Charts & analysis · 1:35
Risk/Reward tool
Learn to plan a trade with entry, stop and target, read the risk and reward in dollars and R, and watch it play out with the Risk/Reward tool in EliteXCharts, in under 2 minutes.
Chapters
Step by step
- Pick Risk/Reward Long or Short on the toolbar to the left of the chart
- Plot it in three guided clicks: entry, stop and target, with wrong-side clicks ignored
- Read the target and stop labels: dollars, ticks and R, plus the summary card
- Set the quantity right on the card, and the dollars follow
- See the trigger: nothing counts until price touches the entry (here, the breakout of a candle's high)
- Watch the trade play out on real ticks: the path hatch, the effective R and the outcome
- Drag the target or the stop and flip a long into a short with one click
- Open the settings to change the colors and choose which labels, card and hatch to show
What the narrator says
0:08Welcome to EliteXCharts. In this video: the Risk/Reward tool. Plan a trade with an entry, a stop and a target, see the risk and the reward in dollars, and watch it play out.
0:20It's on the toolbar to the left: one button for a long, one for a short. Click Long.
0:26Then three clicks: the entry, the stop below it, and the target above it. A click on the wrong side is ignored, and an arrow shows you where to go.
Read the full transcript
0:36Each line shows its distance in dollars and ticks, and in R: the target pays twice the risk. The card on the left sums it up.
0:45The quantity starts from Chart Trading. Change it right on the card, and the dollars follow.
0:51Nothing counts until price touches the entry. Here it does, and the trade is on.
0:56Now it plays out on the real ticks: the hatch shows how far price went against you, and in your favor, and the card keeps score. Target hit.
1:06Drag the target or the stop, and everything is recalculated: risk, reward and the result.
1:12The arrows button flips it to a short, with the same distances on the other side. This one would have been stopped out.
1:19Double-click it for the settings: the colors, and what to show, from the labels and the card to the hatch and the effective R.
1:27That's the Risk/Reward tool in EliteXCharts: plan the trade before you take it.
