This version of the dashboard system factors in trading fees to your max risk to account per trade. This comes in handy when trading very low timeframes where trade risk can be tiny and leverage high where traditional position size calculations can yield huge position sizes where just the fees can far exceed your risk appetite. This system calculates your position size factoring in fees so you will never exceed your risk settings. Details below.
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This indicator is designed to assist traders by instantly providing the necessary information to execute orders based on defined risk parameters. This is not an indicator that tells you WHEN to buy or sell, but HOW MUCH to buy or sell based on your risk appetite. The indicator is compatible with any strategy and any instrument
The indicator uses some great pinescript features, allowing you to drag and drop your levels directly on the chart for instant feedback from the risk management dashboard. Huge timesaver.
Instructions:
1. The first time you add the indicator to your chart, you will be asked to identify your Entry, Stop and Target levels by clicking on them directly on the chart. You can at any point adjust these levels directly on the chart, or you can manually enter them in settings
2. Setup your risk profile in the indicator settings:
(a) Current Capital: Enter the current value of your trading account
(b) Max Risk Per Trade: Enter the maximum % of your Capital you want to risk per trade
(c) Max Leverage: Enter the maximum leverage you want applied to your account. This comes in handy when you trade on very low timeframes where position sizes can become very large. No matter what you enter here, position size will never exceed Max Risk Per Trade
(d) Stop Ticks: Number of ticks to use above/below the identified high/low for stops
(e) % fee per trade: enter your brokers fees here to ensure the system takes this into consideration while calculating position size
(e) Use Current Price as Entry (Market Orders): By default, the system will use the entry level you have selected for limit orders. If you want to use the system to display data based on current price for market orders, select “Use Current Price as Entry (Market Orders)”
(f) number of TP levels: enter the number of TP levels you are planning to use to ensure the fees are calculated for them
3. Based on your stop and target levels, the system will automatically determine if you're looking to long or short and accordingly display all relevant data to you.
4. Display Free Trade Level: toggle this on to display the level you should exit 50% of your position to make the trade risk free
5. Dashboard / Text size / level colours and positions are customisable
The Dashboard displays the following information at all times:
1. Entry
2. Stop
3. Trade Risk (%): Percentage price difference between Entry and Stop
4. Max Risk ($): Currency value of loss if the trade is stopped out
5. Size: Position Size to execute your trade based on your risk profile/appetite
6. Size($): Position Size in currency value
7. Total Fees: Total fees for the trade based on settings above
7. P&L($): Potential profit to your Capital in currency value
8. P&L(%): Potential profit to your Capital in %
9. Risk to account: % risk to account - used as confirmation that the max risk to your account, factoring fees is circa your risk appetite
10. R:R: Risk to Reward Ratio
11. % to Target: Percent price needs to move to achieve your target
Hope this helps you with your trading. I built this as I was tired of wasting time opening up spreadsheets or calculators to execute trades - especially on lower timeframes. Making the code open source so if you do make improvements to this I'd love to hear from you. Also open to suggestions.
Happy Trading!
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This indicator is designed to assist traders by instantly providing the necessary information to execute orders based on defined risk parameters. This is not an indicator that tells you WHEN to buy or sell, but HOW MUCH to buy or sell based on your risk appetite. The indicator is compatible with any strategy and any instrument
The indicator uses some great pinescript features, allowing you to drag and drop your levels directly on the chart for instant feedback from the risk management dashboard. Huge timesaver.
Instructions:
1. The first time you add the indicator to your chart, you will be asked to identify your Entry, Stop and Target levels by clicking on them directly on the chart. You can at any point adjust these levels directly on the chart, or you can manually enter them in settings
2. Setup your risk profile in the indicator settings:
(a) Current Capital: Enter the current value of your trading account
(b) Max Risk Per Trade: Enter the maximum % of your Capital you want to risk per trade
(c) Max Leverage: Enter the maximum leverage you want applied to your account. This comes in handy when you trade on very low timeframes where position sizes can become very large. No matter what you enter here, position size will never exceed Max Risk Per Trade
(d) Stop Ticks: Number of ticks to use above/below the identified high/low for stops
(e) % fee per trade: enter your brokers fees here to ensure the system takes this into consideration while calculating position size
(e) Use Current Price as Entry (Market Orders): By default, the system will use the entry level you have selected for limit orders. If you want to use the system to display data based on current price for market orders, select “Use Current Price as Entry (Market Orders)”
(f) number of TP levels: enter the number of TP levels you are planning to use to ensure the fees are calculated for them
3. Based on your stop and target levels, the system will automatically determine if you're looking to long or short and accordingly display all relevant data to you.
4. Display Free Trade Level: toggle this on to display the level you should exit 50% of your position to make the trade risk free
5. Dashboard / Text size / level colours and positions are customisable
The Dashboard displays the following information at all times:
1. Entry
2. Stop
3. Trade Risk (%): Percentage price difference between Entry and Stop
4. Max Risk ($): Currency value of loss if the trade is stopped out
5. Size: Position Size to execute your trade based on your risk profile/appetite
6. Size($): Position Size in currency value
7. Total Fees: Total fees for the trade based on settings above
7. P&L($): Potential profit to your Capital in currency value
8. P&L(%): Potential profit to your Capital in %
9. Risk to account: % risk to account - used as confirmation that the max risk to your account, factoring fees is circa your risk appetite
10. R:R: Risk to Reward Ratio
11. % to Target: Percent price needs to move to achieve your target
Hope this helps you with your trading. I built this as I was tired of wasting time opening up spreadsheets or calculators to execute trades - especially on lower timeframes. Making the code open source so if you do make improvements to this I'd love to hear from you. Also open to suggestions.
Happy Trading!
Phát hành các Ghi chú:
Fixed a bunch of issues:
1. Leverage wasnt working correctly - patched
2. R:R calculation was incorrectly using max risk instead of actual risk on the trade - patched
3. Fixed levels positioning issue
4. Reorganised table to show order entry data to the left to make it easier to read
5. updated default colours to be compatible with both dark and light modes
Enjoy
1. Leverage wasnt working correctly - patched
2. R:R calculation was incorrectly using max risk instead of actual risk on the trade - patched
3. Fixed levels positioning issue
4. Reorganised table to show order entry data to the left to make it easier to read
5. updated default colours to be compatible with both dark and light modes
Enjoy
Phát hành các Ghi chú:
minor aesthetics update
Phát hành các Ghi chú:
bug fix
Phát hành các Ghi chú:
Added tooltips on table - hover over a table cell for descriptions
Added Maker and Taker Fees in settings:
- If you have selected market entries in settings, the system will adjust fees to what is entered in Taker fees
- if you have unchecked Market entries in settings, the system will adjust fees to what is entered in Maker Fees
Added Maker and Taker Fees in settings:
- If you have selected market entries in settings, the system will adjust fees to what is entered in Taker fees
- if you have unchecked Market entries in settings, the system will adjust fees to what is entered in Maker Fees
Phát hành các Ghi chú:
tooltip update