Position Size Calculators for MT5

Let’s face it, MT5 is a powerful platform. It’s the go-to for a huge number of traders because of its multi-asset support, fast execution, and flexibility.

But when it comes to position sizing MT5 doesn’t exactly hold your hand.

There’s no built-in “risk per trade” calculator. No visual sizing tool.

If you want to trade with precision, not just click and pray, you’ll need a proper position size calculator.

In this guide, I’ll walk you through:

• How to calculate Position Size for MT5
• The best position size calculator tools for MT5
• What makes them useful (or not)
• The limitations of MT5’s native order screen
• And the exact setup I use to calculate my lots before placing a trade

Does MT5 Have a Built-In Position Size Calculator?

Technically… no.

What MT5 gives you is a “Volume” field in the New Order window — but you have to know how many lots to enter. It doesn’t calculate that for you.

You’ll see:

• Volume (lots)
• Stop Loss (in price)
• Take Profit (in price)
• Margin required
• Tick size and value (buried in the contract spec)

But it won’t tell you:

How many lots to trade based on your account risk

How much you’re actually risking in currency terms

What that means in £, $, €, etc.

Which is why traders end up:

• Guessing
• Overleveraging
• Risking inconsistent amounts trade to trade

The 3 Best Position Size Calculators for MT5

🥇 1. PositionSizeCalculator.co.uk (External Web Tool)

Let’s get this out of the way, this is hands-down the best calculator for MT4 & MT5 for any broker calculations, and works for stocks and forex. It’s the one I use, daily.

While it’s not built into MT5, it’s browser-based, fast, and works really well alongside any broker or platform.

Why I love it:

✅ Works for forex, indices, gold, crypto, stocks

✅ You choose account size, risk %, stop size (in pips, points or price)

✅ Clean interface, no fluff

✅ Doesn’t depend on broker plugin

✅ You can save or copy results for tracking

How I use it with MT5:

1. Mark my stop loss level on the chart
2. Calculate how many pips/points that is
3. Plug it into PositionSizeCalculator.co.uk
4. Copy the lot size into the MT5 order screen
5. Done — risk is locked in

Drawback: Not integrated directly into MT5 (but that’s also what makes it broker-neutral)

🥈 2. EarnForex MT5 Position Size Indicator (Custom Script)

This is a downloadable script you can install on MT5, developed by EarnForex.

How it works:

• You load the indicator onto your chart
• It asks for balance, risk %, and stop loss in pips
• It then shows the correct position size on screen

Pros:

✅ Works inside MT5

✅ Lightweight and accurate

✅ Can toggle between lots and units

✅ Free to download

Cons:

⚠️ Requires manual installation and updates

⚠️ No multi-asset support beyond forex

⚠️ Can clutter the chart if not positioned well

🥉 3. FXSSI Long/Short Size Calculator (MT5 Add-On)

FXSSI builds a suite of MT5 tools, and their Position Size Calculator is nicely integrated.

Features:

• Risk % or fixed currency amount
• Auto reads account balance
• Updates in real-time with price
• Works with most MT5 brokers

Pros:

✅ Great UI

✅ Works for major forex pairs

✅ Auto-adjusts with market movement

Cons:

⚠️ Mostly forex-focused

⚠️ May need separate registration with FXSSI

⚠️ Not compatible with all MT5 brokers

Honorable Mention: Broker-Side Tools

Some brokers offer their own position size calculators that plug into MT5 or run in web platforms:

• IG, Pepperstone, and Admirals all offer web-based risk tools
• Some even allow “One Click Trading” modules with risk % built in
• But these tools are only usable if you stay with that broker

If you trade across brokers or need multi-asset support, you’re better off with a standalone calculator like PositionSizeCalculator.co.uk.

How to Calculate Your Position Size in MT5 (Manually)

If you’re not using a plugin or external tool, and you’re trading directly inside MT5, you’ll need to calculate your position size manually (not fun but ok…)

Here’s how I do it… it’s not hard, but you’ve got to be methodical.

Step-by-Step: Manual MT5 Position Sizing

Let’s say you’re trading GBP/USD on a £10,000 account and risking 1% per trade.

1. Set your stop loss in pips

Let’s say it’s a 40-pip stop.

2. Decide your risk per trade

1% of £10,000 = £100

3. Find the pip value per lot

For GBP/USD, 1.00 lot = £10 per pip

4. Use the formula

Risk ÷ (Pip value × Stop loss) = Lot size

So:

£100 ÷ (£10 × 40) = 0.25 lots

You’d enter 0.25 in the MT5 “Volume” field.

But this only works if you know the pip value per lot. For instruments like gold, indices, or stocks, it’s rarely that clean.

That’s why most traders either:

• Memorise pip values for their preferred assets
• Or use a tool like our Position Size Calculator to avoid mistakes

MT5 Tip: Use the “Specification” Panel to Check Tick Size + Value

Before using any calculator, always check:

• What does 1 lot mean for this symbol?
• What’s the tick value and contract size?
• Does it match what your calculator assumes?

In MT5, just:

• Right-click the instrument in Market Watch
• Click “Specification”
• Look at Contract Size, Tick Value, and Margin Rate

If 1 lot = 100 ounces of gold, your calculator needs to match that — or your sizing will be off.

MT5 Needs Help, But We’ve Got You Covered

MT5 is powerful, no question. But when it comes to risk management, it leaves a lot to you.

No automatic sizing, no risk-to-reward presets… just a Volume field and best wishes.

If you want to trade properly:

• Use a calculator before you open your MT5 order window
• Base your lot size on stop distance, not gut feeling
• Check contract size before each new instrument
• And never assume 1 lot means the same thing across assets

Whether you use a web tool like PositionSizeCalculator.co.uk or a local script like EarnForex’s indicator, just don’t guess.