R & R-multiples Risk Reward Tool

Optuma Forums Optuma General Discussion R & R-multiples Risk Reward Tool

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  • This topic has 4 replies, 3 voices, and was last updated 2 weeks ago by Tim.
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  • #69341
    Tim
    • Topics: 25
    • Replies: 23
    • Posts: 48

    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

    #69347
    Darren
    • Topics: 71
    • Replies: 880
    • Posts: 951

    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?

    #69363
    Tim
    • Topics: 25
    • Replies: 23
    • Posts: 48

    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

    #69365
    Matthew
    • Topics: 5
    • Replies: 631
    • Posts: 636

    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.

    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:

    Ex1

    • This reply was modified 2 weeks ago by Matthew.
    #69383
    Tim
    • Topics: 25
    • Replies: 23
    • Posts: 48

    Hi Matthew,

    This is great thanks very much.

    I’ve changed it slightly to this.

    Which looks like this.

    BHP

    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.

    Screenshot 2022-09-22 Plot 4

    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

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