Risk / Position Calculator based on prior bar range

[Jaaackjack]

Amazing!! Is it possible to use this script
https://usethinkscript.com/threads/...ls-bubbles-for-thinkorswim.10422/#post-104360
and come up with a position size calculator based off of a $ of risk that I input into the study?

So it would take my risk $ amount and calculate how many shares I could buy based off of the risk being the prior bar's range?

I look to take entries after the break of the prior bar's high or low so this would be phenomenal

Is it possible to create a label that displays the max number of shares I can trade based on my input risk $ amount with a stop the size of the prior bar's range?

For example if I want to go short with a protective stop above or below the prior bar on $500 of risk, and the prior bar's range is $0.13, then I could short up to 3,846 shares. My entry trigger's at the break of the prior bar's high or low.

Any help much appreciated! I've looked around and searched through the forums but I can't find anything that factors risk based on the prior bar's range. Though there is 1 study that uses the current bar's range, however that doesn't help me for my entries and stops since it's based on prior bar not current bar.

 

[Jaaackjack]

For anyone that could use a risk calculator / position size calculator based on the prior bar's range and a customizeable amount of risk - I had chatGPT write a script for this and it's perfect, exactly what I needed.

What a time to be alive.


Code below and screen shot for reference

input riskAmount = 100;

declare lower;

# Calculate the prior bar's range
def priorBarRange = high[1] - low[1];

# Calculate the number of shares you can trade
def sharesToTrade = riskAmount / priorBarRange;

# Create a label to display the shares to trade
AddLabel(yes, "Shares to Trade: " + sharesToTrade, color.white);