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Risk Manage with TOS
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Created: by realcapri Attachments:3

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Risk Manage with TOS

  #11 (permalink)
1.Fibs 2.??? 3.Profit
Puerto Rico
 
Futures Experience: Intermediate
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: ES
 
rmejia's Avatar
 
Posts: 384 since Oct 2010
Thanks: 3,597 given, 421 received


realcapri View Post
is there other ways of viewing "P/L open" upon order entry?

The P/L Open, Year, Percent, & Day for positions is viewed on the Monitor tab, Activity and Positions, Position Statement. You can also create a watchlist for current positions and put those P/L items as a column. On some of the charts, like the Active Trader tab if you select a chart with a current open position, on the bottom there will pop up a Position tab with the same info as the monitor tab for the current selected chart or charts on that tab.

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  #12 (permalink)
Trading Apprentice
Johor/Malaysia
 
Futures Experience: Intermediate
Platform: MetaTrader, TWS, Multicharts.net
Favorite Futures: Forex, Futures, CFDs
 
Posts: 13 since Aug 2014
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rmejia View Post
The P/L Open, Year, Percent, & Day for positions is viewed on the Monitor tab, Activity and Positions, Position Statement. You can also create a watchlist for current positions and put those P/L items as a column. On some of the charts, like the Active Trader tab if you select a chart with a current open position, on the bottom there will pop up a Position tab with the same info as the monitor tab for the current selected chart or charts on that tab.

Thanks rmejia, but I supposed what you've mentioned only applies to "existing" open trades right?

I'm actually looking for ways to preview the potential "P/L Open" upon order entry (before order is Confirm & Send). Doing so allows me to setup a trade with a specific risk$ per trade, else how is anyone able to know how much would be loss/gain from the SL & TP?

I've also noticed the Active Trader "P/L Open" column only shows something after the trade was opened, pending trades doesn't show anything unfortunately.

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  #13 (permalink)
1.Fibs 2.??? 3.Profit
Puerto Rico
 
Futures Experience: Intermediate
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: ES
 
rmejia's Avatar
 
Posts: 384 since Oct 2010
Thanks: 3,597 given, 421 received


Yes , the position indicator is only for open trades.

For "analyzing" a trade prior to execution there is the analyze tab. In Analyze Tab you can have a couple of "slices" (trade price, stop, target1, target2, etc.), and it will show you the P/L for the position when you input price or move around the lines in the graph. Don't know if you were looking for something simpler or automatic. You can setup or analyze a trade in the analyze tab then convert it into an order.

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  #14 (permalink)
Trading Apprentice
Johor/Malaysia
 
Futures Experience: Intermediate
Platform: MetaTrader, TWS, Multicharts.net
Favorite Futures: Forex, Futures, CFDs
 
Posts: 13 since Aug 2014
Thanks: 3 given, 1 received


rmejia View Post
Yes , the position indicator is only for open trades.

For "analyzing" a trade prior to execution there is the analyze tab. In Analyze Tab you can have a couple of "slices" (trade price, stop, target1, target2, etc.), and it will show you the P/L for the position when you input price or move around the lines in the graph. Don't know if you were looking for something simpler or automatic. You can setup or analyze a trade in the analyze tab then convert it into an order.


Thanks rmejia, never expect analyze tab to do the job. This would possibly be the only solution for me right now, though a little inconvenient but at least it seems to be doing the job. I hope TOS developers do something about this, it would be much better to include info about potential risk$ / gain$ when SL / TP are included, or even allow traders to trade based on % of account size.

Cheers!

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  #15 (permalink)
Elite Member
Portland, OR
 
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realcapri View Post
Hi Massive I,

Thanks, that's the information I'm looking for. But is there other ways of viewing "P/L open" upon order entry? Viewing through ActiveTrader for my potential risk$ & profit$ will be my last alternative though if I can't find other ways.

I've coded with MQL4 for metatrader, haven't spend time studying Thinkscript. Is it possible to output "P/L open" somehow through Thinkscript?

@realcapri maybe getting closer..haven't use this code but found it on thinkscripter from user functionform

# PeriodPLLabel
# functionform, thinkscripter.com forum
# Show a label for the profit loss of the current chart in either dollars or percent

declare upper;

input time = {Day, default Week, Month, Year};
input percent = yes;

def newtimeperiod;
switch(time) {
case Day: newtimeperiod = getDay() != getDay()[1];
case Week: newtimeperiod = getWeek() != getWeek()[1];
case Month: newtimeperiod = getMonth() != getMonth()[1];
case Year: newtimeperiod = getYear() != getYear()[1];
}

def op = open;
def cl = close;

def newperiod = newtimeperiod;

rec base = if newperiod then op else base[1];

def pricepl = cl - base;
def percpl = (pricepl / base) * 100;
def finalpl = if percent then percpl else pricepl;

AddChartLabel(
1,
concat(time, concat(concat(" P/L: ", Round(finalpl, 2)), if percent then "%" else "$")),
if finalpl > 0 then Color.GREEN else Color.RED);

Psychology > Strategy ≥ Money
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  #16 (permalink)
Trading Apprentice
Johor/Malaysia
 
Futures Experience: Intermediate
Platform: MetaTrader, TWS, Multicharts.net
Favorite Futures: Forex, Futures, CFDs
 
Posts: 13 since Aug 2014
Thanks: 3 given, 1 received


Massive l View Post
@realcapri maybe getting closer..haven't use this code but found it on thinkscripter from user functionform

# PeriodPLLabel
# functionform, thinkscripter.com forum
# Show a label for the profit loss of the current chart in either dollars or percent

Hi Massive I, thanks for the code, will try that out later.

Cheers!

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