This indicator helps you defining your max sizing, depending on the max $$$ amount you're willing to risk against a specific exponential moving average (or VWAP, default is the 13ema). You can define your max risk amount and your max allowed sizing. The indicator would suggest the best sizing in order to risk only up to the amount you are comfortable with on a potential trade. Moreover, the column bar would turn yellow/red if the divergence is above a certain threshold (default are yellow > 1.50% and red > 2.75%, green otherwise).
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To be more accurate, it now bases its size guide value off of the high/low of the previous candle instead of the current price which is way easier to manage for certain strategies.
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In this latest version, I added the possibility to show the sizing for the pullback strategy (by enabling the "Sizing for Pullback" checkbox). It will only work properly in real-time, since the calculation takes into account the current hod/lod that will get overwritten over time as that trading day goes by (in case it makes a new hod/lod).
awesome work Roberto! Would you have any suggestions where I need to start & study in order to learn this programming language?
freedom_trader_
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@lucian_dinu, I've done it through Google, trying and failing! I'm also going to start a little coding course for pine script on my mentor sessions (for WarriorPro students) next month (July 2019)!
trendrbxc
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I know you created this years ago, but is it possible to add a label that shows the size maybe on right side?
Stefan_Gauci
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Hi Roberto, thanks for this indicator. I usually use VWAP as an entry and exit plan indicator. I'm assuming that sizing calculations are based on 13EMA and the standard VWAP price. Am I correct? Thanks and keep it up, Stefan
DelRan
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Thanks Roberto. This is a great indicator that has already kept me out of trouble. Thanks!