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ThinkOrSwim Position Sizer

$99.99 $59.99

The ThinkOrSwim Position Sizer is a VERY important ThinkScript I made that allows me to instantly know what my entry, stop, target, and position size should be in order to maintain an equal risk on every trade I take.

Description

ThinkOrSwim Position Sizer

The ThinkOrSwim Position Sizer is a VERY important ThinkScript I made that allows me to instantly know what my entry, stop, target, and position size should be in order to maintain an equal risk on every trade I take.

One issue many new traders face is inconsistency — especially having losing trades that are larger than their winners. This is a recipe for disaster in trading.

The more variables you can control in a trade, the less likely you are to screw up and lose a lot of money, and the more consistent and predictable your returns will be. And one important aspect of controlling those variables, and thereby smoothing out your growth curve, is sizing your positions correctly every time. And this indicator helps you do just that.

The ThinkOrSwim Position Sizer works for both stocks and futures, and lets you choose any entry method you like. You could enter on closes, opens, highs or lows. You can specify 1 or 2 ticks of padding or slippage on each entry and stop. You can set manual target prices, or have them automatically calculated based on the minimum Risk/Reward you’re willing to accept. You can choose between 3 stop types, and multiple settings for each of those stop types. The Think-Or-Swim Position Sizer currently supports candle or bar based stops, ATR stops, and now Kase DevStops.

ThinkOrSwim Position Sizer calculator labels
ThinkOrSwim Position Sizer labels (click any image to zoom)

Stop Types

If you choose candle/bar based stops, this indicator allows you to specify what size bar you want to size your entries off of (say a 15′ candle for example), even if you’re trading on a 5′ or 2′ chart. This indicator will allow you to know what the latest 15′ bar’s high and low is, and how many shares you would need to buy in order to properly size an entry based on that 15′ candle. It will then tell you your target and risk/reward ratio in both risk units (Rs) and percentage terms.

If you choose ATR stops, you can specify any multiplier you want — 2x ATR stops, 3x ATR, 1.5x ATR, etc. Targets can update dynamically, or even be set manually. Either way, you’ll always know your risk/reward before entering the trade.

With Kase DevStops, you’ll be able to choose between using the “Warning Line” for your stops, or any of the 3 Standard Deviation DevStops. Your targets can adjust automatically and you will know how many shares or contracts to buy.

Risk Tolerance

One other important feature of this indicator is that it knows what your account balance is, so you never have to manually calculate things if you don’t want to. The ThinkScript will automatically fetch your account balance, multiply it by whatever buying power/margin leverage factor you want to use, and then calculate the maximum risk you should take on each trade based on your own risk tolerance.

Full Features List

  • Works on Stocks, ETFs, and now Futures too!
    • Automatically account for the minimum tick size and tick value of futures contracts
  • Choose a percent of your buying power to risk on each trade
  • Script automatically grabs your current account balance and calculates the right amount of shares/contracts to buy based on your predefined risk tolerance
    • Optionally specify a manual/theoretical account balance
    • Specify a buying power multiple (2x or 4x account balance, etc., or just leave at 1x to use no margin leverage)
  • NEW STOP TYPES!
    • Candle/bar price action stops and entries as before
    • New! ATR stops
      • Specify a custom ATR multiple to use for stops
      • Change every aspect of how the ATR is calculated if desired
    • New! Kase DevStops
      • Choose between 4 different DevStop standard deviation levels
  • New entry methods!
    • Choose trade direction, long or short
    • Specify to calculate entries from the close, open, high, or low
    • Add custom padding for slippage or breakout entries to both entries and stops
      • Example 1: enter 1 tick above the high of a candle, stop 1 tick below the low, etc., to simulate a stop-market entry and exit
      • Example 2: assume 1 tick slippage on entries and stops, regardless of entry type
  • New target methods!
    • Choose an automatic target based on a multiple of your risk (stop size).
      • Example: if your stop size is $2, you can specify a 1:2 risk/reward ratio, and it will automatically calculate your target price as $4 above your entry
    • Choose a manual target price for your trade and automatically get the risk/reward in both Risk Units (Rs) or in percentage terms
  • Optionally round the shares or contracts to the nearest 10, 100, or whatever other number you specify
  • Show/hide any labels or lines on the chart
  • Change label and line colors as desired
  • Question mark icon / Tooltip for each option explains every setting in detail

Screenshots

explanation of each label in the think or swim position sizer indicator
explanation of each label in the think or swim position sizer indicator
thinkorswim position sizer chart example 1
thinkorswim position sizer chart example 1
thinkorswim position sizer kase devstop atr stop volatility stop
think or swim position sizer with Kase DevStops, ATR stops, volatility stops
think-or-swim position sizer with ATR stops
think-or-swim position sizer with ATR stops
Thinkorswim position sizer chart example
Thinkorswim position sizer chart example
Thinkorswim position sizer chart example and label explanation
Thinkorswim position sizer chart example and label explanation
thinkorswim position sizer - options settings 1
thinkorswim position sizer – options & settings 1
thinkorswim position sizer - options settings 1
thinkorswim position sizer – options & settings 2
thinkorswim position sizer - options & settings 3
thinkorswim position sizer – options & settings 3
thinkorswim position sizer - options & settings 4
thinkorswim position sizer – options & settings 4

Think-Or-Swim Position Sizer Demo Video

Questions?

We’re always happy to answer questions, and full email support is provided with every purchase! We’ll make sure you get up and running. If you have questions, email us here or leave a comment below!

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