Calculating FOREX POSITION SIZE in PINE SCRIPT V4 🤖 AutoView Guide (PART 58)

Calculating FOREX POSITION SIZE in PINE SCRIPT V4 🤖 AutoView Guide (PART 58)

hi traders welcome back to another video
in my auto view
series today's video is going to be
showing you how you can create a
4x position size calculator in
pinescript
so this script that we are going to
create today will calculate our position
size
for us automatically based on the
distance
from our entry to our stop loss so
today's script is not about our entries
i'm simply detecting engulfing candles
whenever a engulfing candle occurs
at the 15 bar low so the script is
counting 15 bars to the left
and if this bar happens to be the lowest
bar over the past 15 bars and it's an
engulfing candle
we enter theoretically on that bar so
this is not a profitable strategy by any
stretch of the imagination i would not
trade this
this is just purely for demonstration
purposes but if you look up here
at these plots see how the script is
plotting these numbers here
we'll go over what these numbers are as
we write out the script
but the last two numbers are the ones i
want you to pay attention to right now
the gray number is our distance from the
closing price of this engulfing candle
to this red line which is our stop loss
which is simply just one atr below
the swing low so we're calculating the
distance from our entry
to the low and then adding on one atr
to that distance and that gives us our
stop-loss
distance and our stop-loss price which
in this case is nine
one zero two three cents on us swiss
so the gray number is the pip distance
the purple number here is our position
size
so the purpose of today's script is for
automating
our position size calculation through
order view
so by now you should be familiar with
what order view is if you're not make
sure to go back and watch
the previous videos in this series where
i explain in detail
what order view is and what all the
commands are and how it works
but you should know by now that all of
you can talk
to oanda but oanda
cannot talk back to autoview so autoview
has no idea what our account balance is
we need to tell autoview through our
script settings what our account balance
is
what our account currency is and what
our risk per trade percentage is so this
is how much we want to risk per trade
of our account balance based on our stop
loss we give our script
these three parameters and the script
automatically calculates
how many units to trade on this
particular setup
so in this case based on our entry to
our stop loss
which is 34.6 pips we would trade
a 26 341 unit
sized position in order to risk just one
percent
of our 10 000 usd account
on this setup you see here now this
number is not
100 accurate but it's pretty damn close
i think from my testing that i've done
across all of the
pairs that i can trade with autoview
it's typically depending which time
frame you're using this on
within 0.003
accurate so it's 99.997
accurate on most currency pairs so right
now i'm on my paper trading
account through trading view if i open
up my
order window here and i click stop loss
if i type in this number here 34.6
which is already in there from testing
earlier so
i want a 34.6 stop loss on this
particular trade
and i want to risk one percent of my
account but type that in
notice that our units box here is
extremely close
to our purple number here so tradingview
was saying in order to risk one percent
on a 34.6 pip stop loss trade
we need to risk 26413 units
our position size up here is 26 341
units
so if i quickly bring up the calculator
here
and we divide these numbers 2 6 4 1 3
divided by 2 6 26341
equals 3-1 off of that we are within
0.0027 percent accurate
in regards to our position sizing so now
if we find a script that we like so
let's say that either you find a script
on the trading view
website that is profitable and you would
like to automatically trade it on the
forex markets or you write your own
script
to auto trade the forex markets the code
i'm going to show you today
will enable you to be able to risk a
certain amount
of your account balance per trade
instead of just using a fixed position
size if i highlight this number up here
and hover my mouse over this setup
there's a big difference between 26 000
units
of risk on a trade and let's say 47
000 units that's double the position
size so if we were to use a fixed
position size
in our trading our risk will not be
consistent
on one setup we might be risking three
percent per trade or five percent per
trade and on another setup we might be
risking 0.5 percent
per trade that is not going to lead to
consistent results and it could in fact
break a potentially profitable strategy
it could turn a profitable strategy
into a disaster that will blow your
account
by using the source code that i'm going
to teach you today we can turn
autoview from borderline useless
considering
trading a fixed position size with a
dynamic stop loss
just simply doesn't work to something
that we can actually
feasibly use to auto trade the forex
markets so
that all sounds interesting to you make
sure to hit the subscribe button if you
haven't already because i have three
more videos in this auto view series to
come
today's video covers position sizing the
