BEST Risk to Reward Utility — Indicator by Daveatt

3804 views

volatility trendanalysis riskreward reward rewards labels alerts profitview 3commas autoview daveatt

Hello Traders

This is a proof of concept and a cool pinescript utility

It displays a risk to reward division as a fractional value.

For example

Risk: 300
Reward: 600

This will be displayed as 1/2 as we can earn 2 units for a potential loss of 1 unit
(600/300 = 2) for those wondering the NASA level mathematics behind :)

Best regards
Dave

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

💰 Results/Blogs: https://bit.ly/2ULUtjo

⏩ Signals/Pricing: https://best-trading-indicator.com/pages/pricing

🐦 Twitter: https://twitter.com/bti_trading

👉 Get a $30 discount on TradingView: https://bit.ly/2UM5OA0

📺 Youtube: https://bit.ly/3bKvnZu

Comments

hello @Daveatt
how would i do this for both Long and Shorts would i just change all the + to - and - to + ???

Reply

TradeBuddy2019

@TradeBuddy2019, it's already doing it for both Longs and Shorts
it's based on user inputs at the very top of the script

rational_SL = input(300, title="Stop Loss Distance", type=input.float)
rational_TP = input(600, title="Take Profit Distance", type=input.float)

Reply

V. Interesting !

Reply

syrinxflunki

@syrinxflunki, thank you sir avatar of a volleyball from a famous Tom Hanks movie :)

Reply