Position Size Companion (MT5) — review, price and free alternatives

Position Size Companion is not an entry-generation algorithm; instead it provides an on-chart calculator and visual risk overlay that turns stop distance and risk percentage into precise lot values.

What makes Position Size Companion unique is its chart-centric interface and minimal configuration model. The algorithmic component calculates lot sizes using account balance, chosen risk percentage, and distance to stop in pips or points, adjusting for symbol contract size and quotation currency automatically. In practice, that means traders on MT5, whether trading EURUSD or V75, see instant lot recommendations that already factor margin conversion and symbol specifics. Chukwubuikem Okeke designed the tool to be deterministic and transparent rather than opaque, which helps with audit trails and reproducibility.

The ideal market conditions are those with definable stop levels and predictable volatility windows, such as intraday Forex and scheduled synthetic index sessions. Risk management is handled by enforcing per-trade risk percentages and showing monetary exposure; expected performance characteristics center on reduced sizing errors, more consistent risk-per-trade adherence, and measurable improvements to risk-adjusted returns rather than changes to raw win rate. Position Size Companion integrates into portfolio-level rules and speeds routine decisions without obscuring the underlying math.

Overall risk level when using Position Size Companion is configurable from conservative to aggressive depending on chosen risk percentages. The tool encourages a stop loss strategy based on market structure, translating pip distance into monetary risk using account balance and symbol contract size. Position sizing uses percentage-of-equity or fixed-risk models, with built-in conversion for different quote currencies. Vulnerabilities include sudden spread spikes on low-liquidity synthetic sessions and misconfigured contract size settings that can misestimate lot amounts. For best results, start with a recommended account size of at least $1,000 for forex and $2,000 or more for volatile synthetic indices.

Install Position Size Companion by copying the EA file into the MT5 Experts folder and restarting the terminal. Attach the expert to the chart you trade and enable automated trading permissions. Configure account currency, default risk percentage, and slippage tolerance in the inputs panel. Choose brokers with low latency and fixed or stable spreads for accurate pip computations. Use M5 to H1 timeframes for intraday sizing and H4 to D1 for swing setups. Backtest on a demo account first, then run forward testing for 2-4 weeks before going live.