Momentum Burst Tools Kit By TradeINski
Momentum Burst Tools Kit By TradeINski
First Things First
- This indicator cuts through the noise and helps you see if a stock's price is swinging more (expansion) or less (contraction) compared to yesterday. When the indicator shows a positive number, it means the stock's price range is wider today than yesterday. Conversely, a negative number indicates the price range is tighter today. And also helps in position sizing with fast and effective solutions.
- Disclaimer: This indicator will not give any buy or sell signal. This is just a supporting tool to improve efficiency in my trading.
- Users can change most of the default options in settings according to their personal preference in settings such as text color, size and table location or to show/hide the specific metrics using “check mark”.
Contents
Capital
- Capital is nothing but account size by default it is 1M.
- This will be helpful by knowing where exactly their account is standing at what value at any given point of time.
- This is also required to calculate quantity based metrics so users should input accordingly.
Risk (%)
- Percentage of risk per trade you are willing to take according to account size or capital.
This helps in knowing what kind of position sizing you're about to take for the following trade. Knowing what is at stake and how much is at stake.
- This is also required to calculate quantity based metrics so users should input according to their trading plan.
Closing Range (CloseR)
- % Level based on current price with respect to today's range.
- Higher the better, Which indicates strength.
Range Expansion (RangeE)
- Today's % range with respect to previous days range. That is nothing but a percentage indicating the change in the daily price range compared to the previous day. Useful for identifying potential volatility shifts and trend continuation or reversal.
- For example if yesterday's range was small and today's range is big that means with respect to yesterday today stock had a range expansion by how much is the value shown here irrespective of the direction. Which helps in breakout scenarios.
SL From LOD/HOD (StopL)
- Here LOD means low of the day and HOD means high of the day.
When %Change is +VE then its low of the day (LOD) value is printed and when %Change is -VE then its high of the day (HOD).
- Because LOD and HOD are important levels where we usually keep our stops as per direction we are trading in. LOD is considered for longs and HOD for shorts as per % change.
SL at Half of day (StopH)
- Half level of today's body is what is printed.
- This helps to know where exactly half of today’s price level is at. Sometimes this can be used as stop loss. That is the Price level representing the midpoint between the day's open and close, commonly used as a reference for setting stop-loss orders.
% Distance From StopL (DisL)
- This will tell us how far we are from LOD/HOD in terms of percentage.
- And Whenever %Change is +VE then LOD is considered for distance and whenever %Change is -VE then HOD is considered. This switch over is done automatically.
- This helps traders to make a decision to conclude whether to make a position or not, Which also helps in determining if the risk reward is favorable hypothetically considering entry at current price and SL as StopL LOD/HOD.
% Distance From StopH (DisH)
- This will tell us how far we are from half price of today's body in terms of percentage.
- This is the distance between current close and price level representing the midpoint between the day's open and close.
- This also helps in determining if the risk reward is favorable hypothetically considering entry at current price and SL as StopH.
Quantity Based on StopL (QtyL)
- Quantity shown here is based on Capital, Risk and considering latest price as entry point and also low of the day (LOD) as stop loss (SL) that is “StopL” as and When %Change is positive and whenever %Change is -VE then high of the day (HOD) is considered as stop loss (SL).
- When %Change is +VE then Capital multiplied Risk (%) divided by close minus today's low this will fetch you desired quantity based on defined capital and risk (%) earlier. Similarly when %Change is -VE instead of close minus low, today’s high minus close is considered for determining the quantity.
- This is printed in real time and switchover is done automatically between high and low based on %Change. A result of which Position SIze calculation is done is a jiffy.
Quantity Based on StopH (QtyL)
- Quantity shown here is based on Capital, Risk which are defined earlier and considering latest price as entry point and also half of the day (StopH) )as stop loss (SL). A result of which Position SIze calculation is done is a jiffy.
This script empowers traders by giving them a clear view of daily price changes. With this knowledge, they can make smarter trading choices based on important price movements. Plus, it can be customized to fit how you like to trade, making it user-friendly and adaptable to different trading styles.
*****
First Things First
- This indicator cuts through the noise and helps you see if a stock's price is swinging more (expansion) or less (contraction) compared to yesterday. When the indicator shows a positive number, it means the stock's price range is wider today than yesterday. Conversely, a negative number indicates the price range is tighter today. And also helps in position sizing with fast and effective solutions.
