Automatic Position Size calculator drawing tool for NinjaTrader 8
Draw a Stop Loss, Entry and Target levels on your NinjaTrader 8 charts, the position size get calculated automatically, then submit the order associated to these levels from a right click. The pending Entry order will be placed along with the associated Stop and Target(s) orders.
Works with all instrument types available on NT8: CFD, Cryptos, Futures, Forex and Stocks.
Works with real accounts or Sim (demo) accounts with a real time data connection or with the NinjaTrader Playback Connection.
Calculate your position size automatically by drawing a Stop Loss, Entry and Target levels on the chart and submit the associated orders from a right click with this drawing tool for NinjaTrader 8.
It reads the selected Chart Trader account balance and currency then calculate the number of units to open according to the range between the stop loss, entry and targets levels you drew on the chart. When the instrument currency is different than the account currency, it automatically calculates all amounts in the account currency and adjust the number of units accordingly. It also includes the commission cost if a commission template is defined for the selected account.
The position size can be calculated from 6 different methods:
- Percentage of account Cash Value
- Percentage of account Buying Power
- Percentage of account Cash Balance
- Percentage of account Net Liquidation
- Fixed dollar amount
- Fixed quantity
If you want to scale out of a position, this drawing tool allows you to select from 1 profit target up to 5 profit targets. When multiple profit targets are selected, you can set the percentage of the position to close at each profit target.
When you are ready to place the trade, you can right click on the position sizing tool you drew and submit the associated orders. This will automatically create a pending order for your entry and will automatically place OCO orders for the stop loss and each profit targets. OCO stands for One-Cancels-Other meaning if the target order get filled, cancel the stop order. This is similar than creating an ATM strategy that is composed of a profit target and a stop loss but using our tool eliminates all possible typing errors when creating the ATM strategy.
The following options are also available:
- Option to round to board lot for stock instruments.
- Option to round to Forex lot for Forex instruments.
- Option to show/hide the reward to risk ratio.
- Option to show/hide the price value for each level.
- Option to show/hide the price range (or delta) between the Stop and Entry and between the Target and Entry. The range value can be displayed in price and/or in percentage and/or in ticks.
- Option to show/hide the dollar value of Stop and Target levels automatically calculated from the quantity.
- Option to extend the lines to the right.
- Option to extend the lines to the left.
- Option to always show the text or only when the Position Sizing drawing tool is selected.
- Option to show the position drawing tool only on the chart timeframe the tool was drawn on and lower or higher.
- The lines type and color can be customized.
- Option to have a second set of settings for different accounts.
- Option to restrict opening new trades around economic calendar news events.
- Option to limit the position size by specifying the Risk Template.
- Option to automatically lock the drawing tool upon finishing drawing it to prevent accidentally moving it while scrolling your chart.
When our Pushover add-on for NT8 is installed, a Pushover notification will automatically be sent when a pending order get executed. This way you get notified to your smartphone in real time even if you are not in front of NinjaTrader.
Works with all instrument types available on NT8: CFD, Cryptos, Futures, Forex and Stocks.
Works with real accounts or Sim (demo) accounts with a real time data connection or with the NinjaTrader Playback Connection.
version 10.0 – October 24, 2022
- Add option to view the Net Reward to Risk ratio
- Add option to show lines for user selected Reward to Risk ratios.
- Add option to stagger the Stop Order in order to be able to manage each of them independently from the chart.
- Add option to bypass the exchange rate calculation.
- Add option to round the position size quantity from the first or the last reward (target).
- Improvement to order entry: now all entry order will either be a Limit Order or a Stop Order (the Stop Order can be a Market Order or a Stop Limit Order.
version 9.1 – May 31, 2022
- Fix to prevent to see additional selection points (the small donut representing the anchor points, where the user can select the point to move it).
version 9.0 – May 1, 2022
- New feature: There is a new option in the properties to allow to snap the Entry anchor price to the current market price by holding the Shift key down.
- New feature: There is a new option in the properties to allow to manually override a target anchor that was automatically set with a Reward auto ratio.
- Fix: Add logic to prevent being able to resubmit the orders for old Position Size drawing tools for which an order was already submitted after restarting NinjaTrader or restoring a workspace.
- It is now impossible to submit the order if the bracket order parameters are invalid, for example by having both the Risk and Reward anchors below the Entry anchor.
version 8.0 – March 3, 2022
- Fix the Automatic Reward to Risk calculation for the targets. Now the commission cost is included into the ratio calculation.
- Add option to automatically submit the entry order upon finishing drawing the tool. Please review this video to understand how the Automatic Entry order works.
version 7.0 – February 8, 2022
- Add the option to use a Buy/Sell Stop Limit order instead of a Buy/Sell Stop Market order for the Entry.
