Know Your Risk is a powerful tool that is developed to help traders have better risk management in a very simple way. How? The Know Your Risk indicator has two horizontal lines on the chart, a red horizontal line that represents stop-loss and a green horizontal line that represents take profit. The trader is required to place the lines on the chart at areas of stop-loss and take profit. A panel is presented on the left of the chart that displays the risk in pips/points, risk in percentages, the market direction and all the prices of that trading setup.
The indicator works on;
· Timeframes – ALL timeframes
· Markets - F orex, Cryptocurrency, Spot Metals, Indexes, Indices, Commodities etc.
How to use the Indicator
- Place the ‘Know Your Risk’ indicator on the chart
- Two Lines will be seen on the chart
- Red line representing stop loss
- Green line representing take profit
- Double click on the lines to drag and drop them anywhere on the chart you see best fit for a trading setup.
- On the left hand side of the chart you will see a panel. At the bottom of the panel 3 buttons are displayed.
- Use Current Price – Click on this button to use the current market price as the entry price of the setup.
- Use Entry Price – Click on this button to manually key in the price you expect to enter the setup.
- Use Stop loss to entry space – Click on this button to enter the amount of pips/points AWAY from the stop-loss point you want your entry to be.
- Only one button can be used at one time.
- Enter the amount of pips/points into the Take Profit and Stop loss text boxes that you would like the setup to have.
- The number put in the take profit text box refers to the amount of pips/points away from the take profit line but towards the entry price.
- The number put in the stop loss text box refers to the amount of pips/points away from the stop loss line.
- If you click on the ‘Use Entry Price’ button a text box appears. Enter the price of the market you wish to have as your entry price.
- If you click on the ‘Use Stop Loss to entry space’ button, a text box appears. Enter the number of pips/points you would like to use.
- Once you have filled the relevant inputs explained above, click on the refresh button. You will then be displayed with all the relevant values in the panel on the left.
