New V1.6.4 Trading Table Visuals

ScaleTrade’s Trading Table provides insights into the Algorithm’s open trades to help traders gain confidence in the signals

Adding context to a black box

After receiving feedback from our traders, we have created a way to give more insight into what the Algo might be “thinking” while in a trade.

The ScaleTrade algorithm provides trade signals based on complex mathematics and proprietary logic developed by the ScaleTrade team. Thus, it is essentially a black box.

With this new Trading Table, we can start to give each trade more context!

Introduction

The ScaleTrade Trading Table is a small display that shows the Direction, Quantity (of shares), Entry, Exit, and Take Profit for the current trade.

We will discuss how this information can be interpreted and how this information can be used to help manage your trades.

Metrics

Direction

The Direction metric states which type of position is currently entered. This can be set to three values: LONG, SHORT, and CLOSED. Both LONG and SHORT state that we are currently in an active position, LONG stating that we have an open long position, and SHORT stating that we have an open short position. CLOSED means that we have no active positions opened.

Quantity

The Quantity metric refers to the number of shares we are currently holding in the position. This does NOT actively reflect the number of shares being traded in your personal brokerage account. This correlates to the Order Size setting used by TradingView found under Properties -> Order Size. When no position is active, this variable will default to 0.00. Please note that its value will always be positive regardless of whether a LONG or SHORT position is active.

Entry

The Entry metric refers to the price at which the position opened. This uses TradingView’s built-in variable strategy.position_avg_price variable to approximate the fill price based on when a position would have been submitted. When no position is active, this variable will default to N/A.

Exit

The Exit metric refers to the price at which the position is closed. This uses the open value of the candle after the trade is closed. Please note that this variable is mostly accurate however it is not fully accurate when a position is closed by a take profit or stop loss. We intend to address this inaccuracy in the coming versions of the table. When a position is active, this variable will default to N/A.

Take Profit

The Take Profit metric reflects the algorithm’s built-in take profit value. This value is set to 1.00% above or below (based on position type) of the entry price of the trade. NOTE that trades can exit outside of this take profit margin, based on a variety of mathematical factors that cannot be predicted with the algorithm, and therefore setting a take profit order at this value should be done with caution as it could lead to duplicate orders being filled. Please note that enabling the [Strategy] Enable Take Profit setting will not override this value and it will consistently remain at the 1.00% mark.

So what?

This is the ScaleTrade team’s effort to constantly improve our product based on user/trader feedback. We hope this adds clarity and confidence to your trades when using our algorithm.

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