next video will cover
automating one of my personal profitable
scripts with everything we've learned so
far
and then the video after that is going
to cover inconsistency mitigation
uh basically that will cover time
filters so that your script doesn't
trade
during certain times of day when the
spread might be a bit too wild
we're going to cover gtds for limit
orders so good till date
and good till time so time limited limit
orders that have an expiry
that can mitigate risk when it comes to
auto trading and we're also going to
cover how to use multiple order view
aliases
or sub accounts through oanda so that
you can trade multiple strategies
across multiple accounts on your broker
and then the final video
we will cover how to set up a virtual
server to run autoview 24
7 because you do need to leave this
plugin running 24 7 in your browser in
order for it to auto trade and
detect the trading view alerts which is
a big limitation of order view if you
can't leave your computer running
at all times but i'll show you a way
that you can easily
set this up on a virtual server to run
24 7
in the background while you're at work
while you're at school while you're
sitting by the pool drinking cocktails
whatever your lifestyle is we can have
an auto view script running in the
background or multiple scripts running
in the background no matter what you're
doing how busy you are
now it's not as easy as simply just
setting up a few parameters and clicking
the go button there is a lot involved
in profitable auto trading but this
video series should give you a very
comprehensive introduction to how this
all works
now last year i recorded a youtube video
on how to calculate your position size
in pan script
none of that information has changed so
i'm going to replay
part of that video from last year
explaining the source code to this
position size calculator then we're
going to come back and apply this source
code to a practical
example so that you can go and play
around with this stuff in your own
scripts
all right so in this lesson i'm going to
show you how i created my position
size calculator script down here
so open up the settings menu here you
can see i can input my account
balance my account currency the risk
per trade is a percentage of my account
balance that i want to risk
and my stop loss size in pips
and then this script will calculate my
position size which is this number here
in red
the number here in orange is the
exchange rate between
my account currency and the market that
i'm currently trading
so right now my account currency is set
to us dollars
and i'm on the us dollar versus the
swiss franc
and so the exchange rate that i'm seeing
here
is this current rate right now but
later in the video i'll show you
examples of using different account
currencies on different markets
and we'll break down how the script
works so let's quickly just go over some
theory
relating to position size calculations
in forex trading so here i am over
at babypips.com and they have a good
article here
explaining uh the different nuances
between calculating your position size
based on certain parameters so
a good example of this is you want to
buy
euro pound and your account is
denominated in u.s
dollars this is where it gets tricky
because now if you're going to calculate
your risk as
a dollar amount or even a percentage
amount as a matter
you need to calculate that risk in u.s
dollars
while taking into consideration the
exchange rate between
the us dollar and the pound and the euro
and the pound now obviously if you're
trading a currency pair using the same
same currency as the quoted pair so say
you're trading us
dollar against the swiss franc and your
account is denominated in us dollars
then the math behind
calculating your position size is a lot
simpler but the problem i was having is
that a lot of my currency pairs in my
portfolio
do not contain my account
australian dollar denomination and so i
had to come up with
a clever way to calculate that risk
accurately
and so what my script is doing is it's
following this
step-by-step formula the first thing it
does is we tell it
a percentage risk amount that we want to
risk and we tell it our account balance
and then the script will determine what
that percentage
value of our account balance is in the
currency that our account is in so in my
case if it's an australian dollar and i
want to risk one percent
of a thousand uh dollar australian
dollar account
then this number would be ten ten
dollars is one percent of a thousand
dollar australian
dollar account but then i need to
convert that risk
amount so in this case it's 50 u.s
dollar
in my case in my example it would be 10
australian dollars
we need to convert that risk amount into
british pounds so we convert our risk
amount
into pounds british pounds and then we
get our
risk amount in the quote currency then
the next thing we need to do is divide
that amount
by how many pips our stop loss is and
that will give us our value
per pip so every pip
that this currency pair moves will be
worth 0.14 pounds
in this particular example and then we
use that information
to calculate our position size and so
let me go over back to the pine script
editor and i'll show you exactly how my
script works
so let me hide the script for now since
