Have searched the knowledgebase and forums but can find anything.
Is there a tool that draws R & R-multiples (long or short) lines on a chart, either a risk reward tool or a horizontal lines tool?
Thanks
Tim
Have searched the knowledgebase and forums but can find anything.
Is there a tool that draws R & R-multiples (long or short) lines on a chart, either a risk reward tool or a horizontal lines tool?
Thanks
Tim
Hi Tim,
If you searched for ‘reward’ in the tools menu or KnowledgeBase then you should have found this tool:
https://help.optuma.com/kb/faq.php?id=852
Does that do what you need?
Hi Darren,
I am a regular user of the Reward Risk Measure tool.
What I was looking for is a R & R multiple tool (Van Tharp) which calculates the original risk (R) and projects this forward or backward (long or short) as a multiple (R1, R2, R3 etc).
Thanks.
Tim
Hi,
The RRM tool doesn’t support multiples. You could script a version that does. Here’s a quick example using multiples of 2 and 3 for both the Target and StopLoss.
v1 = Points().Point1.Price; v2 = Points().Point2.Price; v3 = Points().Point3.Price; plot1 = v1; plot1.Colour = Black; plot1.Caption = Entry; plot2 = v2; plot2.Colour = Red; plot2.Caption = StopLoss; plot3 = v3; plot3.Colour = Green; plot3.Caption = Target; plot4 = SHADE(plot1,plot2, DOWNCOLOUR=Red, UPCOLOUR=Red, SHADEALPHA=20); plot5 = SHADE(plot1,plot3, DOWNCOLOUR=Green, SHADEALPHA=15) ; plot6 = plot1 + ((plot3-plot1) * 2); plot6.Caption = Target x 2; plot6.Colour = Blue; plot6.Linestyle = Dash; plot7 = plot1 + ((plot3-plot1) * 3); plot7.Caption = Target x 3; plot7.Colour = Purple; plot7.Linestyle = Dash; plot8 = plot1 - ((plot1-plot2) * 2); plot8.Caption = StopLoss x 2 ; plot8.Colour = Maroon; plot8.Linestyle = Dash; plot9 = plot1 - ((plot1-plot2) * 3); plot9.Caption = StopLoss x 3; plot9.Colour = Maroon; plot9.Linestyle = Dash;
This script uses mouse points, so to use the above script you would need to add it to a Show Plot tool saved on your custom toolbar.
Here’s an example of how it would look on the chart:
Hi Matthew,
This is great thanks very much.
I’ve changed it slightly to this.
v1=Points().Point1.Price; //plot entry price plot1 = v1; plot1.Linestyle = Solid; plot1.Colour = Black; plot1.Caption = Entry; //plot ATR stoploss prices plot2 = v1 - LAST(ATR(BARS=14, )); plot2.Linestyle = LongDash; plot2.Colour = Red; plot2.Caption = 1x14ATR; plot3 = v1 - LAST(ATR(BARS=14))*2; plot3.Linestyle = Solid; plot3.Colour = Red; plot3.Caption = 2x14ATR; //Shade between stoplosses plot4 = SHADE(plot2,plot3, DOWNCOLOUR=Red, UPCOLOUR=Red, SHADEALPHA=20); plot4.Caption = Shading; //Plot R Multiples for long position plot5 = plot1 + ((plot1-plot3) * 1); plot5.Caption = 1R; plot5.Colour = Blue; plot5.Linestyle = Dash; plot6 = plot1 + ((plot1-plot3) * 2); plot6.Caption = 2R (BE); plot6.Colour = Blue; plot6.Linestyle = Solid; plot7 = plot1 + ((plot1-plot3) * 3); plot7.Caption = 3R; plot7.Colour = Purple; plot7.Linestyle = Dash; plot8 = plot1 + ((plot1-plot3) * 4); plot8.Caption = 4R; plot8.Colour = Purple; plot8.Linestyle = Dash; plot9 = plot1 + ((plot1-plot3) * 5); plot9.Caption = 5R; plot9.Colour = Purple; plot9.Linestyle = Dash; plot10 = plot1 + ((plot1-plot3) * 6); plot10.Caption = 6R; plot10.Colour = Purple; plot10.Linestyle = Dash;
Which looks like this.
I’m having an issue with plot4 as it doesn’t matter what the script says in the Show Plot it sets the shading as green.
Also the prices of the R multiples are creeping up $0.01 to $0.02 as you go up the plot prices. Is this a rounding issue with the 14 ATR?
Thanks
Tim