Indicator like pivot points to depict risk reward ratio

• 10/14/2024 at 6:07 PM #238989
  VarmaRudra

  Hi,

  I am looking for some ideas on how i can draw lines based on risk and reward position of current trade. For example, i have a open position with stoploss at 1% of account value as Risk and i want to draw-lines at 2R and 4R and 10R targets and so on. I know how to draw lines but how to calculate based on current open position.

  Hope i am making sense and any suggestion will be of great help.

  

  VarmaRudra

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  10/14/2024 at 7:10 PM #238990
  druby

  I did something like you describe with the Fibonacci object tool.

  Using The Fibonacci Retracement option. draw a fib on chart.

  from its configuration box, click on + sign to add new template and name and ok it.

  Then check color box and change fib line values, see image.

  Close box , delete fib and use that template when you draw new fib.

   

  When set up, point1 is the  R1 target and point2 is the entry point.

  Once on chart you can manipulate point 1 and 2 for ideal place.

  The equal division show the other R targets in multiples of 100%.

  You can draw before your possible trade to see if everything checks ok then

  use the config box to enter more accurate value for points 1 and 2 or modify when your in trade.

  All you need to do is calculate R1 target after entry for Point1.

   

  If you need to go down coding route this may give ideas on what you want.

  3 users thanked author for this post.

  VarmaRudra, Iván, JC_Bywan

  

  druby

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  10/14/2024 at 8:03 PM #238992
  JC_Bywan

  Hello,

  Free code from an old request in link below. Hopefully it’s close enough to what you need, with or without slight modifications. In case you were hoping to read directly the account value, this data is not available by code, so:

  – either you translate 1% of account value in terms of stop level from your entry, and you give entry and stop as parameters to this exact code unmodified to display the -1R risk and the +N R rewards

  – or you change the parameters to input account value and risk percentage instead of stop, and calculate stop from them by code

  https://www.prorealcode.com/prorealtime-indicators/risk-reward-tool-showing-r-multiples/

  2 users thanked author for this post.

  Iván, druby

  

  JC_Bywan

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  10/15/2024 at 10:45 AM #239006
  VarmaRudra

  Fibonacci worked really well. Thank you.

  

  VarmaRudra

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