we're not
focused on that we're focused on this
one down here the position size
calculator let me open up the source
code
to it and the source code will be below
this video if you want to follow along
with me
but here it is and so what we're doing
here
is first of all we're getting our
account balance
from the settings menu and pull this
down a little bit
from the settings menu so we're getting
our
account balance we're getting our
account currency
we're getting our risk per trade as a
percentage
and we're getting our stop-loss size in
pips as a whole number the next thing we
need to do is
check if our account currency
is the same as the base or the quote
currency
which is used for converting our
risk amount if needed so if
the account currency is the same as the
counter currency
then this will return true so we're
checking our account currency variable
which is just a string variable
and here's the list of options to choose
from all the major pairs
if that account currency is the same as
whatever currency we have loaded onto
our chart
which is what info.currency will give us
as you can see here the currency for the
current symbol returns the currency code
usd eur etc
if our account currency is the same as
the currency we have loaded onto our
chart
at this first currency sorry
this currency here is our counter
currency
so we're checking is our account
currency the same as the counter
currency
and then this boolean down here is
checking if our account
currency is the same as the base
currency which is this guy on the left
and then we use these booleans later
if we need to in order to convert at
risk once we determine these two
boolean values we can use them to
determine whether our account is in
neither of these so if i set my account
balance
to australian dollars then this would
return
true so if i do that now come up here
and set this to aud
that changes how our position size is
calculated
but moving on the next couple of
variables we're getting here
is the currency conversion rates
so first we need to get what currency
pair
we are converting our risk amount into
if applicable so in this case i've set
my account balance to aud
so this block of code in here will be
getting executed
since my account currency requires
conversion in order to get the
appropriate
risk amount so we're checking first is
our account currency the same as the
counter currency
and if it is then we just want to set
our conversion currency pair to this
pair here the pair that we're currently
on
because the next thing we're going to
check is is our account
currency neither the counter currency or
the base currency
and if this is true then our conversion
currency pair is going to be set to
whatever we've set our account currency
to so in this case it would be aud
as a string plus the sim info dot
currency which is this guy here so
if our account currency is not in the
currency pair that we're trading
then our conversion currency pair is
going to be set
to our account currency versus
the counter currency value and then we
use that on the next line to get the
conversion rate the currency rate
between our account currency and the
counter currency i hope you're following
along sorry i know this
is i'm saying the word currency a lot
starting to sound funny to me
as well it is a bit confusing but if you
play around with this code
i'm sure it'll make sense to you and
then finally if
neither of these are true then it will
just
set the conversion currency pair
to the same thing as this so actually
looking at this code i could optimize
this further
by removing this
second conditional statement here which
i'll show you what i mean
right now so because this conditional
the second conditional statement
no matter what this is will return the
same thing
i can just remove this conditional
statement here
and save the script and it shouldn't
change anything
so there we go and so now we're just
checking is the account currency the
same as
our counter currency if it is
then we reference this ticker
that we're currently loaded on otherwise
we
combine our account currency in this
example aud
with the counter currency so we would
have aud
versus the swiss franc and that would
give us our current
currency conversion pair and therefore
the currency conversion
rate so let me set my account back to
aud for this example
and let's move on to the next line which
is this one here
where we're using the security function
to
pass it our symbol which is our
conversion currency
pair which is determined by this line
above it that we just went over we're
using the daily resolution
to get that currency value and we're
just referencing the close the closing
price
of whatever our conversion currency pair
is
once we have this information we know
our account balance our account currency
we know whether or not it's included in
the
symbol we're trading and we have our
risk percentage and our stop loss size
in pips then we can use all of that
information
to calculate our position size which is
what this
custom function here does and so let me
just run you quickly
through this function here so i'm just
creating a new custom function called
get position size and it only has
one input parameter which is the stop
loss
size in points not pips but points
