COV is how far away the price is from the mean or average. The further the price is from the mean the more risk or there is. It uses standard deviation in its calculation. The problem with SD and ATR is that they are not relative to the past or to other equities to compare to. An application where COV can be used is risk portfolio management formulas. This does not take into account correlation or other equation parts in some portfolio management formulas but only the risk or , the default length is mostly arbitrary, and the lower risk stocks may end up being the slowest in performance.
The text label will show how many shares will be bought and how much value each equity will have. At the end it will show the initial capital that was started off with, the total shares bought, the total value of all the shares, and the amount of capital left over. If the sources are not blank then they will be used, to blank them you will need to reset the settings to default otherwise they might still be read. If you want to add more than the given 10 equity spaces to the portfolio then you will need to add in the code manually and add it to the chart. The denominator is perhaps the important part in these types of risk position sizing tools, you can change to other things such as risk-reward ratio instead of or change the type, etc.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
You have to use all 10 symbols so that calculations based on deviation to work otherwise it uses all capital and the other settings like lenght or risk become unusable
First of all thank you for posting this indicator and many others, all very helpful and simple done, this one looks is more complicated but is even more usefully.
I found an issue that may be a simple fix, idk...
Same setting , same timeframe on a 2 window chart to compare but different symbols is giving different results
Thanks in advance
So tried to add to favourites and refreshed chart and added again and again but still dosen`t appear under my favourites to see the version number, but I can confirm that now works properly , your update may have been applied to the code.
Thanks again for this indicator .