Automatic Low of the day-tool
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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…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"Iván González thanked this postI 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 RegardsI 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”…
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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1 year ago.
Topic Details
| Forum: | Platform Support: Charts, Data & Broker Setup |
| Language: | English |
| Started: | 01/29/2025 |
| Status: | Active |
| Attachments: | 3 files |
