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Open Feature request MC-201

Format Positions - SL/TP info/options

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Description

Position have PnL Display Unit - new option "Empty","RR" next to "currency","point","%".
I sugest add option for SL/TP order (empty [STOP LOSS/PROFIT TGT -  maybe change to TAKE PROFIT/points{distance from entry level})
Entry order in empty option can be (empty[ENTRY/points/ccy/%/RR -RiskReward{calculation with SL/TP distance})
Conditionals order in empty option can be (empty[BUY LIMIT/SELL LIMIT - BUY STOP/SELL STOP]/RR -RiskReward)
Scripts EL from ManualTrading can have new option to set SL/TP by RR (SL= 20 pips TP fot RR =1,5 or Tp = 30 pips SL for RR = 1,2).

Steps to reproduce this issue

Test  SL/TP -  maybe option margin right - shift in bars for this objects be good idea or align objects in center (from right to first new candle) and draw line from price to this objcet and line from entry time (entry triangle) to object info  about position.
Then we can ident tp/sl for many orders - draw line from entry time&price object (triangle) to SL/TP objects with info about order position .

Comments (1)
#0
user-offline.png  geizer (geizer)
Mar 08, 2011 - 22:06

This is a re-post of the suggestion originally posted under MCDT forum thread here: http://www.multicharts.com/discussion/viewtopic.php?f=17&t=8163&p=38168#p38168
Re-post since it is relevant.
Chart Trader:
1. When left mouse is clicked on the Stop loss order, the tag always display the distance in $ from the Bid (or Ask) price, regardless of how distance selected by user to be displayed in PL/open position tag. There are couple of notes I would like to make: a) Displaying the distance from the actual open position (rather than from the last trade) makes more sence. b) Stop loss distance should always be displayed in the same way the PL is displayed. Example: if PL displayed in % then the Stop loss should also display %. If PL shows pips then stop loss should be showing pips as well. The same applies to how the distance to Profit target is displayed.
2. I would also like to have an option to see the distance displayed in R-multiples as well. Example: if the StopLoss order = 10 pips, and Profit Target order = 25 pips, then R multiple ("R") = 1/(Risk/Reward) = 1/(10/25)=2.5. Please consider adding R. The PL will also display profit or loss in R-multiples. For instance if I have opened a long position at $5 and my stop is $4.75, while the market is trading at $5.05 then PL will show profit of R= +0.2 (R=1/( ($5.00 -$4.75)/($5.05-5.00))
While I am in the same position and market is trading at $4.90 then:
PL should show a loss of R= -0.4 (R=1/( ($5.00 -$4.75)/($4.90-5.00))
When market hits my Stop, the PL =-1.0R, which means I was wrong and the market was right (or my stop was too tight). My goal is to achieve winning trades to have PL much greater than +1.0 R and my losing trades be less and never greater than 1R. This way I can have more losing trades and still be profitable. That's the concept. If you need to get more familiar with R-multiples please read this: http://www.iitm.com/sm-risk-and-r-multiples.htm
I will also try to give my own main reason why displaying R is very important. I would rather not see the scoreboard (PL) in dollars. Thinking in R-multiples takes money out of the equation. Money is emotion, and less emotion in trading means better performance. Second, thinking in terms of R-multiples helps to keep focus on managing the risk, and not thinking about imaginary profits.
So these are my reasons why R is very important. Since you have come that close, I think that implementing the R is as easy as pips, $, or percentages which already implemented. Please provide an option to see R as well.

History
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    Feature request
  • Category
    Usability
  • Targeted for
    Not determined
  • Status
    Under Review
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  • Type of bug
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    Not triaged
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