I converted Fibonacci Retracement tool to a Risk/Reward tool - I would like some assistance

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lambda100

New member
Hey everyone,

I have a question, maybe someone can assist, or give any idea.

In this image I uploaded you can see what I did, and what I wish it could be:



In short, I would like to fully convert the Fibonacci Retracement tool to a Risk/Reward tool. I did some of it by a simple study edit of that tool, but I wish also to add automatic indications for the "price difference" between the entry and the stop loss with an automatic calculation of the amount of shares you need to buy (based on your risk)

Somebody maybe know some ThinkScript? Or have any Idea where can I find assistance on that?

Many Thanks!!
 
Juston410

Juston410

New member
VIP
You ever figure out how to do this? This seems like a cool idea!
 
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hockeycoachdoug

Member
2019 Donor
VIP
that is code snippet is exactly what I was looking for on here awhile back to add to the Ultimate Breakout Indicator so that I could add to the indicator to use like a position sizer. Since Ultimate Breakout Indicator gives an entry point and a stop point. I would like to add this snippet of code to determine position sizing by inputting a dollar risk amount such as $500 risk per trade. then when the entry and stop points display it would also tell you how many shares to ttrade based on the risk amount per trade. Does anybody know how to accomplish this?
 
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hua_872984

New member
Did you guys ever figure this out ? ive been searching for this foreverrrrr
 

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