OPEN-SOURCE SCRIPT
Ultimate risk management tool
Updated
How to use:
Use the cursor to select the time, entry, stop loss, and target position. Then a window will pop up and type the trading fee or any other things you want to adjust to calculate the actual reward/risk ratio according to the price you selected.
Known error:
Settings of this script can't be saved as default might due to the interactive price selection function. If anyone knows how to fix it, please let me know.
feature:
1. Dynamic profit label can move up and down vertically on the right-hand side of the box.
2. The breakeven line can tell you you can move your stop loss to the entry price when the price reaches it.
3. Calculate the actual reward/risk ratio based on the trading fee. The calculator only calculates the actual Risk/Reward Ratio, which might be helpful for scalpers.
4. When the price touches sl or tp, that side of the box will be highlighted. Sometimes it doesn't work but I will try my best to fix it. Feel free to share your idea to help me to fix it.
5. Price alert. This tool compares with the alert function but reopens it if you want to change the alert price.
Use the cursor to select the time, entry, stop loss, and target position. Then a window will pop up and type the trading fee or any other things you want to adjust to calculate the actual reward/risk ratio according to the price you selected.
Known error:
Settings of this script can't be saved as default might due to the interactive price selection function. If anyone knows how to fix it, please let me know.
feature:
1. Dynamic profit label can move up and down vertically on the right-hand side of the box.
2. The breakeven line can tell you you can move your stop loss to the entry price when the price reaches it.
3. Calculate the actual reward/risk ratio based on the trading fee. The calculator only calculates the actual Risk/Reward Ratio, which might be helpful for scalpers.
4. When the price touches sl or tp, that side of the box will be highlighted. Sometimes it doesn't work but I will try my best to fix it. Feel free to share your idea to help me to fix it.
5. Price alert. This tool compares with the alert function but reopens it if you want to change the alert price.
Release Notes
Optimized code and provide much faster performanceRelease Notes
Optimized codeRelease Notes
Fixed display bugRelease Notes
Fixed bugRelease Notes
Fixed bugRelease Notes
optimized interactionRelease Notes
improved graphic showsRelease Notes
Minor fixRelease Notes
stopped the drawing after price hit the target/slRelease Notes
fixed bugOpen-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.
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.