- Add the option to set a pre-defined Reward to Risk ratio for setting the target price. With this option enabled, it is not required to draw the target(s) line, instead the target will be automatically calculated from the user defined ratio.
- Add the option to set a pre-defined offset in ticks for the Stop price and the Entry price.
version 6.0 – December 8, 2021
- Now if the Stop anchor is moved while the entry order is working (pending getting filled) the Stop and Target quantity do not get updated with the new Stop anchor price.
- Now the associated Stop and Target(s) orders to a pending entry order that get partially filled are handled properly.
version 5.0 – November 12, 2021
- Fix the logic to get the account value from accounts which have different ‘Account Display Name’ and ‘Account Name’.
- Add the round trip commission cost into the calculation of Risk and Target(s) amounts.
- Improve the Reward to Risk ratio calculation. The R:R is now calculated from the net Risk amount to the net Target amount (including the round trip commission cost).
- Improve the position size qty calculation to ensure the dollar amount of risk never exceed the allowed risk amount.
- Now a popup message will alert the user if a Position Sizing drawing tool is drawn with the sum of all applicable ‘Reward Scale Out values’ that is less than 100.
- It is now possible to calculate the Risk from % of Account:
- Cash Value
- Buying Power
- Cash Balance
- Net Liquidation
- Add an option to allow changing the Risk calculation method from the right click menu on the drawing tool.
- Add an option to allow changing the Risk Value from a range of user configurable predefined risk values from the right click menu on the drawing tool.
- The maximum position size now uses the Risk template
- Add option to automatically lock or not the drawing tool upon finishing drawing it
- Improve the OCO order handling for Stop(s) and Target(s). Now the Stop(s) and Target(s) OCO orders will be placed even if the Position Size drawing tool is deleted or its properties modified while the submitted entry order is pending getting filled.
- Improve how a rejected entry order is handled.
version 4.2 – August 28, 2021
- Add option to set a maximum position size.
version 4.1 – August 25, 2021
- Fix the Stop quantity calculation when using more than 1 target.
- Change the name of the Entry to append the number of targets. ie for 3 targets the entry name will be Entry 3t.
- Change the name of the Stop and Target to append the actual total target number. ie for 3 targets the first target will be Target 1 of 3, the second target will be Target 2 of 3 and so on. This makes it easier to follow which Stop and Target goes with which Entry.
version 4.0 – August 5, 2021
- When our Pushover add-on for NT8 is installed, a Pushover notification will be sent when a pending order get executed.
- Add an option to round to Forex lot size.
- Fix a quantity calculation issue with JPY Forex pairs.
- Fix an issue that sometime caused the quantity to be recalculated when restoring a workspace or restarting NinjaTrader. Now all the visible text is saved for all Position Size drawing tools drawn so after restarting NinjaTrader, the original text and values will be visible.
- Add an option to automatically cancel pending orders that are within a restricted trading time based on the economic calendar news events and then resubmit the pending order once the news time restriction is over.
- Add an option to save different parameters value for a specific account.
- Add icons for the drawing tools menu.
version 3.0 – May 27, 2021
- Add risk calculation by percentage of account balance.
- Add currency conversion such that the risk amount will be calculated based on the account currency.
- Add up to 5 targets for scaling out the position.
version 2.0 – October 4, 2020
- Initial release.
By purchasing this Product you get a lifetime License for one computer. You also get one year of free updates. At the end of this year of free updates your product will keep working normally, however you will no longer have access to the updates for free. The purchased version and updates will be downloadable from your My account page on this website.
Whenever you wish, you can purchase an update license at 80% to 90% discount of the Product regular selling price to extend your license with another year of free updates.
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This Product is compatible with NinjaTrader® 8 only.
All prices are in US$.
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Drawing the Position Size tool to automatically calculate the position size:
- 1st step: Select the account you wish to use for a new position.
- 2nd step: From your chart, click on the drawing tool icon to open the drawing tool menu and select the Position Sizing with the number of targets you need to scale out of your position.
You can also assign a hot key to the Position Sizing drawing tools by going to the NinjaTrader Control Center -> Tools -> Hot keys. This will allow you to start drawing on your chart from a keyboard shortcut which make it faster.
Important note about account selection:
The drawing tool will use the currently selected account from the Chart Trader window. Once the Position Sizing tool is drawn the attached account will always remain the same even if you change the selected account in the chart trader window. If you realized you drew the Position Sizing tool for the wrong account, delete that drawing tool, select the desired account and draw again the Position Sizing tool.
If you have a Commission Template applied for the selected account, then the Risk and Target(s) dollar amount will include the applicable commission cost. For more information please review the NT8 help guide for Applying Commission Templates. You can also review the NT8 help guide for Working With Commission Templates.
