Open Trade R Multiple Meter
Watching an open trade in money or pips hides how it is actually doing relative to the risk taken - a 20-pip profit means something completely different on a trade risking 10 pips than one risking 80. Expressing the same move as an R multiple (profit distance divided by the trade's own initial risk distance) makes trades of very different size and risk directly comparable at a glance. The hard part is "initial risk" - MT4 keeps no record of a stop loss after it has been moved, so there is no reliable way to recover the true original stop for a trade the indicator did not see from the start. This meter snapshots each ticket's stop distance the first time it observes that ticket and reuses that snapshot as the R unit for the rest of the trade's life. If the indicator is attached after the stop was already moved once, the snapshot reflects the moved stop, not the original - an honest limitation rather than a claim of perfect trade history, and stated again below. Notes and limitations The "R" unit is a snapshot taken the first time this indicator sees a given ticket, not a guaranteed original stop distance - see above. A trade with no stop loss and InpFallbackRiskPips left at 0 shows "n/a" rather than a number; this is deliberate, since printing an R multiple for an undefined risk unit would be misleading. Only the chart's own symbol is labelled - open a separate chart per symbol to meter positions on other instruments. Snapshots and labels are cleared for any ticket that is no longer open, so closed trades do not linger.
Indicator · MT4 · v1.0 · Free
About Open Trade R Multiple Meter
Open Trade R Multiple Meter is an indicator for MetaTrader 4. It has 8 settings, such as Magic filter, Fallback risk pips and Bars to the right. MQL source code included.
Files in the download: OpenTradeRMeter.mq4, OpenTradeRMeter.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Magic filter | -1 | Only show orders with this magic number, -1 = show all |
| Fallback risk pips | 0 | Assumed risk in pips for a trade with no stop loss set, 0 = skip it instead |
| Bars to the right | 3 | How many bars to the right of the current bar the label is placed |
| Font size | 9 | Label font size |
| Profit color | clrLimeGreen | Label colour when R is positive |
| Loss color | clrTomato | Label colour when R is negative |
| Flat color | clrSilver | Label colour when R is near zero or unavailable |
| Refresh secs | 1 | Refresh interval, seconds |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: MT4 Indicator · MQL4 Source Code