OPEN-SOURCE SCRIPT
Position Sizing Calculator
//Credit to Trader-Shah for laying the groundwork in their Position Size Tool.//
I had to make the following modifications to make it relevant to my process:
1. Lowering the risk percentage per trade to be able to be <1% of portfolio risk per trade
2. Focus on LoD (low of day) and manual entries
3. Focus on $ position size, # of shares needed to purchase, and the position % size based on your portfolio
4. 3 auto-populated stops based on the manual stop loss line, where it indicates how many shares and $ need to be sold at stop 1, stop 2, and stop 3.
Example if you were to purchase a stock at $10 and have a manual stop at $5, this will tell you how much $ or shares to purchase of the stock based on your risk appetite, and then tell you exactly how much to sell at S1, S2, and S3.
Hope this is helpful.
-aTOMIC
I had to make the following modifications to make it relevant to my process:
1. Lowering the risk percentage per trade to be able to be <1% of portfolio risk per trade
2. Focus on LoD (low of day) and manual entries
3. Focus on $ position size, # of shares needed to purchase, and the position % size based on your portfolio
4. 3 auto-populated stops based on the manual stop loss line, where it indicates how many shares and $ need to be sold at stop 1, stop 2, and stop 3.
Example if you were to purchase a stock at $10 and have a manual stop at $5, this will tell you how much $ or shares to purchase of the stock based on your risk appetite, and then tell you exactly how much to sell at S1, S2, and S3.
Hope this is helpful.
-aTOMIC
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 publication is governed by House rules. You can favorite it to use it on a chart.
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