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I'm currently working on a strategy that measures the Risk/Reward ratio as an entry filter. This is the coding I'm currently using for a LONG entry;
As you can see I'm checking if CCI > -100 for the past 3 bars. The red part is the R/R measurement. As you can see I want the R/R ratio to be at least 0,90 before I want to enter a trade. But now the thing I can't figure out yet;
IF the R/R ratio is below 0,9, but all the other rules for entry are met, I want my strategy to check on the next bar if;
1) Target 1 wouldn't have hit yet. (Target 1 = EMA 50 period)
2) My stoploss wouldn't have hit yet (StopLoss = 10 ticks below the lowest low of the last 96 bars counted from the entry bar)
3) CCI remains above -100
4) R/R ratio is at least 1.10
I want the strategy to keep checking these 4 requirements and enter a LONG position if all 4 requirements are met. If 1 of the 4 are false, I want the strategy to reset completely and start checking again for the original entry requirements. But I have no idea what logic to use to keep checking this every bar and still keep in mind the first entry requirements.
I hope I'm making some sense here. To clear things up, I've added a chart where I'm illustrating what I just described.
I've also added my whole coding.
Can you help answer these questions from other members on NexusFi?