Position Size RulerThis script is designed for day traders who need to visualize contract sizing based on stop loss size instantly without manual calculations. It bridges the gap between a trader's defined risk and the fast-moving price action of assets like NQ or MNQ.
The tool operates by creating a "position size ruler" that projects contract-specific zones based on a draggable Stop Loss anchor.
Draggable Stop Loss: In settings, you will first need to enter a value for the stop loss. This value should be near the current price value so that the ruler can be seen on your chart. Once that is done, you can click and drag the "blue dot" handle—anchored to the left edge of the stop loss—to align it with your anticipated stop loss location.
Ruler
gain indicatorhe "Percentage Ruler" indicator is a custom technical analysis tool designed for the TradingView platform. Its primary function is to visually represent percentage-based price levels on a chart, relative to the closing price of the previous candle. This allows traders to quickly gauge potential support and resistance levels or to estimate possible price movements based on historical data.
Key features of the indicator include:
Dynamic Percentage Levels: The indicator automatically calculates and displays horizontal lines corresponding to predefined percentage levels, both positive and negative, ranging from -5% to +5%.
Previous Candle Close: The percentage calculations are anchored to the closing price of the previous candle, providing a consistent reference point for analysis.
Clear Visual Representation: The percentage levels are represented by horizontal lines extending to the right edge of the chart. The lines are color-coded (green for positive percentages, red for negative percentages) for easy interpretation.
Customizable Appearance: The indicator offers customization options, allowing users to adjust the line thickness and the display of percentage labels.
No Labels by Default: The indicator is designed to display only the horizontal lines by default, without any percentage labels, providing a clean and uncluttered chart view.
In summary, the "Percentage Ruler" indicator is a valuable tool for traders seeking a straightforward way to visualize percentage-based price levels relative to the previous candle's close. It aids in identifying potential support and resistance zones and estimating possible price movements based on historical data.
