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Options trading strategy
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Created: by todell826 Attachments:0

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Options trading strategy

  #1 (permalink)
Trading Apprentice
phoenix arizona usa
 
Futures Experience: None
Platform: multichart
Favorite Futures: options
 
Posts: 5 since Jan 2016
Thanks: 0 given, 0 received

Options trading strategy

Hello,

I'm new to powerlanguage and need a little help. I am creating an options vertical spread strategy. I have three charts set up in multicharts.

Data1 is my underlying stock
Data2 is my short option
Data3 is my long option

When my entry signal triggers in Data1, I want to:
sellshort data2 next bar at market and
buy long data3 next bar at market

This is the code so far
variables:
R1 (187),
R2 (190),
R3 (200),
S1 (170),
S2 (160),
S3 (150),
shorDeltaBull (.2),
shorDeltaBear (-.2),
DTE (45),
spread (1);


inputs: FastLength( 6 ), SlowLength( 19 ), MACDLength( 9 ) ;
variables: var0( 0 ), var1( 0 ), var2( 0 ) ;

var0 = MACD( Close, FastLength, SlowLength ) ;
var1 = XAverage( var0, MACDLength ) ;
var2 = var0 - var1 ;

condition1 = var2 crosses over 0 ;
if condition1 then
Alert( "Bullish alert" )
else
begin
condition1 = var2 crosses under 0 ;
if condition1 then
Alert( "Bearish alert" ) ;
end;

if marketposition = 0
and currenttime > 0830
and Close > R1
and Close [1] > R1
and Close < R2
and var2 crosses under 0 then
sellshort 5 contracts data2 next bar at Market;


It give this error when compiling

Study: "Spy Crusher" (Signal)
Please wait ....
------ Compiled with error(s): ------
syntax error, unexpected 'data', expecting ';'
line 37, column 23

Is it possible in Multicharts to trade the different charts? What is the correct syntax?

Thanks for the help!!!!

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
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todell826,

you can only issue orders on Data 1, trading on additional datastreams is not possible unfortunately.
You might need to consider using two charts and using the underlying stock as data 2 while you are using the long option as data1 on the first chart and the short option as data 1 on the second chart.

Regards,

ABCTG

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  #4 (permalink)
Trading Apprentice
phoenix arizona usa
 
Futures Experience: None
Platform: multichart
Favorite Futures: options
 
Posts: 5 since Jan 2016
Thanks: 0 given, 0 received

How would I place a trade on the second chart? Modify the signal for the second chart to synchronize the trades?

// for the second chart
If marketposition = -1 then buy X contracts next bar at market

Thanks for the help!!!!

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  #5 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,533 since Apr 2013
Thanks: 231 given, 855 received
Forum Reputation: Legendary

todell826,

doesn't the stock symbol generate your trades? One assumption you could make would be that the same code using the same data generates signals on the two charts at the same time. So the two charts would be independent of each other.
If this isn't what you are looking for, you might be able to accomplish your goal using the Portfolio Trader or by synchronizing trade signals across the two charts via external DLLs.

Regards,

ABCTG

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  #6 (permalink)
Trading Apprentice
phoenix arizona usa
 
Futures Experience: None
Platform: multichart
Favorite Futures: options
 
Posts: 5 since Jan 2016
Thanks: 0 given, 0 received

Thanks ABCTG, I have been working with two similar charts and strategies to produce a credit spread when my signal hits. My problem now is I need to change the instrument in data1. It gives me a list of ten previous selections. How do you change data1 other than creating a new chart?

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  #7 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,533 since Apr 2013
Thanks: 231 given, 855 received
Forum Reputation: Legendary

todell826,

I am not sure if I understand exactly what you mean, as I am not aware of a list of previous selections in Multicharts that is for symbols. My guess would be that you are referring to the symbol list for a particular data provider and you are only seeing those that you added or that were pre-added. If that's the case simply add the symbols you are looking for, if not please elaborate what you mean and add a screenshot.

Regards,

ABCTG

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  #8 (permalink)
Trading Apprentice
phoenix arizona usa
 
Futures Experience: None
Platform: multichart
Favorite Futures: options
 
Posts: 5 since Jan 2016
Thanks: 0 given, 0 received

The underlying is data2. the option that is traded is data1. As price changes I need to change the strike price (change data1). The drop down in the data1 chart gives ten previous selections but the one I need is not in this list. I have not found a way to change it to something other than what is in that drop down. It probably cannot be done but I thought I would ask.

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  #9 (permalink)
Market Wizard
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,533 since Apr 2013
Thanks: 231 given, 855 received
Forum Reputation: Legendary

See if you can add the symbols you need to the list: Data Sources Overview - MultiCharts

Regards,
ABCTG

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  #10 (permalink)
Trading Apprentice
phoenix arizona usa
 
Futures Experience: None
Platform: multichart
Favorite Futures: options
 
Posts: 5 since Jan 2016
Thanks: 0 given, 0 received


Thanks for all the help!

I have another question.

When a position is opened in data1, how do you generate a variable that equals the bid price of data2 at the time of position entry?

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