OPEN-SOURCE SCRIPT
Risk/Reward Calculator
Updated
Just a simple risk reward calculator to help indicate the R:R levels of your risk on a trade. The drawing tool doesn't have multiple R capabilities.
Release Notes
If user puts in their basis points commission rate, the calculator will now automatically calculate their R (risk) in net (inclusive of comms). If user doesn't put in their commission rate, then it will just take the stop loss amount as the total R.
Release Notes
Had incorrect calculation in recent update. Have fixed this nowThe calculator will now provide a gross R:R calculator if there is no commission input (left at 0)
The calculator will provide a net R:R if commission is included, and net risk will be auto calculated based on the entry price.
Your commission amount is dependent on your entry price, it is a rough estimation and is only accurate if entry and exit price are identical. Outside of this the R:R calculator is a rough estimation.
Release Notes
missing a '/100' on reward plot line 9Release Notes
updated labels to present correct price tooRelease Notes
Changed the stop loss to be a price instead of distance, so that working out for user is faster. Added in a breakeven line as well depending on users commission.
Release Notes
Updated the reward levels to start from break even, rather than entry, that way your profit is net, and can be calculated by the R amount. Release Notes
Added in more Reward levels (up to 20) for those multi-baggers. 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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