This is a script to make calculating position size easier. It calculates position size as a percentage of account balance and Risk/Reward based on input values of entry, exit, stoploss and shows the R/R box similar to tradingview's R/R tool. There is an option to toggle showing label and choosing of label text color.
Have to enter the following inputs in order for it to work properly 1. Account Balance : Account balance in either whatever is base currency of account 2. Risk % : Percentage of account balance to lose if stop is hit. 3. Entry 4. Stoploss 5. Target Price
Notes: - Target Price is required for calculating R/R but is not necessary to calculate position size. - Formula to calculate position size is : Balance * Risk % / SL % - Formula to calculate R/R is : TP % / SL % - SL % = ( Entry - SL ) / Entry * 100 - TP % = (TP - Entry ) / Entry * 100
Thanks to u/Chonky_ for help with feedback.
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-Added a option to display Distance to stop/target & distance to stop/target in percent like the r/r tool. -Also displays the R/R in middle similar to RR tool. -There is a feature slightly hidden in this such that you can hover over the R/R Label and it will show the account balance, risk percentage & position size in a tooltip label. This is made possible by a new label type called tooltip that I didnt know existed till today. It's useful if in any case a user doesnt want to display account balance or position size on shared charts then can just disable the label on right side and only view it for himself via tooltip label.
also a shoutout to u/CUBYC who recommended above improvements.
That's super cool script. Thank you! The only thing what i personally missing is to move it to the right a bit, because i already have fibo levels labels, which are overlapping, but sure can adjust it in script.
Forex4lif3
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Hello does this work on crypto only or also forex markets?
zzzcrypto123
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@Forex4lif3 it should work on all markets, if you are facing any problems when using it with forex let me know what ticker i'll check on that
Forex4lif3
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@zzzcrypto123, can the Entry, Stop Loss & Target Price be set to a dollar amount if so how? Thanks
zzzcrypto123
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@Forex4lif3, you just have to modify the existing formulas within the code if you want it to display anything else, I dont really know much about forex but if you can provide me with an example of how it currently is and how you want it maybe i can take a look at it
Forex4lif3
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@zzzcrypto123, I have no experience in coding, but having the formula(s) converted into a dollar amount would be best for me to calculate.
Mr_JohnWick
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@zzzcrypto123, see Forex account are mostly in USD, So when You use this Tool evEn The TV Long/Short Tool, On Pairl Like GBPJPY, USDCHF, The Outcome Of Profit Loss Is Measured In CHF or JPY, Not In Dollars sonIts Miss Calculates position sizing & Risk
brian4daniel
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How do we use this indicator? All i see is text labels with no data
CUBYC
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I have no idea why this is not featured in best monthly scripts ... this is great for me as I can see if worth to take the trade or not . Thank you so much for this share
zzzcrypto123
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@CUBYC, thanks for kind words, i try to make stuff that is really easy to use & understand. scripts featured there from what i have seen are usually somewhat opposite of that.