Today I’ve released some substantial updates to both the Relative Volume indicator set and the Position Sizer.
Relative Volume, Trades, Shares-Per-Trade, and Shares-Per-Range
The Relative Volume, Trades, Shares-Per-Trade, and Shares-Per-Range indicators have all been combined into a single indicator that lets you switch between modes.
The Time-Based Average and the Moving Average based relative volume indicators have now all been combined into the single indicator as well, so you can switch between a time based average for use on intraday timeframe charts, and a custom moving average of volume for any timeframe chart.
Efficiency improvements have also been made to reduce resource consumption and keep your platform responsive.
The Position Sizer has a new mode for Fixed Dollar Target, in addition to the existing Fixed Price and Risk Multiple target modes.
New mode for stop – fixed dollar stop
New mode for risk per trade – choose a fixed dollar amount to risk or keep the normal percentage of buying power, either auto or manually chosen
All the data points in the label have been separated out so they can be controlled individually.
New labels for Bid-Ask Spread, Daily Volume, stop size, buying power required, etc.
Add spread size to stop size automatically
Fixed an issue to limit number of shares not only by risk per trade but also by buying power
Added offset setting for labels, so you can choose to display the entry/stop/target and position sizing info for the prior candle instead of the current candle, in case you like to use bar break types of entries based on the just-closed prior candle.
I will be updating the images and data sheets for each in the coming days, but I wanted to get the release notes out there for people who’ve already purchased in the past.
I hope these changes will add value and benefit your trading workflow. As always, updates are free to prior purchasers and the new links are available in the My Account > Orders area of the site. Thanks for your continued support and kind feedback!
I recently finished up a complete redesign of my ThinkOrSwim Position Sizer, and I wanted to post a quick announcement and go over some of the new features. I’m pretty excited about what I’ve been able to do with it, and I really hope others will find it as useful as I do.
The original implementation was basically a candle high/low position sizer. It calculated entries 1 tick above the high and your stop was 1 tick below the low of the candle, and it would size your position based on that stop size. Additionally, it only worked on stocks. I had originally made it to help me quickly calculate price action entries and exits and get the right number of shares each time, and it did that well for me, but wasn’t very flexible for other traders’ needs.
The new indicator is completely different and vastly more powerful.
Works on Stocks, ETFs, and now Futures too!
Automatically account for the minimum tick size and tick value of futures contracts
Choose a percent of your buying power to risk on each trade
Script automatically grabs your current account balance and calculates the right amount of shares/contracts to buy based on your predefined risk tolerance
Optionally specify a manual/theoretical account balance
Specify a buying power multiple (2x or 4x account balance, etc., or just leave at 1x to use no margin leverage)
NEW STOP TYPES!
Candle/bar price action stops and entries as before
Specify a custom ATR multiple to use for stops
Change every aspect of how the ATR is calculated if desired
Choose between 4 different DevStop standard deviation levels
New entry methods!
Choose trade direction, long or short
Specify to calculate entries from the close, open, high, or low
Add custom padding for slippage or breakout entries to both entries and stops
Example 1: enter 1 tick above the high of a candle, stop 1 tick below the low, etc., to simulate a stop-market entry and exit
Example 2: assume 1 tick slippage on entries and stops, regardless of entry type
New target methods!
Choose an automatic target based on a multiple of your risk (stop size).
Example: if your stop size is $2, you can specify a 1:2 risk/reward ratio, and it will automatically calculate your target price as $4 above your entry
Choose a manual target price for your trade and automatically get the risk/reward in both Risk Units (Rs) or in percentage terms
Optionally round the shares or contracts to the nearest 10, 100, or whatever other number you specify
Show/hide any labels or lines on the chart
Change label and line colors as desired
Question mark icon / Tooltip for each option explains every setting in detail
How to Get the Updated Version
A quick note: previous purchasers will OF COURSE get the updated version for free! I really appreciate your support, and the updated links will be waiting for you in the My Account area under My Orders, as with all updates I release. If you have any trouble getting the links, just contact me and I’ll make sure you get setup.
If you haven’t purchased the Think-Or-Swim Position Sizer yet but you think it will be of benefit to your trading, you can pick up your copy here:
The position size calculator for ThinkOrSwim is a simple but important ThinkScript I made that allows me to instantly know what my entry, stop, and position size should be in order to maintain an equal risk on every trade I take.
One issue many new traders face is inconsistency — especially having losing trades that are larger than their winners. This is a recipe for disaster in trading. The more variables you can control in a trade, the less likely you are to screw up and lose a lot of money, and therefore the more consistent and predictable your returns will be. And one important aspect of controlling those variables and smoothing out your growth curve is sizing your positions correctly every time. And this indicator helps you do just that.
Basically, this indicator allows you to specify what size bar you want to size your entries off of (say a 15′ candle for example). No matter what chart you’re looking at (it could be a 5′ or 2′ chart for instance), this indicator will allow you to know what the latest 15′ bar’s high and low is, and how many shares you would need to buy in order to properly size an entry based on that 15′ candle.
It could just as easily be that I’m looking at a 5′ chart and want to know how to size my positions correctly for a 5′ candle high/low entry and stop — this indicator can handle that too. One glance and you know how to enter your orders — no calculator needed.
Specify in advance how much you want to risk on each trade — could be $25 or $1000.
Add a few cents of padding to the entry and stop if desired. Calculations adjust automatically.
Tells you your entry price, stop price, stop size, and the number of shares to order.
Take a look at the screenshots and the video and let me know if you have any questions!
Josiah is a stock trader, thinkScript programmer, real estate investor, and budding mountaineer. He's also rumored to be an in-shower opera singer. Josiah & his family live in Nashville, TN. Twitter | YouTube
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