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Direct MessagesDate/Time: Tue, 07 May 2024 01:12:07 +0000
Order Quantity based on percentage/fixed $ amount stop loss
View Count: 4938
| [2013-04-22 15:49:24] |
| N!co - Posts: 140 |
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Hi, Does Sierra chart have the ability to set the Order Quantity to open a position based on Order Quantity = Amount Risked / Number of Ticks x Tick Value Amount Risked could be 1. a percentage of the account size 2. a fixed $ amount Kind Regards, |
| [2013-04-22 16:21:42] |
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No, this is not supported.
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2013-04-24 22:50:46] |
| N!co - Posts: 140 |
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Hi, As we all know money management and position management are key components for succesfull trading trading from the charts, setting a stoploss/entry order , adjust the lines and have Sierra Chart automaticly calculate the Order Quantity in either a fix % of the account size or a fixed risk in $ would be extreemly helpfull Would you please consider implementing this option ? It's my believe a lot of other trader would find this usefull aswell Kind Regards, |
| [2013-04-25 22:09:46] |
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This will have to be looked at later on.
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2013-06-03 16:30:13] |
| N!co - Posts: 140 |
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Hi, I was wondering if the sierra chart team has considered implementing this feature Kind Regards, |
| [2013-06-03 18:52:26] |
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No. It will be a long time before we can look at this.
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2013-07-02 21:49:20] |
| phaedonk - Posts: 350 |
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Hi, this suggestion is great and would greatly help a lot of traders. Currently, I am forced to use excel with DDE to interface with TWS (very problematic), to get my IB account balance and market forex quotes. I then use simple formulas to calculate position size based on account percentage risk and ticks risked on every market I trade. It would be amazing if we didn't need any other external tools except Sierra. I'm no programmer but I think it is not very complicated. I am also trying to find out if I can use the J47 cell along with a quotebook to achieve my objective, not sure if that's possible. |
| [2018-08-12 22:51:07] |
| N!co - Posts: 140 |
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Have you looked into adding this option ? thx |
| [2018-12-27 17:09:10] |
| Cavalry3162 - Posts: 523 |
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i'd be very interested in this as well.. please consider to add this. thanks! |
| [2019-02-14 20:48:40] |
| ILIM KIRGIZ - Posts: 187 |
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I'm FX trader and I work with a programmer to achieve this via a study for FX pairs. you can contact bradh by mentioning this. Sierra is a great charting and trading tool but It looks like they do not know the importance of position sizing, expectancy, and SQN. |
| [2020-05-01 03:45:08] |
| theunknowntrader - Posts: 112 |
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I agree with this. Sierra is a great platform but on the order entry part they are lacking a bit. For discretionary traders, specially scalpers and momentum traders, filling out the inputs on the trade entry section is a bit too slow
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| [2020-05-01 04:24:58] |
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When it comes to all of the settings on the Trade Window, you can save various configurations of those and quickly switch between them using saved Trade Window Configurations: Basic Trading and the Trade Window: Using and Changing Between Different Trade Window and Attached Orders Configurations There are also Control Bar buttons for these to quickly switch between the configurations by buttons on the Control Bar: Control Bar: Control Bar Trade Window Configuration Buttons Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2020-05-01 04:25:25
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| [2020-06-27 16:28:26] |
| TeeJay - Posts: 123 |
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I'd like to chime in on this one because what the OP asked a few years ago and what was mentioned here recently would be of extreme value for stock traders doing proper risk management. Like marcelperez said, for momentum traders golden. Why? Now for a futures trader with only some, or maybe even one main instrument, this would be of not so much weight. But for a stock trader with a weekly watchlist of like 40+ trades, it is all about that when opportunities arise. Even 100s of various Trade Windows configurations won't help you with that, as it is unique per trade because of the dependency of the price of the underlying. Let me explain please. The following could make trading via Sierra for these types of traders much faster, way more efficient, and way less error prone. Most charting platforms sadly don't take into account that stock traders managing risk efficiently do mostly not calculate in ticks, lots, or number of shares. They calculate in amounts, percentages, expectancy and position size. And while most broker platforms, which are often completely unusable otherwise, offer this, many of us are on the look for it being properly handled on more sophisticated charting platforms with trading capabilities. There are several ways something could be implemented, and it should not be a major change of the platform. Optionally, one does not have to use it, like many other features. 1. A global setting if position sizing should be used for trading. 2. An entry of position size, either in ccy amount or percent of account size. 3. Possibility to open a 25%, 50%, 75% or 100% position, where the amount of shares is automatically calculated based on general position size and percentage of the position to open. 4. Easy and quick possibility to close 25%, 50%, 75%, 100% of an open position manually. Could be in the right-click context menu of the chart and/or in the Trade Window. Now while you can say this could be all done manually, right, now this is true. Everything can be done manually. But exactly doing these things cost valuable time when opportunities arise, and when you are in a hassle are prone to making errors on the go. |
