OPEN-SOURCE SCRIPT
Marcel's Dynamic Profit / Loss Calculator for Gold
This Dynamic Profit / Loss Calculator for Gold is a custom-built Pine Script indicator designed to help gold traders plan their trades with precision by calculating and displaying critical risk and reward metrics directly on the chart. Here’s why it’s valuable for your trading strategy:
Key Features:
1. Visualize Trade Levels:
• Automatically plots Entry, Stop Loss (SL), and Take Profit (TP) levels on the chart, making it easy to identify your trade setup at a glance.
• Each level is color-coded:
• Blue for Entry.
• Red for Stop Loss.
• Green for Take Profit.
2. Dynamic Risk and Reward Calculation:
• Calculates your potential profit and loss in dollars based on the position size you set.
• These calculations are based on:
• Gold pip value (e.g., 1 pip = 0.01 in price).
• The number of lots you specify (customizable for precision).
• Ensures that you know the exact financial risk and reward for any trade.
3. Customizable Inputs:
• Allows you to input your account equity, leverage, and position size, so the calculations align perfectly with your unique trading parameters.
• Default values for Stop Loss and Take Profit are dynamically set relative to the entry price, but they can be adjusted to suit your specific strategy.
4. Position Summary Panel:
• A convenient summary panel, fixed to the bottom-right corner of the chart, displays:
• Your potential profit (reward).
• Your potential loss (risk).
• Updated dynamically, ensuring you always see the most relevant metrics for your current trade setup.
5. Tailored for Gold:
• Specifically calibrated for gold trading, taking into account gold’s pip value and position size conventions (e.g., 1 lot = 100 ounces of gold).
Benefits for Gold Traders:
1. Clarity in Trade Setup:
• Eliminates guesswork by visually aligning your SL, TP, and entry on the chart.
• Helps you quickly evaluate whether a trade aligns with your desired risk/reward ratio.
2. Risk Management Made Simple:
• Ensures you adhere to proper risk management by showing your maximum potential loss in real dollars.
• Reduces emotional trading by reinforcing disciplined trading practices.
3. Customizable and Efficient:
• Adapts to your unique account size, leverage, and position size preferences.
• Saves time by automating the process of calculating risk and reward.
4. Improves Decision-Making:
• By having all trade metrics visible directly on the chart, you can make more informed and confident trading decisions.
Why Use It?
Gold trading is fast-moving and volatile. This tool ensures you have a clear plan before entering a trade, helping you maximize profits while minimizing losses. Whether you’re a seasoned trader or new to gold, this script provides the precision, clarity, and discipline needed to succeed in the competitive gold market.
Summary
The Dynamic Profit / Loss Calculator for Gold is your go-to indicator for planning trades efficiently and trading gold with confidence. It empowers you to focus on execution, knowing your trade is already optimized for proper risk/reward.
Key Features:
1. Visualize Trade Levels:
• Automatically plots Entry, Stop Loss (SL), and Take Profit (TP) levels on the chart, making it easy to identify your trade setup at a glance.
• Each level is color-coded:
• Blue for Entry.
• Red for Stop Loss.
• Green for Take Profit.
2. Dynamic Risk and Reward Calculation:
• Calculates your potential profit and loss in dollars based on the position size you set.
• These calculations are based on:
• Gold pip value (e.g., 1 pip = 0.01 in price).
• The number of lots you specify (customizable for precision).
• Ensures that you know the exact financial risk and reward for any trade.
3. Customizable Inputs:
• Allows you to input your account equity, leverage, and position size, so the calculations align perfectly with your unique trading parameters.
• Default values for Stop Loss and Take Profit are dynamically set relative to the entry price, but they can be adjusted to suit your specific strategy.
4. Position Summary Panel:
• A convenient summary panel, fixed to the bottom-right corner of the chart, displays:
• Your potential profit (reward).
• Your potential loss (risk).
• Updated dynamically, ensuring you always see the most relevant metrics for your current trade setup.
5. Tailored for Gold:
• Specifically calibrated for gold trading, taking into account gold’s pip value and position size conventions (e.g., 1 lot = 100 ounces of gold).
Benefits for Gold Traders:
1. Clarity in Trade Setup:
• Eliminates guesswork by visually aligning your SL, TP, and entry on the chart.
• Helps you quickly evaluate whether a trade aligns with your desired risk/reward ratio.
2. Risk Management Made Simple:
• Ensures you adhere to proper risk management by showing your maximum potential loss in real dollars.
• Reduces emotional trading by reinforcing disciplined trading practices.
3. Customizable and Efficient:
• Adapts to your unique account size, leverage, and position size preferences.
• Saves time by automating the process of calculating risk and reward.
4. Improves Decision-Making:
• By having all trade metrics visible directly on the chart, you can make more informed and confident trading decisions.
Why Use It?
Gold trading is fast-moving and volatile. This tool ensures you have a clear plan before entering a trade, helping you maximize profits while minimizing losses. Whether you’re a seasoned trader or new to gold, this script provides the precision, clarity, and discipline needed to succeed in the competitive gold market.
Summary
The Dynamic Profit / Loss Calculator for Gold is your go-to indicator for planning trades efficiently and trading gold with confidence. It empowers you to focus on execution, knowing your trade is already optimized for proper risk/reward.
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.