.

For example, if current trade is a BUY, after sending this command, it will move Stop Loss to SL1 , if it’s a SELL, it will move Stop Loss to SL2.

update_EURUSDcn_1.10300_1.10100 = If we are in a BUY, Stop Loss would be updated to 1.10300. If we were in a SELL, Stop Loss would be updated to 1.10100.

If you used dynamic values in trading view, the command would essentially look like this: update_EURUSDcn_{{plot_3}}_{{plot_4}}



Trading can be very lucrative, we all know that, hence; why we became traders in the first place. Whether you found an awesome indicator script on TradingView, an Expert Advisor on MT4, or whatever other strategy that got you excited about trading in the first place; you will lose no matter how perfect a strategy works.

I started trading with a strategy that had over 60% win rate and still lost half of my account. You may think I’m an idiot. I just didn’t understand it’s more important to know how much you can lose rather than how much you can make. So from now on, forget about gains. If your strategy’s win rate is above 50%, focusing on how much you can lose will always be more important. The gains will come on their own after that.

Risk management is simple and only involves basic math. So let’s start with that: To understand the calculator in it’s entirety, you must know how to calculate profit from a winning position. We’ll use a FOREX example.

Let’s say bought 1.00 Lot of EURUSD at 1.00100, a couple hours or minutes later, you closed it at 1.00200. First you subtract Close Price from Entry Price to get the amount of points you gained:

1.00200 - 1.00100 = 0.00100
100 points gain or 10 pips

To calculate dollar profit you multiply by Lot Size and multiply again by 100,000.

0.00100 * 1.00 * 100,000 = $100
Gain * Lot Size * 100,000 = $

Great, so you made $100! If your balance was $1,000, you just made 10% return, amazing! But.. what if the trade had gone wrong? How do you even calculate how much you might lose? Well first, you have to choose a Stop Loss, this varies depending on your strategy. One of my 30m strategies has a Stop Loss between 150-200 points, while a 4hr strategy might have a Stop Loss between 600-650 points.

Let’s say you’ve made up your mind and you’re going to choose a Stop Loss at 150 points, which means if price is at 1.00150, your stop loss would end up at 1.00000 on a Buy Trade. The key thing first is deciding what % of your balance you’re willing to risk. If I have $1000, you might be okay with losing 5%, which is $50. Now you use the formula above:

Gain * Lot Size * 100,000 = $

In this case, we would substitute Gain with Stop Loss value instead.

Stop Loss * Lot Size * 100,000 = $
150 * Lot Size * 100,000 = $50

As you can see, we have to solve for Lot Size because we don’t know exactly how much to trade yet if our trade hits our Stop Loss, we’ll only lose $50. I won’t go into the algebra, so here is the final formula:

Lot Size = 1 / (SL in Points / (Capital x Risk%))
Lot Size = 1 / (150 / ($1000 * 5%)) = 0.33

Trading 0.33 lot size with a hard Stop Loss of 150, we’ll only lose $50 or 5% of our balance.

That’s basic risk management, and it’ll save you headaches from losing money on your trades. Don’t worry about doing the math yourself though, use our bot that auto-calculates your position based on your risk. Happy trading!