so if i'm using a 10 pip stop loss
as i do in this example then we need to
convert this number into 100 because
10 pips in a 4x market is
100 points and our stop loss is being
calculated using
points in this function so that's why
when i'm drawing this data
i convert our stop-loss size from pips
to points
by just multiplying it whatever value
this is
by 10. but anyway
the custom function here first it
determines our risk amount so it
multiplies our account balance so in
this example 1 000
australian dollars by our risk per trade
as a percentage so this little block of
code here this risk per trade divided by
100
is converting our one percent whole risk
into 0.01 because 0.01
is 1 in mathematical terms but i have
my risk per trade as a whole number in
the settings menu because it makes more
sense it's more intuitive
to users of the script so i could
change this to 0.01
and remove this divide by 100 bit of
code
but then it's a little bit less
intuitive for traders
who were using the script so that's why
i did that same with the stop loss pips
we could have
just had this in points and just change
that to 100
but again it's counterintuitive because
most traders would operate using pips
and not points
so anyway moving on once we have our
risk amount
in our account currency so in this case
one percent of 1000 aud is
10 aud then we're multiplying
that 10 aud that this code here
calculated
by our currency conversion rate
which we got up here
so if our account is the same as
the base currency or it's neither
currency
then it will time multiply our risk
amount
so in this case 10 aud by our conversion
rate
otherwise if our account currency
is the same as the counter currency
then it just multiplies it by one and
doesn't change the risk amount
because if we're calculating our account
balance risk amount against
the same counter currency pair as our
account
balance then we don't need to perform
any conversion at all
so i hope that makes sense we only need
to convert our risk amount
if our account currency is not in
the currency pair we're trading so next
up we calculate
our risk per point so we're multiplying
our stop loss size
in points by the point symbol point
value sim info dot point value will give
us
the value of a point on this market
we're multiplying that by our stop loss
size and once we have all this
information
our risk amount and our risk per point
we can use that info to calculate our
position
size in units and to do that we just
divide
our risk amount which takes into account
our conversion if necessary or if
applicable
and then we're dividing that by our risk
per point
and then dividing whatever that is by
this
symbol info sim info dot minimum tick
value
and that will give us our position size
in whole numbers
and then finally we just output remember
the last line of code in a custom
function
is the output expression and in this
case we're just outputting
the position size value we just
calculated but we're rounding it before
we return it because we don't want any
decimal places after it
since you can't trade a fraction of a
unit
at least not through roander which is
the only forex broker that autoview
works with
at the moment and then finally once
we're done there we're just drawing
that data to the chart very simple
that's the simplest part of this entire
script and all we're doing is we're
plotting
our position size using the the get
position size function that we
just went over we're passing it our stop
loss size from pips to points which
simply multiplies our stop loss size
from here in the settings by 10
to get our stop loss in points and then
just for debug purposes
when i was working on the script i also
wanted to plot
our conversion currency rate so let me
go over
uh this in practical terms right now so
it makes a little more sense
so in this particular example we are on
us
swiss so us dollar against the swiss
franc
my account balance is in aud australian
dollars
and i have a thousand dollars in there
and
down here what we're getting is our
position
position size and i'm gonna come back up
here and change this back to one percent
because it should be more than 66 units
there we go
66 000 units so
by hovering my mouse here on this
current candle you can see that
this orange number remember our account
balance is in australian dollars which
is not in the
market currency pair that we're trading
and so we need to convert our risk
amount
into uh the quote currency i mean
the account currency in this case swiss
franc and so this orange number down
here
is showing the conversion rate between
aud
and swiss franc so it says here six five
six six
nine if we go over to aud
swiss franc and i'll load that under my
chart so you can see here
six five six eight eight that's the
conversion rate
let's go back to us dollar swiss franc
and let's open up the
trade window and uh confirm
that our position size is correct so we
want a 10
pip stop loss we want to risk one
percent
of our account which is 10 australian
dollars we need to convert that risk
into swiss franc and let's
confirm that this is working so
over here i'll set a buy order
for a 10 pip stop loss and i want to
risk 1
of my account and my account balance on
this account
is 9832.84
so if i come up here and i change this
