Components
Last updated
Last updated
Support and Resistance zones are two new components that may be used to highlight an area of support or resistance on a price graph.
The Profit/Loss calculator component will calculate the potential profit (up to three targets) with a stop loss order. This component can be found under the General tab of the Components Panel. Risk levels can be computed using a percentage of your account or using a fixed amount. Labels shown on the component are shorted (to save space):
T – Target price for a take profit order (these are named T1, T2, T3 if multiple targets are used).
P – Profit Amount and percent of account. Each take profit order will include the total profit realized at that price.
Q – Quantity.
E – Entry price.
P/L – Profit/Loss calculated at the current price.
R/R – Risk/Reward ratio.
S – Stop Loss price.
L – Loss amount and percent of account for the stop loss order.
In the following screen shot, a PL component has been added to the chart with 1 profit target and a risk percent of 0.5% of the account value (50K in this case). Entry and exit quantities are calculated from the risk percent and position of the stop loss target.
You can change the behavior of the component from the Properties dialog (double click on the component). There two methods available for calculating risk:
Percent of Account – This option will dynamically calculate the amount at risk by taking a percentage of the account balance. This can either by statically defined (such as 50K) or using the current balance of the active account on the chart.
Fixed Amount – Enter a fixed dollar amount to put at risk.
If a fixed quantity is chosen, then the risk is dynamically computed based on the position of the stop order.
The following screen shot shows the formatting options for the Profit Loss calculator.
Below is an example of a Profit Loss calculator with 3 targets. The profit calculated at each target represents the total profit (as opposed to the profit for the specific exit order). For example the profit displayed at target 2 will be the profit from the target 1 exit order plus the profit from the target 2 exit order plus the unrealized profit from the target 3 order.
The cross-line component is a combination of a vertical guide and a horizontal guide. This component is available in the General panel. Below is an example of a cross line added to the price graph. Note: the vertical (time) guide will span all plots in the chart.
Double click on the cross line to show the properties (see below):
Optionally a label can be added to the horizontal (price) guide to help identify the purpose of the cross line. This option can be enabled from the Label tab of the properties dialog:
Below is the cross line with the label “Target Price” on the price guide:
Component templates are similar to study templates in that they allow you to choose settings and formatting for a component and save it for later use. You can apply a component template via the context menu (right click) or from the Template menu button in the properties dialog.
In the example below, the channel component is configured to use a thick red dashed line and the “extend right” attribute enabled. From the Template menu button choose “Save As Template”. Note: existing templates for this component will appear in this drop down. Choose a template to apply it to the active component.
In the Save As Template dialog enter the name of the template. Template names are scoped to the type of component so you can reuse the same name across different component types. Click on the Save As button to save the template.
Right click on a component (in a chart) and choose Template -> Template Name to apply template settings.
Keyboard shortcuts can be assigned to the first 9 templates. Open the Preferences Dialog (Configure -> Preferences from the Console menu bar) and click on General -> Keyboard. Nine actions are available Apply Component Template 1 – 9 in the action table. Double click on one of the actions to assign a keystroke (Note: you may need to uncheck Use Defaults if this is the first time assigning custom keystrokes).
