An Idea for Drawing Risk / Reward in DAS

[gundamzd 3]

Hi fellow BBT members,

A while ago I was able to get DAS team to include the hotkey script the rectangle tool, and I've been using it to manually map out my risk / reward  on the chart for every trade:

 

This got me thinking that they should add a more convenient tool to draw risk / reward areas quickly on the chart, like the image I found below:

So the idea was that you first set the parameters in the config menu (where you change colors and line types), say risk / reward is set at 1:3, when you drag across the chart to draw a red rectangle (risk), in the meantime it automatically draws the green rectangle 3 times the height (reward),  like what's shown in the image. This way you can quickly examine if the risk / reward is in your favor, without having to calculate the numbers each time. 

To differentiate the buy / sell sides, you would drag from lower left corner to upper right corner to get the red rectangle on top (when you're selling), and vice versa when you drag from upper left corner to lower right corner. So you're always drawing the red rectangle but depending on which corner you start and finish you get the green rectangle below or above.

Hope my explanation is not too confusing. Any thoughts? I think this could be really useful and I have contacted DAS about this idea. Hopefully they'll add it someday.

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Edit:

KyleK29 told me he's repurposed the Fibonacci tool to draw risk / reward on the chart in a similar manner, I tried it out and it worked pretty well, thought I should add this method to the post:

So first you assign a hotkey to the Fibonacci tool, then configure the lines to be 100%, 0.01% and -200%. Press the hotkey, then starting from where your entry would be (black line), drag to where your stop level would be (red line), and the target (blue line) will automatically extend to twice your stop amount. This way you can quickly check if your stop / target makes sense. You can also play with the numbers to add more levels (1:1, 1:3 risk / reward, etc). The only thing is that the lines extend indefinitely and get messy if you want to trade the same stock later.

Edited January 16, 2019 by gundamzd

[Rick B 1]

These are all great ideas!  Thanks for sharing.  I could see these being valuable tools for risk management.  

[jbaumgar 0]

I tried this above, but the Fibonacci tool would not let me put in a negative percentage.  Is anyone else able to use a negative number?  Or did something change to not allow it?

[gundamzd 3]

Not sure why... Maybe check if you have the latest version of DAS? Or just send them an email

[Skye 28]

gundamzd, can you share the script for this? When I go to edit the FibonacciLine it just has that name in the script window. 

[Skye 28]

Figured that out. For anyone else with my question, draw the Fib line, right click, config.

But as jbaumgar said, can't draw a negative line. I thought of a workaround, by drawing the line starting at my stop, 100% being the buy point, & 300% the sell target. That didn't work either. It seems that there is a limit of 100%. OK so  I changed it to .01 for stop, .33 for buy, and .66 for target.

It works! Thanks gundamzd, this will be helpful! Looks like this:

[gundamzd 3]

You're welcome. Yeah not sure why I was able to do -200%, maybe it's the order of the numbers? I did 100% first, then 0.01%, then -200%

[Alastair 114]

Did u ask DAS for this tool ? Its a great idea. Other apps have it  If you did pls let me know who as I will try to get them to push to priority

[gundamzd 3]

I did contact them back in January, it was Tom Liu who replied to my message. After I told him I was using the Fibonacci instead he stopped replying

[KyleK29 260]

Since this was bumped up, I figured I'd throw mine in to the ring. I repurposed the Fibonacci tool. Newer versions of DAS allow you to go above 100%. So you'd click your stop (red) and drag to where your entry was (purple), it'll "cast" the R levels above it (green). I added it to a special button on my Logitech Gaming mouse so when I click and hold, I can drag it to project, and then release to make it go away. I found this a nice feature as it keeps the chart from becoming cluttered if you've done multiple trades on it.

Settings attached:

 

 

Edited September 10, 2019 by KyleK29

[Jramosent 1]

On 2/23/2019 at 8:07 AM, Skye said:

Figured that out. For anyone else with my question, draw the Fib line, right click, config.

But as jbaumgar said, can't draw a negative line. I thought of a workaround, by drawing the line starting at my stop, 100% being the buy point, & 300% the sell target. That didn't work either. It seems that there is a limit of 100%. OK so  I changed it to .01 for stop, .33 for buy, and .66 for target.