- Disclaimer: This indicator will not give any buy or sell signal. This is just a supporting tool to improve efficiency in my trading.
- Users can change most of the default options in settings according to their personal preference in settings such as text color, size and table location or to show/hide the specific metrics using “check mark”.
Contents
Capital
- Capital is nothing but account size by default it is 1M.
- This will be helpful by knowing where exactly their account is standing at what value at any given point of time.
- This is also required to calculate quantity based metrics so users should input accordingly.
Risk (%)
- Percentage of risk per trade you are willing to take according to account size or capital.
This helps in knowing what kind of position sizing you're about to take for the following trade. Knowing what is at stake and how much is at stake.
- This is also required to calculate quantity based metrics so users should input according to their trading plan.
Closing Range (CloseR)
- % Level based on current price with respect to today's range.
- Higher the better, Which indicates strength.
Range Expansion (RangeE)
- Today's % range with respect to previous days range. That is nothing but a percentage indicating the change in the daily price range compared to the previous day. Useful for identifying potential volatility shifts and trend continuation or reversal.
- For example if yesterday's range was small and today's range is big that means with respect to yesterday today stock had a range expansion by how much is the value shown here irrespective of the direction. Which helps in breakout scenarios.
SL From LOD/HOD (StopL)
- Here LOD means low of the day and HOD means high of the day.
When %Change is +VE then its low of the day (LOD) value is printed and when %Change is -VE then its high of the day (HOD).
- Because LOD and HOD are important levels where we usually keep our stops as per direction we are trading in. LOD is considered for longs and HOD for shorts as per % change.
SL at Half of day (StopH)
- Half level of today's body is what is printed.
- This helps to know where exactly half of today’s price level is at. Sometimes this can be used as stop loss. That is the Price level representing the midpoint between the day's open and close, commonly used as a reference for setting stop-loss orders.
% Distance From StopL (DisL)
- This will tell us how far we are from LOD/HOD in terms of percentage.
- And Whenever %Change is +VE then LOD is considered for distance and whenever %Change is -VE then HOD is considered. This switch over is done automatically.
- This helps traders to make a decision to conclude whether to make a position or not, Which also helps in determining if the risk reward is favorable hypothetically considering entry at current price and SL as StopL LOD/HOD.
% Distance From StopH (DisH)
- This will tell us how far we are from half price of today's body in terms of percentage.
- This is the distance between current close and price level representing the midpoint between the day's open and close.
- This also helps in determining if the risk reward is favorable hypothetically considering entry at current price and SL as StopH.
Quantity Based on StopL (QtyL)
- Quantity shown here is based on Capital, Risk and considering latest price as entry point and also low of the day (LOD) as stop loss (SL) that is “StopL” as and When %Change is positive and whenever %Change is -VE then high of the day (HOD) is considered as stop loss (SL).
- When %Change is +VE then Capital multiplied Risk (%) divided by close minus today's low this will fetch you desired quantity based on defined capital and risk (%) earlier. Similarly when %Change is -VE instead of close minus low, today’s high minus close is considered for determining the quantity.
- This is printed in real time and switchover is done automatically between high and low based on %Change. A result of which Position SIze calculation is done is a jiffy.
Quantity Based on StopH (QtyL)
- Quantity shown here is based on Capital, Risk which are defined earlier and considering latest price as entry point and also half of the day (StopH) )as stop loss (SL). A result of which Position SIze calculation is done is a jiffy.
This script empowers traders by giving them a clear view of daily price changes. With this knowledge, they can make smarter trading choices based on important price movements. Plus, it can be customized to fit how you like to trade, making it user-friendly and adaptable to different trading styles.
*****
Notes de version:
New Feature -
Now Users have option to choose stoploss type in an dropdown menu with three options that are,
1. Long - Irrespective of %C all metric calculations are for bullish trades.
2. Short - Irrespective of %C all metric calculations are for bearish trades.
3. Both - Automatically metric calculation are changed for bullish and bearish as per %C.
Now Users have option to choose stoploss type in an dropdown menu with three options that are,
1. Long - Irrespective of %C all metric calculations are for bullish trades.
2. Short - Irrespective of %C all metric calculations are for bearish trades.
3. Both - Automatically metric calculation are changed for bullish and bearish as per %C.
Notes de version:
Consistent data across timeframes.