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Position Size Calculator with Entry and Stop

High Low Entry Stop Calculator - Example 15 minute chart

Position Size Calculator for ThinkOrSwim

Position Size Calculator for ThinkOrSwim - properties
Position Size Calculator for ThinkOrSwim – properties

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.

Example of what the entry and Position Size Calculator for ThinkOrSwim shows you

Example of what the entry and Position Size Calculator for ThinkOrSwim shows you

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.

Features:

  • 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!


$129.99 $89.99Add to cart

 

Position Size Calculator for ThinkOrSwim - example 5 minute chart
Position Size Calculator for ThinkOrSwim – example 5 minute chart with a 15 minute entry

 

Position Size Calculator for ThinkOrSwim - Example 15 minute chart
Position Size Calculator for ThinkOrSwim – Example 15 minute chart with a 15 minute entry

 

$99.99 $49.99Add to cart

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Key Reversal Time Lines Indicator

Custom time lines indicator

Reversal Time Vertical Lines Indicator for ThinkOrSwim

This reversal time indicator for ThinkOrSwim could be very important to your trading. Many times we forget that there are multiple dimensions to the stock market — price, share volume, and tick/trade volume all play a role, but one dimension we often forget about is the dimension of time. In our stock charts, time is one of the two dimensions displayed … price is the vertical axis, and time is the horizontal axis. But we often seem to ignore it.

Time influences the movement of markets due to a wide variety of reasons. Tom Bulkowski’s statistical work has shown that intraday trend reversals tend to occur at 1 minute past each hour, 1 minute past each half hour, and 51 minutes past each hour (examples would be 9:01, 10:31, 11:51 respectively). Knowing these kinds of statistical tendencies is what having an edge in the market is all about. There are also exchange procedures that lead to price movements at certain times of the day — for instance, intraday margin calls usually happen between 11:00 a.m. – 1:30 p.m. Things like this show how time truly matters to price movement, yet is largely ignored.

It was with this in mind that I put together a highly-customizable ThinkScript indicator to highlight important reversal times throughout the day. It can be used to highlight a statistical reversal time you’re watching, to tell you at what time of the day you should change strategies, or even just remind you to take lunch or close out your afternoon positions. There are endless ways the time lines indicator can be used based on your own trading system.

Customizable Features:

  • The ability to add custom text labels to each time line, or remove individual labels
  • The ability to show/hide a particular reversal time (just place a zero in the time specification field to make it disappear)
  • The ability to change the line color
  • The ability to change the line style (solid, dashed, dotted, etc.) and thickness/weight
  • The ability to place the lines on the lower studies (volume, etc.) as well as the main price chart, if desired

 

$99.99 $49.99Add to cart

 

Reversal time indicator - time lines every 20 minutes
Reversal time indicator example setup: custom time lines every 20 minutes.

Questions?

Email me here or leave a comment below!

 

$99.99 $49.99Add to cart

 

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Whole Numbers Indicator for ThinkOrSwim

AUD/USD Pscyhological Whole Figure Numbers

Whole Numbers Indicator for ThinkOrSwim

Whole Numbers indicator - properties window
Whole Numbers indicator – properties window

We’re traders, but we’re also human … and the human brain gravitates toward simplicity. That’s one of the reasons why in trading, there’s just something about whole numbers or round figures. Our brains just like seeing numbers like fifties, hundreds, tens, and thousands, better than more complex numbers. Because of that, more often than not, stock price trends always seem to change direction near whole numbers like these. I know several professional traders who check nearby whole numbers before taking any trade. They assess whether there is good room to target before the next round number, and determine if an entry should be delayed until a nearby round number is reached. And that is why I have created a whole numbers indicator for ThinkOrSwim.

I programmed this whole numbers indicator so you’ll be able to easily identify the areas where there’s a greater likelihood of short term or long term reversal. When price is approaching a whole figure, you’ll be able to see the area on the chart without guessing. Now you’ll never have to worry about forgetting to check for these nearby “psychological figures” before placing your trades, because you’ll be automatically reminded of them in advance.

Whole Numbers indicator - add to chart
Whole Numbers indicator – add to chart

Flexibility

One issue with an indicator like this is that it has to be able to adjust to the instrument you’re trading. Forex, for instance, operates on totally different whole numbers than stocks do, because in forex every round number is a fraction of 1. So I specifically made this indicator to work on multiple types of instruments so that the whole number lines spread out as the instrument’s price gets larger. Result: this indicator works for stocks, futures, penny stocks, and forex.

The color of each line, as well as individual line thickness and style (solid, dashed, dotted, etc.) are all completely customizable. And you can also turn on/off the price bubble for each line on the right side of the chart. In addition, you can specify in the properties whether you want the indicator to show single digit levels below $10, and .05 increment levels below $2, so you can remove clutter you don’t want.

How it Works

The numbers highlighted by default are as follows:

  • Counting by .05s from 0 – 2: (.05 .1 .15 .2 .25, etc. — these are good for forex and penny stocks)
  • Counting by 1s from 0 – 10
  • Counting by 10s from 0 – 300
  • Counting by 25s from 0 – 500
  • Counting by 50s from 0 – 1000

Hopefully you’ll find this as useful as I do. Please check out these screenshots of the whole numbers indicator and contact me if you have any questions!


$99.99 $79.99Add to cart

 

AUD/USD Psychological Whole Numbers indicator
AUD/USD Psychological Whole Numbers indicator


$99.99 $79.99Add to cart