Nelgoth

Position Sizing w/ ADR&ATR Tracking

Script to use for position sizing based on portfolio size, max position, and max loss inputs. The option to use custom entry and stop are available, but default to last price for entry, and Low of Day (LoD) for stop. The ATR % is a measure of the low of day to current price as a percentage move.

Credit to LonesomeTheBlue for the base code on position sizing and TheScrutiniser/GlinckEastwoot for ADR formula

-Nelgoth, best of luck
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.

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Comments

Pretty good script but it needs a bit of work as RiskPerTrade has almost no impact on the risk per trade...
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Have you found a way to scan for stocks using ADR% on this site?
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@JTips, yes, use Volatility Monthly, it's not perfect, but gets you close.
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