The Position Sizing drawing tool properties window contains the following settings:
Automatically lock the drawing tool:
This setting allows you to automatically lock the drawing tool when you finish drawing it. This prevents to accidentally move it when you scroll your chart.
This setting allows you to see the Position Sizing tool on either any chart intervals (Timeframe) or only on the interval from which you drew the Position Sizing tool from and interval lower. For example, you draw the Position Sizing tool on a 60 minutes chart interval with the interval visibility set to “Draw_on_and_below_only” and then if you change the chart interval to 1 day (higher timeframe) the Position Sizing tool will be hidden. If you change back the chart interval to 15 minutes, the Position Sizing tool will be visible. This setting allows to go back to a higher timeframe and not get the chart clutter with many lower timeframe drawings.
If you set the Interval visibility to “All”, the drawing tool will always be visible.
On the Properties window, you can see there is a section called “Settings for any account” and another section called “Group 1 account specific settings”
The section “Setting for any account” allows you to create a default template with your preferred settings for any account.
If you want to have different settings for specific accounts, you will use the section Group 1 account specific settings. In this case, in the “Account names for group 1 specific settings, you will type the account name exactly as they appear in the Display name or in the Chart Trader window. You separate the accounts with a comma “,” without any space. For example, Sim101,Sim102
If you need to have specific settings for an account, it is suggested to set all desired values in the Group 1 account specific settings and then save the properties in a default template by clicking on template.
Risk calculation method:
You can select from:
- With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Cash Value that you set into the Risk value setting box. If you want to risk 0.5% of your account Cash Value, set 0.5 into the Risk value setting box.
- Note: The NT 8 definition of Cash Value is simply the cash value of the account.
- With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Buying Power that you set into the Risk value setting box. If you want to risk 0.5% of your account Buying Power, set 0.5 into the Risk value setting box.
- Note: The NT 8 definition of Buying Power is the account’s buying power, taking margin into account.
- With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Total Cash Balance that you set into the Risk value setting box. If you want to risk 0.5% of your account Total Cash Balance, set 0.5 into the Risk value setting box.
- Note: The NT 8 definition of Total Cash Balance is the total cash available in the account including any debits or credits.
- With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Net Liquidation that you set into the Risk value setting box. If you want to risk 0.5% of your account Net Liquidation, set 0.5 into the Risk value setting box.
- Note: The NT 8 definition of Net Liquidation is the total worth of the account’s assets (including margin).
Round to board lot for stock:
When selected, the quantity (number of shares) will be rounded down to the nearest block of 100 for the American stock. For the Toronto Stock exchange, the board lot is defined as follow:
- Share price lower than 0.10$, the board lot is 1000
- Share price from 0.10$ and lower than 1$, the board lot is 500
- Share price from 1$ and above, the board lot is 100.
Note: This setting will only round the quantity if the chart instrument has a type defined as Stock in the NinjaTrader Instrument settings.
Round to Forex lot for Forex:
The quantity (number of units) will be rounded to Forex lot, ie in block of 1000 units.
Note: This setting will only round the quantity if the chart instrument has a type defined as Foxes in the NinjaTrader instrument settings.
Risk Template Name:
This setting allows you to set the applicable Risk Template Name. The Risk Template allows you to set a maximum order quantity for each instrument. The Position Sizing drawing tool will read the “Max Order Size” from the Risk Template applicable to the instrument and will limit the position size to this value. You can review the NT8 help guide for more information about Using the Risk window.
News Events restriction:
Some traders have restriction to trade around news events, for example some Prop Firms do not allow traders to open a trade a number of minutes before/after high impact news. The following settings allow you to setup the drawing tool to take into account these restrictions.
News events source:
You can select either Myfxbook or Forex Factory as the news provided. Forex Factory news will be downloaded automatically from the Forex Factory website. If you select Myfxbook, you need to manually get the news source file from Myfxbook website. Please follow this instruction for how to do that.
Minimum News event impact to restrict new position:
This setting allow you to select from which news event Impact the restriction will be applicable. For example, if you are not allowed to trade around High impact news events, select High. If you are not allowed to trade around Medium and High impact news event, select Medium_High. Setting the value to No_restriction will not cause any restriction related to news Impact level.
Restrict news Title by instrument:
Some Prop Firm do not allow to trade some instruments around some specific news events. For example, a Prop Firm could not allow to trade CL around the “Crude Oil Inventories”. If such restrictions apply to your trading, set the values as follow in this setting box.
You need to put the instrument name followed by a comma followed by the news event title. No space between the delimiters. The separate each instrument by a ; (without any space).
- CL,Crude Oil Inventories,API Weekly Statistical Bulletin;ES,FOMC,Unemployment Rate
# of minutes before news event to restrict new position
This setting allow you to set how many minutes before the restrictive news event a new position can not be open.
# of minutes after news event to restrict new position
This setting allow you to set how many minutes after the restrictive news event a new position can not be open.
