zzzcrypto123

Position Size Calculator

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.
Release Notes: .
Release Notes: .
Release Notes: -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.
Release Notes: .
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Comments

Can it be coded so that when I set up a position it automatically reads the entry TP and SL? Its a bit of a faff having to manually input the trade
+1 Reply
zzzcrypto123 lovemoneylife
@lovemoneylife, sure you need to come up with clear methods of determining TP and SL automatically, then anything is possible. Also its open source so anyone is free to modify it however they want as per their own use
Reply
Is there a way to move the text box vertically?

Also, can the entry price be set to the latest close price as a default value?
+1 Reply
@PMesh,
1. ohlc4 bracket 1, in line44 decides where it will be placed on vertical axis. so the 1 means that it will look at vertical position of last candle and post it next to that. so if you write like ohlc4 bracket 10, it will look 10 bars back and take vertical position of that bar and adjust it to that .

2. replace "entry = input(0.0, title="Entry")" with entry=close in line 8
Reply
PMesh zzzcrypto123
@zzzcrypto123, Thanks for your prompt reply!

1. Worked perfectly.

2. If I do that, then entry is not available as an input value anymore. Is there a way that the input value itself will be the current close, but it can be changed by the user?
+1 Reply
@PMesh, cant post that because of some comment limitation, dm me i'll send
Reply
Thanks so much! I've been looking for this since long without much luck. Finally landed here!
+1 Reply
@PMesh, you're welcome :)
Reply
Great Script. Thank you for making it.
Have modified "size" formula to --- size = round(accbalance * (riskper/100) / sldist) for stock trading
+1 Reply
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