Install NovicoSoft Trade Manager as detailed in the Installation Guide.
The NovicoSoft Trade Manager makes trading easier and intuitive. The trade manager has the following main features:
Easy Order Entry straight from the Charts - The order parameters such as Lot Size, Order Direction, Order Type, Stop Loss, Profit Target can be easily specified using the NovicoSoft Trade Manager, which is displayed on the chart itself.
Automatic Lot Size Calculations - The order Lot Size is automatically calculated based on user-defined criteria such as fixed Lot Size, Amount Risked for the Order or Percentage of Account Balance Risked for the Order.
Automatic Stop & Limit Order Type Determination – For Pending order, the trade manager automatically determines the order type such as Stop or Limit.
Specify Stop Loss & Profit Target as Price or Pips – Stop Loss and Profit Target can be entered either as fixed price or as a distance from Open Price in Pips.
Display & Management of Order Prices on the Chart – Order prices such as Open at Price, Stop Loss and Profit Target are displayed as lines on the chart. These lines can be moved around to change the respective order prices.
Order Information Display – A variety of valuable information for the order is displayed such as Risk/Reward Ratio, Risk Amount and Reward Amount, Risk Pips and Reward Pips.
Existing Order Management – Existing Pending and Market orders are displayed and can be easily managed using the NovicoSoft Trade Manager.
The NovicoSoft Trade Manager is provided as a MetaTrader Expert Advisor (EA). The NovicoSoft Trade Manager EA needs to be applied to each chart that is being managed. This can be done either by:
Manually attaching the NovicoSoftTradeManagerEA from the list of available expert advisors to the chart as shown below:
Selecting the NovicoSoftTradeManager template from the list of available chart templates as shown below:
After applying the NovicoSoftTradeManager template, your chart should look similar to this:
The NovicoSoft trade manager display can be zoomed in or out to make it larger or smaller as required. Press F7 to bring the NovicoSoft Trade Manager EA inputs. Update the value of input variable “DisplayZoomPercent” to zoom in (set value > 100) or out (set value < 100).
The display font can also be changed by updating the value of input variable “DisplayFontSize”.
Please see the section “NovicoSoft Trade Manager Expert Advisor Input Variables” for more details about configuring NovicoSoft trade manager.
Follow the steps below to open a new order using the NovicoSoft Trade Manager.
Specify the order Lot Size (volume) by entering one of the following fields:
Field Name |
Example |
Description |
Lots |
0.10 |
This is the order Lot Size (volume) used for the order. |
Amount |
100.00 |
This is the amount risked for the order. The order Lot Size is automatically calculated so that if the Stop Loss were to be hit, then the resulting loss will be equal (approximately) to Amount. The MetaTrader account currency is used for amount calculations. |
|
Risk% |
1.25 |
This is the percentage of account balance risked for the order. The order Lot Size is automatically calculated so that if the Stop Loss were to be hit, then the resulting loss will be equal (approximately) to (Risk% x Account Balance) / 100. The MetaTrader account currency is used for amount calculations. |
Select the order direction by clicking on BUY or SELL button:
For long or buy order, click on the BUY button.
For short or sell order, click on the SELL button.
Select the order type by clicking on MARKET or PENDING button:
For a Market order, click on the MARKET button.
For a Pending order, click on the PENDING button. Also, specify the price at which the Pending order is to be opened by entering the Open at Price field.
Specify the order Stop Loss either as pips or as price:
To specify Stop Loss value as distance in pips from the order open price, click on the Pips button and enter the pips value.
To specify Stop Loss value as a fixed price, click on the Price button and enter the order Stop Loss price.
Specify the order Profit Target either as pips or as price:
To specify Profit Target value as distance in pips from the order open price, click on the Pips button and enter the pips value.
To specify Profit Target value as a fixed price, click on the Price button and enter the order Profit Target price.
Review the order values entered above, and click on the Open New Order button to open the order. The opened order can be seen in the list of existing orders in the Orders section, as seen below:
Follow the steps below to modify an existing order using the NovicoSoft Trade Manager.
Select the existing order by locating the order in the Orders section and clicking on the order ticket button.
The existing order details are selected in the order entry panel, as seen below:
Modify order details such as Stop Loss, Profit Target, Open Price (for Pending orders only) as detailed in the previous sections. Click on the Modify button to update the order.
To clear the existing order details, click on the Reset button. A new order can now be entered.
Follow the steps below to delete or close an existing order using the NovicoSoft Trade Manager.
Select the existing order by locating the order in the Orders section and clicking on the order ticket button. The existing order details are selected in the order entry panel.
Depending on the order type selected, either the Delete button or the Close button is shown:
If the order is of type Pending, click on DELETE button to delete the order.
