Daveatt

Risk/Reward (InfoPanel)

Hello ladies (if any in my followers ?) and gentlemen

Here's your indicator of the day and once again given for FREE. What I'm going to say to my landlord if I can't pay rent because I'm not asking for $$ ?
I'll probably send the next indicators from below the town brige. Even then... I will still comply with my challenge to share 1 original indicator a day and not a copy of what already exists

The today indicator is to show you the great possibilites behind the TradingView Label object : Label

Profit And Loss LABEL
I thought about that one for a while and wanted to share how we can calculate dynamically a Risk to Reward ratio.
This indicator is not based on the price on the chart. I repeat before getting the question asked me privately 10 times This indicator is not based on the price on the chart.
"Then it's not useful dude, you're dumb". I agree and.... I agree... BUT you can now calculate your Risk to Reward ratio on TradingView directly rather than using an external Excel file. Who's dumb now :) ?

For those curious about it, I used this formula for the R:R ratio formula Calculating-risk-reward.asp

It will also display the Profit and Loss data based on your inputs only

ERRORS LABEL
I also added some basic errors management. If any error occur when you'll type your inputs, then a very mean Error label will appear and you'll have to fix the issues in less than a few seconds.
Otherwise your computer will explode (KABOOOOM) and your trading capital will be redirected to my own insurance fund (I have a family to feed, thanks for your sacrifices)
(end of joke)

In more seriousness, the engine will check if the TP1/TP2/Stop Loss/Entry price combinaisons makes sense. If not, you''ll be punished with an error label.
You can use this methodology for your own indicators in the futur to display dynamic messages based on users' inputs and/or current price on the chart

The educational video giving more details is coming right up.
You can watch it and should be located under "IDEAS"

Wshing you all a very fruitful end of your day and see you tomorrow for the last indicator of the week (baby David is tired and need his rest)

Dave
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Comentarios

Hi, great tool btw! Can you add a function that allows us the panel to indicate the average R for scaling out of tTP 1 and TP2 at different percentages? For instance lets say I want to take 70% of my position at TP1 and 30% at TP2 and see the average R for the whole trade, could you add that functionality? I would happily pay you for that.
+1 Responder
Daveatt devin.c.hickman
@devin.c.hickman, Could you please DM me
That's an indicator (Trade Manager) that I sell on my website but I'll need to tweak it a bit for adding the "position weight" component as you described
Responder
gooood
+1 Responder
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