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.
5. Target Price
- 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.
-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.
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
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?