Why must Max Contract Limits be greater than 0?

This is a safety feature to prevent accidental oversized positions. The study will not function if these are set to 0.

What is the difference between fixed dollar risk and percentage risk?

Fixed dollar risk (In:0) uses the same amount for every trade. Percentage risk (In:1) dynamically adjusts based on your account balance in live trading. Set percentage to 0 to use fixed dollar amount.

How does the study calculate contract quantity?

The study measures the distance between entry price and stop-loss, then calculates how many contracts result in the specified risk amount. Formula: Contracts = Risk Amount / (Stop Distance × Point Value)

Can I use this for multiple charts simultaneously?

Each chart requires its own instance of the study. The study only works on the active chart.

What happens when I drag my stop after placing an entry?

The study automatically recalculates the contract quantity to maintain your risk amount as you adjust the stop distance.

How do I set up different risk profiles?

Each of the 5 risk profiles can have different risk percentages, target distributions, and Trade Window configurations. Configure them in the study settings and switch between them using the buttons in the control panel.

How can I analyze performance by strategy?

Use Trade Window Text Tags to label each configuration (e.g., "Scalp_Setup", "Swing_Trade"). Then filter by Note in the Trade Activity Log to analyze performance per strategy.

RiskGuard Pro Documentation – Setup & Configuration Guide

What is RiskGuard Pro?

RiskGuard Pro is a professional position sizing study for Sierra Chart that automatically calculates the optimal contract quantity for each trade. The study analyzes the distance between entry price and stop-loss in real-time and adjusts the position size to maintain your predefined risk budget per trade.

Built for serious futures traders, RiskGuard Pro combines sophisticated position sizing calculations, intelligent multi-target contract distribution, and a dynamic risk-to-reward display into a single, powerful tool that integrates seamlessly with Sierra Chart's native order system.

Problem it Solves

Proper position sizing is one of the most critical aspects of risk management. Many traders use the same contract quantity for every trade, regardless of how far the stop-loss is from the entry. This leads to inconsistent risk: tight stops result in less risk, while wide stops expose significantly more capital than intended.

RiskGuard Pro solves this problem by automatically adjusting contract quantity so that the dollar risk (or percentage of account balance) remains constant for every trade.

Intelligent Position Sizing Engine

At the heart of RiskGuard Pro is a sophisticated position sizing engine that performs complex calculations to determine the precise number of contracts for each trade. The study considers multiple variables and executes robust mathematical operations to deliver the most accurate results possible.

Core Calculation Formula

Contracts = Risk Amount / (Stop Distance in Ticks × Tick Value)

The study continuously monitors entry price and stop-loss placement, recalculating position size in real-time as you adjust your orders. This ensures your risk remains constant even when you move your stop after placing an entry order.

Fixed Dollar Risk

Set a fixed amount (e.g., $250) that remains constant regardless of account size. Ideal for traders who prefer absolute risk limits per trade.

Percentage of Account

Risk a percentage of your live account balance (e.g., 1%). Position size automatically scales as your account grows or shrinks. Available in live trading mode only.

Real-Time Recalculation

When you drag your stop-loss order on the chart, RiskGuard Pro instantly recalculates the contract quantity to maintain your target risk. No manual adjustments needed.

Advanced Multiple Targets System

RiskGuard Pro features a powerful multi-target system that gives you complete control over how contracts are distributed across your take-profit levels. Each target can receive a fully customizable percentage of your total position, and the study performs intelligent rounding to ensure every contract is precisely allocated.

Example: 10 Contracts with 50/30/20 Distribution

TP1 (50%)

TP2 (30%)

TP3 (20%)

The study handles fractional rounding intelligently, ensuring total contracts always match

How It Works

Per-Profile Distribution: Each of your 5 risk profiles can have its own unique TP distribution (e.g., Profile 1: "50,30,20", Profile 2: "100")
Intelligent Rounding: When contracts can't be evenly divided, the study uses a smart algorithm to distribute remainders fairly across targets
Limit-Aware Redistribution: If max contract limits reduce your position, the distribution is automatically recalculated to maintain your target percentages
Real-Time Updates: The SIZE display in the control panel shows your current contract distribution (e.g., "[5,3,2]") at all times

Same Precision for Both Risk and Targets

The same sophisticated calculation engine that manages your risk amount also handles your TP distribution. Whether adjusting risk percentage or target allocation, you get precise, mathematically-sound results.

Dynamic Risk-to-Reward Display

The R:R (Risk-to-Reward) display is one of RiskGuard Pro's most sophisticated features. Unlike simple R:R calculators that assume equal contract distribution, this display performs weighted calculations that account for your actual contract allocation across multiple targets.

Weighted R:R Calculation

Weighted Reward = Σ (TP Distance × Contracts at TP) / Total Contracts
R:R = Weighted Reward / Risk Per Contract

This formula ensures the displayed R:R accurately reflects your expected return based on how contracts are distributed across your take-profit levels.

Live Adaptation

The R:R display continuously adapts to changing market conditions and order modifications:

Updates when you place or modify entry orders
Recalculates when stop-loss is moved
Adjusts when take-profit targets are repositioned
Reflects partial fills as targets are hit during the trade

< 1.5R

Consider adjusting targets

1.5R - 2.0R

Acceptable risk/reward

> 2.0R

Favorable trade setup

Key Benefits

Consistent Risk

Maintain the same risk per trade, regardless of stop distance

Precise Calculations

Advanced algorithms ensure mathematically accurate position sizing

Flexible TP Distribution

Fully customizable contract allocation across multiple targets

Quick Profile Switching

Switch between 5 different risk profiles with a single click

Weighted R:R Display

Real-time risk/reward calculation that accounts for contract distribution

Simulation & Live

Seamlessly works in both simulation and live trading modes

Who is this For?

Experience Level

Designed for intermediate to advanced traders familiar with Sierra Chart and fundamental risk management concepts. Basic understanding of bracket orders required.

Market Types

Optimized for futures trading. Supports all standard contracts (e.g., ES, NQ, CL) and micro contracts (e.g., MES, MNQ, M2K). Automatic detection of contract types.

Typical Trader Profiles

Day traders who place multiple trades per session and require consistent risk management
Traders who work with varying stop distances (tight scalps to wide swing stops)
Traders who want to split positions across multiple take-profit levels
Traders who wish to switch between different risk profiles (aggressive, conservative, etc.)