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a) did you already backtest the formula?
b) how did you define the 15 to 16h time? by statistical research?
As I am not a programmer here - I can not guide you in the process.
But I am doing research on time based entry/exits and I am looking
for repetitive patterns under different circumstances.
So I could not find a formula that works every day the same in a
certain instrument though.
the formula is more complex, but I can help you with e-mini sp500 40 min bar this formula is write for gmt+2:
Input : lenght(40),Spred(0.25);
vars : Max(0),Min(0);
Max = Highest(high,lenght);
Min = Lowest(low,lenght);
condition1 = time = 1550 and time < 1630;
condition2 = marketposition = 0;
condition3 = time = 1630 and time < 1710;
if condition1 and condition2 then sellshort next bar at Max+spred limit;
setprofittarget(100);
setstoploss(250);
if marketposition = -1 and time > 1910 then buytocover next bar at market;
If condition1 and condition2 then buy next bar at Min-Spred limit;
setprofittarget(100);
setstoploss(250);
if marketposition = 1 and time > 1910 then buytocover next bar at market;
if condition3 and condition2 then sellshort next bar at Max+Spred limit;
setprofittarget(100);
setstoploss(250);
if marketposition = -1 and time > 1910 then buytocover next bar at market;
If condition3 and condition2 then buy next bar at Min-Spred limit;
setprofittarget(100);
setstoploss(250);
if marketposition = 1 and time > 1910 then buytocover next bar at market;
a) that this is the wrong sub-forum to find the right discussion partners
b) there are on futures.io (formerly BMT) many threads where strategies / programming are discussed.
Therefore I suggest you type in the search box the term "strategy" and you find
dozens of threads. Look for the right platform and read some of the top threads.
Place your question again in an appropriate thread there.
Generally speaking, you want to set a flag eg. traded=true on entry and clear that flag once a day (at eg. 0h), then you can have traded=false as an entry criterion.
