Position Sizing Calculator//Credit to Trader-Shah for laying the groundwork in their Position Size Tool.//
I had to make the following modifications to make it relevant to my process:
1. Lowering the risk percentage per trade to be able to be <1% of portfolio risk per trade
2. Focus on LoD (low of day) and manual entries
3. Focus on $ position size, # of shares needed to purchase, and the position % size based on your portfolio
4. 3 auto-populated stops based on the manual stop loss line, where it indicates how many shares and $ need to be sold at stop 1, stop 2, and stop 3.
Example if you were to purchase a stock at $10 and have a manual stop at $5, this will tell you how much $ or shares to purchase of the stock based on your risk appetite, and then tell you exactly how much to sell at S1, S2, and S3.
Hope this is helpful.
-aTOMIC
Positionsizingtool
Position Size By Risk For Bar SizeThis simple script provides a way of calculating position size on a bar by bar basis for a fixed risk amount.
If you are trading a fixed risk amount (e.g. $100) per trade and your Entry and Stop is defined by a specific bar on the chart (any resolution e.g. 15 min, 5 min, 2 min etc) then this indicator will show you the position size you can take.
The user configures the risk amount per trade in the setting for the indicator, the default is 100 (e.g. $100).
It calculates each bar size (high - low) for the resolution of the chart that is being viewed.
The position size = (risk amount) / (bar size).
It then displays a "." (dot) for each bar and to see the position size hover your mouse over this dot .
The pane for this indicator can be set to the top of the chart by using the "Move pane up" option on the chart so that the indicator is easily accessible and discrete at the top of the chart.
Also, there is an option to use this indicator as a substitute for the built-in volume display.
