Galen Woods Reward-To-Risk

17 באוג׳ 2018

This indicator projects minimum targets for attaining positive expectancy given the probability of winning. You can use it to quickly judge if your intended target level offers positive expectancy.

It assumes that you are placing a stop-loss at the opposite end of the entry price bar. If you are using other stop placement methods, do not use this indicator.

Enter the Probability of Winning based on your experience, track record, and current assessment of the setup. (Default is 40%.)

The Buffer input allows you to add a number of ticks to your risk amount to account for slippage and commissions.

The Volatility function allows you to hide targets for entry bars with higher than average bar range. A wide range bar represents the need to risk more for that setup. Hence, this function hides the targets for relatively high-risk setups.

This indicator forms part of Galen Wood's Day Trading With Price Action Course.

14 באפר׳ 2022

הערות שחרור

Increase buffer max value to 999 ticks and updated to Pine Script version 5

10 בפבר׳

הערות שחרור

Update to Pine Script v6