OPEN-SOURCE SCRIPT
Updated Strategy Test - Cancel Limit Order and Position Sizing
While working thru another project had the need to troubleshoot the canceling of a limit order syntax/process as well as work thru the code and logic to automagically set the position sizing based off two user inputs (Amount to Risk in USD and Leverage to Use) and the potential entry and stop levels for an inside bar candle pattern in this scenario. Once we find the distance between the entry and stop level we can figure out the stop percentage amount which matches up with what a user would see manually drawing using the long or short tool in tradingview. Once we have the user inputs and levels we can get an amount to be used in later qty= type of places in zeeee pine script....
Release Notes
The previous code didn't meet my specific trade setup requirements but left that information commented out in case it applies and is helpful to someone else down the road. Will be testing this new approach and see how it ends up going. This is by no means a finished product but the various code snippets should be of help to others looking for ways to approach this risk management question. 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.
All the best. #PMAFTW
Learn: therationalinvestor.com/?discount=Fok7MHYJDi5JHvZD6A4MHej
Connect: linkedin.com/in/thejoshuamcg/
Support via BTC: 38fNVWomAePgeoMCBfeJmdivbdk14LZQNx
Learn: therationalinvestor.com/?discount=Fok7MHYJDi5JHvZD6A4MHej
Connect: linkedin.com/in/thejoshuamcg/
Support via BTC: 38fNVWomAePgeoMCBfeJmdivbdk14LZQNx
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.
All the best. #PMAFTW
Learn: therationalinvestor.com/?discount=Fok7MHYJDi5JHvZD6A4MHej
Connect: linkedin.com/in/thejoshuamcg/
Support via BTC: 38fNVWomAePgeoMCBfeJmdivbdk14LZQNx
Learn: therationalinvestor.com/?discount=Fok7MHYJDi5JHvZD6A4MHej
Connect: linkedin.com/in/thejoshuamcg/
Support via BTC: 38fNVWomAePgeoMCBfeJmdivbdk14LZQNx
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.