OPEN-SOURCE SCRIPT
Ultra Dynamic PnL Target R/R tool [RWTrading]
I designed this as a way to force myself into creating targets to give myself realistic expectations while I was in the trade. I wanted a drawing tool originally, but it quickly evolved into something so much more.
Almost every aspect of this tool is customizable. That includes the positioning of the boxes, labels, etc. If you are unhappy with where something is and how it looks--likely you can move it!
The trade dashboard tells you a lot of quick information about the trade. Everything can be toggled on or off as well to reduce the noise.
You activate the indicator and it will ask you to set three points: Entry, Stop, Target. You should know each one of these before you place a trade, at least that was what I was striving to achieve. It will then populate the proper R/R and give you information. You can toggle the full version of the compact version of the data as well.
As each target is approached it will be dimmed and checked. After 1R has been reached, I have added a reminder to consider bringing your stop loss to break even. Protect your capital and make sure you give up less of your profits to the markets.
I hope this helps you plan your trades and keep your expectations in check. It has greatly helped me.
Happy Trading.
Almost every aspect of this tool is customizable. That includes the positioning of the boxes, labels, etc. If you are unhappy with where something is and how it looks--likely you can move it!
The trade dashboard tells you a lot of quick information about the trade. Everything can be toggled on or off as well to reduce the noise.
You activate the indicator and it will ask you to set three points: Entry, Stop, Target. You should know each one of these before you place a trade, at least that was what I was striving to achieve. It will then populate the proper R/R and give you information. You can toggle the full version of the compact version of the data as well.
As each target is approached it will be dimmed and checked. After 1R has been reached, I have added a reminder to consider bringing your stop loss to break even. Protect your capital and make sure you give up less of your profits to the markets.
I hope this helps you plan your trades and keep your expectations in check. It has greatly helped me.
Happy Trading.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.