how to show profit on price line for tradovate

Daniel Parker

3 min read

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25-01-2025

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Tradovate is a powerful trading platform, but visualizing profit directly on the price chart can be tricky. This guide will walk you through several methods to display your profit or loss directly on the price line within Tradovate, enhancing your trading experience and providing a clear, at-a-glance view of your position's performance.

Understanding Tradovate's Profit Display Options

Tradovate doesn't directly display profit/loss on the price line in the same way some platforms do. However, we can achieve a similar effect using a combination of features and a little customization. The key is to leverage Tradovate's powerful charting tools and potentially combine them with third-party indicators or custom scripts (if you have the coding skills).

Method 1: Using the Tradovate "Trade" Panel and Chart Overlay

This is the most straightforward approach and requires no extra coding or indicators.

1. Open a Trade: Place a trade on your desired instrument.

2. Monitor the "Trade" Panel: The Tradovate "Trade" panel displays your open positions, including unrealized profit/loss (P/L). This is displayed numerically.

3. Visual Correlation: While not directly on the price line, you can mentally correlate the P/L displayed in the trade panel with the current market price on your chart. As the price moves, the P/L will update, giving you a dynamic view of your position's performance.

Limitations: This method lacks a visual representation on the price line itself. It's reliant on constant monitoring of the "Trade" panel.

Method 2: Employing Custom Indicators (Advanced)

For more advanced users with programming skills, creating a custom indicator is possible. This would allow you to dynamically plot your P/L directly onto the price chart. This would be a more visual and potentially useful approach.

1. Tradovate's API: Tradovate provides an API (Application Programming Interface) which allows for the development of custom indicators and scripts.

2. Indicator Development: Using the API and a suitable programming language (like EasyLanguage or similar), you could create an indicator that calculates and displays your P/L as a separate line or marker directly on the price chart.

3. Implementation: Once developed, this custom indicator can be added to your Tradovate charts.

Limitations: Requires programming knowledge. The complexity depends on the features you want to include in the indicator (e.g., handling multiple positions, different order types).

Method 3: Third-Party Indicators (If Available)

Some third-party platforms or indicator providers might offer indicators compatible with Tradovate that overlay profit/loss data onto the price chart. This would be a relatively straightforward approach if a suitable indicator exists.

1. Research: Check the Tradovate community forums and indicator marketplaces to see if any compatible indicators provide this functionality.

2. Integration: If you find a compatible indicator, follow the instructions for its integration into Tradovate.

Limitations: The availability of such indicators is not guaranteed. The quality and accuracy of third-party indicators vary.

Frequently Asked Questions (FAQs)

Q: Can I directly see my profit on the candlestick itself in Tradovate?

A: No, Tradovate doesn't natively support this. The methods described above offer workarounds.

Q: Why doesn't Tradovate have a built-in feature for this?

A: Tradovate focuses on providing core trading functionalities. Direct price line P/L might be seen as an added visual feature that some traders may find unnecessary or even distracting.

Q: Are there any risks associated with using custom indicators?

A: Yes, always carefully review any custom code before using it. Poorly written code could lead to inaccurate readings or even errors in your trading platform.

Conclusion: Finding the Right Approach

The best method for displaying profit on your Tradovate price line depends on your technical skills and needs. For most users, regularly monitoring the "Trade" panel alongside the price chart provides a sufficiently practical solution. More advanced users might explore custom indicator development for a more visually integrated experience. Remember to always prioritize careful risk management and trade responsibly.