The Risk Monitor indicator monitors a level of risk for each particular open position and for all positions in general. The data is displayed in the included panel. While a tool that alerts you to risk level sounds wonderful in theory, was the tool creator, Denis Kirichenko, about to create a tool that does this successfully? Read on to find out.
When using the Risk Monitor tool, 24 positions can be monitored in total. The “Symbol” column shows the symbols of the open positions. The “Risk” column shows a level of risk in absolute and relative values (balance share). “Post balance” value of the balance sheet, in case a position closes with a loss. The line “Total Risk” shows a level of gross risk in absolute and relative values (balance share).
Comments on the calculation:
If the Stop Loss is in a positive area, a tick price can be calculated as follows, as Symbolutrade_tick_value BENEFIT, instead, it will be calculated as SYMBOL_TADE TICK_VALUE LOSS;
They are considered swaps.
The “Risk” column values can be displayed in different colors. A price depends on the relationship between Stop Loss and standard values. Detailed information is provided in the table of custom parameters.
The custom parameters are as follows:
If you are interested in buying the Risk Monitor utility, you can find this tool in the MLQ5 market. Its price is 25 USD. A free demo is available, which is excellent.
Unfortunately, we cannot recommend this tool, for 2 reasons:
- Not enough information has been found to make a more complete review.
- The absence of user reviews or comments on third-party websites to have a minimum reference of what they think about the product.
With this being said, as we mentioned above, there is a free demo available. Feel free to put this service to the test. As we often see with these tools, updates and improvements are rolled out by the creator, often working out any problems and improving performance greatly.