If the order is of type Market, click on CLOSE button to close the order.
Order prices such as Open at Price, Stop Loss and Profit Target are displayed as lines on the chart. These lines can be moved around on the chart to change the respective order prices, as seen below:
Note: It is recommended to enable the MetaTrader option Use ‘Alt’ key to drag trade levels to avoid the MetaTrader trade levels interfering with the NovicoSoft Trade Manager price lines, when the price lines are being dragged. To enable this MetaTrader option, use menu Tools->Options and navigate to tab Charts.
For a New Order or an Existing Order, a host of valuable information for the order is displayed such as Risk/Reward Ratio, Risk Amount and Reward Amount, Risk Pips and Reward Pips.
NovicoSoft trade manager display can be hidden or shown by clicking on the Show/Hide button, as seen below:
The NovicoSoft Trade Manager EA can be configured by changing its input variables. Press F7 to bring the NovicoSoft Trade Manager EA inputs as seen below:
Following is a description of the input variables:
Input Variable |
Example Values |
Description |
|
OrderSizeType |
LOTS | AMOUNT_RISKED_PER_TRADE | ACCOUNT_BALANCE_PERCENTAGE_RISKED_PER_TRADE |
Choose from the following: LOTS: Use fixed Lot Size (volume) for the order.
AMOUNT_RISKED_PER_TRADE: Use amount risked for the order. The order Lot Size is automatically calculated so that if the Stop Loss were to be hit, then the resulting loss will be equal (approximately) to Amount. The MetaTrader account currency is used for amount calculations.
ACCOUNT_BALANCE_PERCENTAGE_RISKED_PER_TRADE: Use percentage of account balance risked for the order. The order Lot Size is automatically calculated so that if the Stop Loss were to be hit, then the resulting loss will be equal (approximately) to (Risk% x Account Balance) / 100. The MetaTrader account currency is used for amount calculations.
|
|
OrderSize |
0.01 |
Value for the above order size type. |
Input Variable |
Example Values |
Description |
|
OrderType |
MARKET | PENDING |
Choose from the following: MARKET: Use Market order type. PENDING: Use Pending order type.
|
Input Variable |
Example Values |
Description |
|
StopLossType |
PIPS | PRICE |
Choose from the following: PIPS: Specify Stop Loss as Pips PRICE: Specify Stop Loss as Price |
|
StopLoss |
100.00 |
Value for the above Stop Loss type. |
|
ProfitTargetType |
PIPS | PRICE |
Choose from the following: PIPS: Specify Profit Target as Pips PRICE: Specify Profit Target as Price |
|
ProfitTarget |
100.00 |
Value for the above Profit Target type. |
Input Variable |
Example Values |
Description |
|
ShowOrderConfirmationMessages |
true | false |
Show a confirmation dialog box before orders are opened, modified, deleted or closed. |
|
UseOrderMagicNumber |
0 |
Use this for MetaTrader order magic number. |
|
UseOrderComment |
This is a message… |
Use this for MetaTrader order comment. |
Input Variable |
Example Values |
Description |
|
DisplayZoomPercent |
100 |
Percent value to zoom the Expert advisor display. |
|
DisplayFontSize |
10 |
Display font size. |
|
DisplayFont |
Arial |
Display font. |
|
DisplayFontBold |
Arial Bold |
Display font bold. |
|
TextColor |
Black |
Text color. |
|
NewOrderPanelBackgroundColor |
Silver |
New order panel background color. |
|
ExistingOrderPanelBackgroundColor |
MediumAquamarine |
Existing order panel background color. |
|
SectionHeaderColor |
DarkGray |
Section header color. |
|
EditBackgroundColor |
Silver |
Edit background color. |
|
ButtonBackgroundColor |
Yellow |
Button background color. |
|
UnSelectedButtonTextColor |
DarkGray |
Un selected button text color. |
|
UnSelectedButtonBackgroundColor |
LightGray |
Un selected button background color. |
|
SelectedButtonTextColor |
White |
Selected button text color. |
|
SelectedButtonBackgroundColor |
MediumPurple |
Selected button background color. |
|
SelectedBuyButtonBackgroundColor |
DarkSlateBlue |
Selected buy button background color. |
|
SelectedSellButtonBackgroundColor |
OrangeRed |
Selected sell button background color. |
|
StopLossPriceLineColor |
Red |
Stop Loss price line color. |
|
ProfitTargetPriceLineColor |
Blue |
Profit Target price line color. |
|
EnterPriceLineColor |
White |
Enter Price line color. |
If you need any help with installation or usage for the NovicoSoft Trade Manager during the trial period or after purchase, please feel free to contact support at http://NovicoSoft.com