Support Board
Date/Time: Tue, 26 Nov 2024 14:33:51 +0000
Post From: position-taking tool
| [2023-11-25 23:54:47] |
| User61168 - Posts: 403 |
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IF you are a manual trader then there are few things you could do to calculate position size (via spreadsheet formula study) and display it on chart (allowing you to manually enter the contract size in the trade ticket). In essence... 1) create a line study to represent starting balance in points. for NQ, if your starting capital is 10K then 10,000/20 will go in this study 2) use Trading: Closed Profit/loss study to reveal your cumulative PnL from past trading days 3) spreadsheet formula to add #1 and #2 to calculate total Account balance. 4) spreadsheet formula to calculate #contracts based on account point value. This requires you to decide the max contract size per account value. i.e. 1 contract per $5000 of account balance as an example 5) print #4 on the chart and manually enter the value in trade ticket. You could use similar (but painful) approach to calculate $Risk from SL distance. I think $Risk based position sizing is more applicable to FX due to small lot sizing. In futures, I have seen folks mostly do xContracts for each $Y in Account and keep the math simple to lever up with scale. Hope this helps. Edit: I personally don't like this approach as #2 forces me to maintain all the historical chart data starting from the day you started trading. For intraday, I prefer to only see current day's chart that is why I have not implemented this. I also do not like changing contract size during a trading session... keeping my fear and greed in control :-) Date Time Of Last Edit: 2023-11-25 23:59:24
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