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How to use the Risk Calculator plugin

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How to use the Risk Calculator plugin



This tool provides risk-adjusted position sizes based on your specified parameters, streamlining your trading process. Here’s a step-by-step guide on how to use the Autochartist risk calculator.

Step 1: Add the Risk Calculator to Your Chart

  • Drag the risk calculator onto your chosen chart within your trading platform. This will activate two key components on your chart: the risk control panel and an orange stop loss level indicator.

Step 2: Set Your Stop Loss Level

  • Move the orange line up or down to set your stop loss. You can also adjust this line by entering a specific value directly into the box on the control panel.
  • If you place the stop loss above the current selling price, the calculator interprets it as preparation for a short position. Conversely, setting it below the current price indicates a long position.

Step 3: Decide Your Risk Exposure

  • Decide how much of your capital you want to risk on this trade. You can input this amount as a dollar value or a percentage of your total equity.
  • If you use a percentage, the dollar value of your risk will automatically adjust with each trade win or loss, keeping your risk aligned with your current account balance.

Step 4: Observe Automatic Adjustments

  • As you adjust the stop loss or risk amount, watch the volume value displayed in green on the control panel. This number is the suggested position size that the calculator recommends for entering your trade.

Step 5: Set Custom Entry Price for Pending Orders

  • If you're using pending orders like stops or limits, check the box to set a custom entry price.
  • Move the newly appeared green line to set your entry level. Position it appropriately based on your trading strategy.
  • Fine-tune both your entry (green line) and stop loss (orange line) levels as needed. Every adjustment will automatically update the suggested green volume value.

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