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Having a position size calculator is essential for traders in the forex market. It helps you determine the correct position size based on your risk tolerance and account balance. While many trading platforms offer built-in calculators, some traders prefer using MetaTrader 4 (MT4) or MetaTrader 5 (MT5) for their analysis and execution. In this article, we will discuss how to get a free position size calculator for MT4/MT5.

Step 1: Find a Reliable Source

There are several online sources where you can find a free position size calculator for MT4/MT5. Some popular websites include ForexFactory and MQL5 Market. Make sure to choose a reputable source to ensure the calculator is accurate and reliable.

Step 2: Download the Calculator

Once you have found a suitable source, navigate to the download page and click on the "Download" button. The file will be saved in a .ex4 format, which is compatible with MT4/MT5. Save the file to your computer.

Step 3: Install the Calculator on MT4/MT5

Open your MT4 or MT5 platform and go to "File" in the top menu. Select "Open Data Folder" from the dropdown menu. A new window will open, showing the platform's data folder. Look for the "MQL4" or "MQL5" folder and open it. Inside the MQL4/MQL5 folder, you will see a "Experts" folder. Copy the downloaded .ex4 file into this folder.

Step 4: Restart MT4/MT5

After copying the file, close and restart your MT4/MT5 platform. The position size calculator should now be installed and ready to use.

Step 5: Using the Calculator

To access the position size calculator, go to the "Insert" tab in the top menu of your MT4/MT5 platform. Select "Indicators" and then "Custom." Look for the name of the downloaded position size calculator and click on it. A window will open, allowing you to input your desired risk percentage and stop loss level. The calculator will automatically calculate the optimum position size based on these inputs.

Step 6: Adjusting Settings

Some position size calculators allow you to customize settings, such as the currency pair, account currency, and leverage. You can usually find these settings in the "Inputs" tab of the calculator. Experiment with different settings to find the configuration that best suits your trading strategy.

Conclusion

Having a position size calculator is crucial for effective risk management in trading. By following the steps outlined in this article, you can easily find and install a free position size calculator for your MT4/MT5 platform. Make sure to regularly update the calculator and double-check the settings to ensure accurate calculations.