Automatic Low of the day-tool

• 01/29/2025 at 4:06 PM #243186
  Bossebus

  Hi!

  I hope Iam in the right part of the forum, otherwise, excuse me.

   

  Iam swingtrading stocks through IB / PRT, and Iam always using LoD as my stoploss. Is there any tool or addon/indicator that I can use that either connect my xxx amount of dollar risk with LoD, or showing the LoD in % away?

   

  Best Regards

  Christoffer

  

  Bossebus

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  01/29/2025 at 11:35 PM #243212
  JS

  Hi,
  It is possible to create an indicator for this:
  For example, you can display the “LoD” in the chart and show the number of points between the “Close” and the “LoD,” or display it as a percentage…
  Maybe this is something for you…

  LoD

  DefParam DrawOnLastBarOnly=True //RiskPerTrade RiskPerTrade=1000 //LoD LoD=DLow(0) //CurrentPrice CurrentPrice=Close //Distance to LoD DistanceToLoD=CurrentPrice-LoD //Distance Percentage to LoD DistancePerc=Round(DistanceToLoD/Lod*100,2) DrawText("#DistancePerc#%",BarIndex,LoD+2,SansSerif,Standard,16) DrawText("LoD=#LoD# (Close-LoD=#DistanceToLoD# Points)",-200,25,SansSerif,Standard,16)Anchor(BottomRight) //Calculate PositionSize PositionSize=RiskPerTrade/DistanceToLoD Return LoD as "LoD"

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  DefParam DrawOnLastBarOnly=True //RiskPerTrade RiskPerTrade=1000   //LoD LoD=DLow(0)   //CurrentPrice CurrentPrice=Close   //Distance to LoD DistanceToLoD=CurrentPrice-LoD   //Distance Percentage to LoD DistancePerc=Round(DistanceToLoD/Lod*100,2)   DrawText("#DistancePerc#%",BarIndex,LoD+2,SansSerif,Standard,16) DrawText("LoD=#LoD# (Close-LoD=#DistanceToLoD# Points)",-200,25,SansSerif,Standard,16)Anchor(BottomRight)   //Calculate PositionSize PositionSize=RiskPerTrade/DistanceToLoD   Return LoD as "LoD"

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  Iván

  

  JS

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  01/30/2025 at 5:10 PM #243238
  Bossebus

  JS wrote:

  Hi,

  It is possible to create an indicator for this:

  For example, you can display the “LoD” in the chart and show the number of points between the “Close” and the “LoD,” or display it as a percentage…

  Maybe this is something for you…

  LoD

  DefParam DrawOnLastBarOnly=True<br /> //RiskPerTrade<br /> RiskPerTrade=1000</p> <p>//LoD<br /> LoD=DLow(0)</p> <p>//CurrentPrice<br /> CurrentPrice=Close</p> <p>//Distance to LoD<br /> DistanceToLoD=CurrentPrice-LoD</p> <p>//Distance Percentage to LoD<br /> DistancePerc=Round(DistanceToLoD/Lod*100,2)</p> <p>DrawText(“#DistancePerc#%”,BarIndex,LoD+2,SansSerif,Standard,16)<br /> DrawText(“LoD=#LoD# (Close-LoD=#DistanceToLoD# Points)”,-200,25,SansSerif,Standard,16)Anchor(BottomRight)</p> <p>//Calculate PositionSize<br /> PositionSize=RiskPerTrade/DistanceToLoD</p> <p>Return LoD as “LoD”

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  DefParam DrawOnLastBarOnly=True //RiskPerTrade RiskPerTrade=1000 //LoD LoD=DLow(0) //CurrentPrice CurrentPrice=Close //Distance to LoD DistanceToLoD=CurrentPrice–LoD //Distance Percentage to LoD DistancePerc=Round(DistanceToLoD/Lod*100,2) DrawText(“#DistancePerc#%”,BarIndex,LoD+2,SansSerif,Standard,16) DrawText(“LoD=#LoD# (Close-LoD=#DistanceToLoD# Points)”,–200,25,SansSerif,Standard,16)Anchor(BottomRight) //Calculate PositionSize PositionSize=RiskPerTrade/DistanceToLoD Return LoD as “LoD”

  This is prob the best possible without going too deep into it. I only need the % number from this, as text otherwise covers that when I have many small chart. How would the formula be in that case?

   

  Many thanks for taking your time!

  

  Bossebus

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  01/30/2025 at 7:29 PM #243245
  JS

  Can you give an example of what you mean exactly…

  

  JS

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  01/30/2025 at 7:38 PM #243246
  Bossebus

  I didnt describe that good. Its mainly this number I would like to be shown all the time. as I have a fixed $ amount as stoploss and I always use LoD as my SL-level.

  Best case would be to have auto-quantity with LoD. But I guess that is alot more tricky to get.

   

  Best Regards

  

  Bossebus

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  01/30/2025 at 8:40 PM #243252
  JS

  I have adjusted the indicator for the calculation of the “PositionSize”…

  The “PositionSize” is based on “RiskPerTrade” which you have to set up/adjust in advance (currently $100)…

   The distance between the “Close” and the “LoD” is basically the “StopLoss” distance multiplied by the “PointSize” and divided by the “PointValue”…

  The theoretical position size: PositionSize = RiskPerTrade / StopLoss (distance)

  It is of course the theoretical position size because you use the “Close” instead of the (still unknown) “TradePrice”…

  LoD and PositionSize

  DefParam DrawOnLastBarOnly=True //RiskPerTrade RiskPerTrade=100 //LoD LoD=DLow(0) //CurrentPrice CurrentPrice=Close //Distance to LoD DistanceToLoD=(CurrentPrice-LoD)*PointSize/PointValue //Distance Percentage to LoD DistancePerc=Round(DistanceToLoD/Lod*100,2) DrawText("#DistancePerc#%",BarIndex,0,SansSerif,Standard,16) //DrawText("LoD=#LoD# (Close-LoD=#DistanceToLoD# Points)",-200,25,SansSerif,Standard,16)Anchor(BottomRight) //Calculate PositionSize PositionSize=RiskPerTrade/DistanceToLoD DrawText("PositionSize=#PositionSize#",BarIndex,-0.2,SansSerif, Standard,16) Return //LoD as "LoD"

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  DefParam DrawOnLastBarOnly=True //RiskPerTrade RiskPerTrade=100   //LoD LoD=DLow(0)   //CurrentPrice CurrentPrice=Close   //Distance to LoD DistanceToLoD=(CurrentPrice-LoD)*PointSize/PointValue   //Distance Percentage to LoD DistancePerc=Round(DistanceToLoD/Lod*100,2)   DrawText("#DistancePerc#%",BarIndex,0,SansSerif,Standard,16) //DrawText("LoD=#LoD# (Close-LoD=#DistanceToLoD# Points)",-200,25,SansSerif,Standard,16)Anchor(BottomRight)     //Calculate PositionSize PositionSize=RiskPerTrade/DistanceToLoD DrawText("PositionSize=#PositionSize#",BarIndex,-0.2,SansSerif, Standard,16) Return //LoD as "LoD"

  

  JS

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