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Direct MessagesDate/Time: Fri, 03 May 2024 07:34:22 +0000
Post From: Iconsistent behaviour with Reward Risk, Measure tool and chart trade currency values
| [2018-11-26 23:05:32] |
| User343901 - Posts: 66 |
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Thanks for your reply. Regardless of the numbers I have given my problem is that Sierra Chart does not seem to have a tool that will show the value of a chart measurement in my account currency while taking quantity into account ie actual risk/reward. This is a really big ommission. 1) From your documentation I can see that Reward/Risk tool shows the values in the quote currency of the pair only. If trading USDJPY for example the values are displayed as Yen. If trading EURCAD the values are displayed in Canadian dollars. This means I have no option but to manually convert with a calculator or in my head to my account currency which happens to be GBP. This is really frustrating and unhelpful and at the least there should be an an option in the tool settings to display the values in the Common Profit Loss Currency. 2) The Chart Calculator tool appears to be a different issue where it assumes a contract size of 1 and also does a currency conversion (I can't see the conversion mentioned in your documentation). From your link: Currency Value = Absolute Value(((Price at First Entered Point - Price at Second Entered Point) / Tick Size) * Currency Value per Tick)
This is technically incorrect because Currency value per Tick is meaningless without a quantity. So your calculation should read as follows: Currency Value = Absolute Value(((Price at First Entered Point - Price at Second Entered Point) / Tick Size) * Currency Value per Tick * 1contract) Because I use Lmax (1 Sierra contract = 0.1 Lmax contracts) and you're assuming a contract quantity of 1 the calculation is incorrect. If you included quantity in the same way as the Risk Reward tool does then the tool would be useful. As with the Reward Risk tool there at least needs to be an option to include quantity in the calculation. I hope you will be able to have a serious look at these two issues as from my view the current implementation is inadequate. There needs to be a way to quickly assess actual value of a price movement in the Common Profit Loss Currency and neither of these tools does that. Date Time Of Last Edit: 2018-11-26 23:08:04
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