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Brian,
Thank you for the reply. It sure makes sense. However, i'm not
positive on how about doing it. For example, I understand how to
setup horizontal lines (or support/resistance) lines but not sure how
to have them speak to each other and then to my entry price (which
i'll obviously have to put a line there as well) to give me the
specifics in the "Interpretation" window.
Example: Lets say that I am looking at an EOD chart and want to take
on a position based upon my findings on the chart.
Entry: 100
Profit: 110
Loss: 95
I would like to create a line or specify the entry via the chart as
100, and then again specify hopefully on the chart my profit target as
110 and loss at 95 with two separate lines.
Then in the interpretation window it says the above information
(entry: 100/Profit: 110/Loss: 95) and then "reward/risk ratio: 2"
Then I can easily say "okay, i'm looking for 2, so I am going to skip
this trade". When working with cents and going through many charts,
it can take a lot of time to pull out the calculator and do every math
equation manually.
So that is the logic behind what I am looking for. I just don't
understand fully how to implement it into Amibroker.
--- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@xxx> wrote:
>
> Hello kujax3si,
>
> There is no need for a special tool.
>
> The whole point of AB is to allow us to customise whatever we want
> (that is the payoff for the extra difficulty in learning AB cf to other
> programs).
>
> This is quite easy to do.
>
> It would be to big a job for me to give you a detailed example right
> now.
>
> One way I have done this in the past is to plot my profit stop as an
> upper band and my stop loss as a lower band.
>
> I have used something like:
>
> UpperBand = MA(C,15) + MA((StandardDev,Periods),15);
> LowerBand = MA(C,15) - MA((StandardDev,Periods),15);
>
> Reward = UpperBand - entry price;
> Risk = Entry Point - Lower Band;
>
> This is a very crude example.
>
> It all depends on how you define reward and risk.
>
> IMO you are better off working in % change (as per my comments on
> expectancy in other posts) and I consider reward/risk as a compound
> calculation involving Wins/Losses and ave%won/ave%Lost but other
> traders us risk/reward in other ways and have a different definition to
> me.
>
> brian_z
>
>
>
> --- In amibroker@xxxxxxxxxxxxxxx, "kujax3si" <kujax3si@> wrote:
> >
> > Is there currently a AFL or coding to get Amibroker to display
> > Risk/Reward based upon two static price points that you choose
> manually?
> >
> > For example, I draw a line for entry, a line for stop loss target and
> > profit target. It will then calculate based upon my entry what the
> > risk/reward ratio is given the stop loss and profit target I select.
> >
> > Or does anyone know of a simple tool that does this calculation very
> > quickly?
> >
> > If it isnt available in Amibroker, I thought it would be a very useful
> > add-on so that people don't have to go to another "outside" tool.
> >
>
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