Trade Panel

 

Trade Panel for MetaTrader 5 is a feature-rich tool that adds the desired and highly-demanded functions to the terminal to enhance trading experience.

In MetaTrader traders that need to calculate Risk:Reward, execute trades fast, manage opened positions and orders, adjust and move stops to breakeven or trail them have to do it all manually.

To fix it the Trade Panel by TradingKit was created and could be fairly called a simple order panel MT5 extension. It allows to do all the mentioned above tasks and even more with just a couple of clicks.

Traders that managed to use the Trade Panel at lease for a while can’t even imagine that they will face with previous experience and have to process the routine trading activities by hand and waste plenty of time for it.

Orders execution with one click

Using the Trade Panel, you can easily manage your orders and positions. Here’s a quick guide to help you open and close orders with ease:

  1. Opening Orders: On the Main tab of the panel, you should see buttons for different order types: Market, Limit, and Stop. These buttons are available for both buy and sell directions. To open an order, simply choose the desired type and direction, and then enter the necessary details, such as the quantity and price (if applicable).
  2. Closing/Cancelling Orders and Positions: To close or cancel orders and positions, you have several options:
    1. Close/Cancel All: This option allows you to close all your existing positions and cancel all open orders simultaneously. Look for a button or option labeled “Close All” or “Cancel All” on the panel.
    2. Close/Cancel Buy and Sell Positions/Orders Separately: If you wish to close or cancel buy and sell positions/orders separately, look for buttons or options labeled “Close Buy”, “Close Sell”, “Cancel Buy Orders”, or “Cancel Sell Orders” on the panel.
    3. Close Profits/Losses Separately: Some platforms offer options to close positions based on whether they are in profit or loss. Look for buttons or options labeled “Close Profitable Positions” or “Close Losing Positions” on the panel. This can be a useful risk management tool.
    4. Cancel Orders Based on Direction: If you want to cancel orders based on their direction (buy or sell), look for options labeled “Cancel Buy Orders” or “Cancel Sell Orders” on the panel.

Remember that the exact layout, labels, and functions might differ depending on the broker you’re using. Make sure to familiarize yourself with the specific features and specifications of the traded symbols to efficiently manage your orders and positions.

Automated Lot and Risk:Reward calculations

Using an automated lot size and risk-reward calculation feature in your trading panel can simplify your trading process and help you adhere to your risk management rules. When you enable this feature, the panel can automatically calculate the appropriate lot size based on a percentage of a chosen parameter (Balance, Equity, Free Margin, or Cash Amount) and the predefined risk-reward ratio.

Here’s how it works:

  1. Select the Parameter: Choose one of the available parameters (Balance, Equity, Free Margin, or Cash Amount) for the panel to base its lot size calculations on.
  2. Define the Risk Percentage: Set the percentage of the selected parameter you’re willing to risk for each trade. For example, if you choose 1% of your balance, the panel will calculate the lot size so that the potential loss in case the trade goes against you does not exceed 1% of your balance.
  3. Set Risk-Reward Ratio: Define your desired risk-reward ratio for both Take Profit and Stop Loss levels. This will ensure that the panel calculates the lot size according to your predetermined risk and potential profit targets. For example, if you set a risk-reward ratio of 1:2, it means that for every dollar you risk, you aim to gain two dollars in profit.
  4. Automated Lot Size Calculation: Trade Panel is fairly called a Metatrader lot size calculator or position size calculator. With the available settings in place, the panel will automatically calculate the appropriate lot size for each trade based on the selected parameter, risk percentage, and risk-reward ratios. This eliminates the need to manually adjust lot sizes, which can save time and reduce the likelihood of errors.

Remember to always follow your risk management rules and adapt them as needed based on your trading strategy, experience, and market conditions. The automated lot size and risk-reward calculation feature is a valuable tool that can help you maintain consistency in your trading and protect your account from excessive losses.

Figure 1. Automated lot size calculation

Ruler on chart for risks and TP/SL visualization

The Lines feature in the Trade Panel for MetaTrader 5 is a useful visualization tool that helps you assess potential risks and rewards directly on the chart. This feature allows you to see Entry, Stop Loss, and Take Profit levels, making it easier to plan and manage trades.

Here are some key aspects of the Lines (Ruler) feature:

  1. Plot Entry, Stop Loss, and Take Profit Levels: The Lines feature displays Entry, Stop Loss, and Take Profit levels on the chart, allowing you to quickly assess the risk-reward ratio for each trade.
  2. Potential Profits and Losses: The Lines feature also shows the potential profits and losses based on the Take Profit and Stop Loss prices. This helps you evaluate the risk and reward for each trade, making it easier to make informed decisions.
  3. Draggable Lines: The Lines block can be dragged on the chart, allowing you to visualize how changes in price levels may affect your trade. This is especially useful for planning trades under different market conditions or future price zones.
  4. Pinning Take Profit and Stop Loss Prices: If you want to lock the Take Profit and Stop Loss prices at a certain level, you can pin them in the Lines feature. This ensures that the prices remain fixed, even if you move the Lines block on the chart.
  5. Reverse Lines Based on Risk-Reward Ratio: If you want to switch between buy and sell directions, you can reverse the Lines based on the defined Risk-Reward ratio. This can be useful when analyzing potential trades in both directions, allowing you to see how the risk-reward ratios change with different market scenarios.

