Version 3 of Visual Trading Console introduces a new, more intuitive, quote box component.
The new component provides more features than its predecessor and organizes them in a slightly different fashion:
1. When you LEFT CLICK on this region, the current chart period will gain focus and will be made visible as the topmost window on the Metatrader terminal (if charts are in maximized form). DOUBLE CLICKING the same will bring up the symbol’s properties window, where you can browse the broker’s characteristics for that particular symbol as well as alter default settings such as the “pip multiple” and number of digits after the decimal point. Changing these parameters will enable you to match up the pip values which can be a bit off for some CFDs or index-based instruments.
2. Buttons used for placing instant market orders.
3. Buttons used to place pending orders. These can be placed using entry lines directly on the corresponding chart or placed instantly when the “Entry” price box (4) has a value other than 0,0.
4. The entry price for placing pending orders without using lines on the corresponding chart.
5. This checkbox is used to switch the units of the S/L and T/P fields (9) between pips and price values. When checked, the values should be entered in regular pips.
6. This checkbox is used to place the desired S/L and T/P (9) as stealth values. When checked, the stop values will only be stored in VTC, while the broker will see no stops or targets. I do not recommend using this feature unless you know what you are doing. Trading with no hard stops is very dangerous. VTC will, of course, attempt to close the trade when the stealth stops are hit, but your broker may not process the command due to various circumstances, such as high volatility during a news release to name just one.
7. This checkbox enables Risk-Based Volume calculation, which will automatically calculate the lot size based on your account equity, selected SL value (9), and risk percent factor entered in % (15).
8. Input box for setting the comment, which will be attached to the new buy or sell order once initiated (this also applies to pending orders).
9. Input boxes for entering the SL & TP values in pips or in price values depending on the state of the “pips” (5) checkbox.
10. Currently selected lot size.
11. Currently selected magic number, which will be attached to the new order once a buy or sell order is initiated (this also applies to pending orders).
12. Current spread value in pips.
13. The currently selected periodicity (chart) of the quoted instrument is displayed next to the instrument symbol. This value can be changed by right-clicking on the symbol, period label, and choosing the desired value from a pull-down menu.
14. The name of the quoted instrument (EURUSD on the figure above).
15. This box will only be visible when the RBV field (7) is checked. It is used to enter the risk percentage factor for Risk-Based Volume calculation. Additional information on the currently calculated volume size will be displayed when the user hovers the mouse pointer over the Risk % label (after setting the risk percent factor and S/L).
The instrument quote box in Visual Trading Console (multi-terminal) automatically handles REQUOTE and BUSY errors plus works with ECN, STP and dealing desk brokers both, 4 and 5 digit brokers.
Single Click Order Entry
The quote boxes enable instant trade setup (single-click) with predefined Take Profit and Stop Loss levels plus give the option to automatically apply the same money management and risk control rules for every trade. This is done by setting the Take Profit and Stop Loss values (which are entered in pips and are set relative to the actual order entry price) plus the desired fixed lot size (Instant Market Order (set vol)).
Alternatively, the traded lot size can be automatically calculated using the user-defined risk percent factor (Instant Market Order (set risk)).
The “Magic” & “Trade Comment” fields are optional – they are used for setting the trade’s magic number and short comment.
To enter a trade with a fixed (user-defined) lot size plus initial TP and/or SL values, the trader should first set the quote box to the Instant Market Order (set vol) mode and once all values are set, order placement is done by clicking one of the price buttons on the BUY or SELL side of the quote box for the desired instrument.
The same basic principle applies when placing trades with risk-based lot sizing, but instead of manually entering the lot size (via the “Volume” field), the trader should place a checkmark on the RBV checkbox and fill in “Risk%” and “S/L” fields as these two factors along with the current account equity are used for calculating the lot size of a trade.