GoCharting Docathlon

Long Position


Usage

The Long Position tool allows the user to set an entry point and assume a long position from that point. Extending above and below that price level will be two boxes; green for the profit zone and red for the loss zone. Both zones can be manually adjusted by the user to change the risk/reward ratio.

Appearance

Line

Can change the color and thickness of the line separating profit/loss areas as well as the profit and loss targets.

Stop Fill

Sets the color for the stop loss region.

Target Fill

Sets the color for the profit target region.

Text

Can select the text color as well as font type and size.

Shape

Profit Level DELTAUP

Can manually enter the desired profit target level using ticks or an exact price.

Entry Price XY

Allows for the precise placement of trade’s entry point.

Stop Level DELTADOWN

Can manually enter the desired stop loss level using ticks or an exact price.

View

How to use Long and Short Position drawing tools?

This feature lets you estimate how an order will go if you go long or short, shows the Profit & Loss (PnL) and estimates risk and closing account balance when price reaches your profit target or stop loss levels.

You can practice placing orders and seeing results without actually having to place the orders — get confident and knowledgeable before risking real money in the markets.

Calculate your Position Size and Account Balance

1. Create a Long Position or Short Position drawing.

2. In Appearance dialog of the instrument enter your initial account size and risk amount (either in absolute numbers or as a % of your account size), and click OK to accept.

3. Drawing tool tags will show you position size (1) and account balance when positions are closed after reaching either the Take Profit (2) or the Stop Loss (3) level.


How are the Position Size and Account Balance calculated?
Position SizeQty = RiskSize / (EntryPrice – StopPrice)
Account Balance when position is closed after reaching the Take Profit levelAmount = AccountSize + (ProfitLevel – EntryPrice) * Qty
Account Balance when position is closed after reaching the Stop Loss levelAmount = AccountSize — (EntryPrice – StopLevel) * Qty
  • AccountSize — initial account size specified in the settings

RiskSize = Risk, if risk is selected in absolute numbers OR

Risk / 100 * AccountSize, if risk is selected as a percentage of account size.

  • Fees: Slippage in terms of exchange/brokerage fees
Display performance in the Compact Mode

Try using the Compact Mode if you want the position performance tags to consume less space on the chart. You can enable by choosing the Compact checkbox in Settings.