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| Dynamically calculating lot size |
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Fx18
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| Post subject: Dynamically calculating lot size |
Post rating: 0
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Posted: Wed 26 Feb, 2014, 11:25
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User rating: 2
Joined: Wed 29 Jan, 2014, 10:18
Posts: 30
Location: Austria,
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I'd like to dynamically calculate the lot size for a buy or sell order dependent on equity, stop loss and risk: double calculateLotSize(Instrument instrument, IContext context, double entryPrice, double stopLoss, int risk) {
double stopLossPips = Math.abs(stopLoss-entryPrice) / instrument.getPipValue();
double riskPercentage = (double) risk / 100;
double RiskAmount = context.getAccount().getEquity() * riskPercentage;
double PipValue = 100000 * instrument.getPipValue(); // calculated for 1 standard lot
double lotSize = RiskAmount / (stopLossPips * PipValue);
return lotSize;
}Is my code above is correct? if not, is there any better example for how to do this? Thanks
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hebasto
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| Post subject: Re: Dynamically calculating lot size |
Post rating: 1
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Posted: Wed 26 Feb, 2014, 11:30
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User rating: 96
Joined: Mon 09 Sep, 2013, 07:09
Posts: 287
Location: Ukraine, SHostka
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1 lot = 1000000 (a million) currency units, not 100000.
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Fx18
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| Post subject: Re: Dynamically calculating lot size |
Post rating: 1
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Posted: Wed 26 Feb, 2014, 11:42
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User rating: 2
Joined: Wed 29 Jan, 2014, 10:18
Posts: 30
Location: Austria,
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hebasto wrote: 1 lot = 1000000 (a million) currency units, not 100000. Sorry, I don't agree  Basically, in forex a standard trading contract equates to 100,000 units of the base currency. This means that 1 standard lot has a value of roughly $10 per pip (depending on the currency pair you are trading). A mini lot is equal to 10,000 units of currency. A micro lot is equal to 1,000 units of currency.
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hebasto
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| Post subject: Re: Dynamically calculating lot size |
Post rating: 1
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Posted: Wed 26 Feb, 2014, 13:03
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User rating: 96
Joined: Mon 09 Sep, 2013, 07:09
Posts: 287
Location: Ukraine, SHostka
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Fx18
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| Post subject: Re: Dynamically calculating lot size |
Post rating: 0
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Posted: Wed 26 Feb, 2014, 13:22
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User rating: 2
Joined: Wed 29 Jan, 2014, 10:18
Posts: 30
Location: Austria,
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hebasto wrote: Aha! I see your point. So 1 standard lot in Metatrader is actually 0,1 lot in JForex  Thank you!
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Fx18
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| Post subject: Re: Dynamically calculating lot size |
Post rating: 0
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Posted: Wed 26 Feb, 2014, 13:44
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User rating: 2
Joined: Wed 29 Jan, 2014, 10:18
Posts: 30
Location: Austria,
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Fx18 wrote: I'd like to dynamically calculate the lot size for a buy or sell order dependent on equity, stop loss and risk: double calculateLotSize(Instrument instrument, IContext context, double entryPrice, double stopLoss, int risk) {
double stopLossPips = Math.abs(stopLoss-entryPrice) / instrument.getPipValue();
double riskPercentage = (double) risk / 100;
double RiskAmount = context.getAccount().getEquity() * riskPercentage;
double PipValue = 1000000 * instrument.getPipValue(); // calculated for 1 standard lot
double lotSize = RiskAmount / (stopLossPips * PipValue);
return lotSize;
}Is my code above is correct? if not, is there any better example for how to do this? Thanks instead of double PipValue = 1000000 * instrument.getPipValue(); I think, it would be better to use convertPipToCurrency method: PipValue = context.getUtils().convertPipToCurrency(instrument, context.getAccount().getCurrency());
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