Feedback from using the Risk/Reward tool with hotkeys.

[alv123]

Drawing out my trades on the chart with the R/R tool, while the hotkey calculates the perfect position size, has definitely increased my execution speed! The hotkeys are awesome!

However, I have encountered some problems.

1. Dragging each anchor point to the correct position on the chart is very fiddly.
   
            - The anchor points are never in the position I want after the first click and drag, so I always have to adjust them.
    
2. You can make it work for scaling in to a trade if you use the RiskRewardTarget and RiskRewardStop variables as entry prices within the hotkey, and the PriceAtMouse as a stop, but it does get confusing when drawing it out.
   
             - E.g. You see Target and Stop on the chart, but have to remember that the hotkey sees them as entries.
    

In my opinion it would be 10x easier and about 3x faster to trade off the chart, if we had a simple drawing tool that added an anchor point to the chart with each click.

Each anchor is associated with a price variable that can be referenced in the hotkeys.

Point and click would be faster, more accurate and less fiddly than the current process of clicking, dragging and adjusting.

I have mentioned this before, but i’ve seen a couple of other people express a desire for fast position sizing recently and i’m now even more confident that this is the fastest way achieve it.

Thoughts?

[Mike Medved]

Ok let's say you have a tool that is basically a price point. Maybe you click and it has a price bubble with an arrow pointing to where you clicked.

 

Question is - how is it identified in the hotkey. It has to be given some kind of an identifier by you, right? And that identifier you need to be able to change. Would it be a string identifier? If so, it is definitely not a point and click kind of thing anymore.

[alv123]

Ok, lets say I have selected the tool, then I make my first click on the chart.

The price at my first click is always assigned to the Price1 variable.

Then I move my cursor down and make a 2nd click. The price at this second click is always assigned to the Price2 variable etc..

These price variables can then be used in hotkeys like so:

E.g.  If I want to scale in 3 LMT BUY orders and place a Stop.

I would make my first click where I want my first buy order to be placed and my fourth click where I want my stop to be placed. Then I would press the corresponding hotkey as you can see in the screenshot.

So you point and click to define the prices, then press the hotkey that suits that trade setup.

[tommyjames]

 

I agree, it is difficult to get the Risk/Reward tool on the chart and then it is more difficult to adjust it.  It would nice to have options to...

1. Remove the "Text"
2. Have solid lines that the width is adjustable for the entry, stop and target
3. Have the anchor points easily accessible.

 

 

 

Edited December 7, 2021 by tommyjames

[Davide92]

Hello,

I really like the new risk reward tool that determines my position size, and it has really helped me be more accurate while keeping risk constant. So thanks a lot!

However, I see also what alv123 and tommyjames are saying and I agree, as sometimes I had to redraw to adjust prices and, at the moment it does not allow to scale out partial positions at different price targets.

Alv 123 idea might be a really good improvement!

Anyway thanks again Mike

 

[alv123]

Thanks @Davide92! @Mike Medved did my reply above address your questions? 

I have made a video to try and better explain myself if that helps.

Just trying my best to make chart trading more adaptable and highlight more efficient workflows when combined with hotkeys. 🙂

 

[Mike Medved]

I will think about the UI for "trade beads" tool...

[alv123]

Brilliant, I definitely appreciate it Mike!

I like the name too! ©️

[Mike Medved]

Work in progress.

 

[alv123]

Wow! This is so exciting! 😆

How many price variables will the user be able to create?

 

[Mike Medved]

Right now - 20 max. Do you think you will need more?

 

[alv123]

That is fine for me 👍

 

[Mike Medved]

Trade beads is released. In beta.

The option is in the Trading ribbon tab under Trading Settings.

You refer to them as "bead(x)" where x is the bead number.

[alv123]

I am blown away @Mike Medved! Thank you so much for working on this.

Im going to try it out today. Can't wait! 😆

[tommyjames]

Maybe having the beads overlap the price scale would simplify the chart...

 

 

[tommyjames]

Also it is remembering bead prices from other symbols, see attached...

 

 

[Mike Medved]

Hm thanks for showing the remembering bug. will fix.

[tommyjames]

Also having a hotkey to quickly clear the selected prices would be useful.

[Mike Medved]

Ok - saving beads' values...

Right now they are saved "per chart layout". Like other chart's attributes. That would make it necessary to clear it when symbol is switched on the chart (which I forgot to do for now). But then if you switch back, it won't come back. The beads are kinda transient by their nature, what they are set to right now may not be relevant tomorrow.

What I was thinking would be:

1. Save the beads per symbol, only in current session. So if you set them for AAPL, they are remembered. You open another chart for AAPL (doesn't matter if historical or intraday) and they will still be there.

2. Save the beads in the chart layout as well. So if you close AAPL chart and reopen it tomorrow they will still be there.

3. When opening a chart, check if you have some beads saved for current session for this symbol. If there are, load them. If there aren't, load the layout ones.

Just trying to figure out the most intuitive/convenient method.
 

[alv123]

I think intraday traders would want a clean slate every day. So that would mean making sure no beads can carry over to the next day.

On the other hand, swing traders would want beads to carry over to the next day.

 

So is there a way of giving a choice to the user?

If i am understanding correctly, point 3 would mean that if an intraday trader forgets to delete some beads in one session, those beads would still be on their chart the following trading day, because they were saved to the layout.

Edited December 17, 2021 by alv123

[Mike Medved]

Oh and in next release there is a Show/Hide Trade Beads shortcut that you can change. And you can switch trade beads from being on Y axis to being standalone.