Jump to content
Medved Trader Forums
  • 0

Would it be possible to add the prices set in the risk/reward tool, to the price variables list?


alv123
 Share

Question

Having more than one user defined price variable from the chart would be useful for automatically calculating risk on trade setups. The only user defined price I have found for the chart is PriceAtMouse.

Currently, I would have to quickly draw on the chart with the line/ risk reward tool, to see how far away my stop would be from my entry price/s, and then use a hotkey to place a stop near to that number.  Whereas, if I had more than one price reference, I could have a single hotkey that would be able to dynamically adjust to each set up.

E.g. As it stands, if I draw on the chart and see my stop is 0.57% away for that particular setup, I would use my pre-configured 0.6% stop hotkey.

 

   

 

Edited by alv123
Link to comment
Share on other sites

12 answers to this question

Recommended Posts

  • 0

E.g For the risk/reward tool you could have PriceEntry, PriceStop, PriceTakeProfit

That way you can quickly draw out your trade, and then have a hotkey programmed to adjust the quantity of each order based on the risk it calculates for the setup.

Edited by alv123
Link to comment
Share on other sites

  • 0

Yep, that's right.

Good point. I've thought of a couple of potential solutions to that.

1) I noticed you have a variable which takes the price from which particular capsule the mouse is hovering over.

So could you do the same for the risk reward tool?

i.e. the price variables are linked to whichever risk/reward drawing you are hovering over at the time you press the hotkey.

2) Add an "active" tickbox in the risk/reward tool settings menu.

Then whichever drawing has the "active" tickbox checked, is the drawing that the prices are pulled from.

That's the best I could come up with for now.

 

Link to comment
Share on other sites

  • 0

That sounds promising Mike.

I hope you don't mind, but I've taken the idea one step further.

The risk/reward tool is limited to 3 price variables. This therefore limits the types of trades you can plan out on the chart.

Below is an example of how a line tool with multiple user defined anchor points could allow for super fast planning, risk calculation and execution of a multi-leg trade plan via an accompanying hotkey.

The trade setup is:
- I want to scale in 3 LMT buy orders
- I want a STOP
- I want to scale out with 3 LMT sell orders
- I only want to risk 0.2% of my account on the trade

I believe this would be a very popular tool.

Let me know what you think 🙂

plan1-min.png

Link to comment
Share on other sites

  • 0
On 11/28/2021 at 9:25 PM, Mike Medved said:

Yes, interesting idea. Could do - if only one on chart, use that one, otherwise the one over which the mouse hovers.

Just re-reading this. 

The "if only one on chart, use that one" part of the statement is a great idea, because if you have to hover over the risk/reward drawing it basically limits the PriceAtMouse variable to prices within the range of the drawing.

Whereas, if you don't have to hover over the risk/reward drawing, the PriceAtMouse can be any price you pick. This enables a larger amount of trade scenarios to be preprogrammed into the hotkey. 

Great idea Mike! 👍

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Answer this question...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...