Canonius Updated   
What it does:
This indicator calculates the amount of shares to take at a predefined risk according to market volatility based on ATR.
This should help novice traders focus more on their trades and strategies instead of spending too much time calculating parameters.

How it works:
You have some configuration parameters
1. Number of candles used to calculate the ATR
2. ATR calculation method (SMA, RMA, EMA, WMA)
3. How much you want to risk in $.
4. Safety factor on ATR, to get a buffer
5. Size of your capital to be able to calculate the maximum amount of shares
6. Shares limit, if you have a certain limit of shares to take

The formula is simple:
Is the RISK/ATR * price > Equity ? then take the Equity/price
otherwise: SHARES = RISK/(ATR * safety_factor)

How to use it:
This indicator is most useful for intraday timeframe. If you trade on 1m, then use it in this timeframe
Release Notes:
Updated this indicator with following features
- you can show up to 3 different ATRs and it's risk calculations
- added timeframe based calculation to see the ATR of 1m timeframe inside a 15s timeframe and so on
- you always can select one timeframe as CT = current timeframe to see always the ATR of your visible timeframe
- added OTF / Onetime Framing indicator on candle sticks (experimental)
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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