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Current Bar Range Indicator that Calculates Number of Contracts to Trade
I tried searching the forum for this type of indicator with no luck. But that could definitely be due to user error.
Does anyone know of an indicator in NT8 or TOS that calculates the current bar range, plus 1 tick on each side, and can automatically calculate how many contracts to trade if you want to risk a certain dollar amount? For example, lets say a signal bar is forming and the range of that bar is currently 9 ticks. The entry is a tick above and the stop is a tick below, for a total of 11 ticks of risk. I want to risk $1,000 on each trade. So for this one a $1k risk would be 7.27 contracts, so it'd tell me 7 contracts so I can instantly update my contract amount and enter the order as the bar closes. If the risk was 18 ticks, it'd calculate 4 contracts.
I'm just looking for something that shows it on the chart for ease of entry instead of calculating it in Excel. Does anyone know of an indicator like that?
Thank you for the help!
rptrader
Can you help answer these questions from other members on NexusFi?
It is open source, so you can customize it to your requirements. This is a strategy, not indicator.
I programmed my own that is highly customized to my needs but it is an indicator and not a strategy, so it is much more complicated. Advanced C# programming knowledge is needed.
I just draw a line as stop loss and the bars will auto enter when conditions are met. Contracts are auto-calculated from the entry to the stop loss.
Stop loss and take profit also shift according to my rules.