Risk Reward Ratio Calculator Indicator for MT4 - Free - [TFlab]

The Risk Reward Ratio Calculator Indicator is a tool designed to easily set take profit (TP) and stop loss (SL) levels and calculate the risk to reward ratio (R/R) for each trade. This indicator features a management panel that allows traders to define TP, SL, and the R/R.

The indicator draws TP and SL levels as green and red boxes, respectively. These boxes are easily adjustable, allowing traders to manually set levels or enter the number of pips.

Specifications Table for the Risk Reward Ratio Calculator Indicator

The table below contains some of the key specifications of the indicator:

Buy Trades

In the price chart of the USD/CAD currency pair on the 1-hour timeframe, the stop loss level is set to 30 pips, and take profit levels are set to 5 tiers in the management panel. Based on these values, the indicator calculates the risk to reward ratio (R/R) and displays the TP and SL boxes on the chart.

Sell Trades

The price chart of the Chainlink (LINK) cryptocurrency in the 1-hour timeframe demonstrates the placement of elements and the indicator's performance during a downtrend.

According to the chart, the indicator calculates the take profit (TP) based on the stop loss value (in pips) and displays the risk to reward ratio (R/R) in a box on the chart, aligned with the entry point.

Indicator Settings

Detailed examination of the management panel for the Risk Reward Ratio Calculator indicator:

• Light/Dark: Adjust the theme of the TP and SL boxes.
• Time to the next bar: Displays the time remaining for the current candle to close.
• Levels: Multi-level take profit settings.
• SL Pips: Set the stop loss level in pips.
• Buy: Configure TP and SL levels for buy trades.
• Sell: Configure TP and SL levels for sell trades.
• Delete: Remove all elements.
• Horizontal: Toggle the panel orientation between horizontal and vertical.
• Rate TXT: Customize the display of TP levels as percentages or "TP1, TP2, …".

Conclusion

The Risk Reward Ratio Calculator Indicator is designed to calculate the risk to reward ratio (R/R) for each trade and manage TP and SL levels.

The indicator automatically calculates the R/R ratio and visually represents the TP and SL levels as boxes on the chart using predefined values based on the trader's strategy.