This tool is used to calculate the size of a trade.
Settings - Type in total account size and % of capital that can be risked on each trade.
The table will display: Column 1 - Stop placement based on low, mid or high value of the current candle. Column 2 - Percent risk on the trade. Column 3 - Amount of shares that can be traded (calculated from account size, risk and selected stop placement).
Green color is intended for long position, stop at the low of the candle. Red color is intended for short position, stop at the high of the candle. Middle value can shift between either color since its measured from open to close.
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Table size option.
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Added a movable stop line for specific stop placement, can for example be helpful on shorter timeframes or custom values. The line have its own size / risk input which can be accessed from the inputs tab. You can hide the function via the styles tab. Line have two colors, in case above current price will be Green (buy stop order) or below price Red (sell stop order).
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Labels
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Added checkbox for the option to remove the main table information or movable line based on preference. This can be used in case one does not use both functions and want to have more space / clearer information.
Please oblige with your kind generosity through following :
1. I am a daytrader who needs to know 'POSITION SIZING ASAP' & if MOVABLE LINE CAN BE KEPT - BY DEFAULT AT CURRENT PRICE LEVEL - ON OPENING NEW CHARTS , It will be very easy to just slide the line below the recent swing low & position size can be known in fraction of seconds.
Presently the movable stoploss line remembers the last stoploss price level FROM PREVIOUS CHART, EVEN AFTER OPENING A NEW CHART.
So the movable line disappears everytime a new chart is opened and this takes up sometime to first put in price level manually in settings and then adjust it to stoploss level to know position size.
If after opening a new chart, stoploss line appears by default at current price level, This will be VERY HELPFUL for a daytrader...!!!
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2. I wish to only see the fourth table (movable line with - sign) on the chart and not the High, Low, Median tables. Any hint or assistance to delete same.
I dont know programming but I was able to modify color of fourth table text to white in last paragraph of your code. So now the numbers are visible but above three tables of High, Median, Low are very distracting.
Second point is already resolved as YOU DID GIVE AN OPTION TO REMOVE CANDLES BY CHECKBOX AND by doing that NOW ONLY THE FPOURTH TABLE IS VISIBLE.
Thank You.
Kindly assist with First point though.
Best ~
diderot555
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Thank you so much for this! Could you please add the option to remove the 'M' row?
avgstephen
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First up all the wording used in this indicator should be modified since it is creating lot of confusion. 1. "Remove the the related table". Does it mean to hide the table". 2. "Remove the movable line and related table". Doest it mean to hide the manually entered sl price. 3. couldnot understand why account size and risk is on two area's. 4. 4th row table values is not clear whether is a stoploss line or buystop line or sellstopline.
shaaah10
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@avgstephen, I understand the confusion, since this script is two separate indicators put in one. The first version was a simple table with values based on the current bar. Later on I added another function where there would be a movable line, In case one would like to have a stop somewhere else / customizable. Therefore ended up as two separate functions in one.
1 + 2. In case a user wants to hide either function can use the checkbox. For example, I don't want to use the custom / movable line so I would hide that to lessen the noise on the chart, vice versa. This is for users that do not like to use both functions.
3. As mentioned, the bar based stop and movable line are separate indicators. Example I have one account where I swing-trade (prefer to use the bar based stop and more risk), while another where I day-trade (use the movable line and less risk of account). This is personal preference.
4. This would be your stop loss, IE where the trade would be closed due to risk. Above the current price would be a short trade (therefore a buy stop) while under the current price long (therefore a sell stop).
You response is understandable however, let me know if you want a tutorial video uploaded here or pointers on how the indicator can be improved / simplified.
avgstephen
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@shaaah10, thanks for your valuable time and honest reply. Have a good day