Howdy--
I couldn't figure out how to set my grid lines to a fixed currency amount (say $500), so I just wrote a quick indicator to plot lines in $500 increments, which, as you know, is different for every instrument given Point Value (i.e., tick value). So for instance, $500 on the ES with a $12.50 Tick Value is equal to $500/$12.50/tick equals 40 ticks, whereas on CL with a $10.00 Tick Value is equal to $500/$12.50/tick equals 50 ticks.
So right now, horizontal grid lines can be either Ticks or Points. So what would be cool would be to have a third option for Dollar Value where a user could enter $500 and then the grid lines would be drawn in $500 increments.
I do this because I want to be able to have my grid lines all be in a uniform dollar amount so that I can quickly count risk and reward, which is easy because if I see a level that I like that is 3 grid lines away, I know that the reward would be $1500 and the stop level is only 0.5 grid lines away--so about $250. This way I can intuitively always be thinking in terms of risk and reward.
Let me know if you'd like to see my indicator for ideas.
Using the indicator is ok, but because we cannot make lines de-selectable, I routinely inadvertently grab the indicator's grid lines when trying to maneuver around the chart when it's zoomed out.
Please let me know if you have any questions.
Thanks,
Aventeren
I couldn't figure out how to set my grid lines to a fixed currency amount (say $500), so I just wrote a quick indicator to plot lines in $500 increments, which, as you know, is different for every instrument given Point Value (i.e., tick value). So for instance, $500 on the ES with a $12.50 Tick Value is equal to $500/$12.50/tick equals 40 ticks, whereas on CL with a $10.00 Tick Value is equal to $500/$12.50/tick equals 50 ticks.
So right now, horizontal grid lines can be either Ticks or Points. So what would be cool would be to have a third option for Dollar Value where a user could enter $500 and then the grid lines would be drawn in $500 increments.
I do this because I want to be able to have my grid lines all be in a uniform dollar amount so that I can quickly count risk and reward, which is easy because if I see a level that I like that is 3 grid lines away, I know that the reward would be $1500 and the stop level is only 0.5 grid lines away--so about $250. This way I can intuitively always be thinking in terms of risk and reward.
Let me know if you'd like to see my indicator for ideas.
Using the indicator is ok, but because we cannot make lines de-selectable, I routinely inadvertently grab the indicator's grid lines when trying to maneuver around the chart when it's zoomed out.
Please let me know if you have any questions.
Thanks,
Aventeren
