This indicator calculates the distribution of close-to-close percentage changes using rate of change on closing prices. It bins percentage changes into intervals of 0.25 percent increments from negative to positive values and plots a normalized cumulative hist
Indicator · Pine Script v6 · Own pane
EVaR Indicator and Position Sizing
This indicator computes the simplified Entropic Value at Risk (EVAR) from price returns using a Tsallis q-exponential moment generating function approximation with user-defined alpha and q parameters.
GitHub stars2on the repository
Pine versionv6current
Lines of code130
Settings8inputs
LicenceNone stated
Last update8 months ago25 Feb 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
EVaR Indicator and Position Sizing normalizes the EVaR value against its recent high and low over a lookback period and applies the result as an inverse position sizing factor to determine recommended position size, dollar exposure, share quantity, and risk-based stop loss distance. A position information table and optional bar color coding by risk level are drawn on a separate pane. Main settings control the EVaR calculation parameters, position sizing limits, account size, risk per trade percentage, and visualization preferences. It provides volatility comparison and theoretical maximum drawdown metrics but offers no entry or exit signals.
- EVAR Calculation
- Position Sizing
- Normalized Risk Levels
- Position Info Table
- Risk Bar Coloring
Details
Published by
regalouisei on GitHub
Type
Indicator, Pine Script v6
Draws
Separate pane below the chart
Category
Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lookback Period | int | 100 | lookback |
| Confidence Level (α) | float | 0.05 | alpha |
| Q Parameter (Tsallis) | float | 1.5 | q_param |
| Maximum Position Size (%) | float | 100 | max_position |
| Account Size ($) | float | 10000 | account_size |
| Risk Per Trade (%) | float | 2 | risk_percent |
| Show Position Info Table | bool | true | show_tables |
| Color Price Bars by Risk | bool | false | color_bars |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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