position size calculator for thinkorswim
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  1. position size calculator for thinkorswim
  2. position size calulator data box
  3. position size calulator options
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Position Size Calculator for Thinkorswim

$12.99

The thinkorswim Position Size Calculator is a thinkScript that calculates position size, entry, and stop based on a defined risk percentage. The script automatically imports your account’s net liquid value and allows you to set your risk as a percentage of that amount. You may also choose to override that option by setting a hard risk limit in the study’s options. This is designed for and best used with Live Traders (Jared Wesley’s) 3-Bar Play, although it could work for many other strategies. You can simply hover over the trigger bar, and the study tells you precisely where to set your stop and target based on a reward:risk ratio of your choice! If you follow your rules, you’ll do better!

Use this indicator in combination with the Three Bar Play Indicator with Alert for Thinkorswim for fast entries!

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Description

Options include position direction (long or short), risk percent, stop padding, hard risk amount, and risk multiple.

The output displays MaxRisk, StopLoss, Target, and ShareSize. The default output is formed based on values from the current candle. Hover over the candle in which you intend to enter the trade for the values to make your order.

Calculations are made in the following manner:

  • Stop is candle [low] or [high] (depending on your position direction) with padding
  • Target is [bar range] + [stop padding] * [risk multiple] +/- [high] or [low] (depending on your position direction)
  • ShareSize is the either [risk] / [bar range to four decimal places] + [stop padding] OR [account net liquid] / [close] (rounded down)
    • If the suggested size is greater than the maximum number of shares your account may purchase, the lesser of the two numbers is used.

There are other, more robust solutions out there…but they’re also much more expensive. I’m selling this at such a steep discount because I think it’s so very important. Most traders fail because they don’t practice good risk management. This takes the guess work and emotion out of the trades. All you have to do is find the setups!

Note:

  • This study does not appear on the daily timeframe chart
  • Share sizes are calculated using the trigger bar candle range to four (4) decimal places. As a result, you may see fewer shares calculated than you anticipate (this is hopefully a good thing).

Installation
Usage

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