automatically place orders at close of current bar
I'm a discretionary trader and I've been trading with SierraChart's chart trading tool for a couple of month now.
sometimes the markets I trade move really fast and I frequently found myself missing good trades due to my inability to place trades quickly enough.
I'm trying to come up with a custom study to automatically place orders at the close of the current bar. a sell stop order if the bar closed red, or a buy stop order if the bar closed green.
of course I wouldn't want the custom study to do that for every bar, so there must be a trigger for the study to even start monitoring the current bar.
when I was using MetaTrader, I used a Fibonacci object as the trigger. as soon as I placed a Fib on a chart, my custom study began to monitor the current bar, and placed orders accordingly, using the 0% line as entry price, and the 100% line as stoploss, or vice versa.
I'm really new to SierraChart, so I've no idea whether or not I could do similar things in SierraChart. if yes, could somebody please give me some advice on how to proceed? and if there are already tools like this lying around somewhere, could someone please point the way?
I don't know of any way to trigger an automatic entry based on a chart drawing without a custom dll study. However, you could use the Spreadsheet System for Trading study to do it with a formula based on manually entering a value in a cell.
I also trade from the chart, and I use the ChartDOM. With the settings below, it is a fast and accurate one-click operation to place a buy stop/sell stop, or a buy limit/sell limit, beyond the market.
These are the settings I use:
-Trade >> Attach Trade Window To Chart (or Open Trade Window For Chart)
-Trade >> Trading Chart DOM On
-Trade >> Chart Trade Settings and set what you want displayed.
-Trade >> Chart DOM Settings and set the ChartDOM settings as pictured in the attached. This will assure you can only place the correct order type above and below the market.
-Chart >> Chart Settings >> Advanced Settings tab >> check 'Adjust Tool Values to Tick Size'. This assures accuracy in when choosing the entry price.
-Uncheck all of the Confirms on the Trade Window's M button. This allows a one-click entry/cancel/modification.
To enter a pending limit or stop entry order, click in the Buy or Sell column of the Chart DOM. To enter a Market order, click the Buy Mkt or Sell Mkt button, or set the order type to Market and click the Buy or Sell button.
For more info on the Trade Window: Sierra Chart - Basic Trading and the Trade Window
Tomgilb, thank you very much for your reply. I also use ChartDOM to trade and most of the time it does the job. however, for every entry into the market I had to keep my hand on the mouse and (anxiously) wait for the bar to close in the anticipated direction and pray that the market would pause long enough for me to put in an order at a desired location. this part of trading really isn't fun and creates much unnecessary stress.
trading would be much more relaxed and enjoyable if, for example, I could put a down arrow on a chart at the beginning of a bar, thus telling the program that I intend to sell at the end of the current bar if it closes red. and then just sit back and wait for things to happen.
I've just began to study ACSIL. the best way I found to learn a programming language is to study other people's codes. however I've only found a handful of ACSIL resources so far, and most of them are indicators that has nothing to do with order execution.
Thanks anyway for your detailed reply. I like Sierra Chart very much and I'm happy to meet fellow traders who use the same platform.
You can do what you want using the Spreadsheet System for Trading study. Attached is an example. Unzip the attached and put the contents in your Sierra Chart \Data folder, click on Analysis >> Entry at Bar Close-
Also, check the Trade >> Auto Trading Enabled.
When you want to enter a trade at the close of the current bar, enter a "y" in cell J2. Try it in sim or in chart replay and, if you like it, go the the study settings and set Send Orders To Trade Service to Yes.
This is very simplistic, and could be made more sophisticated.
Last edited by tomgilb; March 12th, 2013 at 09:26 AM.
The following 3 users say Thank You to tomgilb for this post: