Position Size Calculator for ThinkorSwim

[QUIKTDR1]

Thank you VOLLERMIST I will look at this tonight

Are we supposed to add this to a strategy or study? When one tries to add to studies it asks for a plot and strategy asks for an Add order

 

[vollermist]

Are we supposed to add this to a strategy or study? When one tries to add to studies it asks for a plot and strategy asks for an Add order

Irrelevant if it ask for a plot...one can just make a label for the variable "shares". In a strategy, just use the variable "shares" in the AddOrder statement instead of the number of shares. I incorporate this code (or a variation of this code) in studies AND strategies. I only trade stocks, so I don't know how it will work on other instruments. I guess you could call this code a "snippet" that can be used standalone by just adding an AddLabel statement. I'm not a programmer, so I don't know if I'm using the correct terms.

In the strategy section, I posted a strategy I had been working on which incorporates a version of this code. Most of what I code is coded for range bar charts, and may be suboptimal for time or tick based charts. GrowEquityStrategy including Kelly-based position sizing

 

[Renko_Ranger]

I came across a script months ago:
https://usethinkscript.com/threads/position-size-calculator-for-thinkorswim.588/page-3#post-49627
but I felt that it was lacking. I just got around to finishing it. I only wish that it could also highlight the price in the active trader.

http://tos.mx/VviLozV

# Simple Position Calculator
# Assembled by BenTen at UseThinkScript.com

input Budget = 2000;
def current_price = close;
def Share_Quantity_purchase_limit =  Budget / current_price;

############# labels

AddLabel(yes, Concat("Shares available for purchase = ", Round(Share_Quantity_purchase_limit)), Color.ORANGE);

###############################################################################################

input profit_goal = 50.00;
plot Close_Position = profit_goal/Share_Quantity_purchase_limit ;
Close_Position.SetDefaultColor(GetColor(0));

AddLabel(yes, Concat("profit goal = ", Round(profit_goal)), Color.orange);
AddLabel(yes, Concat("required price change = ", (Close_Position)), Color.white);

def  yellow = profit_goal/Share_Quantity_purchase_limit;
#####################################################################

plot priceLine = current_price + close_Position;;
priceline.SetPaintingStrategy(PaintingStrategy.line);
priceLine.SetLineWeight(1);

AddLabel(yes, Concat(" Stock price + profit goal = ",Round(current_price + close_Position )), Color.white);

#AddLabel(yes, Concat(" The amount of active trader movement  = ",Round(Share_Quantity_purchase_limit + close_Position )), Color.white);

The simplicity of this calculator works very well with my Renko DMI Strategy. Thanks for sharing!

 

[Betozenho]

I reverse engineered what I think the two labels show.

This is the output of that work.

thinkScript Code

#
# PositionSizingCalculator
#
# Author: Kory Gill, @korygill
#
#

input RiskUnit = 100;
input AggregationPeriod = AggregationPeriod.FIFTEEN_MIN;

def highVal = high(period = AggregationPeriod);
def lowVal = low(period = AggregationPeriod);

AddLabel(
    yes,
    "High: " + highVal + " Low: " + lowVal,
    Color.Gray
    );

def diff = highVal-LowVal;

AddLabel(
    yes,
    AsDollars(RiskUnit) + " risk with " + AsDollars(diff) + " stop = " + Floor(Round(RiskUnit/diff)) + " shares",
    Color.Gray
    );

Link to the study

https://tos.mx/HwObLl

Thanks,
Kory Gill, @korygill

aMAZING SCRIPT!!! IS IT POSSIBLE TO HAVE IT WORKING ON A TICK CHARTS?

 

[grsg2010]

Hi, I want to add to this code a label to tell me how many shares I have available to buy, so will be TotalShares= GetTotalCash () / GetAveragePrice(); But I can not make work, can somebody help me

Here is the code:
plot entryPrice;

input showDetails = yes;
input showBasis = yes;
input showProfitLoss = yes;
input showFills = no;
input netProfitLossPastTrades = 0.00;
input MaxShares = yes;


# Entry Price
entryPrice = GetAveragePrice();
entryPrice.AssignValueColor(if close < entryPrice then Color.DOWNTICK else Color.UPTICK);
entryPrice.SetLineWeight(2);
entryPrice.SetStyle(Curve.SHORT_DASH);

# Basis Calculat ion
def qty = GetQuantity();
def openCost = qty * GetAveragePrice();
def basis = (qty * entryPrice);

#add it

def Cash = GetTotalCash ();
def StockPrice = GetAveragePrice ();
def TotalShares= GetAveragePrice () / GetTotalCash ();


#Labels
AddLabel(showDetails, qty + "@" + AsDollars(entryPrice), Color.GRAY);
AddLabel(showBasis and netProfitLossPastTrades == 0.0, "Basis: " + AsDollars(basis), if basis > (qty * close) then Color.DOWNTICK else Color.UPTICK);
AddLabel(showBasis and netProfitLossPastTrades != 0.0, "Basis (adj): " + AsDollars(basis), if basis > (qty * close) then Color.DOWNTICK else Color.UPTICK);
def pl = (close - entryPrice) * qty;
AddLabel(showProfitLoss, "P/L: " + AsDollars(pl), if pl > 0 then Color.UPTICK else if pl == 0 then Color.WHITE else Color.DOWNTICK);
AddLabel(showProfitLoss, "P/L/Share: " + AsDollars(close - entryPrice), if (close - entryPrice) > 0 then Color.UPTICK else if (close - entryPrice) == 0 then Color.WHITE else Color.DOWNTICK);

#add it
AAddLabel(MaxShares, "TotalShares: " + AsDollars(Cash) + " | StockPrice: " + AsDollars(StockPrice), Color.WHITE);

 

[om4]

below is a position script calculator that measures risk unit (ex. R1) based on the difference of previous bar high and low price. I want it to be change to the current bar - can someone please convert it?

#
# PositionSizingCalculator
#
# Author: Kory Gill, [USER=212]@korygill[/USER]
#
# Modified by Jedo64

input RiskUnit = 100;
input AggregationPeriod = AggregationPeriod.FIFTEEN_MIN;

def highVal = high(period = AggregationPeriod);
def lowVal = low(period = AggregationPeriod);
def lo = low;
def hi = high;


AddLabel(
no,
AsDollars(RiskUnit) + "=1R",
Color.CYAN
);

# Instead of current bar i changed it to previous bar
def diff = hi[1] - lo[1];
def diff0 = hi - lo;

plot SharesSize = Floor(Round(RiskUnit / diff0));

AddLabel(
yes,
"Risk: " + AsDollars(diff * 1.00) + " = " + Floor(Round(RiskUnit / (diff * 1.00))) + " Shares ",
Color.CYAN
);

#added a Green label to see Inside Bar Size for Long trigger


def diffl = (hi[1] - lo[1]) * 1.00;

AddLabel(
yes,
" Long = .7R: " + (RoundDown(hi[1] + diffl*.7)) + " 1R: " + (RoundDown(hi[1] + diffl)) + " 2R: " + (RoundDown(hi[1] + diffl*2)) + " 3R: " + (RoundDown(hi[1] + diffl*3))+ " 4R: " + (RoundDown(hi[1] + diffl*4))+ " 5R: " + (RoundDown(hi[1] + diffl*5)),
Color.GREEN
);


# Added red label to see Inside Bar Size for short trigger

def diffs = (hi[1] - lo[1]) * 1.00;

AddLabel(
yes,
"SHORT = .7R: " + (rounddown(lo[1] - diffs*.7)) + " 1R: " + (rounddown(lo[1] - diffs)) + " 2R: " + (rounddown(lo[1] - diffs*2)) + " 3R: " + (rounddown(lo[1] - diffs*3)) + " 4R: " + (rounddown(lo[1] - diffs*4)) + " 5R: " + (rounddown(lo[1] - diffs*5)) ,
Color.rED
);

 

[QUIKTDR1]

below is a position script calculator that measures risk unit (ex. R1) based on the difference of previous bar high and low price. I want it to be change to the current bar - can someone please convert it?

#
# PositionSizingCalculator
#
# Author: Kory Gill, [USER=212]@korygill[/USER]
#
# Modified by Jedo64

input RiskUnit = 100;
input AggregationPeriod = AggregationPeriod.FIFTEEN_MIN;

def highVal = high(period = AggregationPeriod);
def lowVal = low(period = AggregationPeriod);
def lo = low;
def hi = high;


AddLabel(
no,
AsDollars(RiskUnit) + "=1R",
Color.CYAN
);

# Instead of current bar i changed it to previous bar
def diff = hi[1] - lo[1];
def diff0 = hi - lo;

plot SharesSize = Floor(Round(RiskUnit / diff0));

AddLabel(
yes,
"Risk: " + AsDollars(diff * 1.00) + " = " + Floor(Round(RiskUnit / (diff * 1.00))) + " Shares ",
Color.CYAN
);

#added a Green label to see Inside Bar Size for Long trigger


def diffl = (hi[1] - lo[1]) * 1.00;

AddLabel(
yes,
" Long = .7R: " + (RoundDown(hi[1] + diffl*.7)) + " 1R: " + (RoundDown(hi[1] + diffl)) + " 2R: " + (RoundDown(hi[1] + diffl*2)) + " 3R: " + (RoundDown(hi[1] + diffl*3))+ " 4R: " + (RoundDown(hi[1] + diffl*4))+ " 5R: " + (RoundDown(hi[1] + diffl*5)),
Color.GREEN
);


# Added red label to see Inside Bar Size for short trigger

def diffs = (hi[1] - lo[1]) * 1.00;

AddLabel(
yes,
"SHORT = .7R: " + (rounddown(lo[1] - diffs*.7)) + " 1R: " + (rounddown(lo[1] - diffs)) + " 2R: " + (rounddown(lo[1] - diffs*2)) + " 3R: " + (rounddown(lo[1] - diffs*3)) + " 4R: " + (rounddown(lo[1] - diffs*4)) + " 5R: " + (rounddown(lo[1] - diffs*5)) ,
Color.rED
);

How to code a stop segregation?

