Have you ever wanted someone watching out for you, helping enforce your trading plan rules, and telling you when it is time to stop? Now you can add a custom study to any chart and have it keep track of:
- Consecutive Winning Trades
- Consecutive Losing Trades
- All Trades
- Cumulative Loss
This study can count these not for the day, but for the last so many minutes. When the triggers are met, all trading is locked, forcing you to wait, or make some adjustments.
The study can only see trades and profit/loss data on the chart it is attached to. However, when it locks trading, it locks for all chartbooks and charts. An Emergency Flatten button can get you out a position if the trading is locked.
Let’s say you want to lock trading (i.e. no new trades, no modifications, no exits) for 5 minutes if you have 3 consecutive losses in the last 10 minutes.
The on-screen summary panel looks like this:
If it gets to 3 losses, it will look like this:
Feature 1 handles the counts of Wins, Losses, and All trades.
Feature 2 handles the Cumulative loss
Feature 3 handles the Drawdown
Feature 4 handles Eight No-Trade Time Periods
The price of this study is normally $29.99 but it is available for a limited time at $24.99. Click here for more information.