The Lines feature is an excellent addition to any trading panel, as it enhances your ability to visualize and manage trades. By utilizing this feature, you can better understand the risks and rewards associated with each trade, ultimately leading to better-informed trading decisions.

Figure 2. Lines of the Trade Panel

Automated breakeven

The trading panel’s breakeven automation features are designed to help you manage risk and reduce potential losses. By automating the breakeven process, you can consistently protect your trades once they reach a certain level of profit.

Figure 3. Automated breakeven in Trade Panel for MetaTrader 5.

The Trade Panel for MetaTrader 5 offers three ways to set up breakeven:

  1. Points: Set the breakeven based on a specific number of points (pips) in profit. For example, you can set the breakeven to trigger when your trade is 20 points in profit, and move the Stop Loss to the entry price or a specific distance from it.
  2. Percent: Configure the breakeven based on a percentage of your initial risk. For instance, you can set the breakeven to activate when your trade reaches a profit equal to 50% of the initial risk, and then move the Stop Loss to the entry price or a set distance from it.
  3. Money: Define the breakeven based on a specific monetary amount. For example, you can set the breakeven to trigger when your trade reaches a profit of $100, and move the Stop Loss to the entry price or a predetermined distance from it.

These automated breakeven settings help you control risk by automatically adjusting your Stop Loss when your trade reaches a certain level of profit. Additionally, you can manually set the breakeven using the mini-bar on the chart when a position is opened. To do this, simply press the “BE” button, and the Stop Loss will be moved to the breakeven point or a specific distance from it, as per your preference.

Utilizing the panel’s breakeven features, both automated and manual, can help you preserve profits and manage risk more effectively during trading.

Automated trailing stop

The trading panel’s automated trailing stop feature helps you maximize profit and protect your gains as the market moves in your favor. By adjusting the trailing stop based on your chosen conditions, you can lock in profits while still allowing the trade to run further. The panel offers two ways to set up a trailing stop:

  1. Points: Set the trailing stop based on a specific number of points (pips) from the current price. For example, you can set a trailing stop of 20 points, which means the stop loss will be adjusted to maintain a 20-point distance from the highest price reached as the market moves in your favor.
  2. Percent: Configure the trailing stop based on a percentage of the current profit. For instance, you can set a trailing stop at 50% of the current profit, which means the stop loss will be adjusted to lock in half of the profits gained, allowing the other half to potentially grow as the market continues to move in your favor.

For both options, you can define when the trailing stop should start, such as after reaching a specific level of profit, and the distance of the trailing stop. The panel will automatically trail the stop loss on every tick, ensuring your trade is consistently protected.

By using the panel’s automated trailing stop feature, you can effectively manage risk and maximize profit potential, allowing you to benefit from favorable market movements while minimizing losses in case the market reverses.

The trading panel offers features that make it easier to manage partial position closes and take profits, saving you time and effort.

Partial Position Close

The mini-bar on the chart allows you to partially close a position with just one click by pressing the “PC” button. You can pre-define the percentage of the position to close in the settings, making it efficient and convenient to manage partial position closures as your trade progresses.

Partial Take Profits

If your trading strategy involves taking partial profits at different levels, the trading panel can help you manage this efficiently. In the Settings tab, you’ll find five presets to define the percentage of the lot to close and the distance from the entry price. You can choose to set these levels automatically or manually, depending on your preference.

These features allow you to customize your trade management and follow your trading strategy more accurately. The panel ensures that all settings are saved for each symbol separately, and after restarting MetaTrader, the settings will be loaded from the saved configurations. This ensures a consistent and seamless trading experience, even across multiple symbols and trading sessions.

Conclusion

The Trade Panel for MetaTrader 5 is a powerful and versatile tool that simplifies and enhances your trading experience. By incorporating a wide range of advanced features and customizable settings, it helps traders of all skill levels to effectively manage their trades, reduce risks, and maximize profits. Whether you’re just starting out or have years of trading experience under your belt, the Trade Panel offers a comprehensive solution for managing orders, positions, and risk in real-time.

By harnessing the capabilities of the Trade Panel, you can focus more on your trading strategy and analysis, while the panel takes care of the execution and management aspects. As you continue to use the panel, you’ll find that it becomes an indispensable part of your trading toolkit, allowing you to navigate the markets with greater confidence, efficiency, and success.

So, equip your trading arsenal with the Trade Panel and take control of your trading journey like never before. Embrace the power of automation, visualization, and customization to unlock your full trading potential and achieve your financial goals.