Risk reward indicator on chart

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paulc
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Risk reward indicator on chart

Postby paulc » 20 Aug 2015

Hi,

Is anyone aware of an indicator which will display and auto-update a risk-reward ratio (RRR) on a chart?

When I have an open position I always have a PT and SL active. As price moves obviously the RRR changes. Also before a trade is entered, with fixed PT and SL targets in mind, the RRR on offer will change as price moves.

What would be neat would be some sort of graphic on the right hand side of the chart which would show the PT and SL levels (which you could slide up and down) and the RRR based on those levels and current price. You could also click a button to switch between long and short views on price and the PT, SL and RRR would switch accordingly.

If anyone has seen this before or could code this (MC included) I would appreciate your comments.

Many thanks.

StefanoSF
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Re: Risk reward indicator on chart

Postby StefanoSF » 20 Aug 2015

Great idea. Adding RRR would be an great feature. I would also like to see expected P/L listed for each TP and SL order. Maybe it can be incorporated into the existing Order click display fucntion so that on mouse click you see: +/- Bid/Ask (existing functionality), RRR (new) and P/L +/-$$ (new).

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JoshM
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Re: Risk reward indicator on chart

Postby JoshM » 22 Aug 2015

I think this will be possible to code when we can access the Order and Position Tracker data in PowerLanguage. Without that, I don't see a way to retrieve open orders in PowerLanguage.

mickatrade
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Re: Risk reward indicator on chart

Postby mickatrade » 22 Aug 2015

Stefano idea is great, expected PnL for each orders, can we vote for his idea for next release of MC ?

SP
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Re: Risk reward indicator on chart

Postby SP » 22 Aug 2015

If anyone has seen this before or could code this (MC included) I would appreciate your comments.
Hi Paul,

do you mean something like in this older video from CT ? http://www.customizedtrading.com/TradeS ... Management

paulc
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Re: Risk reward indicator on chart

Postby paulc » 31 Aug 2015

So i couldnt get the SL and PT and RRR to draw on the main price chart so I settled for calculating the RRR and drawing it as an indicator in a sub-chart. At least it auto-updates with price and i can see what value i would get from the trade all the time. I just have to click into the indicator each time i need to update the SL and PT and trade signal (long/ short). Still life is not so bad.

If anyone does know how to add the SL and PT plots on the main price chart whilst allowing their values to be used by an indicator in a sub-chart i would very much appreciate it.

Thanks.

paulc
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Re: Risk reward indicator on chart

Postby paulc » 31 Aug 2015

Actually, another choice on this is to put the RRR indicator on the main price chart, style it as invisible. Style the SL and PT "Same as instrument".

You can then see the RRR update in the status line and can double click on the output in the status line to update.


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