"To Calculate Potential Loss Value in $$ if Stop Loss Hits"
For Example, If I buy long 5 emini contracts with average price of $4000.00 and set my Stop Loss at $3999.00, then
ie. Formula Will be = Price per Tick * (Current Trade Price - Stop Loss Price) multiply by # of Contracts
Potential Stop Loss Value will be = $12.5 * (4000.00-3999.00) * 5 = 12.5 x 4 ticks x 5 = $250
How to put this in a formula and make an indicator to display on the Chart? I can understand technical steps but am not a programmer. So if you can reply with little patience it will help.
Will the displayed value automatically change every time I am adjusting stop loss up/down or changing amount of contracts (buying more or selling)?
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