OPEN-SOURCE SCRIPT
Universe_PRMP (Universe_Professional Risk Management Panel)
Description
Universe_PRMP (Universe_Professional Risk Management Panel)
This comprehensive tool is designed to bring institutional-grade risk discipline to retail traders. Managing risk is the most critical part of trading, especially in high-leverage environments. This script automates the complex calculations of position sizing and profit/loss projection.
How to Use:
Initial Setup: When you add the script to your chart, it will prompt you to select two price levels. The first click sets your Stop Loss (SL) and the second sets your Take Profit (TP).
Account Configuration: Open the script settings (the gear icon) to input your Account Balance and the Percentage of Risk you are willing to take per trade (standard is 1% or 2%).
Market Conditions: Enter your broker's current Spread in pips to ensure the lot size calculation accounts for the cost of entry.
Active Monitoring:
Suggested Lot: The dashboard will immediately show the exact lot size you should enter in your trading platform.
Real-Time Projection: As price moves, the dashboard tracks whether your trade is active, hit the target, or stopped out.
Visual Labels: Red (SL) and Green (TP) labels on the chart provide clear visual cues for your exit points.
Key Features:
Dynamic Position Sizing: Automatically adjusts lot size based on the distance between entry and SL.
Spread Integration: Protects your capital by including transaction costs in the risk calculation.
Ticker Sensitivity: The panel recognizes symbol changes to prevent calculation errors across different pairs.
Visual Status Indicators: Color-coded status alerts to keep you emotionally detached and strategically focused.
DISCLAIMER:
This script is an educational and utility tool designed for risk calculation purposes only. It does not provide trading signals or investment advice. Past performance is not indicative of future results. Use this tool at your own risk.
Universe_PRMP (Universe_Professional Risk Management Panel)
This comprehensive tool is designed to bring institutional-grade risk discipline to retail traders. Managing risk is the most critical part of trading, especially in high-leverage environments. This script automates the complex calculations of position sizing and profit/loss projection.
How to Use:
Initial Setup: When you add the script to your chart, it will prompt you to select two price levels. The first click sets your Stop Loss (SL) and the second sets your Take Profit (TP).
Account Configuration: Open the script settings (the gear icon) to input your Account Balance and the Percentage of Risk you are willing to take per trade (standard is 1% or 2%).
Market Conditions: Enter your broker's current Spread in pips to ensure the lot size calculation accounts for the cost of entry.
Active Monitoring:
Suggested Lot: The dashboard will immediately show the exact lot size you should enter in your trading platform.
Real-Time Projection: As price moves, the dashboard tracks whether your trade is active, hit the target, or stopped out.
Visual Labels: Red (SL) and Green (TP) labels on the chart provide clear visual cues for your exit points.
Key Features:
Dynamic Position Sizing: Automatically adjusts lot size based on the distance between entry and SL.
Spread Integration: Protects your capital by including transaction costs in the risk calculation.
Ticker Sensitivity: The panel recognizes symbol changes to prevent calculation errors across different pairs.
Visual Status Indicators: Color-coded status alerts to keep you emotionally detached and strategically focused.
DISCLAIMER:
This script is an educational and utility tool designed for risk calculation purposes only. It does not provide trading signals or investment advice. Past performance is not indicative of future results. Use this tool at your own risk.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.