Ultimate P&L Indicator

18 mar 2023

Hello everyone,

Excited to release this P&L Indicator! Read below for more details.

What it does:
This is an indicator that permits you to track your active P&L live on Tradingview. As well, it provides some insight into DCAing your position by giving you live estimates of your revised DCA if you were to add to your position at various targets/price points.

Who is it for:
I developed it because I trade 100% off of Tradingview but my broker does not support Tradingview integration. So I wanted a way to track my position live on the Tradingview platform without having to constantly reference my broker. I also wanted to be able to set position specific alerts right on Tradingview.

How does it work:

It works by the user manually inputting their trade information, including their DCA, position size and the date and time of position entry. The indicator can provide real time and live DCA adjusted estimates if you were to add to your position at the current stock price, or you can manually calculcate your revised DCA at a specific price target.

The indicator also displays your current and past performance on your position for the duration of the position period:



Elements:



Capabilities:

The indicator is compatible with both futures and share trading.
Option trading is not directly available, however, you can get an idea for your option position P&L by following the 1 option contract = 100 share rule.
So if you have 5 option contracts that you bought at a ticker price of, say, 38$, your average cost or DCA would be 38 and your position size would be 500. This will not be 100% accurate, but will be close enough to give you a feel for your active P&L.

If you are trading futures, you will need to select "Futures Trading" and specify the TIck and Index costs. A cheat sheet has been provided in the tool tip for ES, Oil and MNQ. The default is set for ES1! mini futures at 0.25 ticks per 50$.


Important tips:

1. Select the date and time of your position (optional): This is optional but will provide you with the clearest and most accurate review of how your position has performed, including the highest and lowest (drawdown).

2. Select whether it is a share position or a futures position (this is required).

3. Select whether it is a long or short position (this is required).

4. Input your DCA and position size (this is required).

5. Most importantly, select the ticker your position is based in!



I have also prepared a quick start video which is linked below:

As always, please let me know your comments/questions and feedback for the indicator.

Thanks for checking it out and safe trades everyone!