OPEN-SOURCE SCRIPT

Risk Reward Calculator [lovealgotrading]

OVERVIEW:

This Risk Reward Calculator strategy can help you maximize your RR value with help of algorithmic trading.

INDICATOR:

I wanted to setup my trades more easier with this indicator, I didn't want to calculate everytime before orders, with help this indicator we can calculate R:R value, avarage price, stoploss price, take-profit price, order prices, all position cost and more ...
Our strategy is a risk revard calculation indicator that is made easy to use by using visualized lines and panels, and also has algorithmic trading support.
With the help of this indicator, we can quickly and easily calculate our risk reward values and enter the positions.

*If we want to ensure that our balance grows regularly while trading in the stock market, we need to manage the risks and rewards otherwise we may fall below our initial balance at the end of the day, even if we seem to be winning.

What is the Risk-Reward value ?

This value is a value that shows how many times the amount of risk we take when entering the position is successful, we will earn.

- For example, you risked $100 while entering the trade, so if your trade stops, you will lose 100 $.
Your Risk-Reward(RR) value is 2 means that if your position is successful, you will have 200 $ in your pocket.
A trader's success is determined by the amount of R he earns monthly or yearly, not how much money he makes.

What is different in this indicator ?

I want to say thank you to © EvoCrypto. His Calculator (weighted) – evo indicator helped me when I was developed my indicator.

I want to explain what I have improved:

1-In this strategy, we can determine the time period in which we want to open our positions.
2-We can open a maximum of 4 positions in the same direction and close our positions at a single level. StopLoss or TakeProfit
3-This indicator, which works in the form of a strategy, shows where our positions have been opened or closed. With the help of this, it helps us to determine our strategy in our future positions more accurately.
4-The most important improvement is that we do not miss our positions with the help of alarms (WEB HOOK). if we want, we receive by quickly connecting all these positions to our robot, the software can enter and exit the position while we are busy.

IMPLEMENTATION DETAILS – SETTINGS:

https://www.tradingview.com/x/zjtIyzAW/

1 - We can set the start and end dates of the positions we will take.
2- We can set our take profit, stoploss levels.
3- If your trade is stopped, we can determine the amount of the trade that we will lose.
4- We can adjust our entry levels to positions and our position sizes at entry levels.
(Sum of positions weight must be 100%)
5- We can receive our positions even if we are busy with the help of algorithmic trading. For this, we must paste our Jshon codes into the fields specified in the settings panel.
6- Finally, we can change the settings we want and don't want to have in our visual elements.

Let's make a LONG side example together

We have determined our positions to enter stoploss, take profit and long positions. We did not forget to set the start time of our strategy
https://www.tradingview.com/x/XSLqxUFL/

Our strategy appear on the graph as follows.
https://www.tradingview.com/x/eLRUcocW/

Our strategy has calculated the total position size, our R-R value, the distance of the current price to the stop and take profit levels, in short, a lot of things we could look visually.

Notes:

If you're going to connect this bot to an automatic Long or Short direction,
Don’t forget! you need to Webhook URL,
Don’t miss paste this code to your message window {{strategy.order.alert_message}}

ALSO:

*If you have any ideas what to add to my work to add more sources or make calculations cooler, feel free to write me.

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.

Want to use this script on a chart?

projeadam

I am an engineer who has been working in the topic of algorithmic trading for more than 5 years.By browsing our website , you can review and use many sample indicators that I have designed for you.

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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.