trialanderror

Position Size Calculator w/ profit targets

This script helps the user visualize profit targets and calculates position size based on the input risk amount.

Input variables:
- Risk amount
- Entry price
- Stop loss amount
- Profit target amount

Calculated variables:
- Profit loss ratio
- Position size
- Postion cost

Plotted variables:
- shaded: entry price --> price target (green filled)
- shaded: entry price --> stop loss target (red filled)
- 1:1 p/l ratio --> yellow line
- 2:1, 3:1, 4:1 p/l ratios --> green lines

Overlay text can be toggled on/off in parameter input section

Open-source script

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.

Want to use this script on a chart?

Comments

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