to 9832.84
click ok now you can see that
our units uh that trading view is
telling us to trade
in order to get one percent of our
account balance
is very very close to what our script
is calculating so i'm not sure why it's
not 100
accurate but we're only what's that 17
points off
17 units off this value
so that's close enough for me and so the
script is working
and just to prove it let me change my
account to
an account in us dollars now
so this account is 9975.01
usd so let's type that into here 997
change this to usd click ok
now open up a new order 10 pip stop loss
1
risk that gives us 91 788
units and that's pretty close to what
our script is calculating
991 779
units so this one's only about 10 units
off
very very very close very accurate it's
as accurate as we're going to get with
this script
so our position size calculator is
working the script
is working that's great so now let me
show you
how i use this in practice in a
practical manner
all right so now we're back with the
script i showed you at the beginning of
the video
i have copied and pasted everything from
the
section of the lesson you just watched
so we have our user inputs here
just the account balance account
currency risk per trade
let me comment this to get user input to
be consistent
so the only difference here between this
code and the code from
last year's video is i added this
section down here at position
size so this position size calculation
code
is intended to only work for the forex
markets
so if the current market is not a forex
market
then we set our position size to zero
this is just a safety mechanism to stop
this script from trading on any market
other than forex so if you try to trade
this on the stock market or something
like that
your position size will always be zero
this is just to stop people who don't
know what they're doing from
accidentally
blowing an account by using this code on
the wrong market
in theory you should be able to
calculate your position size for any
market crypto stocks
commodities you name it but the
techniques you use will be different
and maybe i'll cover that in a different
video because i don't want this video to
be too long
but for today we're sticking with forex
we have our position size calculation
code
you can literally copy all of this code
here paste it into your own scripts
and you are ready to go all you need to
do is calculate your stop loss
price work out the distance from your
entry to your stop-loss price
and then use this get position size
function to calculate your position size
which is what i'm about to show you how
to do now so the first thing we need to
do is detect
a setup and as i said at the beginning
of this video we're not detecting an
actual profitable setup
here because that just adds an extra
layer of complexity to this lesson
we're just going to detect simple
long-only bullish engulfing candles
and then we're going to base our
stop-loss based on the low
of that entry candle and we're going to
calculate our position size
and confirm that that's all working
properly the purpose of this
is to demonstrate the theory and in the
next lesson
i'll show you how to use this on a
practical actual profitable strategy
script
but first we need to wrap our heads
around how this works in theory so the
first thing we're going to do here is
detect
our setup and i need a bunch of
variables here we need about six
variables here
that are all var variables so they're
persistent variables
the first one is are we in a long trade
that's going to be set to false by
default the next one is our desired risk
reward ratio that's going to be set to
one to one by default
and of course you could turn this into a
user setting but we're not going to do
that today
because it's not important for today's
lesson the next thing we need to save is
our trade stock price
that's going to be set to 0.0 by default
and then we need to save
our trade stop distance which will also
be set to 0.0
then we need our trade target price
which will also be initialized to 0.0
and then we need our trade position size
which will be set to zero by default so
the next thing we need to do is detect
our actual setup that's
pretty easy we're just going to create a
new variable
called long setup and this is not a var
variable because we want this to be
recalculated on every new bar on our
chart
and this is just going to be a basic
engulfing candle but the first thing we
want to check is that is the current low
the lowest low over the past 15 bars and
then we check if it's an engulfing
kettle so
and the current closing price is greater
than or equal to the previous opening
price
and the previous bar closed lower than
it opened
so it's a bearish bar and the current
bar's
open is greater than or equal to the
previous bar's low
so this will prevent the script from
detecting gap candles
as engulfing candles next up we
calculate our stops and targets this is
the important part of the lesson
so we're calculating our stops and
targets
if we have a long setup and
we are not already involved in a long
trade
then we want to calculate our stop loss
our target our position size and save
that information to draw to the chart
until our target or our stop loss is hit
so
first of all we need to set our trade
