This is a powerful function which enables automatic calculation and definition of risk value (lot size) with current loss recovery. This means that, for example, if you currently have 3 active open orders where two of them are in loss and only one is profitable, the next lot size value which the
auto_risk_value function will calculate, takes into account how much lots need to be added to the current risk value you have set (in the Risk Setup input) in order to cover those two negative orders (thus canceling them). In order for the trader be able to take greater control over the calculated risk, he can and must set the target value in pips. This value is important since it will have a significant impact on the resulting lot size value calculated by this function. For example, say you want the next order which will open to cover the current loss in 10 pips of profit. You only have to set this command:
Here’s what JedeyeFX will do whenever it processes this function:
- Checks all open orders (of the chart’s currency/symbol JedeyeFX is attached to) retrieving their profit/loss.
- Calculates how much lots are needed to cancel the non-profitable ones in 10 pips (which means a positive move of 10 pips from the current price), considering the market price they were opened at, the current market price and obviously, the current profit of the positive ones.
- To this calculated lot size portion, it adds the base risk size set in the Risk Setup input. The next opening order will have this calculated lot size.
|Parameters||target_pips||Target pips value, used to determine in how many pips the negative value of non-profitable orders should be canceled by a positive, equal profit value of the new opening order. The lower this parameter is, the greater the lot size will need to be in order to cover the current loss in less gained pips.|