Equalized Risk Per Trade Equalized Risk Per Trade Script

[Elie 0]

Hi everyone,

in the Equalized Risk Per Trade Equalized Risk Per Trade Script, the stop loss is not dynamically calculated based on a specific technical level on the chart. Instead, it uses a fixed calculation and it triggers (StopPrice-0.05) which means it will trigger a market sell order 0.05 units (e.g., dollars) below the entry price.

what I want is basicaly is: Manually set my stop loss on the chart at a technical level and When I press the hot key, the script calculates:

• • The risk per share (StopPrice).
  • The number of shares to buy based on my predefined risk amount (which is 0.2% of my 20K account in this example).
• Order Placement: Places a buy order at Ask+0.05.
• Stop Loss Order: Sets a stop market order to sell if the price hits the defined stop loss on the chart.

So I modified the script to : 

 

StopPrice=Price-StopPrice;

Share=40/StopPrice;

DefShare=Share;

Price=Ask+0.05;

TIF=DAY+;

Buy=Send;

TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+

Can anyone please let me know if the script is correct and can work?

Also How do I place my stop loss manually on the chart? at Pre market DAS doesn't allow stop loss on the chart ?

Thanks in advance

[peterB 316]

Your script is not correct,

check this out https://traderpeter.substack.com/s/dastrader-hotkeys to see how it is done these days.

Stop orders can be placed even in pre-market, but they won't be executed until market open

[Elie 0]

@peterB Hi Peter, thank you

yes I noticed, I'm using the Equalized Risk Long 40 script and it works perfectly, it's just that it uses buying power and I want to use only cash(0.2R of 20K acount)

I noticed that Sometimes when the stop loss are triggered I lose more than $40, shouldn't it be only $40 loss ?

[peterB 316]

it is 40 risk when your order gets triggered and you always can get some slippage so 40-45 is normal depending on the liquidity of the symbol you trade and its spread

[Elie 0]

@Pete B Hey Peter,

Yes I know that's why it was alittle strange when the stop loss was triggered and it showed $74,

but thanks any way

[peterB 316]

you can easily check if your risk and position is correct: divide your risk 40 with (avg price - stop loss price) or divide the position with the (avg price - stop loss price)

[Elie 0]

I think that was a high bid ask spread maybe

THanks Peter, Appreciated 

[peterB 316]

yes if your stop is 10 cents and the spread is 7 cents you are down 0.7R right when you open the position.

[Elie 0]

That's exactly what happend

Thank you