stop
to the current bar's low minus the atr
so this will give us our stop-loss price
next up we need to calculate the
stop-loss
distance in pips so that will be our
entry price our close the current bar's
closing price
minus the trade stock price
so this gives us our stop distance in
pips the next thing to do is
determine our trade target price which
will be the entry price the closing
price
plus our trade stop distance
multiplied by our risk reward which by
default is just going to be
one to one you could turn this into a
user input if you want to like i said
earlier finally let's calculate our
trade position size
so this is going to be set to get
position size
and then we need to pass our trade stop
distance as a whole number
so convert trade stop distance into a
whole number
and then multiply it by 10 to convert
that distance from pips to points
because our code uses points to
calculate our risk amount
not pips so far so good the final thing
we need to do is set
in long trade to true because we are now
involved in a long trade we've detected
a long setup and we weren't already in a
long trade
so now we set long trade to true the
next thing we
need to do is exit trade when
appropriate so the first check will be
if we are involved in a long trade
and the current bar's high is greater
than or equal to our trade target
then we set in long trade to false
and we start looking for a new signal
and we could put this in brackets
and check or the current bar is lower
than or equal to
our trade stop so if our trade target is
hit by the high of the current bar
or our trade stop is hit by the low of
the current bar
then we exit our long position and start
looking for a new one so if i save the
script that should compile without any
errors
if i haven't made any typos there we go
but i did forget to use the assign
operator
in this if statement so let's add a
colon there
otherwise we're just creating a new
variable called tread stop distance
within the scope of this if statement
and that is not what i want to do i want
to reassign
trade stop distance to this value save
the script
that should compile now without any
problems
next up let's draw our setup info to the
chart
and for that i'm going to use a plot
shape to
identify which candle is our entry
candle i'm only going to plot the shape
if long setup is true and we're going to
set the color to color.green
i'll give it a style of shape.triangle
up
and a location of location.below bar
and i'll title it long setup because why
not
let's save the script and now
we should be detecting our entry candles
as signified by our green arrows up
arrows
next up let's plot our stops and targets
so plot
and then we need to check are we
involved in a long trade currently
if so let's plot our trade stop
otherwise plot
nothing and then set the color to red
since it's a
stop loss set the style to plot dot
style
underscore line break so that the line
breaks between setups otherwise
we get these weird uh connecting lines
so the stop-loss will draw here
gets hit by this bar here and then the
line will connect to the next stop-loss
we don't want this connection thing we
just want the line to break
and then start a new line so we use the
style line break
plot style to achieve that and finally
let's title this
trade stop and i can copy this line of
code
paste it in there change this to trade
target
change the color to green and the title
to target
now if i save the script this should
compile
and now we're drawing our stops and
targets until they are hit
now i'm guessing that this setup here is
not drawing the stops and targets
because it happens to be the bar that
stopped us out
i'm not going to fix that in today's
lesson because it's not important
we're still detecting this setup here
and
so we're pretty much done now the final
thing to do is
plot our trade position size to the
chart
and confirm that it's accurate in the
order box
so let's add that section of code here
draw position size we use the plot
function
again if we are involved in a long trade
then
let's plot our trade stop distance
in pips otherwise plot nothing
we'll set the color to color.gray we'll
set transparency to 100
because we don't want this actually
drawing under the chart we just want to
have the number drawing
in our indicator values we'll set the
title to trade
stop distance um i'll copy this line of
code
and change this to trade size this is
our position size
change the color to purple and change
this to
just say position size
so that should be all we need if i save
the script now
we should be drawing our stops our
targets our trade
stop size and pips and our position size
so now
let's find a market that is currently
involved in a trade
here's one so on pound yen we are
currently still involved in this setup
this pretend setup remember we're not
actually trading this data we're just
using it to confirm our script is
working
if we come up here and look at these two
values here the gray number is our stop
loss size in pips
so 2.251 is 225 pips and our purple
number
is our position size so let's open up
this
order panel here and plug in a 225 225.1
pip stop loss let's risk one percent per
trade
and you can see that our units here say
4849
and our purple number is very close to
that 4831.