Px range stop %
1-15 2%
16-30 1.75
31-60 1
61-100 .75


UPDATE:
I believe this may answer my question:
https://usethinkscript.com/threads/convert-tradingview-trailing-stop-loss.15598/

 

[JohnM]

This is fantastic - Thank you. Makes trading so much easier. I copied the format of your code to create what price would be 2% stop and 4% gain (percentages can be edited). Here's the code for those if anyone is interested (saves me a whopping 30 seconds on each trade! haha):

Stop Loss Code:

input amount = 2;
def Data = close-(amount/100)*close;
def showDiv = yes;

AddLabel(showDiv, Data + " stop loss", Color.RED);

Sell Limit Code:
input amount = 4;
def Data = close+(amount/100)*close;
def showDiv = yes;

AddLabel(showDiv, Data + " sell limit", Color.GREEN);

How does this one work, is it a PL ratio?

I've got a better one. There's three scenarios:
Scenario 1: You can choose your size and your risk, but not your stop
Scenario 2: You can choose your size and your stop, but not your risk
Scenario 3: You can choose your risk and your stop, but not your size

Why not make it an indicator that lets you see the result of those decisions? I decided to make one. The only issue I'm uncertain of is whether I am making price what it actually is. I decided to go with Mark

Here's the code:

#
# PositionSizingCalculator
#
# Author: RamonDV. AKA Pelonsax
#
#

input Risk_Amount = 100;
input Shares = 1000;
input Stop_Price = 100.00;
input Choose_Size_and_Risk = yes; #can't choose stop
input Choose_Size_and_Stop = yes; #can't choose risk
input Choose_Risk_and_Stop = yes; #can't choose size

def Mark = close(PriceType = PriceType.MARK);
def Size  = Risk_Amount / (Mark - Stop_Price);
def Stop = ((Mark * Shares) - Risk_Amount) / Shares;
def Risk = (mark - Stop_Price) * Shares;

#Display current price
AddLabel(yes, "Current Price: " + AsDollars(Mark), color.gray);

#No defined stop
AddLabel(Choose_Size_and_Risk, "No defined stop: " + Shares + " Shares with " + AsDollars(Risk_Amount) + " risk with Stop Loss at " + AsDollars(stop) + "  .", color.gray);

#No defined risk
AddLabel(Choose_Size_and_Stop, "No Defined risk: " + Shares + " Shares with " + AsDollars(risk) + " risk with Stop Loss at " + AsDollars(Stop_Price) + "  .", color.gray);

#No defined size
AddLabel(Choose_Risk_and_Stop, "No defined size: " + Floor(Round(size)) + " Shares with " + AsDollars(Risk_Amount) + " risk with Stop Loss at " + AsDollars(Stop_Price) + "  .", color.gray);

Here's the link:

https://tos.mx/l2H5IBg

I'm trying to understand this one. For instance if I use the "Risk_Stop" scenario...With a $25 Risk at a $.10 Stop, shouldn't it show 250 Shares? It just shows "1 Shares".

This one I wrote to auto calculate the number of shares to buy based on an input risk % and capital size. You will need to update the stop level based on whatever signal you are using.

########################################
input capital_size = 25000;
input risk_percent = 1;
def risk_price = close;

def risk_percent_calc = risk_percent / 100;
def entry_stop_bull = (risk_price - bullstop);
def entry_stop_bear = (bearstop - risk_price);
def units_to_buy_bull = (risk_percent_calc * capital_size) / (entry_stop_bull) / risk_price;
def units_to_buy_bull1 = RoundDown(units_to_buy_bull,0);
def total_cost_bull = units_to_buy_bull1 * risk_price;
def units_to_buy_bear = (risk_percent_calc * capital_size) / (entry_stop_bear) / risk_price;
def units_to_buy_bear1 = RoundDown(units_to_buy_bear,0);
########################################

I get an error. Where is "bullstop" or "bearstop" defined?

 

[bargains730]

Hi,

Is it possible to have a script that calculates SHARE SIZE based on a Risk $ amount and a place on the chart where I click my mouse?

I have this script already for another trading software called DAS Trader and use it daily. But I prefer to trade in TOS.


For example:

Risk is set to $50 for every trade.

Stop = Price where I click my mouse (let's say I single-click on the chart at $10.00)

if Current Price: $11, and I single-click on $10, I want the script to tell me the share size I should use.

In this case, $50 risk, $1 stop, Share Size should be = 50 shares.

 

[victor7584]

@CDJay I think this should be able to fulfil your request.

# Simple Position Calculator
# Assembled by BenTen at UseThinkScript.com

input balance = 1000;
def current_price = close;
def limit = balance / current_price;
AddLabel(yes, Concat("Shares available for purchase = ", Round(limit)), color.orange);

Hi @BenTen. Can you please code this with Ask price instead of Close? Thank you