OPEN-SOURCE SCRIPT
Candle Size Calculator
# Candle Size Calculator
**A powerful position sizing tool that calculates optimal position sizes based on risk management and stop loss levels from historical candles.**
## 🎯 What it does
This indicator helps traders determine the exact position size for their trades by calculating the risk-to-reward ratio between the current price and stop loss levels from previous candles. Perfect for consistent risk management across all your trades.
## 📊 Key Features
- **Smart Position Sizing**: Automatically calculates position size based on your risk amount and distance to stop loss
- **Multiple Candle Analysis**: Analyze up to 20 previous candles to find optimal stop loss levels
- **Direction Support**: Works for both Long and Short positions
- **Clean Table Display**: Shows all calculations in an easy-to-read table format
## ⚙️ Settings
- **Number of Candles**: Choose how many previous candles to analyze (1-20)
- **Risk Amount**: Set your maximum risk per trade in dollars
- **Direction**: Select Long or Short trading direction
- **Table Position**: Choose from 6 different table positions (top/bottom + left/center/right)
- **Font Size**: Select from 5 font sizes (tiny to huge)
## 🎨 Visual Design
- Modern dark theme that matches TradingView's interface
- Color-coded text: Green for Long positions, Red for Short positions
- Clean, borderless design for minimal chart clutter
- Customizable positioning to fit your chart layout
## 📈 How it works
1. **Entry Price**: Always uses the current market price
2. **Stop Loss**:
- For Long positions: Uses the low of selected candles
- For Short positions: Uses the high of selected candles
3. **Position Size**: Calculated as Risk Amount ÷ |Current Price - Stop Price|
## 💡 Use Cases
- **Risk Management**: Maintain consistent risk across all trades
- **Position Sizing**: Never risk more than your predetermined amount
- **Stop Loss Planning**: Identify optimal stop loss levels from recent price action
- **Quick Analysis**: Instantly see position sizes for multiple stop loss scenarios
## 🚀 Perfect for
- Day traders who need quick position size calculations
- Swing traders planning entries with historical support/resistance
- Anyone practicing proper risk management
- Traders who want to automate position sizing calculations
---
*Clean, efficient, and essential for serious traders who prioritize risk management.*
**A powerful position sizing tool that calculates optimal position sizes based on risk management and stop loss levels from historical candles.**
## 🎯 What it does
This indicator helps traders determine the exact position size for their trades by calculating the risk-to-reward ratio between the current price and stop loss levels from previous candles. Perfect for consistent risk management across all your trades.
## 📊 Key Features
- **Smart Position Sizing**: Automatically calculates position size based on your risk amount and distance to stop loss
- **Multiple Candle Analysis**: Analyze up to 20 previous candles to find optimal stop loss levels
- **Direction Support**: Works for both Long and Short positions
- **Clean Table Display**: Shows all calculations in an easy-to-read table format
## ⚙️ Settings
- **Number of Candles**: Choose how many previous candles to analyze (1-20)
- **Risk Amount**: Set your maximum risk per trade in dollars
- **Direction**: Select Long or Short trading direction
- **Table Position**: Choose from 6 different table positions (top/bottom + left/center/right)
- **Font Size**: Select from 5 font sizes (tiny to huge)
## 🎨 Visual Design
- Modern dark theme that matches TradingView's interface
- Color-coded text: Green for Long positions, Red for Short positions
- Clean, borderless design for minimal chart clutter
- Customizable positioning to fit your chart layout
## 📈 How it works
1. **Entry Price**: Always uses the current market price
2. **Stop Loss**:
- For Long positions: Uses the low of selected candles
- For Short positions: Uses the high of selected candles
3. **Position Size**: Calculated as Risk Amount ÷ |Current Price - Stop Price|
## 💡 Use Cases
- **Risk Management**: Maintain consistent risk across all trades
- **Position Sizing**: Never risk more than your predetermined amount
- **Stop Loss Planning**: Identify optimal stop loss levels from recent price action
- **Quick Analysis**: Instantly see position sizes for multiple stop loss scenarios
## 🚀 Perfect for
- Day traders who need quick position size calculations
- Swing traders planning entries with historical support/resistance
- Anyone practicing proper risk management
- Traders who want to automate position sizing calculations
---
*Clean, efficient, and essential for serious traders who prioritize risk management.*
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.