Reward 1 to 5 scale out %.
These settings allow you set how the position size should be split among the number of rewards.
If you selected the Position Sizing with 1 target, then you need to leave the Reward 1 scale out % to 100. All other Reward scale out % won’t have any effect.
If you selected the Position Sizing with 3 targets, then you need to:
- – set the percentage of the trade quantity to close when the price reaches the target 1 in the Reward 1 scale out % setting box, and you also need to
- – set the percentage of the trade quantity to close when the price reaches the target 2 in the Reward 2 scale out % setting box, and you also need to
- – set the percentage of the trade quantity to close when the price reaches the target 3 in the Reward 3 scale out % setting box and
- The values in the box Reward 4 scale out % and Reward 5 scale out % wont have any effect.
- Please make sure the sum of Reward 1, Reward 2 and Reward 3 % is 100. If the sum is not 100 you will get this error message
Visible info section:
The settings for the Visible info section are as follow:
You can select from:
- The text will be visible when you click on the drawing tool. Otherwise it will be hidden.
- The text will always be visible.
- The text will always be hidden.
Line style section
You can customize the look of the entry, stop and reward(s) lines to your preferences. You can also select to extend the lines to the right edge of the chart and/or to the left edge of the chart.
Context Menu settings
If you would like to be able to quickly change the default risk value for a specific position, you can activate the option “Show predefined risk values” from the “Context menu settings” section. You also need to enter your desired predefined risk values for each risk calculation method in the respective box below.
For example, let say you would like to be able to quickly change the % of risk of the account Cash Value from 0.5%, 0.8%, 1% and 1.5%. You will need to enter each predefined risk value separated by a comma followed by a space. Ie, 0.5, 0.8, 1, 1.5 in the “Predefined risk values for % of Cash Value” box. To get these values by default, please save your settings as the Default Template.
Then when you right click on the Position Sizing drawing tool, you will get this context menu that allow you to quickly change the % of risk used to calculate the position size.
When you are ready to place the order related to the Position Sizing drawing tool you drew, you can right click on the Position Sizing tool and click on Submit the associated orders.
This will automatically create a pending order for your entry and will automatically place OCO orders for the stop loss and each profit targets. OCO stands for One-Cancels-Other which is similar than creating an ATM strategy that is composed of a profit target and a stop loss but using our tool eliminates all possible typing errors when creating the ATM strategy.
If you drew a long position with the Position Sizing drawing tool:
- If the Position Sizing drawing tool entry price is between the instrument current bid and ask, a buy market order will be submitted.
- If the current instrument price is above the Position Sizing drawing tool entry price, a pending buy limit order will be submitted.
- If the current instrument price is below the Position Sizing drawing tool entry price, a pending buy stop order will be submitted.
If you drew a short position with the Position Sizing drawing tool:
- If the Position Sizing drawing tool entry price is between the instrument current bid and ask, a sell market order will be submitted.
- If the current instrument price is above the Position Sizing drawing tool entry price, a pending sell stop order will be submitted.
- If the current instrument price is below the Position Sizing drawing tool entry price, a pending sell limit order will be submitted.
If a news event restriction is active and you submit the order, the order won’t be submitted and you will get this pop up message:
If you have an active pending Entry order from a Position Sizing drawing tool that has news event restriction, when the news event restriction will become in effect, you will get this pop up message and the pending order will automatically be cancelled.
If you take no action, the order will automatically be re-submitted once the news event restriction is over. If you prefer to not get the order automatically re-submitted once the news restriction is over, you can right click on the drawing tool and select “Cancel the pending re-submission order due for after News Event”. Once you are ready to re-submit the associated order to this drawing tool, you can right click again on that tool and select “Submit associated orders”.
Important note about pending Entry orders:
Deleting the Position Sizing drawing tool while the Entry order is pending
If you submitted a entry order from a Position Sizing tool and while the Entry order is still pending you delete the related Position Sizing drawing tool from the chart, the associated Stop(s) and Target(s) OCO orders will still be placed once the Entry order get filled.
Modifying the Position Sizing drawing properties while the Entry order is pending
If you submitted a entry order from a Position Sizing tool and while the Entry order is still pending you change the related Position Sizing drawing tool properties, the associated Stop(s) and Target(s) OCO orders will still be placed according to the original settings. For example you place a pending Entry order for qty 1 contract and while the Entry is pending, you modify the Position Sizing drawing to qty 2 contrats, the pending Entry order remain for 1 contract the once filled, the Stop and Target OCO order will be placed for 1 contract.
Disclaimer regarding submitting orders with our Position Sizing Drawing Tool:
Please use a Sim account or the Market Replay connection to get familiar with how the orders are submitted from our Position Sizing drawing tool. We will not be responsible for any loss you may incur by using our Products.
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