I want you to create a position sizing indicator
Here is the details for my position sizing indicator:
It is in two parts:
Part one
Firstly it needs to calculate the current reduced account equity:
It will analyse all currently open trades. For all trades it must minus the current SL from current price and the number multiplied by pip value of the currency pair (i will send over this indicator later). This will include trades which have locked in pips i.e. SL positive over the break even point. This will give a total value at risk (negative figure) or in profit (positive figure) depending on the trade status. The current account balance will then be added to this number and it will give is the total reduced core equity.
Part two
The indicator will calculate the distance betwen the highest local hi or lowest low (where our trade manager will normally place the stop loss) and the current price will give a pip distance.
Using this information the following equation will calculate the current position size dependent on the percentage of the reduced core equity used:
position size (PS)=reduced core equity amount* risk amount (% supplied in options for the indicator)/Sl* pip value for 1 lot
for example
PS= 1000*0.02/50*5
=20/250
=0.08 (always rounded to 2 sf)
It will then show this on the chart near the local lo or local high and will be dynamically updated should the current price change.
I will provide an ea that will show how to calculate the local lows and local highs for this indicator.
Many thanks,
James
Hello,
I'd be happy to help you with your indicator. Please see my PM and profile for more info and let me know if you are interested in working with me.