How to Calculate Lot Size for Trading XAUUSD on TradingView
Very few people know that there is a free position size calculator for any trading instrument and, of course, for GOLD on TradingView.
It is absolutely free , it does not require a paid subscription, and it can be used to measure position size for XAUUSD trading for any account size, leverage and broker.
In this article, I will teach you how to calculate lot size for your XAUUSD trades in 3 simple steps.
Set It Up
The first step will be to simply create a free TradingView account.
Then open Gold price chart and find a trading panel.
It will be at the bottom of the screen.
Click " expand " in the right corner.
In the suggested options, choose TradingView Paper Trading and click " Connect ".
In paper trading window, click " create an account ".
Choose the account balance, leverage and commissions exactly as you have with your real gold trading account.
And now your best free gold position size calculator is ready .
How to Use It
Once you found a trading setup, know the exact stop loss level and your desired risk per trade.
Let's imagine that we want to buy Gold now.
To calculate the best lot size for our trade, we should know the exact level of our Stop Loss.
Let's take 2770 level for the sake of the example.
Right-click on that chart and choose " trade " and " create new order " then.
The window that will appear on the right side of the chart. It will be your lot size calculator on TradingView.
Select " stop loss " checkbox and input the desired risk percentage for a trading position.
Let's take 1% as the example.
In the price field, input the exact price level of your stop loss : 2770 in our case.
In Gold XAUUSD, trading 1 standard lot equals 100 units/ounces.
Your lot size will be based on the number of units.
Take that number and divide it by 100.
In our case, we have 54 units.
Our lot size will be 54 dived by 100 or 0,54.
That will be your lot size for the Gold trade.
What I like about TradingView position size calculator is that once you set your default parameters, the only thing that you need to adjust for the measurement of a lot of size is the level of stop loss of your Gold trading position.
If you use TradingView for charting, it will be very convenient for you to use it.
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