Stop loss is an order that allows a trader to automatically close positions when the market price exceeds or becomes equal to the stop loss specified in the order. Within the framework of exchange trading, a stop loss is considered to be a reverse transaction on an asset, for example, if an asset was purchased, then to execute a stop loss order, the asset is sold. For an easier calculation of SL, I recommend using the Forex Calculator script.
Calculating data using a script is very simple. You need to enter data into the 2 specified variables:
Risk_in_% – the percentage of risk that you want to use in the transaction. Stop_Loss_in_Pips – estimated Stop Loss size in pips.
And on exit, you will receive a message with the required lot size to open a trade.