Calculating number of shares to trade

[mlsignups]

I've been using the system for the last few months and have found ways to do most of what I want and the paintbars and scans are great.

Considering using it for entering trade orders (with Interactive Brokers) and was wondering if there was any way to do the following:

I primarily swing trade and my stop if I enter a trade early in the day is normally the low of the day.    I then dictate the # of shares based on the amount I'm willing to risk / difference between the current price and the low.   So if the low of the day is 20 and the stock is 21 and the standard I'm willing to risk on each trade is $1000, I can buy 1000 shares.

I was wondering if there was any way to use the system so if I'm trading from the chart, it could figure out the # of shares programmatically, which would speed up my entry process.

I figure it's a stretch but thought I'd ask.

 

Thanks

[Jerry Medved]

Hmm. Will have to have Mike check on this - could most likely do it with a Hotkey

[Mike Medved]

I could add "TodayOpen" "TodayLow" and "TodayHigh" to the variables that can be used in the hotkey. Would that help?

[mlsignups]

I done paintbars for indicators and scans; have not tried hotkeys yet.

Best case scenario i can calculate # of shares by saying   {fixed amount}/(current price - TodaysLow) = # of shares

So if my fixed amount (risk) was $1000 , the low was 20, and the price was currently 21, it would calculate:   1000/(21-20) = 1000

If that can be programmed into a hotkey where i can click on it and say buy now at either market or current price + a few cents and it would populate the # of shares automatically; that would speed things up.

I have not looked at the trading system built into medvedtrader yet but would i also be able to put in a stop loss = low of day at the same time w/ same hotkey (or attach it to the original order) assuming my order gets filled?

 

thanks!

[Mike Medved]

You'd have to do floor({fixed amount}/(current price - TodaysLow)) so that the # of shares is legit.

And yes. You can place 2, 3, 10 orders with one hotkey, on different symbols and different accounts.

I will put in the TodayHigh TodayLow and TodayOpen into the hotkey machinery.

[mlsignups]

Cool; thanks MIke.    This will be interesting to try.

[mlsignups]

Hi Mike - wondering if you put TodayLow into the hotkey machinery?     I"m getting an error that there is an "unknown identifier" todaylow.

If not in there yet; can you let me know when it is ?

[mlsignups]

I was using as an example to test:    floor(1000(Price-TodayLow))

[Mike Medved]

Jerry's out today. He will be in in the evening and put out a latest install that will have  TodayLow, TodayHigh, TodayOpen, PrevClose, and for previous 3 candles BarOpen1 BarClose1 BarHigh1 .. 2 .. 3.

[mlsignups]

thanks Mike.   sounds great.

[Mike Medved]

Ok take latest install from the usual URL - it should be there.

[mlsignups]

Hey Mike - I'm not seeing this online (this version).

[Jerry Medved]

emailed you

[mlsignups]

thanks