WTI Crude Oil Lot Size Calculator by AdrianFx94

23 Feb 2024

Indicator on Trading Chart: Once you add this script to your trading chart (specifically a WTI Crude Oil chart), it appears as an indicator. This means it runs alongside the price data and other technical analysis tools you might be using.

Input Your Trading Parameters:

Balance (USD): You need to enter your trading account balance in USD. This is the amount of money you have in your account.
Risk Percentage (%): This is where you define the percentage of your account balance that you're willing to risk in a single trade. For example, if your account balance is $5000 and you set the risk percentage to 1%, you're willing to risk $50 on a trade.
Stop Loss Pip Size (Pip): Here, you enter the size of your stop loss in pips. A pip is a small measure of change in a currency pair in the forex market. In the context of WTI Crude Oil trading, it represents a small change in the price.
Automated Lot Size Calculation: Based on the inputs you provide, the script automatically calculates the lot size you should use for your trade. The calculation takes into account the balance you're willing to risk, the percentage of risk, and the stop loss size. This helps in managing risk by suggesting the amount of WTI Crude Oil you should trade (in lots) that aligns with your risk tolerance.

Display Results in a Table: The script generates a table displayed on the top right corner of your chart. This table shows:

Your entered balance (in USD).
The risk percentage you've set.
The calculated lot size, which indicates how many lots of WTI Crude Oil you can trade based on your risk management parameters.
Real-Time Updates: As this script is part of an indicator on your chart, it updates in real time. This means if your account balance changes or if you decide to adjust your risk parameters, you can re-enter these values, and the script will update the lot size accordingly.

This tool is particularly useful for WTI Crude Oil traders who follow strict risk management rules. By automating the calculation of the lot size, it saves time and helps in making informed and disciplined trading decisions.

13 jam lalu

Nota Keluaran

Version Declaration Upgrade
The script was updated from Pine Script version 4 to version 5, which is the latest and most supported version. This ensures compatibility with new features and better performance.

Function Renaming and Updates

The old study() function was replaced with the newer indicator() function, which is now standard in version 5.

Functions like tostring() were updated to str.tostring() to align with the new namespace-based structure introduced in version 5.

Improved Input Handling
All user input declarations were updated to use the correct input.float() function along with version 5-specific parameter handling, ensuring they’re parsed and validated correctly.

Table Declaration Syntax
The table used to display results was initialized using var table to maintain its state throughout the script's execution, which is required in Pine Script v5 to avoid redeclaring on every bar.

Conditional Logic Refinement
Symbol detection logic was enhanced using str.contains() to support variations of WTI and XTI crude oil tickers, allowing the script to adapt to different broker naming conventions.

Visual Output Improvements
Formatting improvements were made for better clarity and consistency in the visual table output, ensuring the information is clean and readable on charts.

These changes make the script more robust, readable, and suitable for use across different WTI/XTI chart tickers on TradingView. It's now ready for public or private publishing within the Pine Script environment.