It works! Thanks gundamzd, this will be helpful! Looks like this:

Can you go a little more into detail on how you were able to accomplish this?

[Skye 28]

I tried Kyles way but apparently DAS through CME is still too old (.34). 

Here's how to do it: Setup > Hot Key > Add New Item > Name = FibonacciLine > Hot Key = Page Up for me (I mouse left handed) Script = FibonacciLine > Commit > OK

Click in a chart, select your hot key, and drag. Right-click on one of the corner boxes & select Config. My setup is below. I have changed some things from the above image. It's really handy but it does clutter the chart somewhat. One of the changes I've made is to match the base line & text with my chart background color to mitigate that.

 

Edited September 17, 2019 by Skye

[OTC 27]

On 9/10/2019 at 12:10 PM, KyleK29 said:

Since this was bumped up, I figured I'd throw mine in to the ring. I repurposed the Fibonacci tool. Newer versions of DAS allow you to go above 100%. So you'd click your stop (red) and drag to where your entry was (purple), it'll "cast" the R levels above it (green). I added it to a special button on my Logitech Gaming mouse so when I click and hold, I can drag it to project, and then release to make it go away. I found this a nice feature as it keeps the chart from becoming cluttered if you've done multiple trades on it.

Settings attached:

 

 

Kyle, I set this R measuring tool up, noticed you said you repurposed your gaming mouse button to execute this, can you share that method, process, script or what and how you did this?

[KyleK29 260]

5 hours ago, OTC said:

Kyle, I set this R measuring tool up, noticed you said you repurposed your gaming mouse button to execute this, can you share that method, process, script or what and how you did this?

I can post the script, unfortunately Logitech's G-Hub software doesn't support importing / exporting macros / commands for some reason ... lol. I swear, that company makes every product to 90%.  You'd have to mimic the LG  Hub Config in the image below, probably not difficult if your mouse uses the G-Hub software.

------------------------------------------

 RISK:REWARD (FIBONACCI):

Fibonacci does this:
> When pressed:
- Clicks the chart (left mouse, sets chart active)
- Sends hotkey: Ctrl + Page Up
> When released:
- Sends hotkey: Delete (removes the Fibonacci lines)

 

Usage: Click the chart with this button the mouse where you want to set the first line (DAS sometimes has a slight delay, so I let it sit for a half second or so), then while holding it down still, drag it around to measure R:R. I generally click where my STOP level is and then drag it to the tip of my entry arrow. Releasing the button will delete the lines from the chart (I found them a nuisance, but you can remove that from the macro if you desire).

DAS Hotkey:
Ctrl + PageUp [script below lines]

FibonacciLine;

 

LG Hub Config: https://ibb.co/RQrBXsp
DAS Fibonacci Line Config: https://ibb.co/tXw6Vcd

[OTC 27]

6 hours ago, KyleK29 said:

I can post the script, unfortunately Logitech's G-Hub software doesn't support importing / exporting macros / commands for some reason ... lol. I swear, that company makes every product to 90%.  You'd have to mimic the LG  Hub Config in the image below, probably not difficult if your mouse uses the G-Hub software.

------------------------------------------

 RISK:REWARD (FIBONACCI):

Fibonacci does this:
> When pressed:
- Clicks the chart (left mouse, sets chart active)
- Sends hotkey: Ctrl + Page Up
> When released:
- Sends hotkey: Delete (removes the Fibonacci lines)

 

Usage: Click the chart with this button the mouse where you want to set the first line (DAS sometimes has a slight delay, so I let it sit for a half second or so), then while holding it down still, drag it around to measure R:R. I generally click where my STOP level is and then drag it to the tip of my entry arrow. Releasing the button will delete the lines from the chart (I found them a nuisance, but you can remove that from the macro if you desire).

DAS Hotkey:
Ctrl + PageUp [script below lines]

FibonacciLine;

 

LG Hub Config: https://ibb.co/RQrBXsp
DAS Fibonacci Line Config: https://ibb.co/tXw6Vcd

No worries Kyle, thanks anyway - my mouse is a Corsair and uses a software called icue. I like that you can hold the mouse button and when release it it deletes the Fib line/R_R lines