| [2020-06-27 16:53:48] |
| theunknowntrader - Posts: 112 |
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I hired Forgiving Computers to create this for me. It works for stocks and futures. You should reach out https://forgivingcomputers.com/product/forex-advanced-position-size-calculator/ His name is Brad. I am very satisfied with what he built |
| [2020-06-27 17:27:46] |
| TeeJay - Posts: 123 |
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Thanks marcel. But he advertises it as FX tool and also talks of very specific FX features there?? And the thing is I wanted to get this specifically to Sierra Engineering directly, once more, because this is a good thing many traders look out for. It is not exotic, or at least should not be when trading managing risk. It would be of use for many if in the core product. The package does way more than I proposed to be more efficient and faster in the first place. Which is no bad thing of course. But what I asked for is way not so much work to implement. And these little things would make worlds in a first step. While setting multiple-R stops and everything is a really nice addition of course, where there is real need in stock momentum trading is to be quick with manual entries and exits if there are the opportunities, without having to calculate and enter the amount of shares. As exits and stops are normally not that tight, in FX trading that is another thing. |
| [2020-06-27 17:43:33] |
| theunknowntrader - Posts: 112 |
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The original tool he built was FX. I contacted him and asked him to modify it to work for equities and futures. I agree with you, it is not something complicated to implement. The position sizing option is a must for stocks. Sierra Chart has an awesome platform and I don't know if they are aware of the large amount of customers that would subscribe to it if they made it more stock trader friendly .They could basically steal a lot of market share from: 1) Das Trader 2) RealTick 3) Sterling 4) Tradestation I have tried all of those and Sierra is way better than all, except for the stock and routing part. |
| [2020-06-27 17:55:33] |
| TeeJay - Posts: 123 |
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That is why I pulled this up here once more and wrote to them in a bit more detailed explanation of the points. I know that there are a lot traders out there looking for these functionalities. Together with the performance and customization possibilities already there this would be absolutely awesome. |
| [2020-06-27 18:01:40] |
| theunknowntrader - Posts: 112 |
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I agree and they have a huge advantage, they support interactive brokers. Aside from DAS Trader, Real Tick and Sterling (institutional only) there is not any other platform that supports IB. TWS is absolute garbage.
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| [2020-06-27 20:21:30] |
| TeeJay - Posts: 123 |
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Better not talk about IB with SC Engineering here I think. But, being a perfectionist myself, having worked 20 years as software engineer/consultant for institutional transaction and OTC trading software before deciding to trade for a living, I understand them, regarding IB. No one picky about his development skills and knowledge wants to mess around with shitty IT departments and their software. TWS is the same joke as the API. They are not even able to get the GUI working, let alone everything else. Problem is, many traders, including myself, are somehow bound to IB for good reasons. But that said it is not about IB here. And reading a lot here in the forum, I would not risk proposing them something completely ridiculous. So the hope for a positive feedback on this is still alive. We will see. |
| [2020-06-27 21:43:34] |
| Chris32 - Posts: 50 |
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This would be a very useful feature
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| [2020-06-27 21:47:12] |
| theunknowntrader - Posts: 112 |
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Yeah, i understand Sierra's side as well. You know how they say, help me help you. Sierra puts alot of effort but on the IB side they don't care much.
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| [2020-07-31 21:13:57] |
| Stefan Preda - Posts: 4 |
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marcelperez IB has nothing to do with this, this option is fully working on DAS with IB I was a customer of Sierra for a long time until I discovered this function on DAS Date Time Of Last Edit: 2020-07-31 21:14:49
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| [2020-07-31 22:29:12] |
| theunknowntrader - Posts: 112 |
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This option works on DAS if you create the script for it...You cannot click trade the chart on das with futures as it has two decimals...you also need to use kyle hotkeys to risk % or fixed $ amount. https://forums.bearbulltraders.com/topic/716-das-dynamically-calculate-shares-on-risk-or-risk-hot-key-configuration-updated-91019-v21/ Of course ib has nothing to do with this. IB is just the broker... This option is not very flexible with das btw, you cannot create one bracket order with three profit targets, one stop loss and base it on R multiples... I have tried this. You can do a range order, you can buy based on BP but you cannot do complex orders with trailing stops and all of that. |
| [2020-07-31 22:30:13] |
| theunknowntrader - Posts: 112 |
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I spoke with Jason at DAS for him to fix this problem that when you trade futures it goes to for example 3220.03 which is not a real futures value. they never fixed it
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| [2020-08-28 09:56:44] |
| Fabio - Posts: 111 |
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Hi All, this feature would be really useful across the board, regardless if you are a scalper or a portfolio manager. The trader who uses %based stop would love this feature. I would love it at least. I do trade intraday futures and fx and this tool would absolutely improve my productivity. I love SC and I use it since ages now but I honestly started to look around due to this lack of tool. Please SC team, implement this feature asap! Thanks, F |
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