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"

  1 user thanked author for this post.

  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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  01/31/2025 at 5:56 PM #243288
  Bossebus

  Is it possible to create something that makes marketorders use LoD as SL, automatic? Using the chosen $ risk?

   

  Also, how would this indicator code look with only the % number shown and nothing else?

   

  Thanks for taking your time, apperciate it alot!

  

  Bossebus

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  01/31/2025 at 6:37 PM #243289
  JS

  When we transform the indicator into a strategy, it is possible to generate market orders under certain conditions, using “LoD” as StopLoss…

  You need to specify the conditions under which the market orders are generated (for example, when and under what conditions we go Long or Short)…

  If you do not want to see certain output from the indicator, you can use two forward slashes for the relevant line.

  For example, if you no longer want to see “PositionSize,” you can add two forward slashes before line 23…

  //DrawText(“PositionSize=#PositionSize#”,BarIndex,-0.2,SansSerif, Standard,16)

  

  JS

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  01/31/2025 at 7:53 PM #243293
  Bossebus

  Perfect!

   

  Thanks for the help!

  

  Bossebus

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