Market order Bot calculating $risk and opens trade
Market order Bot calculating $risk and opens trade
15 Aug 2017, 23:56
Hi all,
I am running into the issue of missing entries in smaller timeframes cause the markets pulls away too quickly for me to calculate my position size in time.
For example, if I want 10$ risk on every positon, one position might have a 6.1 pip stop, another one a 4.8 pip stop and so on. This means I need to calculate a different lot size for each trade to always get the same 10$ risk.
Now sometimes while I manually type in the stop level and choose the right lot size the market might alredy pull away without me, since I have to wait for the candle to close (verify the signal) before I can calculate the lot size.
So I would need a Algo thats does this calculation and enters at market on the next candle open. It should only check if the candle closed green (for a buy), or red (for a sell) and then do the position size calculation and enter immediately.
Since I place my stops based on Fibonacci levels, I think I would need to enter the stop price manually in the Algo. I don't know if its possible that the Algo can "see" the drawn Fibonacci on the chart and take the price of a specific Fib-level on its own, but I think this would make the Bot more and more complicated and I'm fine typing it in manually.
I don't know much about coding so I don't know how comlicated this Algo would be (checking if candle close green or red and if so enter with fix $ risk to a given stop price).
Is there an existing Algo that could be changed a little bit or should I open a Job to let someone do it for me? If so what would be a fair price?
Best Regards