Introduction to the Hurt Locker Risk Management Visualizer Indicator
The Risk Reward Ratio is one of the most basic statistical data that would make or break the profitability of a trader. Seasoned traders would always make sure that they have a positive Risk Reward Ratio as this is often the first step to having a profitable trading strategy. Strategies with low Risk Reward Ratios often result in losing strategies unless the trader has an extremely high Win Rate.
The Hurt Locker Risk Management Visualizer Indicator is a tool that allows traders to plan their Money Management and Risk Reward Ratios ahead of time before making the trade.
What is the Hurt Locker Money Management Visualizer Indicator?
The Hurt Locker Money Management Visualizer Indicator is a custom technical indicator which provides critical risk management information for potential trades. This includes the risk size in percentage and dollar value, the stop loss in pips and dollar value, take profit size in pips and dollar value.
It also computes for the Risk Reward Ratio and indicates whether the trade has a good Risk Reward Ratio or not.
It also indicates the Recommended Lot Size based on the stop loss size and the desired risk per trade.
On the bottom portion of the information board, the indicator displays the Spread for the currency pair, the Leverage of the account, as well as the Balance of the account.
How the Hurt Locker Money Management Visualizer Indicator Works?
The Hurt Locker Money Management Visualizer Indicator simply measures the distance between the Order line and the Take Profit line, as well as the distance between the Order line and the Stop Loss line. The distance it measures in pips based on these two figures are the critical data that it uses to compute for the various money management information that it displays on its information board.
How to use the Hurt Locker Money Management Visualizer Indicator for MT4
This Hurt Locker Money Management Visualizer Indicator has just one critical variable that can be modified within its indicator Settings under the Input tab. The other three options are merely aesthetic modifications which change the color of the Order, Stop Loss, and Take Profit lines.
The Risk Per Order variable is the percentage risk that the trader would take per trade. This would be the basis for computing the lot size based on the size of the stop loss in pips.
The following procedures should be followed for this indicator to display properly.
- Plot a horizontal line on the level where you are planning to place a buy or sell order.
- Double click and right click the Horizontal Line to select it.
- Open the “Horizontal Line properties…” option.
- Change the “Name” of the Horizontal Line to “s”.
- The indicator would then automatically change the Horizontal Line to a solid yellow line representing the Order level.
- The indicator would also automatically add a dashed green line representing the Take Profit level, and a dashed red line representing the Stop Loss level.
- Select, drag, and drop the three lines to the desired levels based on the planned trade setup.
- The indicator would automatically compute and change the money management information that it displays based on the three lines.
Conclusion
This indicator is a tool that traders can use to ensure a high Risk Reward Ratio. It also has several critical Money Management data which traders should consider before opening a trade. This indicator is a helpful tool for ensuring a profitable strategy.
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