so we are within 0.004 percent
accurate which is as accurate as we're
going to get with this script
so that's a successful test let's check
a different time frame on a different
market
first of all we are currently involved
in a trade here 90 pip stop loss
12 000 units roughly so let's put in 90
with 1
risk 12 128 units up here it says
12 130 so within two units of accuracy
there
let's check a few more markets to make
sure
everything's working here's another one
on euro aussie
49.3 pips
one percent risk is 26 050 units
26 039 let's try increasing our risk
let's try
2.8 percent risk just as a weird number
to see if this
matches uh changes to 2.8
risk we have 72 940 units
72 910 units so i think that's a
successful
test the script is working as desired
and that about concludes today's lesson
on how to calculate your forex position
size
based on the distance from your entry to
your stop loss
in the next lesson i'll be giving you
the source code to a script
i wrote recently that i've been using to
auto trade
the forex markets on the daily chart so
it's quite a simple script but it is
profitable
doesn't take many trades per month but
it is fully automated through autoview
to work with oanda
um but before i wrap up this lesson
let's open the source code to my
ultimate pullback indicator
and i will show you how i use this code
in a premium script of mine this is a
private script that i've spent years
working on
and i also use this script to
automatically trade the forex markets
through orlando using this position size
code so if i scroll down to the bottom
of
our user settings here you can see all
of my auto view settings
so we have account balance currency risk
per trade and a bunch of other options
here such as
how to use limit orders days to leave
limit orders minutes to leave limit
order
whether we want to use and a demo or an
order view subaccount alias
let's scroll down to the position size
portion
of my code here it is determine position
size
so here i've basically copy and pasted
the block of code
from today's lesson into my script and
i've also got a little bit of code here
on how to set up my gtd or good till day
orders which we'll go over in one of the
videos to come as well
but if i scroll down to where my entries
happen
here's where we detect a valid long
entry or short entry
and here is my order view alert
so you can see here that this alert
contains all of my order view syntax
commands
and here i have q equals which is our
quantity parameter our position size
parameter
and this is set to trade position size
so we convert
our trade position size to a string so
that we can send this message this
string message
to order view but i'm passing q equals
trade position size and trade position
size
is right here on line 397
and this simply calls the get position
size
function just like we did in today's
lesson and this is how i'm able to
automatically calculate my position size
when i'm auto trading through autoview
using any script that i've ever written
that happens to be profitable
so that's it for today's lesson i hope
you found this interesting if you did
again make sure to hit the subscribe
button if you haven't already because
i'll be back very soon with a new lesson
where i will give away one of my private
profitable scripts
for you to play around with if you want
to shortcut a lot of this process
head over to panscriptmastery.com where
you can find
my indicators course it is a bit pricey
but it does contain every
single script that i've ever written in
my career as a trader
and a pine scripter there's literally
thousands of hours of work
in that course and i give away the
source code to this script as well as
every other script that i've ever
written that was worth publishing
i go into much more detail about
automation and how to use order view in
your scripts so if you're interested in
that go over there and use the promo
code
youtube to get 10 off the current price
and if you're not interested in that i
also have a free panscript basics course
covering the fundamentals of pine script
and i also have my panscript mastery
course which is my flagship program with
100 lessons and counting and over 17
hours of high quality pine script
educational content
and last but not least i recently
published the art of trading podcast
which is a podcast i'm going to be
working on over the years to come
it's already available on spotify but
it's taking a little bit of time to get
published on google podcasts
and the apple store but on this podcast
i'm going to be covering
a lot of trading psychology subjects and
just general trading techniques to get
the best results out of your trading
that's it for today's video
thank you very much for watching best of
luck with your trading
take care everybody
[Music]
you